Plumas Bank’s second-quarter earnings mark continued improvement
Plumas Bancorp, a bank holding company and the parent company of Plumas Bank, just released its 2014 second-quarter earnings of $1.1 million, an increase of $234,000 (26 percent) compared to the $891,000 it posted for the second quarter of 2013.
For the six-month period ending June 30, the bank reported an increase in net income of $560,000 (37 percent), from $1.5 million in 2013 to $2.1 million in 2014.
Andrew J. Ryback, president and chief executive officer of Plumas Bank, remarked, “The board of directors, executives and I are very pleased with the continued improvement in both asset quality and core earnings achieved during 2014. For a number of years now we have been dedicated to the goal of reducing problem assets, growing loan balances in a diversified manner and increasing the efficiency of our operations. These second-quarter results continue to demonstrate that these efforts continue to pay off.”
Kerry D. Wilson, executive vice president and chief credit officer, expanded on Ryback’s comments. “We have been extremely effective in reducing our classified asset balances. I’m very pleased to report that in the second quarter we sold our largest nonperforming OREO asset, valued at $2.2 million, and recorded a gain of $28,000.”
Ryback continued, “In addition, we are excited to report that we have recently expanded into the Chico market. We have hired a very experienced commercial agricultural loan officer and have opened a loan production office there. We remain committed to meeting the credit needs of businesses in the communities that we serve and this expansion enhances our commercial and agricultural lending capabilities.”
Ryback concluded, “We are committed to delivering excellent service to our customers, providing a superior return to our shareholders and supporting our communities. And while we are pleased with our second-quarter and year-to-date financial results, we know that we still have much work to do. We are committed, we are up to the challenge, and we look ahead with determination and optimism.”