Plumas Bancorp Reports Record First Quarter 2026 Results

Rhea-AI Summary

Plumas Bancorp (Nasdaq: PLBC) reported record Q1 2026 earnings of $9.8 million or $1.40 per share, driven by a $6.6 million increase in net interest income. Gross loans rose 49% to $1.5 billion and deposits rose 29% to $1.8 billion, primarily reflecting the July 1, 2025 acquisition of Cornerstone.

Book value per share increased 20% to $38.05; the Board authorized a $25 million repurchase program through Q4 2026.

Positive

• Record net income of $9.8 million in Q1 2026
• Net interest income increased by $6.6 million year-over-year
• Gross loans +49% to $1.5 billion (acquisition-driven)
• Deposits +29% to $1.8 billion (acquisition-driven)
• Book value per share +20% to $38.05
• $25 million stock repurchase authorization through Q4 2026

Negative

• Non-interest expense increased by $3.8 million in Q1 2026
• Nonperforming assets rose to 0.65% of assets from 0.23% year-over-year
• Nonperforming loans increased to 0.94% of loans, driven by a $9.3 million agricultural relationship
• Allowance for credit losses ratio slightly declined to 1.29% from 1.32%

News Market Reaction – PLBC

+1.74%

4 alerts

+1.74% News Effect

+$6M Valuation Impact

$378.06M Market Cap

0.1x Rel. Volume

On the day this news was published, PLBC gained 1.74%, reflecting a mild positive market reaction. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $6M to the company's valuation, bringing the market cap to $378.06M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q1 2026 net income: $9.8 million Q1 2026 EPS: $1.40 per share Q1 2026 diluted EPS: $1.38 per share +5 more

8 metrics

Q1 2026 net income $9.8 million Record first quarter 2026 earnings vs $7.2 million in Q1 2025

Q1 2026 EPS $1.40 per share Basic EPS, up from $1.21 in Q1 2025

Q1 2026 diluted EPS $1.38 per share Diluted EPS, up from $1.20 in Q1 2025

Net interest income $25.1 million Q1 2026, up $6.6 million from $18.5 million in Q1 2025

Provision for credit losses $330 thousand recovery Q1 2026, vs $250 thousand provision in Q1 2025

Non-interest expense $15.3 million Q1 2026, up from $11.5 million in Q1 2025; includes $726k fraud loss

Cornerstone assets acquired $658 million Total assets acquired, excluding purchase adjustments

Book value per share $38.05 Up $6.37, or 20%, from March 31, 2025

Market Reality Check

Price: $52.25 Vol: Volume 139,402 is 2.26x t...

high vol

$52.25 Last Close

Volume Volume 139,402 is 2.26x the 20-day average of 61,734, indicating elevated interest ahead of this earnings release. high

Technical Shares at $51.10 are trading above the 200-day MA of $45.34, about 6.38% below the $54.58 52-week high and 30.99% above the $39.01 52-week low.

Peers on Argus

PLBC is up 0.37%. Peers show mixed but mostly positive moves: BWFG +0.25%, PCB +...

PLBC is up 0.37%. Peers show mixed but mostly positive moves: BWFG +0.25%, PCB +0.29%, USCB +0.20%, FMAO +0.34%, while CZFS is down 2.21%. This pattern points to a stock‑specific reaction rather than a clean sector‑wide move.

Previous Earnings Reports

5 past events · Latest: Oct 15 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Oct 15	Q3 2025 earnings	Neutral	+0.1%	Q3 2025 profit dipped on higher credit and merger costs post‑Cornerstone deal.
Jul 16	Q2 2025 earnings	Negative	-2.9%	Q2 2025 earnings and returns declined ahead of Cornerstone completion.
Apr 16	Q1 2025 earnings	Positive	-1.7%	Strong Q1 2025 growth and Cornerstone merger news met with mild share pullback.
Jan 15	FY 2024 results	Positive	+4.2%	Q4 2024 profit and solid asset quality with modest full‑year earnings decline.
Oct 16	Q3 2024 earnings	Neutral	+4.2%	Flat Q3 2024 earnings with higher equity and book value but deposit decline.

Pattern Detected

Earnings headlines have typically produced relatively small single‑day moves, with both positive and negative reactions clustered within a narrow range.

Recent Company History

Over the last five earnings cycles, PLBC has combined steady profitability with balance‑sheet growth and, more recently, the Cornerstone acquisition. Prior updates showed expanding loans and deposits, generally strong asset quality, and occasional pressure from higher credit costs and merger expenses. Price reactions to these earnings releases have been modest, with average one‑day moves around 0.79%. Today’s record Q1 2026 results, also reflecting Cornerstone integration, fit into this pattern of incremental fundamental progress paired with relatively contained trading reactions.

Historical Comparison

+0.8% avg move · In the past five earnings releases, PLBC averaged a 0.79% one‑day move. Today’s 0.37% reaction to re...

earnings

+0.8%

Average Historical Move earnings

In the past five earnings releases, PLBC averaged a 0.79% one‑day move. Today’s 0.37% reaction to record Q1 2026 results sits well within that historical range.

Earnings releases show a transition from organic growth to post‑acquisition scale, with Cornerstone driving larger loans, deposits, and equity while the bank manages higher credit costs and integration expenses.

Market Pulse Summary

This announcement highlights record Q1 2026 earnings of $9.8 million, stronger net interest income, ...

