EXHIBIT 99.1
PLUMAS BANCORP DECLARES CASH DIVIDEND
AND REPORTS RECORD QUARTERLY EARNINGS
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.
Year-to-date net income reached $3,228,000, an increase of 29% over the first nine months of 2004. Diluted earnings per share (as adjusted for the stock split) increased to 64 cents, up 14 cents, or 28% from the same period in 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.
