Plumas Bank sees decreased earnings, increased assets in first quarter

QUINCY, Calif. — Plumas Bancorp (Nasdaq: PLBC), the parent company of Plumas Bank, announced April 15 first quarter 2020 earnings of $3.3 million, or $0.64 per share, a decrease of $502,000 from $3.8 million, or $0.74 per share, during the first quarter of 2019.

According to the bank, diluted earnings per share decreased to $0.63 during the three months ended March 31, 2020, from $0.73 per share during the quarter ended March 31, 2019.

Return on average assets was 1.53% during the current quarter, down from 1.87% during the first quarter of 2019. Return on average equity decreased to 15.2% for the three months ended March 31, 2020, down from 22.2% during the first quarter of 2019.

Other financial highlights from the earnings report, comparing 2020 Q1 to 2019 Q1, include:

• Total assets increased by $48 million, or 6%, to $880 million.
• Gross loans increased by $50 million, or 9%, to $624 million.
• Total deposits increased by $32 million, or 4%, to $763 million.
• Total equity increased by $17.5 million, or 24% to $90.2 million.
• Book value per share increased by $3.31, or 23%, to $17.43, up from $14.12.

“Despite the unique challenges present in the first quarter, we generated over $3 million in earnings, representing a 1.53% return on assets and a 15.2% return on equity,” Andrew J. Ryback, president and CEO of the bank, said in an April 15 statement. “Asset quality remains strong, our capital position has never been stronger, and our loan balances increased to a record level of $624 million.”

“... We recognize that the economic expansion of the last decade has come to a temporary end and we expect to see our financial performance reflect that fact. We are confident that Plumas Bank, with our experienced management team, diversified loan portfolio and strong capital position, is prepared to navigate the uncertainty of our new reality.”

In related news, the bank on April 16 announced that the Board of Directors declared a regular quarterly cash dividend on Plumas Bancorp common stock of $0.12 per share.

This represents an increase, on an annualized basis, of 4% from the bank's last semi-annual cash dividend paid Nov. 15.

This dividend is payable May 15, 2020, to stockholders of record as of May 1, 2020.

“In these unprecedented times that we are all experiencing, we are happy to be able to provide a quarterly dividend to our shareholders in appreciation of their continued commitment to Plumas Bancorp,” Ryback said in an April 16 statement.