Analysis

This announcement highlights record Q1 2026 earnings of $9.8 million, stronger net interest income, and higher book value per share, all influenced by the Cornerstone acquisition. At the same time, nonperforming loans and non‑interest expenses have risen, including fraud‑related losses. Historical earnings releases have produced relatively modest price moves near 0.79%. Investors may focus on how management balances growth, asset quality, and expense control as Cornerstone integration continues.

Key Terms

nonperforming assets, nonaccrual status, federal home loan bank, discount window, +4 more

8 terms

nonperforming assets financial

"Nonperforming assets (which are comprised of nonperforming loans, other real estate owned"

Nonperforming assets are loans or investments that are not generating expected payments or returns because the borrower has fallen behind on payments or the investment has lost value. They matter to investors because a high level of nonperforming assets can indicate financial trouble for a bank or institution, potentially affecting its stability and profitability.

nonaccrual status financial

"the loans were placed on nonaccrual status during the second quarter of 2025"

Nonaccrual status is when a lender stops recording interest income on a loan because payments are late or the borrower’s ability to pay is in serious doubt. For investors this is a red flag: it signals deteriorating loan quality, can reduce reported earnings and may require the lender to set aside more reserves, much like marking a damaged product off the books until its value is clear.

federal home loan bank financial

"The Company is a member of the Federal Home Loan Bank of San Francisco (FHLB)"

A Federal Home Loan Bank is one of a group of regional cooperative banks that provide low-cost loans and short-term cash to local banks and credit unions so those institutions can lend for mortgages, community projects and other housing needs. Think of it as a shared emergency fund and wholesale lender for lenders; its actions affect how easily banks can extend credit, which influences mortgage availability, bank stability and related bond markets that investors watch.

discount window financial

"The Company is also eligible to borrow at the Federal Reserve Bank (FRB) Discount Window"

A central bank facility that provides short-term loans to banks, typically against pledged securities and at a set interest rate. Like an emergency tap for cash, it helps financial institutions cover sudden funding shortfalls and avoid forced asset sales; for investors, heavy or prolonged use can signal stress in the banking system and raise market risk, while limited use suggests normal liquidity conditions.

secured overnight financing rate financial

"three-month term Secured Overnight Financing Rate (“SOFR”) plus 4.14%"

A secured overnight financing rate (SOFR) is a daily benchmark interest rate that reflects the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Think of it as the market price to “rent” cash for a day with a very safe pledge, similar to paying a short-term rental fee for money backed by government bonds. Investors track SOFR because it underpins pricing for loans, bonds and derivatives, so movements change borrowing costs, interest income and the valuation of interest-rate–linked positions.

repurchase agreements financial

"The Bank offers a repurchase agreement product for its larger customers"

A repurchase agreement is a short-term loan where one party sells a security and promises to buy it back shortly after at a slightly higher price, effectively using the security as collateral. Investors care because these deals lubricate the plumbing of money markets—keeping cash flowing, helping set short-term interest rates, and affecting borrowing costs and liquidity that can influence asset prices and market stability.

uninsured deposits financial

"The Company estimates that it has approximately $694 million in uninsured deposits"

Uninsured deposits are customer funds held at a bank that exceed the amount protected by a government-backed deposit insurance program, meaning they would not be automatically reimbursed if the bank fails. For investors, the level of uninsured deposits signals how vulnerable a bank is to sudden withdrawals and depositor losses—high uninsured exposure can increase liquidity risk, contagion concerns, and potential losses for creditors and equity holders.

allowance for credit losses financial

"The allowance for credit losses totaled $19.3 million at March 31, 2026"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

AI-generated analysis. Not financial advice.

RENO, Nev., April 15, 2026 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq: PLBC), the parent company of Plumas Bank (the “Bank”), today announced record first quarter earnings of $9.8 million or $1.40 per share, up from $7.2 million or $1.21 per share during the first quarter of 2025. Diluted earnings per share was $1.38 during the three months ended March 31, 2026, up from $1.20 per share during the quarter ended March 31, 2025. Return on average assets was 1.78% during the current quarter, down slightly from 1.79% during the first quarter of 2025. Return on average equity was 14.9% for the three months ended March 31, 2026, down from 16.0% during the first quarter of 2025.

Net-interest income increased by $6.6 million from $18.5 million during the three months ended March 31, 2025, to $25.1 million during the current quarter. The provision for credit losses was a $330 thousand recovery during the current quarter, compared to a $250 thousand provision in the first quarter of 2025.

Non-interest income decreased by $217 thousand from $3.2 million during the three months ended March 31, 2025 to $3.0 million during the first quarter of 2026. However, the first quarter of 2025 included a legal settlement totaling $1.1 million related to the Dixie Fire in August of 2021. Excluding this settlement, non-interest income would have increased by $902 thousand year over year.

Non-interest expense increased by $3.8 million from $11.5 million during the first quarter of 2025 to $15.3 million during the current quarter. Of this increase $726 thousand relates to a loss associated with two fraudulent wire transfers, both of which were associated with the same client while the remaining increase is primarily driven by the acquisition of Cornerstone Community Bancorp.

The provision for income taxes increased by $560 thousand from $2.9 million, or 28.5% of pre-tax income, during the three months ended March 31, 2025 to $3.4 million, or 25.9% of pre-tax income, during the current quarter.

