Business
Plumas Bancorp Reports Record Third Quarter 2021 Results
QUINCY, Calif., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank, today announced record total assets and
About this update from Plumas Bancorp
[{"type":"text","content":"QUINCY, Calif., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank, today announced record total assets and earnings during the three and nine months ended September 30, 2021. Total assets were $1.6 billion at September 30, 2021 an increase of $456 million from $1.1 billion at September 30, 2020. Earnings during the third quarter of 2021 totaled $6.6 million or $1.13 per share, an increase of $2.9 million from $3.7 million or $0.71 per share during the third quarter of 2020. Diluted earnings per share increased to $1.12 per share during the three months ended September 30, 2021 from $0.71 per share during the quarter ended September 30, 2020. For the nine months ended September 30, 2021, the Company reported net income of $15.5 million or $2.87 per share, an increase of $5.3 million from $10.2 million or $1.97 per share earned during the nine months ended September 30, 2020. Earnings per diluted share increased to $2.83 during the nine months ended September 30, 2021 up $0.88 from $1.95 during the first nine months of 2020. Return on average assets was 1.71% during the current quarter, up from 1.37% during the third quarter of 2020. Return on average equity increased to 19.6% for the three months ended September 30, 2021, up from 15.5% during the third quarter of 2020. Return on average assets was 1.58% during the nine months ended September 30, 2021, up from 1.40% during the comparison period in 2020. Return on average equity increased to 18.3% for the nine months ended September 30, 2021, up from 14.9% during the first nine months of 2020. Results for the three and nine months ended September 30, 2021 benefited from the acquisition of the Bank of Feather River (BFR), the wholly owned subsidiary of Feather River Bancorp, effective July 1, 2021. Total assets acquired from BFR, including goodwill, were $205 million, gross loans totaled $162 million and deposits totaled $177 million. Goodwill associated with the acquisition of Feather River Bancorp was $5.5 million and the core deposit intangible was $1.0 million. In connection with the acquisition, the Company incurred a variety of non-recurring expense. The non-recurring costs for the three and nine months ended September 30, 2021 were $68 thousand and $545 thousand, respectively. In addition to the acquisition of BFR, the Company b...