Plumas Bank’s 2013 earnings are the best since 2007

Feather Publishing


Plumas Bancorp, the parent company of locally owned Plumas Bank, just released earnings for 2013 that showed a net income of $3.4 million compared to $1.9 million for 2012. That is an improvement of $1.5 million or 76 percent.

For the last quarter of 2013, the bank’s net income increased by $369,000 to $916,000 as compared to $547,000 for the same period in 2012.

Reflecting on Plumas Bank’s performance in 2013, Andrew J. Ryback, president and chief executive officer, commented, “This was a year of significant progress for Plumas Bancorp. Most notably, net income for the year was the best the company has posted since 2007. Additionally, credit quality improved considerably in 2013, with nonperforming assets at their lowest level in over six years while at the same time net charge-offs declined by $2 million from 2012.

Plumas Bank 2013 highlights at a glance
Repurchased all of the preferred stock formerly held by the U.S. Treasury.
Net charge-offs decreased by $2 million (56 percent) from $3.6 million to $1.6 million.
Nonperforming loans decreased by $8.2 million (60 percent).
Nonperforming assets decreased by $7 million (37 percent).
The ratio of nonperforming loans to total loans decreased from 4.35 percent to 1.64 percent.
The ratio of nonperforming assets to total assets decreased from 3.98 percent to 2.33 percent.
Net loans increased by $24.1 million (8 percent).
Total deposits increased by $37.9 million (9 percent).
Total assets increased to more than $515 million.
Year ending Dec. 31, 2013, compared to Dec. 31, 2012
Net income increased by $1.5 million (76 percent) to $3.4 million.
Net interest income increased by $775,000 to $17.9 million.
Provision for loan losses decreased by $950,000 to $1.4 million.
Noninterest expense decreased by $807,000.
Fourth quarter 2013 compared to previous year
Net income increased by $369,000 (67 percent) to $916,000.
Net interest income increased by $130,000 to $4.5 million.
Provision for loan losses decreased by $250,000 to $200,000.
Noninterest income increased by $215,000.
Noninterest expense decreased by $82,000.

“Another important 2013 accomplishment was the repayment of all obligations to the U.S. Treasury for its 2009 investment in the company under the Capital Purchase Program. This transaction reflects our commitment to maximize shareholder value and demonstrates our confidence in the future of the company.”

Ryback continued, “After working through difficult and challenging economic conditions for more than five years, our solid performance in 2013 demonstrates our resilience and should instill confidence that the bank has a strong foundation to support future growth.

“With essentially all performance metrics — earnings, credit quality, deposit growth, loan growth and margin stabilization — moving in the right direction, we are optimistic as we begin 2014. We will continue to keep our focus on increasing earnings, improving credit quality, maintaining our well-capitalized status and increasing shareholder value,” Ryback said.

Headquartered in Quincy, Plumas Bank was founded in 1980. It operates 11 branches located in Plumas, Lassen, Placer, Nevada, Modoc and Shasta counties. The bank offers a wide range of financial and investment services to consumers and businesses and has received nationwide preferred lender status with the United States Small Business Administration.

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