Plumas Bancorp reports record first quarter results

Plumas Bancorp, the parent company of Plumas Bank, today announced record first quarter earnings of $7.6 million, an increase of $1.9 million from the same period the year prior.

Financial Highlights
March 31, 2023 compared to March 31, 2022

  • Net income increased by $1.9 million, or 33% to $7.6 million.
  • Net interest income increased by $5.1 million or 43% to $17.1 million.
  • Gross loans increased by $77 million, or 9%, to $916 million.
  • Investment securities increased by $168 million to $484 million.
  • Total equity increased by $5.7 million, or 5% to $129 million.

Andrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank stated, “We are pleased to announce the upcoming opening of our new Chico branch, which complements our footprint in the northern central valley extending from our Yuba City branch in the south to our Redding branch in the north. The Chico branch has been sustainably remodeled with solar panels, LED lighting, xeriscaping, and utilizing recycled materials wherever possible.”

“In light of the recent stresses in the financial sector, we want to provide assurance that Plumas Bank’s financial health remains strong. Our deposits, loans, and investments portfolios are all well diversified; we have low-cost core deposits; we carefully monitor criticized assets; we have no investments designated as held-to-maturity; we have higher asset yields with shorter durations compared to peers; and our Bank’s capital position is strong and continues to grow. Finally, if the need should arise, the Bank has access to additional liquidity through several borrowing lines as detailed in the Liquidity section of this release.”

“Plumas remains strong and nimble, ready to respond to the needs of our clients in this shifting economic landscape. We remain Here. For Good.,” assured Ryback.

Loans, Deposits, Investments and Cash

Gross loans increased by $77 million, or 9%, from $839 million in March 2022 to $916 million for the first quarter of 2023.. Increases in loans included $98 million in commercial real estate loans, $14 million in automobile loans and $3 million in equity lines of credit. These items were partially offset by a decrease of $20 million in commercial loans, $13 million in construction loans and $5 million in agricultural loans. The decrease in commercial loans include a decline in PPP loans from $18.7 million last year in the first quarter to $283,000 this year

During this same period, total deposits decreased by $61 million to $1.4 billion. The decrease in deposits includes decreases of $10 million in demand deposits, $36 million in money market accounts and $15 million in time deposits. The bank attributes much of the decrease to the current interest rate environment having seen some deposits leave for higher rates and some customers reluctant to borrow to fund operating expense and instead have drawn down their excess deposit balances. Beginning 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%.

Total investment securities increased by $168 million from $316 million, to $484 million. The bank’s investment security portfolio consists of debt securities issued by US Government agencies, US Government sponsored agencies and municipalities.


The bank manages its liquidity to provide the ability to generate funds to support asset growth, meet deposit withdrawals (both anticipated and unanticipated), fund customers’ borrowing needs and satisfy maturity of short-term borrowings. The bank’s liquidity needs are managed using assets or liabilities, or both. On the asset side, in addition to cash and due from banks, the bank maintains an investment portfolio which includes unpledged U.S. Government-sponsored agency securities that are classified as available-for-sale. On the liability side, liquidity needs are managed by offering competitive offering rates on deposit products and the use of established lines of credit.

The bank is a member of the FHLB and can borrow up to $240 million from the FHLB secured by commercial and residential mortgage loans with carrying values totaling $397 million. It is also eligible to participate in the Bank Term Lending Program. The Federal Reserve Board last month announced the creation of a new Bank Term Funding Program (BTFP). It offers loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. These assets will be valued at par.

The bank has pledged as collateral under the BTFP securities with a par value of $96 million. In addition to its FHLB borrowing line and the BTFP, the bank has unsecured short-term borrowing agreements with two of its correspondent banks in the amounts of $50 million and $20 million.

The bank estimates that it has approximately $479 million in uninsured deposits. Of this amount, $84 million represent deposits that are collateralized such as deposits of states, municipalities and tribal accounts.

Management believes that Plumas Bank’s  available sources of funds, including borrowings, will provide adequate liquidity for its operations in the foreseeable future.

Plumas Bancorp is headquartered in Reno, Nevada. Plumas Bancorp’s principal subsidiary is Plumas Bank, which was founded in 1980. It is a full-service community bank headquartered in Quincy.. The bank operates fourteen branches: twelve located in the California counties of 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 three loan production offices located in the California counties of Butte and Placer 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 or to see the complete report on the first quarter earnings visit their website at