Acquisition of Cornerstone Community Bank and Cornerstone Community Bancorp

Results for the three months ended March 31, 2026 include the acquisition of Cornerstone Community Bank (CCB), the wholly owned subsidiary of Cornerstone Community Bancorp (Cornerstone), effective July 1, 2025. Total assets acquired from Cornerstone, excluding purchase adjustments, were $658 million, gross loans totaled $478 million, and deposits totaled $580 million. Goodwill associated with the acquisition of Cornerstone was $18.7 million; the core deposit intangible was $11.6 million. In addition, the Company recorded a discount on the acquired loans totaling $15.5 million.

Balance sheet Highlights
March 31, 2026 compared to March 31, 2025

• Gross loans increased by $491 million, or 49%, to $1.5 billion.
• Deposits increased by $402 million, or 29% to $1.8 billion.
• Shareholders’ equity increased by $78 million, or 41%, to $265 million.
• Book value per share increased by $6.37, or 20%, to $38.05.

President’s Comments

Andrew J. Ryback, director, president, and chief executive officer of Plumas Bancorp, commented, “During the quarter, we continued to emphasize capital strength and the creation of long-term shareholder value. In February, our Board of Directors authorized a stock repurchase program of up to $25 million through the fourth quarter of 2026, reflecting our strong capital position, consistent earnings capacity, and confidence in the long-term outlook for Plumas Bancorp. We view disciplined share repurchases as an important complement to our broader capital management strategy, while maintaining flexibility to support growth. During the first quarter of 2026, we purchased a total of 41 thousand shares of Plumas Bancorp common stock.

We also continued to strengthen our leadership team with the addition of experienced executives. Kevin Kaiser was promoted to Chief Credit Officer effective January 1, 2026, following the 2025 appointments of Matt Moseley, Regional President, and Jack Prescott as Chief Banking Officer. These additions enhance our organizational depth and support the Bank’s long-term strategic priorities.

Looking ahead, our priorities remain unchanged: delivering high-quality service to our clients, supporting the communities we serve, operational discipline, and creating sustainable, long-term value for our shareholders. I want to thank our employees for their continued dedication and our shareholders for their ongoing confidence in Plumas Bancorp.”

Loans, Deposits, Investments and Cash

Primarily reflecting the acquisition of Cornerstone, gross loans increased by $491 million, or 49%, from $1.0 billion at March 31, 2025, to $1.5 billion at March 31, 2026. Increases in loans included $353 million in commercial real estate loans, $85 million in commercial loans, $34 million in agricultural loans, $21 million in residential real estate loans, $16 million in equity lines and $11 million in consumer and other loans. These increases were partially offset by decreases of $23 million in automobile loans and $6 million in construction loans.

On   March 31, 2026, approximately 80% of the Company's loan portfolio was comprised of variable rate loans. The rates of interest charged on variable rate loans are set at specific increments in relation to the Company's lending rate or other indexes such as the published prime interest rate or U.S. Treasury rates and vary with changes in these indexes. The frequency at which variable rate loans reprice can vary from one day to several years. Most of our commercial real estate portfolio reprices every five years. Approximately 77% of the variable rate loans are indexed to the five-year T-Bill rate and reprice every five years. Loans indexed to the prime interest rate were approximately 20% of the Company’s variable rate loan portfolio; these loans reprice within one day to three months of   a change in the prime rate.

Primarily reflecting the acquisition of Cornerstone, total deposits increased by $402 million from $1.4 billion at March 31, 2025, to $1.8 billion at March 31, 2026. The increase in deposits includes increases of $151 million in demand deposits, $131 million in money market accounts and $131 million in time deposits. Partially offsetting these increases was a decline of $11 million in savings deposits. At March 31, 2026, 47% of the Company’s deposits were in the form of non-interest-bearing demand deposits. The Company’s brokered deposits consisted of a single $10 million time deposit acquired from CCB, bearing an interest rate of 3.80%.

Total investment securities increased by $22 million from $447 million at March 31, 2025, to $469 million at March 31, 2026. The Bank’s investment security portfolio consists of debt securities issued by US Government agencies, US Government sponsored agencies and municipalities. All investment securities are classified as available for sale. The unrealized loss on investment securities decreased by $11.6 million from $30.2 million on March 31, 2025, to $18.6 million on March 31, 2026. Cash and due from banks decreased by $24 million from $87 million on March 31, 2025, to $63 million on March 31, 2026.

Asset Quality

Nonperforming assets (which are comprised of nonperforming loans, other real estate owned (“OREO”) and repossessed vehicle holdings) at March 31, 2026, were $14.4 million, up from $3.8 million at March 31, 2025. Nonperforming assets as a percentage of total assets increased to 0.65% at March 31, 2026, up from 0.23% at March 31, 2025. OREO increased by $135 thousand from $91 thousand at March 31, 2025, to $226 thousand at March 31, 2026. Nonperforming loans were $3.7 million at March 31, 2025, and $14.2 million at March 31, 2026. Nonperforming loans as a percentage of total loans increased to 0.94% at March 31, 2026, up from 0.36% at March 31, 2025. The increase in nonperforming loans was primarily driven by one agricultural loan relationship of 15 loans totaling $9.3 million. The borrower on these loans was unable to meet the obligations under the modified loan agreements, and as a result, the loans were placed on nonaccrual status during the second quarter of 2025.

