PLUMAS BANCORP SEC 10-Q Report

Plumas Bancorp has released its Form 10-Q report for Q3, highlighting financial performance with total interest income of $71.0 million, up from $63.0 million. Net income decreased to $18.6 million from $20.9 million, influenced by higher provisions and expenses. The company expanded its branch network in California through the acquisition of Cornerstone Community Bancorp, enhancing its presence in Northern California. The acquisition is expected to strengthen its talent base and align with its strategy for growth in new markets.

Plumas Bancorp, a financial institution primarily focused on providing loans to small and middle-market businesses and individuals, has released its Form 10-Q report for the third quarter. The report details the company's financial performance and operational highlights, showcasing both growth and challenges faced during the period.

Financial Highlights

Total Interest Income: $71.0 million, reflecting an increase from $63.0 million in the prior year, driven by higher interest and fees on loans.
Total Interest Expense: $9.1 million, up from $8.3 million, primarily due to increased interest on deposits.
Net Interest Income Before Provision for Credit Losses: $61.9 million, compared to $54.7 million, indicating improved interest margins.
Provision for Credit Losses: $6.5 million, a significant increase from $1.3 million, reflecting adjustments for expected credit losses.
Net Interest Income After Provision for Credit Losses: $55.4 million, up from $53.4 million, showing resilience despite higher provisions.
Total Non-Interest Income: $7.8 million, an increase from $6.6 million, supported by gains on sale of buildings.
Total Non-Interest Expenses: $37.6 million, up from $31.6 million, driven by higher salaries and employee benefits.
Income Before Provision for Income Taxes: $25.6 million, slightly down from $28.3 million, impacted by increased expenses.
Provision for Income Taxes: $7.0 million, compared to $7.5 million, reflecting changes in taxable income.
Net Income: $18.6 million, a decrease from $20.9 million, influenced by higher provisions and expenses.
Basic Earnings Per Share: $2.98, down from $3.54, reflecting the impact of increased shares outstanding.
Diluted Earnings Per Share: $2.94, compared to $3.50, indicating a decrease in earnings per share due to dilution.

Business Highlights

Geographical Performance: Plumas Bancorp expanded its branch network in California by acquiring Cornerstone Community Bancorp, adding four new branches in Anderson, Red Bluff, and Redding. This expansion is expected to enhance the company's presence in Northern California.
Revenue Segments: The company's primary source of revenue is generated from providing loans to small and middle-market businesses and individuals in the surrounding areas. The acquisition of Cornerstone is anticipated to diversify and bring new expertise to Plumas's lending business.
Future Outlook: The company expects the acquisition of Cornerstone to strengthen its talent base and enhance its geographic presence, which aligns with its business strategy to expand in existing and new markets in Northern California.

SEC Filing: PLUMAS BANCORP [ PLBC ] - 10-Q - Nov. 05, 2025