Plumas Bank wins several regional and national awards

“We are pleased that Plumas Bancorp has been included in Raymond James’ equity research with a very strong initial report,” Andrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank, announced.

“Additionally, Plumas Bancorp was included on the Russell 2000 and was the recipient of a variety of regional and national awards such as the Raymond James Community Bankers Cup and D.A. Davidson’s Bison Select list, Ryback said. “While many banks are experiencing significant increases in funding costs resulting in declining margins, Plumas Bank’s margins have continued to increase over the last several quarters and we continue to achieve record earnings. We attribute much of this to our exceptionally strong core deposit base resulting in funding costs significantly lower than most peer institutions.”

“Recently, due to several contributing factors, we elected to discontinue our dealer loan program. Long-term challenges related to the current higher rate environment, increasing regulatory compliance requirements, the necessary replacement of technology support systems, and increasing expenses outweighed the benefits of this unique, short duration credit portfolio. We have reassigned personnel where possible and will redirect cash flows from this portfolio to lower-risk investments and more profitable lending opportunities. This closure is isolated to our dealer loan program,” Ryback said.

“With continued investments in client-servicing technology and institutional efficiencies Plumas Bank is Here for good,” Ryback said.