Business
Plumas Bancorp Reports Growth to Over $1 Billion in Total Assets and Second Quarter 2020 Results
QUINCY, Calif., July 15, 2020 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank, today announced total asset growth to over
About this update from Plumas Bancorp
[{"type":"text","content":"QUINCY, Calif., July 15, 2020 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank, today announced total asset growth to over $1 billion and earnings during the three and six months ended June 30, 2020. Earnings during the second quarter of 2020 totaled $3.2 million or $0.62 per share, a decrease of $625 thousand from $3.8 million or $0.74 per share during the second quarter of 2019. The largest component of this decrease was an increase in the provision for loan losses of $1.05 million which relates primarily to the pandemic and its current and anticipated future effects on economic conditions. Diluted earnings per share decreased to $0.61 per share during the three months ended June 30, 2020 from $0.73 per share during the quarter ended June 30, 2019.\n For the six months ended June 30, 2020, the Company reported net income of $6.5 million or $1.26 per share, a decrease of $1.1 million from $7.6 million or $1.48 per share earned during the six months ended June 30, 2019. The provision for loan losses increased by $1.4 million from $600 thousand during the six months ended June 30, 2019 to $2.0 million during the current period. Earnings per diluted share decreased to $1.24 during the six months ended June 30, 2020 down $0.22 from $1.46 during the first six months of 2019. Financial Highlights June 30, 2020 compared to June 30, 2019 Total assets increased by $198 million, or 24%, to a record level of over $1 billion.Gross loans increased by $150 million, or 25%, to a record level of $742 million.Total deposits increased by $167 million, or 23%, to a record level of $904 million.Total equity increased by $15.9 million, or 21%, to a record level of $93 million.Book value per share increased by $3.01, or 20%, to $17.94, up from $14.93.Nonperforming assets as a percentage of total assets declined to 0.29%. President’s CommentsAndrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank, reflected on the events of the second quarter, saying, “Plumas Bank provides stability and strength to its clients and communities by focusing on long-term commitments. During this time of uncertainty, taking care of our clients and team members is our top priority. We continue to emphasize personalized client engagement by providing the technological services necessary for our c...