Record fourth quarter earnings for Plumas Bank
Plumas Bancorp, the parent company of Plumas Bank, today announced record earnings for the fourth quarter of 2020 of $4.3 million, an increase of 10%, from $3.9 million for the three month period that ended Dec. 31, 2019. For the year, which ended Dec. 31, 2020, Plumas Bancorp reported net income of $14.5 million, a decrease of 7%, from $15.5 million for the year prior.
Financial Highlights
Dec. 31, 2020 compared to Dec. 31, 2019
· Total assets increased by $246 million, or 28%, to $1.1 billion.
· Gross loans increased by $90 million, or 15%, to $710 million.
· Total deposits increased by $227 million, or 30%, to $974 million.
· Total equity increased by $15.6 million to a record level of $100 million.
· Book value per share increased by $2.97, or 18%, to $19.33, up from $16.36.
· Nonperforming assets as a percentage of total assets declined to 0.27%.
· The allowance for loan losses to total loans, excluding PPP loans, increased to 1.55%
Reflecting on the past year, Andrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank, stated, “United by the challenges and successes of a year in which we experienced a global pandemic, region-wide fires and power outages, and economic recession, Plumas Bank stands together with our clients and communities to move forward in recovery and with resilience.
Throughout 2020 banks stabilized the economy by acting as conduits of stimulus funds and offering deferrals and other forms of fiscal support. Plumas Bank addressed the well-being of clients, personnel, and communities by offering non-contact services via our mobile and online banking technologies, enacting optional federal initiatives for pandemic-related leave and tax deferments, and donating $15,000 to food banks in our communities which were then matched up to $10,000 by the Federal Home Loan Bank of San Francisco. To increase our resilience, Plumas Bank also installed solar panels on the Quincy branch along with a battery back-up system to allow for continuity of services in the event of power outages.”
Looking ahead, Ryback commented, “We have strengthened our reserves and continue to evaluate opportunities in light of the low-rate environment. Additionally, we continue to assess and address risks, including increased fraud and cybersecurity threats, by investing in enhanced monitoring and protection systems. With the recent approval of a second stimulus package, Plumas Bank is prepared to assist existing and new clients in navigating the Paycheck Protection Program process.”
Ryback remarked, “As we conclude our 40th year, we would like to thank our shareholders, clients, team members, directors, and communities whose support and commitment have allowed us to deliver on our guiding principle, Plumas Bank – HERE. For Good.”
