Plumas Bancorp, the parent company of Plumas Bank, released its 2020 first quarter earnings, which shows a decrease of $502,000 from the same period the year prior. Earnings this quarter were $3.3 million as compared to $3.8 million in 2019.
Andrew Ryback, president and chief executive officer of Plumas Bancorp and Plumas Bank stated, “Despite the unique challenges present in the first quarter, we generated over $3 million in earnings. Asset quality remains strong, our capital position has never been stronger, and our loan balances increased to a record level of $624 million.
“The health and well-being of our clients, colleagues, and communities are paramount as we continue to monitor the rapidly changing circumstances related to the COVID-19 pandemic. Our branches, loan offices and client resource center are open and operational to meet client needs. Our branch managers and loan officers are reaching out to clients to understand their concerns, offering flexibility where possible and facilitating access to disaster relief resources.
“In the weeks and months ahead, we will continue to adapt our business to meet our clients’ changing needs. We are now offering a variety of relief options designed to support our clients and communities, including the SBA Paycheck Protection Program, up to 180-day loan payment deferments, waived loan late fees, and suspended foreclosure proceedings. We will waive deposit account fees for all hospital employees, paramedics and other first responders. We are also developing a new loan product to provide working capital to businesses for when they eventually restart their operations.”
Loans, deposits and cash
Gross loans increased by $50 million, to $624 million during this quarter. The four largest areas of growth in the Company’s loan portfolio were $50 million in commercial real estate loans, $10 million in automobile loans, $7 million in commercial loans and $6 million in agricultural loans. The largest decreases were $18 million in construction and land development loans, $3 million in residential real estate loans and $2 million in equity lines of credit.
Total deposits increased by $32 million. The increase in deposits includes increases of $24.3 million in demand deposits, $10.7 million in money market accounts, $10.8 million in savings accounts and $3.1 million in interest-bearing demand deposits.
March 31, 2020 compared to prior year same period
Total assets increased by $48 million to $880 million
Gross loans increased by $50 million to $624 million
Total deposits increased by $32 million to $763 million