Plumas Bancorp Ranked 2nd Best Performing Community Bank in Nation for Two Consecutive Years

Rhea-AI Summary

Plumas Bancorp (NASDAQ:PLBC) has been awarded the prestigious Raymond James Bankers Cup, ranking as the second-best performing community bank in the U.S. for the second consecutive year. Evaluating 255 banks, Plumas Bancorp excelled in profitability, operational efficiency, and stability metrics. Additionally, it was recognized by the ICBA for a 3-year average return on assets of 2.56%. As of April 30, 2020, the company funded $60 million in Paycheck Protection Program loans and expects to fund over $50 million more, supporting nearly 1,000 local businesses during economic challenges.

Positive

• Ranked 2nd best performing community bank in the U.S. by Raymond James for 2nd consecutive year.
• Achieved a 3-year average return on assets of 2.56%, recognized by ICBA.
• Funded $60 million in Paycheck Protection Program (PPP) loans.
• Plans to fund over $50 million in additional PPP loans.

Negative

• None.

News Market Reaction – PLBC

+0.91%

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+0.91% News Effect

On the day this news was published, PLBC gained 0.91%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

QUINCY, Calif., May 12, 2020 (GLOBE NEWSWIRE) -- Plumas Bancorp (NASDAQ:PLBC), the holding company (the “Company”) for Plumas Bank, recently announced that it has again been awarded the prestigious Raymond James Bankers Cup and named the second best performing community bank in the nation for the second consecutive year.  Raymond James evaluated 255 community banks on six financial performance and stability measures.  Plumas Bancorp performed exceptionally well on the various profitability, operational efficiency and balance sheet metrics.  For the Raymond James award, the Company was compared with publicly traded banks across the nation with assets between $500 million and $10 billion.

In addition to the Raymond James award, Plumas Bank was also recognized by the Independent Community Bankers of America (ICBA) as a top performing community bank.  ICBA recognized Plumas Bank for its focus on efficiency and personal service that builds strong lasting relationships as well as its 3-year average return on assets metric of 2.56%.  For this award, Plumas Bank was compared nationwide with other community banks with assets between $300 million and $1 billion.

Director, President and Chief Executive Officer, Andrew J. Ryback, commented, “We are honored to be recognized as a nationally top performing community bank.  Both the Raymond James award and the ICBA award indicate that our 2019 performance has positioned us to weather the current economic challenges well.  As of April 30, 2020, we had funded $60 million in Paycheck Protection Program (PPP) loan balances.  In May we expect to fund over $50 million in additional PPP loans, helping close to one thousand different business clients in our communities. Additionally, we have worked with clients to defer loan payments on over $90 million in loan balances and donated $7,500 to our local food pantries.  We are confident that we can continue to support our clients, communities and shareholders through the current challenges and the recovery.”

About Plumas Bank
Founded in 1980, Plumas Bank is a locally owned and managed full-service community bank headquartered in northeastern California. The Bank operates thirteen branches: eleven located in the northern California counties of Plumas, Lassen, Placer, Nevada, Modoc and Shasta and two branches located in the northern Nevada counties of Washoe and Carson City. The Bank also operates three loan production offices: two located in the northern California Counties of Placer and Butte, and one located in the southern Oregon County of Klamath. Plumas Bank offers a wide range of financial and investment services to consumers and businesses and has received nationwide Preferred Lender status with the United States Small Business Administration. For more information on Plumas Bancorp and Plumas Bank, please visit our website at www.plumasbank.com.

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended and Plumas Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company's ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company's operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.
In addition, discussions about risks and uncertainties are set forth from time to time in the Company’s publicly available Securities and Exchange Commission filings. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

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Contact:
Elizabeth Kuipers
Plumas Bank
Vice President, Marketing Manager & Investor Relations Officer
35 S Lindan Avenue
Quincy, CA 95971
530.283.7305 x8912
investorrelations@plumasbank.com

FAQ

What awards did Plumas Bancorp receive recently?

Plumas Bancorp was awarded the Raymond James Bankers Cup, ranking as the second-best performing community bank in the U.S., and also recognized by the ICBA for its performance.

What is the average return on assets for Plumas Bank?

Plumas Bank has a 3-year average return on assets of 2.56%.

How much has Plumas Bancorp funded in PPP loans?

Plumas Bancorp funded $60 million in PPP loans as of April 30, 2020, and plans to fund over $50 million more.

What impact have the PPP loans had on local businesses?

The funding of PPP loans is expected to support nearly 1,000 different business clients in the communities served by Plumas Bank.