Plumas Bancorp, the parent company of Plumas Bank, announced Jan. 20 record earnings for the fourth quarter of 2020 of $4.3 million, an increase of $0.4 million, or 10%, from $3.9 million for the three months ending Dec. 31, 2019. Earnings per diluted share increased to $0.82, up $0.08 from $0.74 for the fourth quarter of 2019.
For 2020 as whole, the bank reported net income of $14.5 million, a decrease of $1.0 million, or 7%, from $15.5 million for 2019. Earnings per diluted share decreased to $2.77 for the year, down $0.20 from $2.97 for 2019.
Other financial highlights from the bank’s fourth quarter report, comparing Q4 2020 to 2019, are as follows:- Total assets increased by $246 million, or 28%, to $1.1 billion.
- Gross loans increased by $90 million, or 15%, to $710 million.
- Total deposits increased by $227 million, or 30%, to $974 million.
- Total equity increased by $15.6 million to a record level of $100 million.
- Book value per share increased by $2.97, or 18%, to $19.33, up from $16.36.
- Nonperforming assets as a percentage of total assets declined to 0.27%.
- The allowance for loan losses to total loans, excluding PPP loans, increased to 1.55.
“United by the challenges and successes of a year in which we experienced a global pandemic, region-wide fires and power outages, and economic recession, Plumas Bank stands together with our clients and communities to move forward in recovery and with resilience, Andrew J. Ryback, director, president and CEO of Plumas Bank, said in a statement. “Throughout 2020, banks stabilized the economy by acting as conduits of stimulus funds and offering deferrals and other forms of fiscal support. Plumas Bank addressed the wellbeing of clients, personnel and communities by offering non-contact services via our mobile and online banking technologies, enacting optional federal initiatives for pandemic-related leave and tax deferments, and donating $15,000 to food banks in our communities, which were then matched up to $10,000 by the Federal Home Loan Bank of San Francisco.”
Looking ahead, Ryback commented, “We have strengthened our reserves and continue to evaluate opportunities in light of the low-rate environment. Additionally, we continue to assess and address risks, including increased fraud and cybersecurity threats, by investing in enhanced monitoring and protection systems. With the recent approval of a second stimulus package, Plumas Bank is prepared to assist existing and new clients in navigating the Paycheck Protection Program process.”
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