Business
Plumas Bancorp Reports Record Earnings
QUINCY, Calif., Jan. 15, 2020 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank (the “Bank”), today announced record
About this update from Plumas Bancorp
[{"type":"text","content":"QUINCY, Calif., Jan. 15, 2020 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank (the “Bank”), today announced record earnings for the twelve months ended December 31, 2019. For the year ended December 31, 2019, Plumas Bancorp (the “Company”) reported net income of $15.5 million, an increase of $1.5 million, or 11%, from $14.0 million for the year ended December 31, 2018. Earnings per diluted share increased to $2.97 for the year ended December 31, 2019, up $0.29 from $2.68 for 2018. Earnings for the fourth quarter of 2019 totaled $3.9 million, an increase of $0.3 million, or 9%, from $3.6 million for the three months ended December 31, 2018. Earnings per diluted share increased to $0.74 for the three months ended December 31, 2019, up $0.06 from $0.68 for the fourth quarter of 2018. \n Financial Highlights December 31, 2019 compared to December 31, 2018 Total assets increased by $41 million, or 5%, to $865 million.Gross loans increased by $54 million, or 9%, to a record level of $620 million.Total deposits increased by $21 million, or 3%, to $747 million.Total equity increased by $17.6 million to $85 million; also a record.Book value per share increased by $3.33, or 26%, to $16.36, up from $13.03.Dividends paid per common share increased to a record level of 46 cents.Tangible common equity to total assets increased to 9.7%. Income Statement Year ended December 31, 2019 compared to December 31, 2018 Net income increased by $1.5 million or 11%, to $15.5 million.Diluted EPS increased by $0.29, or 11%, to $2.97 from $2.68.Net interest income increased by $4.5 million to $37.6 million.Return on average equity totaled 20.2%.Return on average assets totaled 1.82%. Three months ended December 31, 2019 compared to December 31, 2018 Net income increased by $311 thousand or 9%, to $3.9 million.Diluted EPS increased by $0.06, or 9%, to $0.74 from $0.68.Net interest income increased by $474 thousand to $9.4 million.Return on average equity totaled 18.5%.Return on average assets totaled 1.76%. President’s Comments “We are gratified to have ended 2019 with record levels of earnings, loan balances and shareholders’ equity. We’re also quite pleased that our performance has been recognized throughout the investment community as evidenced by the numerous awards we received over the past year,” stated Plumas Bank D...