Plumas Bancorp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Plumas Bancorp filed its 2023 10-K report, detailing financial performance and position as of December 31, 2023.</b>

AI Summary

PLUMAS BANCORP (PLBC) filed a Annual Report (10-K) with the SEC on March 20, 2024. Plumas Bancorp reported total assets of $5,871,523 for the fiscal year ending December 31, 2023. The company's total debt was $0 as of December 31, 2023. Plumas Bancorp's retained earnings were $5,850,216 for the fiscal year ending December 31, 2023. The filing covers the fiscal year ending December 31, 2023. The company's business address is 5525 Kietzke Lane, Ste. 100, Reno, NV 89511.

Why It Matters

For investors and stakeholders tracking PLUMAS BANCORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Plumas Bancorp's financial health, operational performance, and strategic outlook for the fiscal year 2023, which is crucial for investors to assess the company's stability and growth potential. The detailed financial statements and risk factors outlined in this report are essential for stakeholders to understand the company's market position, regulatory compliance, and potential challenges in the banking sector.

Risk Assessment

Risk Level: low — PLUMAS BANCORP shows low risk based on this filing. The risk is low as the filing is a standard annual report (10-K) for a publicly traded company, indicating adherence to SEC disclosure requirements without immediate red flags.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to understand Plumas Bancorp's performance and future outlook.

Financial Highlights

total Assets

5871523

total Debt

0

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 5,871,523 — Total Assets (As of December 31, 2023)
• 0 — Total Debt (As of December 31, 2023)
• 5,850,216 — Retained Earnings (As of December 31, 2023)

Key Players & Entities

• PLUMAS BANCORP (company) — Filer name
• 5525 KIETZKE LANE, STE. 100 (location) — Business address
• Reno (location) — City in business address
• NV (location) — State in business address
• 775-786-0907 (phone) — Business phone number

FAQ

Industry Context

Plumas Bancorp operates within the financial services sector, specifically as a short-term business credit institution.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, requiring annual filings like the 10-K to disclose financial and operational information.

What Investors Should Do

1. Analyze the balance sheet for detailed asset and liability information as of December 31, 2023.
2. Examine the income statement for revenue and net income figures for the fiscal year 2023.
3. Review any disclosed risk factors or management's discussion and analysis for insights into the company's operational environment and future strategies.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-20: Filing Date — Date Plumas Bancorp filed its 10-K report.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $35.69 — d to the Registrant on June 30, 2023 of $35.69 per share. Shares of Common Stock held
• $1.6 b — the Company had consolidated assets of $1.6 billion, deposits of $1.3 billion, other
• $1.3 b — ted assets of $1.6 billion, deposits of $1.3 billion, other liabilities of $129 millio
• $129 million — s of $1.3 billion, other liabilities of $129 million and shareholders' equity of $147 millio
• $147 million — 129 million and shareholders' equity of $147 million. The Company's other liabilities includ
• $10 million — e Company's other liabilities include a $10 million borrowing from one of the Company's cor
• $80 million — e of the Company's correspondent banks, $80 million in borrowings under the Federal Reserve
• $23.1 million — 's Bank Term Funding Program (BTFP) and $23.1 million in repurchase agreements. These items a
• $1.6 billion — er 31, 2023, the Bank had approximately $1.6 billion in assets, $949 million in net loans an
• $949 million — d approximately $1.6 billion in assets, $949 million in net loans and $1.3 billion in deposi
• $1.3 billion — n assets, $949 million in net loans and $1.3 billion in deposits (including deposits of $3.6
• $3.6 million — lion in deposits (including deposits of $3.6 million from the Company), other liabilities of
• $119 million — from the Company), other liabilities of $119 million and shareholders' equity of $154 millio
• $154 million — 119 million and shareholders' equity of $154 million. The Bank's other liabilities include $
• $4.1 million — sale. During 2023 we chose not to sell $4.1 million in salable guaranteed portions of SBA 7

