Plumas Bank reports record total assets through first nine months of 2020
Plumas Bancorp, the parent company of Plumas Bank, has announced record total assets of over $1.1 billion and earnings during the third quarter and nine months ending Sept. 30, 2020. Earnings during the third quarter of 2020 were $3.7 million, representing a decrease of $310,000 from the third quarter of 2019. The bank explained that the largest component of this decrease was an increase in the provision for loan losses of $500,000, which they said relates primarily to the pandemic and its current and anticipated future effects on economic conditions.
For the first nine months of the year, the company reported a net income of $10.2 million which is a decrease of $1.4 million for the same period the year prior.
Financial Highlights
September 30, 2020 compared to September 30, 2019
- Total assets increased by $227 million, or 26 percent, to a record level of over $1.1 billion.
- Gross loans increased by $146 million, or 24 percent, to a record level of $748 million.
- Total deposits increased by $201 million, or 26 percent, to a record level of $977 million.
- Total equity increased by $14.2 million, or 17 percent to a record level of $96 million.
- Book value per share increased by $2.68, or 17 percent, to $18.53, up from $15.85.
Andrew Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank, stated, “Decreased profitability and earnings per share are the result of our anticipation of the expected ongoing impacts of the pandemic. To prepare for those potential impacts, we have increased our reserves for loan losses, although non-performing assets continue to trend down. As many loan deferrals begin to expire, we are evaluating additional deferments on a case-by-case basis. We have submitted more than 100 Paycheck Protection Program Loan Forgiveness applications which are now being processed by the Small Business Administration.”
Ryback continued, “Given the difficult business environment that we’ve faced over the last nine months, we are especially proud that for the second year in a row, Plumas Bancorp has been included in D.A. Davidson’s Fall 2020 Bison Select Report and was also selected for the Piper Sandler Sm-All Stars Class of 2020. Each of these awards seeks to identify top-performing banks that may not yet be known to investors. We are proud to be recognized for outstanding performance with these prestigious national awards.”
Ryback concluded, “Throughout the pandemic our bank has remained open and available to assist clients while observing recommended hygiene practices. Additionally, the technology we have implemented and continue to develop, including our mobile banking app, e-sign, and a fully integrated business banking platform, provides our clients with the access, security, and services they need, especially in this time of uncertainty and business disruption.”
Additionally, Ryback recently announced the transition of Plumas Bank to membership in and oversight by the Federal Reserve System. “The Federal Reserve Bank’s goals of maximum employment, stable prices, and moderate long-term interest rates align with our focus on building strong, healthy communities through economic well-being,” remarked Ryback.
Founded in 1980, Plumas Bank is a locally owned and managed full-service community bank headquartered in Quincy, CA. The bank operates thirteen branches located in Plumas, Lassen, Placer, Nevada, Modoc and Shasta county and two branches in Nevada in Reno and Carson City. They also operate three loan production offices: two in the northern California counties, Placer and Butte, and one in southern Oregon.
