Plumas Bank reports record earnings in 2021

Plumas Bancorp, the parent company of Plumas Bank, announced record total assets and earnings for the 2021 year.Total assets were $1.6 billion, an increase of $502 million from $1.1 billion the year prior. For the 12-month period the bank reported net income of $21 million, an increase of $6.5 million from $14.5 million in 2020.

The bank reported that the results for the 12 and three month periods that ended in December, 2021 benefited from the acquisition of the Bank of Feather River (BFR), the wholly owned subsidiary of Feather River Bancorp, in July, 2021.Total assets acquired from BFR, including goodwill, were $205 million. Loans acquired in the acquisition totaled $160 million and deposits totaled $177 million.

In addition to the acquisition of BFR, the Plumas Bancorp benefited from an increase in PPP loan fees during the comparison periods, a reduction in salary expense related to the Employee Retention Credit (ERC) and a reduction in the provision for loan losses. During the twelve month period PPP fees net of the amortization of PPP origination costs were $6.1 million. This compares to $2.6 million during the prior twelve months. During the last quarter of 2021, PPP fees net of the amortization of PPP origination costs were $1.2 million. This compares to $1.6 million during the same three month period in 2020.

During the second and third quarters of 2021 the bank qualified for the ERC that was made available under the Coronavirus Aid, Relief, and Economic Security Act and modified and extended under the Taxpayer Certainty and Disaster Tax Relief Act of 2020. The bank recorded an ERC of $1.1 million during the second quarter and $1.2 million during the third quarter as a reduction of salary and benefit expense.

Financial Highlights
December 31, 2021, compared to December 31, 2020

  • Total assets increased by $502 million, or 45%, to a record level of over $1.6 billion.
  • Gross loans increased by $129 million, or 18%, to $839 million.
  • Loans held for sale increased by $30 million to a record level $31 million.
  • Investment securities increased by $126 million to a record level of $306 million.
  • Total deposits increased by $465 million, or 48%, to a record level of $1.4 billion.
  • Total equity increased by $33.9 million, or 34% to a record level of $134 million.
  • Book value per share increased by $3.72, or 19%, to a record level of $23.05, up from $19.33.
  • Tangible book value per share increased by $2.65 or 14%, to a record level of $21.84, up from $19.19

President’s Comments

2021 was a difficult year for our region. The pandemic continued to create challenges and hardship and then the wildfires brought devastation and displacement to our clients, employees and even whole communities. Throughout it all we have tried to quickly respond to meet each new challenge to support those we serve. During the pandemic, we have kept our doors open while continuing to enhance electronic banking options and services. And in response to the wildfires we partnered with The Community Fund of Northern Nevada, donating $50 thousand to the Dixie Fire Community Fund which has raised more than $230 thousand. During all the turmoil, I’m very proud to report that we were able to successfully complete the acquisition of Bank of Feather River and have fully integrated their operations into ours. This acquisition resulted in the appointment of Julie Morehead, the former CEO of Bank of Feather River, to Plumas’ Board of Directors. Julie’s community banking expertise has proven a real asset and added strength to our Board,” recapped Andrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank.

As we enter a new year, we wish to thank our many loyal clients, the communities we serve, and our shareholders for their continuing support,” concluded Ryback.

Loans, Deposits, Investments and Cash

Mostly related to our acquisition of BFR, gross loans increased by $129 million, or 18%, from $709 million in 2020 to $839 million in 2021. Increases in loans included $54 million in agricultural loans, $66 million in commercial real estate loans, $26 million in construction loans and $4 million in residential real estate loans; these items were partially offset by a decrease of $17 million in commercial loans and $4 million in all other loan categories. Excluding PPP loan activity, commercial loans would have increased by $19 million. PPP loans totaled $35 million in 2021, and $71 million in 2020. Unamortized loan fees net of unamortized loan costs on PPP loans totaled $1.3 million in 2021.

Total deposits increased by $465 million from $974 million to $1.4 billion. The bank acquired $177 million in deposits with the acquisition of BFR. Excluding those BFR deposits, the bank said it attributes much of this increase to Pandemic related economic stimulus, a more cautious consumer, and continued growth in its customer base. The increase in deposits includes increases of $220 million in demand deposits, $134 million in savings accounts, $87 million in money market accounts and $24 million in time deposits.

Pumas Bancorp is headquartered in Reno. Plumas Bank, which was founded in 1980 and 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, one in Reno and one in Carson City. 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 go to: