Plumas Bank reports record earnings for two quarters

Plumas Bancorp, the parent company of Plumas Bank, announced its earnings during the second quarter of 2021 of $4.5 million, an increase of $1.3 million from the same quarter in 2020.

For the six months that ended June 30, 2021, the bank reported net income of $8.9 million, an increase of $2.4 million from the six month period the year prior.

Earnings during the second quarter and the first six months of 2021 set records for any three month or six month period in the bank’s history.

Financial Highlights

June 30, 2021 compared to June 30, 2020

  • Total assets increased by $231 million, or 22%, to $1.3 billion.
  • Cash and due from banks increased by $137 million to $244 million.
  • Investment securities increased by $95 million to $249 million.
  • Total deposits increased by $228 million, or 25%, to $1.1 billion.
  • Total equity increased by $13.9 million, or 15%, to $107 million.
  • Book value per share increased by $2.60, or 15%, to $20.54, up from $17.94.

Andrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank stated, “We are pleased to announce another record setting quarter for Plumas Bancorp. With growth resulting from PPP lending, government stimulus, client onboarding, and a reopening economy, our balances and earnings are strong.”

Ryback continued, “We also completed our acquisition of Bank of Feather River. This acquisition, which closed on July 1st, represents a milestone for Plumas Bank as it is the first full bank acquisition we have conducted in over 30 years. In connection with this acquisition, we are thrilled to appoint Julie Morehead, prior President, CEO and Director of Bank of Feather River, as a director of Plumas Bancorp and Plumas Bank. Her expertise in banking and knowledge of the Yuba City market will be of great value to our company.”

Ryback concluded, “Our significant funding resources will allow us to expand our lending relationships in the Yuba City market and we anticipate continued growth in this region.”

Loans, Deposits, Investments and Cash

Gross loans decreased by $6 million, from $742 million to $736 million. The largest decrease was $28 million in forgiven PPP loans, which was mostly offset by an increase of $27 million in commercial real estate loans. PPP loans totaled $88 million in June 2021 and $116 million in June 2020. Unamortized loan fees net of unamortized loan costs on PPP loans totaled $3.9 million.

The bank has instituted a loan forbearance program to assist borrowers with managing cash flows disrupted due to COVID-19.  As of June 30, there were $1.3 million in loan balances on deferral related to this program.  In July, two additional loans from one customer were placed on deferral totaling $3.3 million. These two loans were placed on nonaccrual status in June 2021. They expect full repayment on these loans either through foreclosure of the underlying collateral, or through normal payments of principal and interest once the loans are taken off deferral status.

Total deposits increased by $228 million from $904 million in 2020 to $1.1 billion in 2021. They attribute much of this increase to retention of proceeds from PPP loans, a more cautious consumer, and continued growth in our customer base. The increase in deposits includes increases of $172 million in demand deposits, $82 million in savings accounts, $87 million in money market accounts, and $4 million in time deposits. These increases were partially offset by a decrease of $117 million in interest-bearing demand deposits.

Plumas Bancorp is headquartered in Reno, NV. It’s principal subsidiary is Plumas Bank, which was founded in 1980. Plumas Bank 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 two loan production offices located in the California Counties of Butte and Placer. 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, go to