Plumas Bank’s Reno branch (seen here) opened on Meadowood Mall Circle in 2015. In mid-March of this year, the bank’s holding company announced it is relocating its corporate headquarters to a new location in South Reno.
Courtesy Photo
Plumas Bancorp, the parent company of Plumas Bank, announced April 21 record quarterly earnings during the first quarter 2021 of $4.4 million, or $0.86 per share, an increase of $1.1 million from $3.3 million or $0.64 per share during the first quarter of 2020. Diluted earnings per share increased to $0.85 during the three months ended March 31, 2021, up from $0.63 per share during the quarter ended March 31, 2020, according to an April 21 press release. Included in the current quarter are expenses totaling $191,000, or $0.04 per share, related to Plumas Bancorp’s pending acquisition of Feather River Bancorp. Plumas Bancorp announced in March the pending purchase valued at $21 million, around the same time it announced it was relocating its corporate headquarters to Reno. Meanwhile, for Q1, return on average assets was 1.55%, up from 1.53% during the first quarter of 2020. Return on average equity increased to 17.7% for the three months ended March 31, 2021, up from 15.2% during the first quarter of 2020. “I am pleased to report that we finished the first quarter of 2021 with improvements in many of our key financial metrics as compared to the first quarter of 2020,” Andrew J. Ryback, director, president and chief executive officer Plumas Bancorp, said in a statement. “In terms of operational improvements, we implemented new Payroll Protection Program (“PPP”) software allowing Plumas Bank to efficiently process 774 PPP loans totaling $67 million as of March 31st. Additionally, we have processed over $90 million in PPP loan forgiveness from 2020 originations. Our loan forgiveness activities have generated significant fees that have contributed to our first quarter earnings.” Other Q1 financial highlights, compared to the same period in 2020, are follows, according to the April 21 press release:
Net income increased by $1.1 million, or 34% to $4.4 million.
Net interest income increased by $1.3 million or 14% to $10.5 million.
Total assets increased by $328 million, or 37%, to $1.2 billion.
Gross loans increased by $109 million, or 18%, to $733 million.
Total deposits increased by $306 million, or 40%, to $1.1 billion.
Total equity increased by $11.8 million, or 13% to $102 million.
Book value per share increased by $2.20, or 13%, to $19.63, up from $17.43.
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