Regulators have lifted a consent order against Plumas Bancorp after the Quincy, Calif., company increased capital ratios and improved lending policies and practices.
The $455.3 million-asset company said Thursday that it had also reduced classified asset balances and retained qualified management as required by the order, issued in March by the Federal Deposit Insurance Corp. and the California Department of Financial Institutions.
The company also reported on Thursday in a separate press release that its fourth-quarter earnings totaled $245,000, more than three times higher than a year earlier. For 2011, the company's income fell 3% from a year earlier, to $941,000. Plumas said that, excluding a $1.4 million gain in 2010 from the sale of its merchant card portfolio, income increased by $800,000 for 2011.
The company's fourth-quarter loan-loss provision from 55.6% from a year earlier, to $800,000. For 2011, nonperforming loans fell 33.6%, to $16.8 million.
At Dec. 31, the company's total leverage capital increased 9 basis points, to 9.8%, and total risk-based capital ratio climbed 11 basis points, to 15% from a year earlier.