During the first quarter of 2026 we recorded a recovery of provision for credit losses of $330 thousand consisting of a recovery of provision for credit losses on loans of $401 thousand partially offset by an increase in the reserve for unfunded commitments of $71 thousand. This compares to a provision for credit losses of $250 thousand during the first quarter of 2025.

Net charge-offs totaled $237 thousand and $127 thousand during the three months ended March 31, 2026 and 2025, respectively. The allowance for credit losses totaled $19.3 million at March 31, 2026, and $13.3 million at March 31, 2025. The allowance for credit losses as a percentage of total loans was 1.29% at March 31, 2026, and 1.32% at March 31, 2025.

The following tables present the activity in the allowance for credit losses and the reserve for unfunded commitments during the three months ended March 31, 2026 and 2025 (in thousands).

Allowance for Credit Losses		March 31, 2026				March 31, 2025
Balance, beginning of period	$	19,959			$	13,196
(Recovery of) provision for credit losses		(401	)			250
Losses charged to allowance		(341	)			(312	)
Recoveries		104				185
Balance, end of period	$	19,321			$	13,319

Reserve for Unfunded Commitments		March 31, 2026				March 31, 2025
Balance, beginning of period	$	580			$	620
Provision charged to operations		71				-
Balance, end of period	$	651			$	620

 
Borrowing and Repurchase Agreements

Short-term Borrowing Arrangements. The Company is a member of the Federal Home Loan Bank of San Francisco (FHLB) and can borrow up to $439 million from the FHLB secured by commercial and residential mortgage loans with carrying values totaling $699 million. Based on its current level of FHLB stock holdings the Company can borrow up to $326 million. To borrow the full $439 million in available credit the Company would need to purchase $3 million in additional FHLB stock. The Company is also eligible to borrow at the Federal Reserve Bank (FRB) Discount Window. At March 31, 2026, the Company could borrow up to $40 million at the Discount Window secured by investment securities with a fair value of $41 million. In addition to its FHLB borrowing line and the Discount Window, the Company has unsecured short-term borrowing agreements with two of its correspondent banks in the amounts of $50 million and $20 million. There were no outstanding borrowings to the FHLB, FRB Discount Window or the correspondent banks at March 31, 2026 and 2025.

Note Payable. Plumas Bancorp had outstanding borrowings of $14.3 million with a correspondent bank at March 31, 2026. This loan matures on January 25, 2035, and can be prepaid at any time. During the initial three years the loan functioned as an interest only revolving line of credit. On February 1, 2025, the loan converted into a term loan requiring semi-annual interest payments and annual principal reductions. This borrowing bears interest at a fixed rate of 3.85% for the first 5 years and then beginning January 25, 2027 at a floating interest rate linked to WSJ Prime Rate for the remaining eight-year term. Interest expense recognized on this loan for the three-months ended March 31, 2026 and 2025, was $139 thousand and $144 thousand, respectively.

Subordinated Debentures. In connection with the acquisition of Cornerstone, the Company assumed $12 million of subordinated debentures, including $2 million of 4.75% Fixed-to-Floating Rate Subordinated Notes due November 30, 2035 (the “2035 Notes”). The 2035 Notes, which were issued in 2020, have a fixed interest rate of 4.75% for the first ten years and thereafter a quarterly variable interest rate equal to the then current three-month term Secured Overnight Financing Rate (“SOFR”) plus 4.14%. The remaining subordinated notes were called in 2025 and are no longer outstanding. Interest expense recognized on the subordinated notes for the three-months ended March 31, 2026, was $61 thousand.

Repurchase Agreements. The Bank offers a repurchase agreement product for its larger customers which use securities sold under agreements to repurchase as an alternative to interest-bearing deposits. Securities sold under agreements to repurchase totaled $99.4 million and $18.7 million at March 31, 2026 and 2025, respectively. The balances at March 31, 2026, are secured by U.S. Government agency securities with a carrying amount of $112.5 million. The increase in repurchase agreements is primarily driven by the acquisition of Cornerstone. Cornerstone maintained reciprocal deposits with several customers which were converted to repurchase agreements in July 2025. Interest expense recognized on repurchase agreements for the three-months ended March 31, 2026 and 2025, was $441 thousand and $10 thousand, respectively.

Shareholders’ Equity

Total shareholders’ equity increased by $77.8 million from $188 million at March 31, 2025, to $265 million at March 31, 2026. The $77.8 million includes stock issued in the acquisition of Cornerstone totaling $44.6 million, earnings during the twelve-month period totaling $32.2 million, a decrease in accumulated other comprehensive loss of $8.1 million and stock option activity totaling $3.1 million. These items were partially offset by the payment of cash dividends totaling $8.2 million and purchase of 41 thousand shares of common stock under the Company’s stock repurchase plan totaling $2.0 million.

Liquidity

The Company manages its liquidity to provide the ability to generate funds to support asset growth, meet deposit withdrawals (both anticipated and unanticipated), fund customers' borrowing needs and satisfy maturity of short-term borrowings. The Company’s liquidity needs are managed using assets or liabilities, or both. On the asset side, in addition to cash and due from banks, the Company maintains an investment portfolio which includes unpledged U.S. Government-sponsored agency securities that are classified as available-for-sale. On the liability side, liquidity needs are managed by offering competitive rates on deposit products and the use of established credit lines.

