Record setting year for locally owned Plumas Bank
With record earnings in the fourth quarter of 2019, Plumas Bancorp, the parent company of Plumas Bank, posted record earnings quarterly throughout the year.
For the quarter ending in December, the bank reported net income of $15.5 million, an 11 percent increase of $1.5 million over the $14 million the year prior. Earnings totaled $3.9 million, an increase of 9 percent from $3.6 million.
“We are gratified to have ended the year with record levels of earnings, loan balances and shareholders’ equity. We’re also quite pleased that our performance has been recognized throughout the investment community as evidenced by the numerous awards we received over the past year,” stated, Andrew Ryback, president, chief executive officer and director for the bank.
Ryback continued, “We continue to focus on meeting the changing needs of both our consumer and business clients. Over the last two years we have implemented consumer-oriented technological initiatives including person-to-person, which is an online service that allows customers to transfer funds from their bank account to another individual’s account via the internet or a mobile phone.
“We also implemented MobiMoney, an application that allows users to control and manage their debit card transactions. These technologies enable more secure and convenient payments.
“Going forward, we will expand our business-oriented digital offerings by integrating mobile wallet technology and streamlining loan applications and forms. This will increase convenience and efficiency for our business clients.
“We see a significant opportunity for growth in the Northern Nevada region and with the addition of two new directors from the Reno area, Michonne Ascuaga and Heidi Gansert, along with the strong guidance of the entire board; we look forward to expanding our presence in this high-growth market.
“As we enter our 40th year, I’d like to thank our loyal shareholders and clients for their support. Additionally, I’d like to extend my gratitude to our directors, executives, and the entire bank team for their hard work and dedication to our clients and our communities.”
Loans and deposits
Gross loans increased in 2019 by $53.5 million, from $566 million to $620 million. The three largest areas of growth included $45 million in commercial real estate loans, $13 million in auto loans and $10 million in agricultural loans. The largest decline, $9 million, was in construction loans.
Total deposits increased by $20.8 million from $727 million to $747 million. The recent Carson City acquisition from Mutual of Omaha Bank included $45.6 million in deposits.
This increase in deposits includes increases of $27.6 million in non-interest-bearing demand deposits, $8.1 million in money market accounts and $6.2 million in savings accounts. These items were partially offset by declines of $2.3 million in interest-bearing demand deposits and $18.8 million in time deposits.
The bank today
Founded in 1980, Plumas Bank is a locally owned and managed full-service community bank headquartered in Quincy. The bank has grown to 13 branches in Plumas, Lassen, Placer, Nevada, Modoc and Shasta counties, and two branches in Nevada, one in Reno and one in Carson City. They also operate three loan production offices: two in Placer and Butte counties and one in Klamath Falls. The bank offers a wide range of financial and investment services to consumers and businesses and has received nationwide Preferred Lender status with the United States Small Business Administration.
Financial Highlights
2019 compared to 2018
Total assets increased by $41 million, or 5%, to $865 million.
Gross loans increased by $54 million, or 9%, to a record level of $620 million.
Total deposits increased by $21 million, or 3%, to $747 million.
Total equity increased by $17.6 million to $85 million; also a record.
Net income increased by $1.5 million or 11%, to $15.5 million.
Net interest income increased by $4.5 million to $37.6 million.
Fourth quarter 2019
compared to 2018
Net income increased by $311 thousand or 9%, to $3.9 million.
Net interest income increased by $474 thousand to $9.4 million.
Return on average equity totaled 18.5%.
Return on average assets totaled 1.76%.
