Plumas Bank records highest quarterly earnings in its history
Plumas Bancorp, the parent company of Plumas Bank, reported record earnings for the third quarter of 2018 and for the nine-month period that ended Sept. 30, 2018. The third quarter results represent the bank’s best-ever quarterly earnings in its 38-year history.
Earnings during the third quarter of 2018 totaled $3.7 million, an increase of $1.2 million, which is a 51 percent increase from the $2.5 million reported during the same period in 2017.
For the nine-month period of 2018, the bank reported net income of $10.4 million, which is an increase of $3.4 million (48 percent) from the $7 million the year prior.
“On behalf of the board of directors, I am very pleased to report record results for the third quarter and for the first nine months of 2018. The third quarter earnings of $3.7 million represent the highest level of earnings for any quarter in the history of the company,” commented Andrew Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank.
Ryback continued, “As previously reported, we are in the process of purchasing the Carson City, Nevada, branch of Mutual of Omaha Bank. The conversion will be complete at close of business on Oct. 26. We are working closely with the Mutual of Omaha team to ensure a smooth transition for all their clients. We’re excited to bring our brand of community banking to the Carson City region and look forward to serving our new clients.
“Additionally, while we have been diligently working to increase our assets, loans and deposits, we have also been focused on community engagement by reaching out in meaningful ways to the communities that we serve.
“In September, we were able to demonstrate our commitment to community by donating $25,000 to aid the victims of the devastating fires in Shasta County.
“A large portion of the funds were directed to two school districts that were hit the hardest and where hundreds of students and their families lost their homes. The funds are currently being distributed by the school districts’ homeless and foster youth liaisons to help these students get back to school.
“Our Redding team embraced our motto, ‘HERE. For Good.’ and volunteered over 130 hours working at various shelters, food banks, and other local fire relief organizations to help those in need,” said Ryback.
Ryback went on to thank the bank’s clients, its dedicated team and its shareholders for making the bank’s community contributions and financial endeavors so successful. “We realize that without your support these things would not be possible. We appreciate you,” he said.
Founded in 1980, Plumas Bank is a locally owned and managed full-service community bank headquartered in Quincy. The bank operates 12 branches — 11 located in Plumas, Lassen, Placer, Nevada, Modoc and Shasta counties and one in Reno. They also have four loan production offices that are in Placer, Butte and Tehama counties, and one in Oregon.
Plumas Bank’s financial highlights at a glance …
September 2018 compared to 2017
Total assets increased by $40 million, or 5 percent, to a record level of $771 million.
Loans increased by $61 million, or 13 percent, to a record level of $536 million.
Total deposits increased by $33 million, or 5 percent, to a record level of $683 million.
Total equity increased by $6.8 million to $62 million.
Book value per share increased by $1.18, or 11 percent, to $12.17, up from $10.99.
Third quarter in 2018 compared to 2017
Net income increased by $1.2 million, or 51 percent, to $3.7 million.
Net interest income increased by $1.4 million to $8.6 million.
Nine-month period in 2018 compared to 2017
Net income increased by $3.4 million, or 48 percent, to $10.4 million.
Net interest income increased by $3.6 million to $24.1 million.