Filing Documents

• plbc20231231_10k.htm (10-K) — 4740KB
• ex_627144.htm (EX-4.1) — 10KB
• ex_603970.htm (EX-23.01) — 3KB
• ex_603971.htm (EX-31.1) — 13KB
• ex_603972.htm (EX-31.2) — 13KB
• ex_603973.htm (EX-32.1) — 6KB
• ex_603974.htm (EX-32.2) — 6KB
• ex_618344.htm (EX-97.1) — 51KB
• 0001437749-24-008616.txt (&nbsp;) — 21632KB
• plbc-20231231.xsd (EX-101.SCH) — 111KB
• plbc-20231231_cal.xml (EX-101.CAL) — 98KB
• plbc-20231231_def.xml (EX-101.DEF) — 898KB
• plbc-20231231_lab.xml (EX-101.LAB) — 734KB
• plbc-20231231_pre.xml (EX-101.PRE) — 950KB
• plbc20231231_10k_htm.xml (XML) — 5362KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 19 Item 1C. Cybersecurity 19 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 21 Item 4. Mine Safety Disclosures 21 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6. [RESERVED] 23 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 44 Item 9A.

Controls and Procedures

Controls and Procedures 44 Item 9B. Other Information 44 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 44 PART III Item 10. Directors, Executive Officers and Corporate Governance 45 Item 11.

Executive Compensation

Executive Compensation 45 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 45 Item 13. Certain Relationships and Related Transactions, and Director Independence 45 Item 14. Principal Accountant Fees and Services 45 PART IV Item 15. Exhibits and Financial Statement Schedules 45 Item 16. Form 10-K Summary 49

Signatures

Signatures 50 i Table of Contents PART I Forward-Looking Information This Annual Report on Form 10-K includes forward-looking statements and information that is subject to the "safe harbor" provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements, which may involve Plumas Bancorp's plans, beliefs, goals, expectations and forecasts are typically identified with words such as "may," "could," "should," "will," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan" or words or phases of similar meaning. Forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: Local, regional, national and international economic conditions and the impact they may have on us and our customers, and our assessment of that impact on our estimates including, but not limited to, the allowance for credit losses. The effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Federal Open Market Committee of the Federal Reserve Board. The ability of Plumas Bank to pay dividends to Plumas Bancorp. Recent adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity, and regulatory responses to these developments. The effects of concentrations in our loan portfolio, including geographic and industry concentrations . Our failure to maintain required levels of capital and our ability to raise additional capital as needed. The effect of changes in accounting policies and practices, as may be adopted by bank regulatory agencies, the Financial Accounting Standards Board or others. The costs and effects of changes in laws an

BUSINESS

ITEM 1. BUSINESS References in this report to the "Company," "we," "us" and "our" refer to Plumas Bancorp and its consolidated subsidiary, unless the context indicates otherwise. References to the "Bank" refer to Company's wholly-owned subsidiary, Plumas Bank. References to "Management" refer to the members of the Company's management and references to the "Board of Directors" or the "Board" refer to the Company's Board of Directors. General The Company . Plumas Bancorp is a bank holding company headquartered in Reno, Nevada. Substantially all of the Company's operations are conducted through its subsidiary, Plumas Bank. The Company's principal source of income is dividends from the Bank, but the Company may explore supplemental sources of income in the future. The cash outlays of the Company, including but not limited to the payment of dividends to shareholders, if and when declared by the Board of Directors, costs of repurchasing Company common stock and the cost of servicing debt, will generally be paid from dividends paid to the Company by the Bank. At December 31, 2023, the Company had consolidated assets of $1.6 billion, deposits of $1.3 billion, other liabilities of $129 million and shareholders' equity of $147 million. The Company's other liabilities include a $10 million borrowing from one of the Company's correspondent banks, $80 million in borrowings under the Federal Reserve's Bank Term Funding Program (BTFP) and $23.1 million in repurchase agreements. These items are described in detail later in this Form 10-K. The Company is a California corporation incorporated in 2002 for the purpose of becoming the holding company for the Bank, which we acquired the same year. The Company's only other subsidiaries were Plumas Statutory Trust I and Plumas Statutory Trust II, which were formed in 2002 and 2005 solely to facilitate the issuance of trust preferred securities. In March 2023 the Trusts were dissolved. We file annual, quarterly, and other reports

View Full Filing

View this 10-K filing on SEC EDGAR