Plumas Bank continues to post record earnings; $4 million in third quarter

Plumas Bancorp, the parent company of Plumas Bank, has again posted record earnings during the last three months and for the first nine months of 2019.

Earnings during the third quarter totaled $4 million, an increase of $306,000 over the same quarter last year.

The $4 million represents the highest level of net income earned during any one quarter in the bank’s history.

For the nine months of this year the bank reported record net income of $11.6 million.

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Andrew Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank, said, “We have achieved unprecedented earnings, bringing our bank to its highest level of net income for any quarter or nine month period in the company’s history.

“We anticipate continued growth, ongoing strength in deposits, and an expanding lending portfolio moving forward.”

Ryback continued, “This summer we welcomed our newest director, Heidi Gansert. She brings a wealth of knowledge of the northern Nevada market having served in Nevada’s legislative and executive branches. She currently serves as a Nevada state senator. Heidi also works as the Executive Director of External Relations at the University of Nevada, Reno. Her expertise is already proving to be a great benefit to the bank.”

“We are proud to share that we recently received two significant recognitions; our company was listed on the prestigious Sandler O’Neill’s Banks & Thrifts Sm-All Stars list and D.A. Davidson’s Bison Select list. These recognitions rank us as one of the top-performing small market cap financial institutions in the nation,” Ryback noted.

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“As our list of accomplishments grows, so does our ability to implement community and environmentally-focused initiatives including cyber security awareness; money management, fraud and abuse prevention, detection and reporting outreach for the elderly; and green energy initiatives throughout our branch network,” he said.

Loans, deposits, investments and cash

Gross loans increased by $61.9 million, from $540 million to $602 million. The four largest areas of growth in the bank’s loan portfolio were $39 million in commercial real estate loans, $15 million in auto loans, $7 million in agricultural loans and $4 million in real estate construction loans.

Total deposits increased by $93.3 million from $683 million to $776 million. The increase in deposits includes $32 million in deposits at the Carson City branch, which was purchased in October 2018.

Total investment securities increased by $12.8 million from $156.7 million to $169.5 million. Cash and due from banks increased by $42.6 million from $35.3 million to $77.9 million as of Sept. 30, 2019.

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The bank today

Founded in 1980, Plumas Bank is a locally owned and managed full-service community bank headquartered in Quincy. The bank has grown to 13 branches in Plumas, Lassen, Placer, Nevada, Modoc and Shasta counties, and two branches in Nevada, one in Reno and one in Carson City. They also operate three loan production offices: two in Placer and Butte counties and one in  Klamath Falls. 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.

Financial highlights of the first nine months

Total assets increased by $118 million, 15 percent, to a record $889 million.

Gross loans increased by $62 million, 11 percent, to a record $602 million.

Total deposits increased by $93 million, 14 percent, to a record $776 million.

Total equity increased by $19.4 million, 31 percent, to a record of $82 million.

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Book value per share increased by $3.68, or 30 percent, to $15.85, up from $12.17.

Net income increased by $306 thousand, 8 percent, to $4.0 million.