Plumas Bancorp reports 2nd quarter results
Jul. 28—Plumas Bancorp, the parent company of Plumas Bank that recently purchased Bank of Feather River, announced its second quarter financial results for 2021.
The company's earnings of $4.5 million was an increase of $1.3 million from the same quarter in 2020. For the six months ending June 30, the company reported net income of $8.9 million, an increase of $2.4 million during the same period a year prior.
Total assets ended at $1.3 billion, an increase of $231 million compared to the same quarter in 2020. Cash and due from banks increased by $137 million to $244 million. Investment securities increased by $95 million to $249 million. Total deposits increased by $228 million to $1.1 billion. Total equity increased by $13.9 million to $107 million.
"We are pleased to announce another record setting quarter for Plumas Bancorp. With growth resulting from PPP lending, government stimulus, client onboarding, and a reopening economy, our balances and earnings are strong," said Andrew Ryback, president and CEO of Plumas Bancorp, in a press release. "We also completed our acquisition of Bank of Feather River. This acquisition, which closed on July 1, represents a milestone for Plumas Bank as it is the first full bank acquisition we have conducted in over 30 years."
