Plumas Bancorp reports record quarterly, first-half earnings

Andrew Ryback

Andrew Ryback Courtesy Photo

Plumas Bancorp on July 21 announced second quarter earnings of $4.5 million or $0.86 per share, an increase of $1.3 million from $3.2 million or $0.62 per share during the second quarter of 2020.

Diluted earnings per share increased to $0.85 per share during the three months ended June 30, 2021, up from $0.61 per share during Q2 2020, according to a company press release.

Meanwhile, for the first half of 2021, Plumas reported net income of $8.9 million or $1.72 per share, an increase of $2.4 million from $6.5 million or $1.26 per share earned during the six months ended June 30, 2020. Earnings per diluted share increased to $1.69 for Q1 and Q2 this year, up $0.45 from $1.24 during the first six months of 2020.

Earnings during both the 2021 three- and six-month periods set records for any three-month or six-month period in the company’s history, according to the press release.

“We are pleased to announce another record setting quarter for Plumas Bancorp,” company CEO Andy Ryback said in a statement. “With growth resulting from PPP lending, government stimulus client onboarding, and a reopening economy, our balances and earnings are strong.”

Other key financial metrics released July 21 by Plumas, for the first six months of the year compared to January-June 2020, are as follows:

  • Total assets increased by $231 million, or 22%, to $1.3 billion.
  • Cash and due from banks increased by $137 million to $244 million.
  • Investment securities increased by $95 million to $249 million.
  • Total deposits increased by $228 million, or 25%, to $1.1 billion.
  • Total equity increased by $13.9 million, or 15%, to $107 million.
  • Book value per share increased by $2.60, or 15%, to $20.54, up from $17.94.

Go here to view the full financial earnings report.


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