Plumas Bancorp (Nasdaq: PLBC) reported record financial results for the three months ended September 30, 2026. The company announced net income of $11.4 million for the third quarter of 2026, representing earnings of $1.64 per share. This marks a significant increase compared to the $5.1 million, or $0.74 per share, reported in the same period of 2025.
Key financial metrics for the quarter included a return on average assets of 1.98% and a return on average equity of 16.7%. Net interest income rose to $26.5 million, an increase of $1.3 million from the prior year. Non-interest income also increased to $2.8 million. The provision for credit losses decreased substantially to $150,000 from $5.4 million in the prior year. The effective tax rate for the quarter was 18.9%, down from 25.6% in 2025, attributed to the purchase of $14.5 million in green energy tax credits.
For the nine months ended September 30, 2026, the company reported net income of $31.1 million, or $4.46 per share, compared to $18.6 million, or $2.98 per share, in the same period of 2025. The company noted that year-to-date comparisons are impacted by the acquisition of Cornerstone Community Bancorp on July 1, 2025.
Asset quality metrics showed some deterioration. Nonperforming assets totaled $21.3 million at September 30, 2026, up from $15.2 million in 2025, representing 0.94% of total assets. Nonperforming loans increased to $21.1 million, or 1.41% of total loans. However, the allowance for credit losses remained stable at $19.7 million, or 1.32% of total loans.
Loan balances remained relatively consistent at $1.5 billion. Increases were seen in commercial real estate loans, construction loans, and equity lines, offset by decreases in automobile, agricultural, and commercial loans. Approximately 79% of the loan portfolio is comprised of variable rate loans. Total deposits increased by $47 million to $1.9 billion, driven largely by money market and time deposits.
The company manages liquidity through a combination of cash, due from banks, and investment securities. At September 30, 2026, cash and due from banks totaled $114 million. The company maintains borrowing arrangements with the Federal Home Loan Bank of San Francisco, the Federal Reserve Bank Discount Window, and correspondent banks, though no borrowings were outstanding at the end of the quarter.
