Plumas Bancorp, the parent company of Plumas Bank, announced record earnings for the quarter and year ended December 31, 2015. For the year, Plumas Bancorp reported net income of $5.8 million.
Article continues below
This is an increase of $1.1 million or 23%, from $4.7 million during the twelve months ended December 31, 2014. Earnings per diluted share increased to $1.15 during the year ended December 31, 2015, up from $0.95 during 2014.
Earnings for the three months ended December 31, 2015 totaled $1.6 million or $0.33 per diluted share, an increase of $304 thousand from $1.3 million or $0.27 per diluted share during the fourth quarter of 2014.
Loans increased by $30.6 million, or 8%, from $370.4 million at December 31, 2014 to $401.0 million at December 31, 2015. The increase in loan balances includes $28.8 million in commercial real estate loans, $5.6 million in commercial loans, $4.5 million in agricultural loans and $3.7 million in automobile loans.
These increases were partially offset by declines of $8.4 million in construction loans and $3.6 million in all other loan types. Construction and land development loans, which management has identified as a higher-risk loan category, represented 4.0% and 6.6% of the loan portfolio as of December 31, 2015 and December 31, 2014, respectively.
Total deposits increased by $59.4 million from $468 million at December 31, 2014 to $527 million at December 31, 2015. Core deposit growth remained strong in 2015 as evidenced by increases of $28.4 million in demand deposits, $19.6 million in savings accounts, $9.1 million in interest-bearing transaction accounts (NOW) and $6.4 million in money market accounts.
Time deposits declined by $4.1 million, much of which we attribute to migration into other types of deposits given the low rates and lack of liquidity associated with time deposits. The Company has no brokered deposits.
Total investment securities increased by $6.4 million to $96.7 million at December 31, 2015, up from $90.3 million at December 31, 2014. The largest component of this increase was a $9.8 million increase in obligations of states and political subdivisions.
This was partially offset by a $5 million decrease in U.S. Government-sponsored agency securities. Cash and due from banks increased by $22.6 million from $45.6 million at December 31, 2014 to $68.2 million at December 31, 2015. ■