Customer deposits are the Company’s primary source of funds. Total deposits increased by $402 million from $1.4 billion at March 31, 2025, to $1.8 billion at March 31, 2026. Deposits are held in various forms with varying maturities. The Company estimates that it has approximately $694 million in uninsured deposits which include uninsured deposits of Plumas Bancorp. Of this amount, $177 million represents deposits that are collateralized such as deposits of states, municipalities and tribal accounts.

The Company’s securities portfolio, Discount Window advances, FHLB advances, and cash and due from banks serve as the primary sources of liquidity, providing adequate funding for loans during periods of high loan demand. During periods of decreased lending, funds obtained from the maturing or sale of investments, loan payments, and new deposits are invested in short-term earning assets, such as cash held at the FRB and investment securities, to serve as a source of funding for future loan growth. Management believes that the Company’s available sources of funds, including borrowings, will provide adequate liquidity for its operations in the foreseeable future.

Net Interest Income and Net Interest Margin

Driven primarily by growth in the loan portfolio related to the acquisition of Cornerstone, net interest income increased by $6.6 million from $18.5 million during the three months ended March 31, 2025, to $25.1 million for the three months ended March 31, 2026. The increase in net interest income includes an increase of $8.8 million in interest income partially offset by an increase of $2.2 million in interest expense.

Interest and fees on loans increased by $8.6 million related both to an increase in average balance and an increase in yield. Average loan balances increased by $495 million, while the average yield on loans increased by 28 basis points from 6.17% during the first quarter of 2025 to 6.45% during the current quarter. We attribute the increase in yield to several factors including the amortization of discount on purchased loans, the repricing of a portion of our commercial real estate loans most of which reprice every five years from the date of origination and growth in fixed rate SBA loans which totaled $119 million at March 31, 2026, and $74 million at March 31, 2025. The weighted average rate earned on this portfolio at March 31, 2026, was 8.1%.

Interest on investment securities increased by $489 thousand related to an increase in yield on investment securities of 15 basis points to 4.27% and an increase in average balance. The increase in investment yields is consistent with the partial restructuring of the investment portfolio during the fourth quarter of 2025 and market conditions. Average investment securities increased from $444 million during the three months ended March 31, 2025 to $475 million during the current period.

Interest on cash balances decreased by $273 thousand related to a decline in average balance of $18 million and a decrease in average rate paid on cash balances of 71 basis points from 4.52% during the first quarter of 2025 to 3.81% during the current quarter. This decline in yield was Primarily related to a decline in rate paid on balances held at the Federal Reserve Bank (FRB). The average rate earned on FRB balances decreased from 4.40% during the first quarter of 2025 to 3.65% during the current quarter.

Interest paid on deposits increased by $1.7 million and is broken down by product type as follows: money market accounts - $730 thousand, savings deposits - $71 thousand and time deposits - $889 thousand. The increase in interest paid primarily relates to the growth in money market and time deposits related to the acquisition of Cornerstone. The average rate paid on interest-bearing deposits increased from 1.11% during the first quarter of 2025 to 1.52% during the current quarter and Primarily relates to an increase in the percentage of average time deposits to average interest bearing deposits from 13% during the first quarter of 2025 to 22% during the current quarter.

The average rate paid on interest bearing liabilities increased from 1.14% during the 2025 quarter to 1.60% in 2026 related mainly to the increase in the cost of interest bearing deposits and repurchase agreements.

Net interest margin for the three months ended March 31, 2026, increased 8 basis points to 5.03%, up from 4.95% for the same period in 2025.

Non-Interest Income/Expense

During the three months ended March 31, 2026, non-interest income totaled $3.0 million, a decrease of $217 thousand from the three months ended March 31, 2025. The largest component of this decrease was the $1.1 million settlement related to the Dixie Fire during the first quarter of 2025. Significant increases in non-interest income during the current quarter were $309 thousand in FHLB dividends, $159 thousand in earnings on Bank Owned Life Insurance (BOLI) and $140 thousand in interchange income. Each of these items benefited from the acquisition of Cornerstone. Additionally, the FHLB paid a regular dividend of $194 thousand and special dividend of $252 thousand during the first quarter of 2026.

During the three months ended March 31, 2026, total non-interest expense increased by $3.8 million from $11.5 million during the first quarter of 2025 to $15.3 million during the current quarter. Much of this increase was driven by the acquisition of Cornerstone. Salary and benefit expense increased by $1.9 million which includes an increase in salary expense of $1.1 million related to an increase in Full-Time Equivalent (FTE) employees of 48 to 232 FTE at March 31, 2026 and merit and promotional increases. Related Primarily to an increase in pre-tax income, bonus expense increased by $281 thousand. Payroll taxes increased by $207 thousand.

Occupancy and equipment expenses increased by $660 thousand from $2.0 million during the first quarter of 2025 to $2.7 million during the current quarter, Primarily related to the acquisition of Cornerstone and to a much lesser extent the sales/leaseback completed during the fourth quarter of 2025. Amortization of Core Deposit Intangible increased by $537 thousand related to the acquisition of Cornerstone. Other expenses increased by $719 thousand related to a $726 thousand loss associated with two fraudulent wire transfers. The largest reduction in non-interest expense was $569 thousand in merger expenses incurred during the first quarter of 2025.

