Plumas Bank reports record six-month earnings

Plumas Bancorp, the parent company of Plumas Bank. reported its earnings during the second quarter of 2022 of $5.7 million, an increase of $1.2 million from $4.5 million during the second quarter of 2021.

For the six-month period that ended June 30, 2022, the company reported net income of $11.4 million, an increase of $2.5 million from $8.9 million earned during the six month period the year prior. Earnings during 2022 set a record for any six month period in the company’s history.

Balance Sheet Highlights
June 30, 2022 compared to June 30, 2021

  • Total assets increased by $353 million, or 28%, to $1.6 billion.
  • Cash and due from banks increased by $73 million, or 30%, to $318 million.
  • Gross loans increased by $137 million, or 19%, to $862 million.
  • Investment securities increased by $116 million, or 47%, to $365 million.
  • Total deposits increased by $341 million, or 30%, to $1.5 billion.
  • Total equity increased by $9.4 million, or 9%, to $116 million.

Andrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank stated, “The second quarter of 2022 resulted in strong earnings with the Fed rate increases improving returns on our investment and lending portfolios.”

He continued, “July 1st marked the one-year anniversary of our acquisition of Bank of Feather River. The addition of Yuba City to our footprint has expanded our ag lending portfolio and resulted in increased profits.”

Ryback concluded, “As we build our technological and geographical presence, we remain committed to our communities because (as their slogan states) Plumas Bank is HERE. For Good.”

Loans, deposits and cash

Mostly related to its acquisition of Feather River Bancorp (FRB) on July 1, 2021, gross loans, excluding loans held for sale, increased by $137 million, or 19%, from $725 million to $862 million. Increases in loans included $94 million in commercial real estate loans, $59 million in agricultural loans, $31 million in construction loans and $6 million in residential real estate loans; these items were partially offset by a decrease of $51 million in commercial loans and $2 million in all other loan categories. Excluding PPP loan activity, commercial loans would have increased by $29 million. PPP loans totaled $8 million this period and $88 million on June 30, 2021.

Beginning in 2020 the bank instituted a loan forbearance program to assist borrowers with managing cash flows disrupted due to COVID-19; they ended this program in the fourth quarter of 2021 and there are currently no loan balances on deferral related to this program.

Total deposits increased by $341 million from $1.1 billion, to $1.5 billion.  Deposits at our Yuba City branch totaled $150 million on June 30, 2022. Excluding these deposits, the company says they attribute much of this increase to pandemic related economic stimulus, a more cautious consumer and continued growth in its customer base.

Pumas Bancorp is headquartered in Reno. Plumas Bank, which was founded in 1980, 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, in Butte and Placer counties and one in 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: