BRIEFS: Plumas Bancorp. reports record earnings
Plumas Bancorp, the parent company of Plumas Bank, recently reported record earnings for calendar year the twelve months ended Dec. 31, 2017. Plumas had a net income of $8.2 million, an increase of $715,000, or 10 percent, from $7.5 million for the year ended Dec. 31, 2016.
Earnings per diluted share increased to $1.58 for the year ended Dec.December 31, 2017, up $0.11 from $1.47 for 2016. Earnings for the fourth quarter of 2017 totaled $1.1 million, a decrease of $971,000, or 46 percent, from $2.1 million for the three months ended Dec. 31, 2016. Earnings per diluted share decreased to $.22 for the three months ended Dec. 31, 2017, down $0.19 from $.41 for the fourth quarter of 2016.
The bank’s net income for the fourth quarter of 2017 was reduced by a $1.4 million, or $.27 per diluted share, as a result of a one-time revaluation of Plumas’ deferred tax assets.
Eaton Dunkelberger, CEO of Sierra Nevada Journeys, said the nonprofit raised $5.57 million for the purchase thanks to support from 56 donors.