Plumas Bancorp announced net income of $7.2 million, or $1.21 per share, for the first quarter of 2025, a notable increase from $6.3 million, or $1.06 per share, in Q1 2024. Diluted earnings per share also rose to $1.20 from $1.05 in the prior year period. Revenue for the quarter was $21.5 million, up 14% from Q1 2024.
Net interest income increased by $1.1 million to $18.5 million, and the net interest margin expanded by 33 basis points to 4.95% from 4.62% in Q1 2024. Non-interest income saw a significant boost, increasing by $1.1 million to $3.2 million, primarily due to a $1.1 million legal settlement related to the 2021 Dixie Fire.
Non-interest expense increased by $1.1 million to $11.5 million, with $569 thousand attributed to costs associated with the pending acquisition of Cornerstone Community Bancorp. Asset quality improved, with nonperforming assets decreasing to $3.8 million, representing 0.23% of total assets, down from 0.37% in Q1 2024. All $105 million of Bank Term Funding Program (BTFP) borrowings were repaid during 2024.
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