QUINCY, California, October 19, 2005
The board of directors of Plumas Bancorp, (NASDAQ:PLBC), a bank
holding company and the parent company of Plumas Bank, declared a
semi-annual cash dividend of 11 cents per share. Adjusting for the
3-for-2 stock split effective September 16, 2005, the annual cash
dividend paid in 2005 is 22 cents, an annualized increase of 22% over
the 18 cents per share dividend paid in 2004. The payable date for the
cash dividend will be November 18, 2005 to shareholders of record as of
November 4, 2005. This is the ninth consecutive year cash dividends
have been paid.
In addition, the board announced record quarterly earnings of
$1,248,000 for the third quarter of 2005, an increase of 34% over the
same period in 2004. Quarterly earnings per share on a diluted basis
were 24 cents, up 5 cents or 26% from the third quarter of 2004. Again,
the diluted earnings per share reflect the 3-for-2 stock split
effective September 16, 2005. The annualized return on shareholders’
equity during the third quarter of 2005 increased to 16.5%, up from
13.8% for the third quarter of 2004.
Assets as of September 30, 2005 were $471 million, up $41 million,
or 10% from a year ago. Total loans over the past year grew an
impressive $63 million, or 25%, to $311 million.
Douglas N. Biddle, president and chief executive officer of Plumas
Bancorp stated, "As Plumas Bank approaches its twenty-fifth
anniversary, it is a pleasure to announce that this is the most
profitable quarter in the history of the Company.” He explained, “Our
strong growth in operating revenue this quarter was primarily due to
the expansion of our loan portfolio. To support our recent growth and
future anticipated expansion, the Company issued $4 million of trust
preferred securities in the third quarter." Biddle continued, "We are
very pleased with our third quarter financial performance and, barring
any unforeseen events, expect the fourth quarter to be strong as well."
Plumas Bank, a wholly owned subsidiary of Plumas Bancorp, currently
operates twelve traditional bank branches and a number of ATM sites in
Plumas, Lassen, Sierra, Modoc, Shasta, Nevada and Placer counties
serving businesses and families in the Eastern portion of California
between Lake Tahoe and the Oregon border. The bank provides consumer,
commercial and agricultural banking services, mortgage banking, and
various investment and insurance services. Additional information can
be obtained at www.plumasbank.com.
This news release includes
forward-looking statements about Plumas Bancorp’s financial condition,
results of operations, plans, objectives and future performance.
A number of factors, many of which are beyond the control of Plumas
Bancorp could cause actual results to differ materially from those in
the forward-looking statements.