Plumas Bancorp reports record 2023 earnings

Plumas Bancorp, the parent company of Plumas Bank, today announced earnings during the second quarter of 2023 of $6.7 million, an increase of $1 million from $5.7 million during the second quarter of 2022.

For the six months ending on June 30, 2023, the bank reported net income of $14.3 million, an increase of $2.9 million during the same period the year prior. Earnings during 2023 set a record for any six-month period ending on June 30 in the bank’s history.

Balance Sheet Highlights
June 30, 2023 compared to June 30, 2022

  • Gross loans increased by $74 million, or 9%, to $936 million.
  • Investment securities increased by $104 million to $469 million.
  • Total equity increased by $12.4 million, or 11% to $129 million.

President’s Comments

“Plumas Bancorp achieved record earnings for the first six months and second quarter of 2023,” Andrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank, announced.

“The ongoing performance was driven by net interest income and net interest margin. Additionally, our ability to maintain a low cost of funds has been and persists as a significant factor in driving profitability.

We continue to evaluate lending opportunities while prioritizing liquidity and assess portfolio performance, allocating resources accordingly with a long-term perspective on performance. Enhancing technology and operational efficiency further will equip us to navigate the evolving landscape effectively,” Ryback explained.

“The opening of the Chico branch in the second quarter expanded Plumas Bank’s services in Butte County from a loan production office to a full-service branch which has been well-received in the community. Additionally, we continue exploring avenues for strategic opportunities that align with our long-term growth objectives,” Ryback concluded.

Loans, Deposits, Investments and Cash

Gross loans increased by $74 million, or 9%, from $862 million to $935 million on June 30, 2023. Increases in loans included $69 million in commercial real estate loans; $15 million in automobile loans; $1 million in equity lines of credit; $1 million in agricultural loans; and $1 million in other loans. These items were partially offset by a decrease of $9 million in commercial loans, $4 million in construction loans and $1 million in residential loans. The decrease in commercial loans included a decline in PPP loans from $8 million at June 30, 2022 to $265,000 at June 30, 2023.

Total deposits decreased by $77 million to $1.4 billion during the period ending June 30, 2023. The decrease in deposits includes decreases of $48 million in demand deposits, $33 million in money market accounts, and $27 million in savings deposits. Partially offsetting these decreases was an increase in time deposit of $31 million. In a statement, the bank said it attributes much of the decrease to the current interest rate environment with some deposits leaving for higher rates and some customers reluctant to borrow to fund operating expense and instead have drawn down their excess deposit balances. In April 2023 the bank began offering a time deposit promotion offering for a limited time 7-month and 11-month time deposits at an interest rate of 4%. They discontinued this promotion, which generated $46 million in deposits, on June 30, 2023. At that time 51% of the bank’s deposits were in the form of non-interest bearing demand deposits. The bank has no brokered deposits.

Total investment securities increased by $104 million from $365 million to $469 million at June 30, 2023. The bank’s investment security portfolio consists of debt securities issued by the US Government, US Government agencies, US Government sponsored agencies and municipalities.

Bank declares quarterly cash dividend

The Board of Directors declared a regular quarterly cash dividend on Plumas Bancorp common stock of $0.25 per share, payable August 15, 2023, to stockholders of record as of August 1, 2023.

About Plumas Bancorp

Plumas Bancorp is headquartered in Reno, Nevada. Plumas Bancorp’s principal subsidiary is Plumas Bank, which was founded in 1980. Plumas Bank is a full-service community bank headquartered in Quincy, California. The bank operates fifteen branches: thirteen located in the California counties of Butte, Lassen, Modoc, Nevada, Placer, Plumas, Shasta and Sutter and two branches located in Nevada in the counties of Carson City and Washoe. The bank also operates two loan production offices located in Auburn, California and Klamath Falls, Oregon. Plumas 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. For more information on Plumas Bancorp and Plumas Bank, please visit our website at