Plumas Bancorp is headquartered in Reno, Nevada. Plumas Bancorp’s principal subsidiary is Plumas Bank, which was founded in 1980. Plumas Bank is a full-service community bank headquartered in Quincy, California. The Bank operates nineteen branches: seventeen located in the California counties of Butte, Lassen, Modoc, Nevada, Placer, Plumas, Shasta, Sutter, and Tehama and two branches located in Nevada in the counties of Carson City and Washoe. The bank also operates two loan production offices located in Auburn, California and Klamath Falls, Oregon. 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.

Contact: Jamie Huynh
Investor Relations
Plumas Bancorp
5525 Kietzke Lane Ste. 100
Reno, NV 89511
775.786.0907 x8908
investorrelations@plumasbank.com

PLUMAS BANCORP
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
	As of March 31,
	2026		2025		Dollar Change		Percentage Change
ASSETS
Cash and due from banks	$ 62,881		$ 87,327		$ (24,446)		(28.0)%
Investment securities	469,732		447,293		22,439		5.0%
Loans, net of allowance for credit losses	1,486,412		1,000,651		485,761		48.5%
Premises and equipment, net	24,081		12,349		11,732		95.0%
Right-of-use assets	28,422		24,003		4,419		18.4%
Bank owned life insurance	33,927		16,628		17,299		104.0%
Core deposit intangible	10,520		747		9,773		1308.3%
Goodwill	24,215		5,502		18,713		340.1%
Accrued interest receivable and other assets	59,885		38,792		21,093		54.4%
Total assets	$ 2,200,075		$ 1,633,292		$ 566,783		34.7%
LIABILITIES AND
SHAREHOLDERS’ EQUITY
Deposits	$ 1,774,777		$ 1,373,061		$ 401,716		29.3%
Repurchase agreements	99,439		18,732		80,707		430.9%
Lease liabilities	28,713		24,523		4,190		17.1%
Accrued interest payable and other liabilities	15,733		14,373		1,360		9.5%
Borrowings	16,021		15,000		1,021		6.8%
Total liabilities	1,934,683		1,445,689		488,994		33.8%
Common stock	75,149		29,454		45,695		155.1%
Retained earnings	203,357		179,411		23,946		13.3%
Accumulated other comprehensive loss, net	(13,114)		(21,262)		8,148		38.3%
Shareholders’ equity	265,392		187,603		77,789		41.5%
Total liabilities and shareholders’ equity	$ 2,200,075		$ 1,633,292		$ 566,783		34.7%
PLUMAS BANCORP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
FOR THE THREE MONTHS ENDED MARCH 31,	2026		2025		Dollar Change		Percentage Change
Interest income	$ 29,367		$ 20,590		$ 8,777		42.6%
Interest expense	4,228		2,051		2,177		106.1%
Net interest income before provision for credit losses	25,139		18,539		6,600		35.6%
(Recovery of) provision for credit losses	(330)		250		(580)		(232.0)%
Net interest income after provision for credit losses	25,469		18,289		7,180		39.3%
Non-interest income	2,996		3,213		(217)		(6.8)%
Non-interest expense	15,286		11,466		3,820		33.3%
Income before income taxes	13,179		10,036		3,143		31.3%
Provision for income taxes	3,416		2,856		560		19.6%
Net income	$ 9,763		$ 7,180		$ 2,583		36.0%
Basic earnings per share	$ 1.40		$ 1.21		$ 0.19		15.7%
Diluted earnings per share	$ 1.38		$ 1.20		$ 0.18		15.0%

