Plumas Bancorp, the parent company of Plumas Bank, just announced that the Board of Directors declared a regular quarterly cash dividend on Plumas Bancorp common stock of $0.14 per share, payable May 17, 2021, to stockholders of record as of May 1, 2021.
Andrew Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank stated, “I am pleased to report that we finished the first quarter of 2021 with improvements in many of our key financial metrics as compared to the first quarter of 2020. In terms of operational improvements, we implemented new Payroll Protection Program (“PPP”) software allowing us to efficiently process 774 PPP loans totaling $67 million as of March 31. Additionally, we have processed over $90 million in PPP loan forgiveness from 2020 originations. Our loan forgiveness activities have generated significant fees that have contributed to our first quarter earnings.
“Furthermore, I am proud that in addition to successfully navigating all of the challenges of operating in a pandemic environment while at the same time generating improvements in profitability, we were able to identify and execute on two important strategic initiatives. Namely, we recently announced the signing of a definitive merger agreement whereby Plumas Bancorp will acquire Feather River Bancorp, Inc., the parent company of Bank of Feather River headquartered in Yuba City. That announcement was followed by notice that we have relocated the Plumas Bancorp headquarters to Reno. Our growth in these active markets has been driven by our strategic initiatives to expand both our regional footprint and the services we provide to our clients.”
“As we eagerly prepare for our acquisition of Bank of Feather River, we continue to develop technological services for clients including e-sign capabilities, enhanced remote deposit capture and ACH services for businesses, and real-time online banking enrollment. All the while we are continually enhancing our security program with a focus on fraud detection and prevention.”
Ryback concluded, “The expansion of our footprint as we integrate Bank of Feather River represents a key step in the direction of planned further growth. We will continue to stay focused on the fundamentals while at the same time identifying and executing on transactions that support our strategic direction. With each development, be it technological or geographical, we reinforce our guiding principle that Plumas Bank is Here. For Good.”