UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) COMMISSION FILE NUMBER: 000-49883 PLUMAS BANCORP (Exact Name of Registrant as Specified in Its Charter) California 75-2987096 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 5525 Kietzke Lane, Suite 100, Reno, Nevada 89511 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code (775) 786-0907 Indicate by check mark whe ...

Dividend Distribution and Shareholder Returns - As of December 31, 2022, the maximum amount available for dividend distribution was approximately $49.1 million, subject to California Financial Code restrictions[64] - The Company is subject to certain covenants that restrict its ability to pay dividends and repurchase shares of common stock[65] - Future cash dividends by the Bank will depend on management's assessment of capital requirements and other factors[63] - The company's ability to pay dividends is primarily dependent on the operations of the Bank, which is subject to legal limitations on extending credit and paying dividends[115] - The company paid cash dividends of $3,737,000 in 2022, up from $3,081,000 in 2021[300] Financial Performance - The net income for 2022 was $26.44 million, a 25.8% increase from $21.01 million in 2021[289] - Basic earnings per common share increased to $4.53 in 2022 from $3.82 in 2021, reflecting a growth of 18.6%[289] - Net interest income after provision for loan losses rose to $57.2 million in 2022, up from $45.8 million in 2021, representing a year-over-year increase of 24.9%[289] - Non-interest income increased to $11.05 million in 2022, compared to $8.72 million in 2021, marking a growth of 26.9%[288] - Total non-interest expenses were $32.59 million in 2022, up from $26.04 million in 2021, indicating an increase of 25.3%[289] - The company reported a comprehensive loss income of $11.91 million in 2022, compared to a comprehensive income of $17.86 million in 2021[292] - Total assets increased slightly to $1.621 billion in 2022 from $1.614 billion in 2021, reflecting a growth of approximately 0.43%[285] - The total deposits increased to $1.458 billion in 2022 from $1.439 billion in 2021, showing a growth of approximately 1.3%[285] Loan Portfolio and Credit Risk - The Bank's limit on aggregate secured loans-to-one-borrower was $34.3 million and unsecured loans-to-one-borrower was $20.6 million as of December 31, 2022[66] - Approximately 90% of the loans in the company's portfolio were made to borrowers primarily located in Northern California or Northern Nevada, indicating significant geographic concentration risk[87] - Approximately 77% of the total loan portfolio is secured by real estate, predominantly commercial real estate, which exposes the company to fluctuations in real estate market values[89] - The company estimates that the total allowance for loan losses will increase by between $500,000 and $800,000 due to the implementation of the current Expected Credit Loss (CECL) model[107] - A significant downturn in the national or local economy could adversely affect the company's profitability, particularly due to its concentration in Northern California and Northern Nevada[87] - The provision for loan losses increased to $1,300,000 in 2022 from $1,125,000 in 2021, indicating a cautious approach to potential credit risks[298] - The allowance for loan losses is based on historical loss rates and qualitative loss factors, requiring significant management judgment[280] - The total allowance for loan losses is estimated to increase by between $500,000 and $800,000, with a corresponding decline in equity of $350,000 to $550,000[386] Economic and Market Conditions - The ongoing COVID-19 pandemic has caused significant disruption, impacting demand for products and services, potentially leading to increased loan delinquencies[82] - The company faces substantial competition from larger banks and financial institutions, which may impact its ability to grow its loan portfolio and deposit base[102] - Changes in interest rates could lead to larger payment requirements for borrowers, increasing the potential for defaults and affecting the marketability of secured properties[96] - Trends in economic indicators such as unemployment rates are closely correlated to the credit quality of the loan portfolio, indicating potential risks[350] - Climate change concerns may lead to increased costs and changes in consumer behavior, potentially affecting demand for the company's products and services[128] Regulatory and Compliance Risks - The Bank is required to comply with numerous consumer protection laws, which may lead to additional compliance costs[74] - The company may face regulatory enforcement actions and penalties due to extensive regulations governing its operations[120] - The implementation of the CECL model is underway, with a dedicated team and software purchased to support the calculation of the allowance for loan losses[385] Operational Risks - The company may face increased operating costs and cybersecurity risks due to remote work arrangements[83] - Security breaches and technological disruptions pose risks to the company's reputation and profitability, potentially leading to costly litigation and loss of customer relationships[110] - The company faces risks related to reliance on third-party vendors for data processing, which could significantly affect transaction processing capabilities[112] Asset Management - A decline in the value of investment securities could adversely impact the company's earnings and shareholders' equity, with potential material effects on net income[116] - The Company’s investment securities are classified as available-for-sale, with unrealized gains and losses excluded from earnings[317] - The Company maintains a separate allowance for each portfolio segment, including commercial, agricultural, and residential mortgage loans[336] Strategic Growth and Acquisitions - The Bank's most recent Community Reinvestment Act rating was "Satisfactory," which is crucial for growth through acquisitions or new branches[67] - The company funded 2,256 PPP loans totaling $197 million and an additional 562 loans amounting to $60 million through December 31, 2022[121] - The Company recognized $204,960,000 in assets acquired through acquisition in 2021, highlighting strategic growth through mergers[302] Stock and Equity Management - The trading price of the company's common stock may be volatile, influenced by factors such as quarterly fluctuations in operating results and analyst recommendations[122] - The total amount of common stock issued in 2021 was $18,657,000, reflecting ongoing capital raising efforts[298] - The Company granted options to purchase 117,000 shares of common stock in 2022, with a fair value of $31 per share for restricted stock granted[381]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) COMMISSION FILE NUMBER: 000-49883 PLUMAS BANCORP (Exact Name of Registrant as Specified in Its Charter) California 75-2987096 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 5525 Kietzke Lane, Suite 100, Reno, Nevada 89511 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code (775) 786-0907 Indicate by check mark whe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) COMMISSION FILE NUMBER: 000-49883 PLUMAS BANCORP (Exact Name of Registrant as Specified in Its Charter) Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) COMMISSION FILE NUMBER: 000-49883 PLUMAS BANCORP (Exact Name of Registrant as Specified in Its Charter) California 75-2987096 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 5525 Kietzke Lane, Suite 100, Reno, Nevada 89511 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code (775) 786-0907 Indicate by check mark whe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2021 or ☐ Transaction report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number: 000-49883 PLUMAS BANCORP (Exact name of Registrant as specified in its charter) California 75-2987096 (State or other jurisdiction of incorporation or organization) (IRS Employer I ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) COMMISSION FILE NUMBER: 000-49883 PLUMAS BANCORP (Exact Name of Registrant as Specified in Its Charter) California 75-2987096 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 5525 Kietzke Lane, Suite 100, Reno, Nevada 89511 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code (775) 786-0907 Indicate by check mark whe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) COMMISSION FILE NUMBER: 000-49883 PLUMAS BANCORP (Exact Name of Registrant as Specified in Its Charter) California 75-2987096 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 5525 Kietzke Lane, Suite 100, Reno, Nevada 89511 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code (775) 786-0907 Indicate by check mark whe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) COMMISSION FILE NUMBER: 000-49883 PLUMAS BANCORP (Exact Name of Registrant as Specified in Its Charter) California 75-2987096 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 5525 Kietzke Lane, Suite 100, Reno, Nevada 89511 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, Including Area Code (775) 786-0907 Indicate by check mark whe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2020 or ☐ Transaction report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number: 000-49883 PLUMAS BANCORP (Exact name of Registrant as specified in its charter) Indicate by check mark if the registrant is a well-known seasoned issuer, as defin ...