PLUMAS BANCORP
SELECTED FINANCIAL INFORMATION
(Dollars in thousands, except per share data)
(Unaudited)
	Three Months Ended															Year Ended
	3/31/2026					12/31/2025					3/31/2025					12/31/2025				12/31/2024
EARNINGS PER SHARE
Basic earnings per share	$	1.40				$	1.58				$	1.21				$	4.60			$	4.85
Diluted earnings per share	$	1.38				$	1.56				$	1.20				$	4.54			$	4.80
Weighted average shares outstanding5		6,984					6,956					5,911					6,440				5,895
Weighted average diluted shares outstanding5		7,073					7,036					6,002					6,517				5,968
Cash dividends paid per share1	$	0.33				$	0.30				$	0.30				$	1.20			$	1.08
PERFORMANCE RATIOS (annualized for the three months)
Return on average assets		1.78			%		1.93			%		1.79			%		1.52	%			1.74	%
Return on average equity		14.9			%		17.2			%		16.0			%		13.6	%			17.2	%
Yield on earning assets		5.88			%		5.92			%		5.50			%		5.68	%			5.49	%
Rate paid on interest-bearing liabilities		1.60			%		1.72			%		1.14			%		1.52	%			1.39	%
Net interest margin		5.03			%		5.00			%		4.95			%		4.91	%			4.79	%
Noninterest income to average assets		0.55			%		0.48			%		0.80			%		0.54	%			0.53	%
Noninterest expense to average assets		2.79			%		2.51			%		2.85			%		2.66	%			2.56	%
Efficiency ratio2		54.3			%		49.8			%		52.7			%		52.8	%			51.3	%
	3/31/2026					3/31/2025					12/31/2025					12/31/2024				12/31/2023
CREDIT QUALITY RATIOS AND DATA
Allowance for credit losses	$	19,321				$	13,319				$	19,959				$	13,196			$	12,867
Allowance for credit losses as a percentage of total loans		1.29	%				1.32	%				1.32	%				1.30	%			1.34	%
Nonperforming loans	$	14,167				$	3,686				$	15,089				$	4,105			$	4,820
Nonperforming assets	$	14,393				$	3,787				$	15,321				$	4,307			$	5,315
Nonperforming loans as a percentage of total loans		0.94	%				0.36	%				1.00	%				0.40	%			0.50	%
Nonperforming assets as a percentage of total assets		0.65	%				0.23	%				0.68	%				0.27	%			0.33	%
Year-to-date net charge-offs	$	237				$	127				$	442				$	1,046			$	954
Year-to-date net charge-offs as a percentage of average		0.06	%				0.05	%				0.04			%		0.11	%			0.10	%
loans (annualized)
CAPITAL AND OTHER DATA
Common shares outstanding at end of period		6,975					5,922					6,959					5,903				5,872
Shareholders' equity	$	265,392				$	187,603				$	261,076				$	177,899			$	147,317
Book value per common share	$	38.05				$	31.68				$	37.52				$	30.14			$	25.09
Tangible common equity3	$	230,657				$	181,354				$	225,760				$	171,606			$	140,823
Tangible book value per common share4	$	33.07				$	30.62				$	32.44				$	29.07			$	23.98
Tangible common equity to total assets		10.5	%				11.1	%				10.1	%				10.6	%			8.7	%
Gross loans to deposits		84.6	%				73.6	%				83.6	%				74.1	%			71.9	%
PLUMAS BANK REGULATORY CAPITAL RATIOS
Tier 1 Leverage Ratio		11.6	%				12.3	%				11.1	%				11.9	%			10.8	%
Common Equity Tier 1 Ratio		15.5	%				17.8	%				14.8	%				17.3	%			15.7	%
Tier 1 Risk-Based Capital Ratio		15.5	%				17.8	%				14.8	%				17.3	%			15.7	%
Total Risk-Based Capital Ratio		16.7	%				19.0	%				16.0	%				18.5	%			16.9	%

  

(1) The Company paid a quarterly cash dividend of $0.33 per share on February 18, 2026 and a quarterly cash dividend of $0.30 per share on February 17, 2025, May 15, 2025, August 15, 2025 and November 17, 2025 and paid a quarterly cash dividend of $0.27 per share on February 15, 2024, May 15, 2024, August 15, 2024 and November 15, 2024.

(2) Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).

(3) Tangible common equity is defined as common equity less core deposit intangibles and goodwill.

(4) Tangible common book value per share is defined as tangible common equity divided by common shares outstanding.

(5) In thousands.

 

PLUMAS BANCORP
SELECTED FINANCIAL INFORMATION
(Dollars in thousands)
(Unaudited)
The following table presents for the three-month periods indicated the distribution of consolidated average assets, liabilities and shareholders' equity.
		For the Three Months Ended									For the Three Months Ended
		3/31/2026									3/31/2025
		Average						Yield/			Average						Yield/
		Balance			Interest			Rate			Balance			Interest			Rate
Interest-earning assets:
Loans(2) (3)		$	1,506,838		$	23,957		6.45	%		$	1,011,968		$	15,396		6.17	%
Investment securities			398,218			4,342		4.42	%			369,126			3,927		4.31	%
Non-taxable investment securities(1)			76,708			657		3.47	%			74,883			583		3.16	%
Interest-bearing deposits			43,778			411		3.81	%			61,409			684		4.52	%
Total interest-earning assets			2,025,542			29,367		5.88	%			1,517,386			20,590		5.50	%
Cash and due from banks			33,036									26,477
Other assets			165,417									86,335
Total assets		$	2,223,995								$	1,630,198
Interest-bearing liabilities:
Money market deposits			432,731			1,875		1.76	%			279,184			1,145		1.66	%
Savings deposits			312,488			277		0.36	%			323,449			206		0.26	%
Time deposits			210,490			1,434		2.76	%			88,386			545		2.50	%
Total deposits			955,709			3,586		1.52	%			691,019			1,896		1.11	%
Borrowings			17,145			200		4.73	%			15,000			145		3.92	%
Other interest-bearing liabilities			100,013			442		1.79	%			21,190			10		0.19	%
Total interest-bearing liabilities			1,072,867			4,228		1.60	%			727,209			2,051		1.14	%
Non-interest-bearing deposits			838,018									682,495
Other liabilities			46,881									38,096
Shareholders' equity			266,229									182,398
Total liabilities & equity		$	2,223,995								$	1,630,198
Cost of funding interest-earning assets(4)								0.85	%								0.55	%
Net interest income and margin(5)					$	25,139		5.03	%					$	18,539		4.95	%

 

(1) Not computed on a tax-equivalent basis.

(2) Average nonaccrual loan balances of $14.6 million for 2026 and $3.8 million for 2025 are included in average loan balances for computational purposes.

(3) Net costs included in loan interest income for the three-month periods ended March 31, 2026 and 2025 were $292 thousand and $275 thousand, respectively.

(4) Total annualized interest expense divided by the average balance of total earning assets.

(5) Annualized net interest income divided by the average balance of total earning assets.

