Plumas Bancorp, the parent company of Plumas Bank, yesterday announced record earnings for the fourth quarter of 2020 of $4.3 million, an increase of $0.4 million, or 10%, from $3.9 million for the three months ended December 31, 2019.
Earnings per diluted share increased to $0.82 for the three months ended December 31, 2020, up $0.08 from $0.74 for the fourth quarter of 2019.
For the year ended December 31, 2020, Plumas Bancorp (the “Company”) reported net income of $14.5 million, a decrease of $1.0 million, or 7%, from $15.5 million for the year ended December 31, 2019.
Earnings per diluted share decreased to $2.77 for the year ended December 31, 2020, down $0.20 from $2.97 for 2019.
Reflecting on the past year, Andrew J. Ryback, director, president and chief executive officer of Plumas Bancorp and Plumas Bank, stated, “United by the challenges and successes of a year in which we experienced a global pandemic, region-wide fires and power outages, and economic recession, Plumas Bank stands together with our clients and communities to move forward in recovery and with resilience.
“Throughout 2020 banks stabilized the economy by acting as conduits of stimulus funds and offering deferrals and other forms of fiscal support.
“Plumas Bank addressed the well-being of clients, personnel, and communities by offering non-contact services via our mobile and online banking technologies, enacting optional federal initiatives for pandemic-related leave and tax deferments, and donating $15,000 to food banks in our communities which were then matched up to $10,000 by the Federal Home Loan Bank of San Francisco.
“To increase our resilience, Plumas Bank also installed solar panels on the Quincy branch along with a battery back-up system to allow for continuity of services in the event of power outages.”
Looking ahead, Ryback commented, “We have strengthened our reserves and continue to evaluate opportunities in light of the low-rate environment.
“Additionally, we continue to assess and address risks, including increased fraud and cybersecurity threats, by investing in enhanced monitoring and protection systems. With the recent approval of a second stimulus package, Plumas Bank is prepared to assist existing and new clients in navigating the Paycheck Protection Program process.” ■