Plumas Bank reports assets hit record level of $1 billion
Plumas Bancorp, the parent company of Plumas Bank, announced total asset growth to over $1 billion during the period ending June 30, 2020. Earnings during the second quarter of 2020 totaled $3.2 million, a decrease of $625 thousand from $3.8 million for the same period the year prior. The largest component of this decrease was an increase in the provision for loan losses of $1.05 million, which relates primarily to the pandemic and its current and anticipated future effects on economic conditions.
For the six-month period that ended in June, the bank reported net income of $6.5 million, a decrease of $1.1 million from $7.6 million the year prior.
Financial Highlights
June 30, 2020 compared to June 30, 2019
- Total assets increased by $198 million, or 24 percent, to a record level of over $1 billion.
- Gross loans increased by $150 million, or 25 percent, to a record level of $742 million.
- Total deposits increased by $167 million, or 23 percent, to a record level of $904 million.
- Total equity increased by $15.9 million, or 21 percent, to a record level of $93 million.
- Book value per share increased by $3.01, or 20 percent, to $17.94, up from $14.93.
- Nonperforming assets as a percentage of total assets declined to 0.29 percent.
Andrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank, reflected on the events of the second quarter, saying, “Plumas Bank provides stability and strength to its clients and communities by focusing on long-term commitments. During this time of uncertainty, taking care of our clients and team members is our top priority. We continue to emphasize personalized client engagement by providing the technological services necessary for our clients’ remote banking needs while also offering live assistance through our in-house call center and fully-operational branches. In addition, our lending officers are guiding our business clients through the Payroll Protection Program application and forgiveness processes. As of June 30, 2020, Plumas Bank funded over one thousand Payroll Protection Program loans to our business customers totaling $116 million.”
Ryback continued, “We are prepared to navigate the ongoing challenges related to the pandemic and the low-rate environment. Although credit quality remains strong, we have increased our reserves as we navigate this recessionary period, and we continue to refine our business continuity plans to continue to adapt to our rapidly changing environment.
In testimony to our performance and growth, Plumas Bancorp was recently included on the Russell 2000 Index by FTSE Russell, an index widely used by investment managers and institutional investors for index funds. With approximately $9 trillion in assets benchmarked against Russell’s US indexes, this development will likely increase liquidity in our stock and serve to improve overall shareholder value. With a continued focus on our clients, shareholders, and communities, we anticipate sustained growth which will allow us to further our mission to supply the best financial products and services tailored to meet the needs of businesses and families throughout our footprint,” concluded Ryback.
Founded in 1980, Plumas Bank is a locally owned and managed full-service community bank headquartered in Quincy. The bank operates 13 branches: 11 in Plumas, Lassen, Placer, Nevada, Modoc and Shasta counties and two branches in northern Nevada, Reno and Carson City. The Bank also operates three loan production offices in Placer and Butte county and one in Klamath Falls, Or.
