PLBC

Plumas Bancorp is a small, consistently profitable California community bank (bank holding co. for Plumas Bank) that earned $29.6M in FY2025, up 3.5% YoY and the fifth straight year of solid profits ($21.0M→$26.4M→$29.8M→$28.6M→$29.6M). At $59.13 the stock trades at 13.0x diluted EPS of $4.54 and roughly 1.6x book (market cap $413M vs. equity $261M) for an 11.3% ROE — a reasonable, not cheap, price for a durable but slow-growing franchise. Ignore the 'revenue' line: the XBRL tag pulls a $2.32M FY2020 contract-revenue figure, which makes the reported 177.6x P/S and 1274.9% net margin meaningless for a bank whose real income is net interest income. Judge this on earnings, book value and ROE, all of which are healthy. The balance sheet is bank-normal (7.57x liabilities/equity) with $196M retained earnings, zero long-term debt as of FY2022, and a growing dividend ($0.30/quarter, ~2% yield, dividends paid $7.72M, +21.3%).

The headline story is the July 1, 2025 acquisition of Cornerstone Community Bancorp, which drove total assets up 41.7% to $2.30B and equity up 46.8%, while adding four Northern California branches, $478M in gross loans and $580M in deposits. This is why diluted EPS actually FELL 5.4% despite higher net income: shares outstanding jumped 17.9% to 6.98M, so the growth was diluted away and merger costs weighed on the year. The bank also aggressively repositioned its book — the MD&A describes selling ~$47M of investment securities yielding 2.43% at a $5.4M loss and redeploying into $42M yielding 4.88%, and a Quincy sale/leaseback booking a $5.5M gain that offset the securities loss. That ~245bp yield uplift plus $15.5M of acquired-loan discount to accrete should support net interest margin into 2026.