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RENO, Nevada - Plumas Bancorp (NASDAQ:PLBC), the parent company of Plumas Bank, reported first quarter earnings that surpassed analyst expectations, sending its stock up 3.5% in trading.
The company announced earnings of $1.20 per diluted share for the first quarter of 2025, beating the analyst consensus of $1.12. Revenue came in at $21.75 million, also topping estimates of $20.75 million.
Net interest income increased by $1.1 million to $18.5 million compared to the same quarter last year. The company’s net interest margin improved to 4.95%, up from 4.62% in Q1 2024.
"The highlight of this quarter is the announcement of our definitive merger agreement with Cornerstone Community Bancorp, a partnership that will result in a combined company with over $2.3 billion in assets," said Andrew J. Ryback, President and CEO of Plumas Bancorp and Plumas Bank.
Total (EPA:TTEF) deposits increased by $73 million, or 5.6%, to $1.4 billion compared to the previous year. Gross loans rose by $35 million, or 3.5%, to $1.0 billion.
The company’s asset quality improved, with nonperforming assets decreasing to 0.23% of total assets, down from 0.37% in Q1 2024.
Plumas Bancorp’s stock was up 3.5% following the earnings release, reflecting positive investor sentiment towards the company’s strong quarterly performance and strategic growth initiatives.
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