 

PLUMAS BANCORP
SELECTED FINANCIAL INFORMATION
(Dollars in thousands)
(Unaudited)
The following table presents the components of non-interest income for the three-month periods ended March 31, 2026 and 2025.
	For the Three Months Ended
	March 31,
		2026			2025		Dollar Change				Percentage Change
Interchange income	$	830		$	690			140			20.3	%
Service charges on deposit accounts		785			705			80			11.3	%
FHLB Dividends		446			137			309			225.5	%
Earnings on life insurance policies		268			109			159			145.9	%
Loan servicing fees		182			186			(4	)		(2.2	)%
Other		485			1,386			(901	)		(65.0	)%
Total non-interest income	$	2,996		$	3,213		$	(217	)		(6.8	)%
The following table presents the components of non-interest expense for the three-month periods ended March 31, 2026 and 2025.
	For the Three Months Ended
	March 31,
		2026			2025		Dollar Change				Percentage Change
Salaries and employee benefits	$	7,730		$	5,880		$	1,850			31.5	%
Occupancy and equipment		2,674			2,014			660			32.8	%
Outside service fees		1,456			1,263			193			15.3	%
Amortization of Core Deposit Intangible		581			44			537			1220.5	%
Professional fees		352			229			123			53.7	%
Advertising and shareholder relations		291			262			29			11.1	%
Armored car and courier		263			217			46			21.2	%
Deposit insurance		249			182			67			36.8	%
Loan collection expenses		219			72			147			204.2	%
Business development		205			167			38			22.8	%
Director compensation and expense		175			167			8			4.8	%
Telephone and data communication		146			174			(28	)		(16.1	)%
Merger and acquisition expenses		-			569			(569	)		(100.0	)%
Other		945			226			719			318.1	%
Total non-interest expense	$	15,286		$	11,466		$	3,820			33.3	%

PLUMAS BANCORP
SELECTED FINANCIAL INFORMATION
(Dollars in thousands)
(Unaudited)
The following table shows the distribution of loans by type at March 31, 2026 and 2025.
					Percent of						Percent of
					Loans in Each						Loans in Each
		Balance at End			Category to			Balance at End			Category to
		of Period			Total Loans			of Period			Total Loans
		3/31/2026			3/31/2026			3/31/2025			3/31/2025
Commercial		$	162,729		10.8	%		$	77,745		7.7	%
Agricultural			145,758		9.7	%			112,018		11.1	%
Real estate – residential			32,307		2.2	%			11,606		1.1	%
Real estate – commercial			1,014,028		67.5	%			660,926		65.4	%
Real estate – construction & land			41,036		2.7	%			46,730		4.6	%
Equity Lines of Credit			55,039		3.7	%			38,634		3.8	%
Auto			34,704		2.3	%			58,295		5.8	%
Other			15,984		1.1	%			4,769		0.5	%
Total Gross Loans		$	1,501,585		100	%		$	1,010,723		100	%
The following table shows the distribution of Commercial Real Estate loans at March 31, 2026 and 2025.
					Percent of						Percent of
					Loans in Each						Loans in Each
		Balance at End			Category to			Balance at End			Category to
		of Period			Total Loans			of Period			Total Loans
		3/31/26			3/31/26			3/31/25			3/31/25
Owner occupied		$	431,891		42.6	%		$	295,593		44.7	%
Investor			582,137		57.4	%			365,333		55.3	%
Total real estate - commercial		$	1,014,028		100	%		$	660,926		100	%
The following table shows the distribution of deposits by type at March 31, 2026 and 2025.
					Percent of						Percent of
					Deposits in Each						Deposits in Each
		Balance at End			Category to			Balance at End			Category to
		of Period			Total Deposits			of Period			Total Deposits
		3/31/2026			3/31/2026			3/31/2025			3/31/2025
Non-interest bearing		$	827,619		46.6	%		$	676,461		49.3	%
Money Market			421,321		23.8	%			290,125		21.1	%
Savings			312,437		17.6	%			323,496		23.6	%
Time			213,400		12.0	%			82,979		6.0	%
Total Deposits		$	1,774,777		100	%		$	1,373,061		100	%

FAQ

What were Plumas Bancorp (PLBC) Q1 2026 earnings and EPS?

Plumas Bancorp reported Q1 2026 net income of $9.8 million and basic EPS of $1.40. According to the company, diluted EPS was $1.38 and results reflect Cornerstone acquisition contributions and higher net interest income.

How did the Cornerstone acquisition affect Plumas Bancorp (PLBC) balance sheet at March 31, 2026?

The Cornerstone acquisition added approximately $658 million of assets, $478 million gross loans and $580 million of deposits. According to the company, goodwill was $18.7 million and core deposit intangible was $11.6 million.

What does Plumas Bancorp’s $25 million share repurchase program mean for PLBC shareholders?

The $25 million program authorizes buybacks through Q4 2026 and signals capital confidence. According to the company, repurchases are intended to complement capital management while preserving flexibility for growth.

Why did Plumas Bancorp’s nonperforming assets increase in Q1 2026 for PLBC?

Nonperforming assets rose primarily due to one agricultural relationship totaling $9.3 million that moved to nonaccrual status. According to the company, that borrower default occurred after modified agreements in 2025.

How much did Plumas Bancorp (PLBC) loans and deposits grow year-over-year at March 31, 2026?

Gross loans increased by 49% to $1.5 billion and deposits grew 29% to $1.8 billion year-over-year. According to the company, these increases were primarily driven by the July 1, 2025 Cornerstone acquisition.