Plumas Bancorp (PLBC) Financials

Plumas Bancorp (NASDAQ: PLBC) delivered a softer first quarter in 2026 versus the prior quarter, with earnings, revenue, and cash flow all coming under pressure. The company remained profitable, but both the income statement and balance sheet show signs of deposit runoff, lower loan balances, and a more conservative operating environment.

For Q1 2026, net income came in at $9.8 million, down from $11.0 million in Q4 2025 and $10.0 million in Q1 2025. Basic EPS was $1.40, compared with $1.58 in the prior quarter and $1.21 a year ago. Revenue also declined sequentially to $28.1 million from $28.6 million, mainly because non-interest income was much weaker.

What stood out in the quarter was the sharp drop in deposits and the continued reduction in lending assets. Total assets fell to $2.20 billion from $2.23 billion in Q3 2025, while total liabilities declined to $1.93 billion. Loans and leases, net of allowance, were $1.49 billion, up from zero in the prior comparative balance sheet disclosure but still below the broader asset base. Deposits fell by $34.9 million during the quarter, which is a notable headwind for a bank because deposits are a key source of low-cost funding.

At the same time, Plumas Bancorp continued to generate solid core profitability. Net interest income was $25.1 million, supported by total interest income of $29.4 million and manageable interest expense of $4.2 million. Provision for credit losses was just $330,000, suggesting credit costs were still controlled in the quarter.

Cash flow was mixed. Operating cash flow remained strong at $9.4 million, but financing cash flow was a drag due to deposit outflows and debt repayment, leading to a $17.7 million decline in cash and equivalents. The company also paid $0.33 per share in common dividends, indicating it is still returning capital to shareholders.

• Net income remained healthy at $9.8 million, showing the business is still profitable despite a tougher quarter.
• Net interest income of $25.1 million remained the main profit engine and covered expenses comfortably.
• Provision for credit losses was only $330,000, which points to relatively stable credit quality.
• Operating cash flow of $9.4 million was solid and supported dividend payments.
• Common equity of $265.4 million remained a meaningful capital base.
• Trading account securities were $469.7 million, a large balance that may provide liquidity but also exposes the bank to market-value movements.
• Cash and due from banks fell to $62.9 million, which is still adequate but lower than recent periods.
• Deposits fell by $34.9 million in Q1 2026, signaling continued funding pressure.
• Net cash and equivalents declined by $17.7 million, driven by deposit runoff and financing outflows.
• Non-interest income dropped sharply from the prior quarter, reducing diversification in the earnings mix.

Looking at the longer trend, Plumas Bancorp has been able to produce consistent quarterly profits over the past four years, but the pattern also shows a bank adapting to a shifting balance sheet. Deposits and borrowings have moved around materially, and the company has leaned on its securities portfolio and core spread income to stay profitable. The key question for investors is whether PLBC can stabilize deposits while maintaining loan growth and asset quality.

Bottom line: Plumas Bancorp still looks profitable and well-capitalized, but the latest quarter was softer than the prior one. The main things investors should watch are deposit trends, loan growth, and whether non-interest income can recover in coming quarters.