Plumas Bancorp Reports Record Second Quarter 2022 Results

About this update from Plumas Bancorp

[{"type":"text","content":"RENO, Nevada, July 20, 2022 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank, today announced earnings during the second quarter of 2022 of $5.7 million or $0.97 per share, an increase of $1.2 million from $4.5 million or $0.86 per share during the second quarter of 2021. Diluted earnings per share increased to $0.96 per share during the three months ended June 30, 2022 up from $0.85 per share during the quarter ended June 30, 2021. For the six months ended June 30, 2022, the Company reported net income of $11.4 million or $1.95 per share, an increase of $2.5 million from $8.9 million or $1.72 per share earned during the six months ended June 30, 2021. Earnings per diluted share increased to $1.93 during the six months ended June 30, 2022 up $0.24 from $1.69 during the first six months of 2021. Earnings during 2022 set a record for any six month period in the Company’s history. Return on average assets was 1.40% during the current quarter, down from 1.45% during the second quarter of 2021. Return on average equity increased to 19.0% for the three months ended June 30, 2022, up from 17.2% during the second quarter of 2021. Return on average assets was 1.41% during the six months ended June 30, 2022, down from 1.50% during the first half of 2021. Return on average equity increased to 18.3% for the six months ended June 30, 2022, up from 17.4% during the first half of 2021. Balance Sheet Highlights June 30, 2022 compared to June 30, 2021 Total assets increased by $353 million, or 28%, to $1.6 billion.Cash and due from banks increased by $73 million, or 30%, to $318 million.Gross Loans increased by $137 million, or 19%, to $862 million.Investment securities increased by $116 million, or 47%, to $365 million.Total deposits increased by $341 million, or 30%, to $1.5 billion.Total equity increased by $9.4 million, or 9%, to $116 million. President’s Comments Andrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank stated, “The second quarter of 2022 resulted in strong earnings with the Fed rate increases improving returns on our investment and lending portfolios.” Ryback continued, “July 1st marked the one-year anniversary of our acquisition of Bank of Feather River. The addition of Yuba City to our footprint has expanded our ag lending portfolio and resulted...

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