Filing Analysis
Plumas Bancorp announced a quarterly cash dividend of $0.33 per common share. The dividend is payable on August 17, 2026, to shareholders of record as of August 3, 2026.
📋 Key Facts
- Dividend amount: $0.33 per common share
- Record date: August 3, 2026
- Payment date: August 17, 2026
- Declaration date: July 15, 2026
Plumas Bancorp filed an 8-K to furnish a presentation intended for use in future investor meetings. This is a routine Regulation FD disclosure used to provide supplemental information to the public.
📋 Key Facts
- The filing was made on July 15, 2026.
- The registrant furnished a slide show presentation as Exhibit 99.1.
- The purpose of the presentation is for use in future investor presentations.
- The information provided is not considered 'filed' under Section 18 of the Exchange Act.
Plumas Bancorp has filed an 8-K to report its unaudited financial results for the three months ended June 30, 2026. The filing serves as a formal announcement of quarterly earnings via a press release.
📋 Key Facts
- Reporting period: Three months ended June 30, 2026.
- Filing date: July 15, 2026.
- The report includes unaudited financial information furnished in Exhibit 99.1.
Plumas Bancorp entered into indemnification agreements for two executive officers, Jack Prescott and Matt Moseley. These agreements require the company to indemnify the officers and advance legal expenses to the fullest extent permitted by law.
📋 Key Facts
- Date of agreement: December 17, 2025
- Officers covered: Jack Prescott (EVP/Chief Banking Officer) and Matt Moseley (EVP/Regional Market President)
- Agreements cover both the parent company (Plumas Bancorp) and its subsidiary (Plumas Bank)
- Terms include indemnification of directors and executive officers and advancement of expenses.
Plumas Bancorp completed the sale of two administrative offices in Quincy, CA for $5.55 million via a sale-leaseback transaction. The company expects to realize a pre-tax gain of approximately $5.5 million but is considering selling securities at a loss to offset this gain and mitigate lease expenses.
🚩 Red Flags
- Potential for realized losses on securities portfolio to offset the gains from the real estate sale.
- Increased fixed operating expense due to new 15-year lease obligations with annual escalators (3%).
- Strategic move suggests a need for liquidity or capital reallocation.
📋 Key Facts
- Sale price: $5,550,000 in cash for two administrative offices in Quincy, CA.
- Transaction type: Sale-leaseback with BBS Branch III, LLC.
- Lease terms: 15-year initial term with three 5-year renewal options.
- Lease expense: Approximately $463,000 annually, increasing by 3% per annum.
- Realized pre-tax gain from sale: Approximately $5.5 million.
- Management intent: Evaluating the sale of securities currently in a loss position to offset the gain and lease expenses.
Plumas Bancorp's Board of Directors declared a quarterly cash dividend for the upcoming period.
📋 Key Facts
- Dividend amount: $0.30 per common share.
- Record date: November 3, 2025 (close of business).
- Payment date: November 17, 2025.
Plumas Bancorp has filed an 8-K to furnish a presentation intended for use in future investor meetings. The filing is made pursuant to Regulation FD disclosure requirements.
📋 Key Facts
- The company furnished Exhibit 99.1, which contains a corporate presentation.
- The information in the presentation was current as of July 16, 2025.
- The filing is intended to satisfy Regulation FD (Fair Disclosure) requirements.
Plumas Bancorp has filed an 8-K to report its unaudited financial results for the third quarter ended September 30, 2025. The filing serves as a formal announcement of the company's quarterly earnings performance.
📋 Key Facts
- Reporting period: Three months ended September 30, 2025.
- Filing date: October 15, 2025.
- The filing includes unaudited financial information via a press release (Exhibit 99.1).
- Signed by Richard L. Belstock, Executive Vice President and CFO.
Plumas Bancorp entered into indemnification agreements for Ken Robison following his appointment to the Board on July 1, 2025. These agreements are part of the post-merger integration process following the acquisition of Cornerstone Community Bancorp.
📋 Key Facts
- Ken Robison was appointed to the Board on July 1, 2025.
- The indemnification agreements were entered into by Plumas Bancorp and its subsidiary, Plumas Bank, on August 25, 2025.
- The agreements are required in accordance with the merger agreement for the acquisition of Cornerstone Community Bancorp.
- The agreements require the Company/Bank to indemnify directors/officers and advance expenses to the fullest extent permitted by law.
Plumas Bancorp has amended and restated Change in Control (CIC) Agreements for five key executives, including the CFO. The amendments increase cash severance benefits from 12 months to 18 months of base salary.
🚩 Red Flags
- Increased executive compensation/severance obligations in anticipation of a potential change in control
- Potential for significant cash outflows if a merger or acquisition occurs within the next 24 months
📋 Key Facts
- Date of agreement: August 22, 2025
- Executives involved: Richard Belstock (CFO), Mathew Moseley (Market President), Aaron Boigon (CIO), Jeff Moore (CCO), and Jack Prescott (CBO)
- Severance increase: Cash component increased from 12 months to 18 months of annual base salary
- Additional benefits include prorated cash bonuses based on a three-year average and 18 months of COBRA reimbursement
- Agreements include non-solicitation/non-misappropriation clauses for 12 months post-termination
- The agreements have an initial term ending December 31, 2028, with automatic one-year renewals.
Plumas Bancorp entered into Change in Control (CIC) agreements with five key executive officers, effective July 21, 2025. These agreements outline severance benefits triggered by a change in control or termination without cause.
🚩 Red Flags
- Potential increase in cash outflows and liability upon a change in control event due to executive severance obligations.
📋 Key Facts
- Agreements entered into on July 21, 2025, between Plumas Bancorp/Plumas Bank and five executives.
- Executives covered: Richard Belstock (CFO), Mathew Moseley (Market President), Aaron Boigon (CIO), Jeff Moore (Chief Credit Officer), and Jack Prescott (Chief Banking Officer).
- Severance includes lump sum payment of annual base salary, unpaid annual incentive bonus, and a prorated portion of the average cash bonus from the preceding three fiscal years.
- Benefits include up to 18 months of COBRA insurance premium reimbursement.
- Agreements have an initial term ending December 31, 2028, with automatic one-year renewals.
- Includes non-solicitation/non-misappropriation covenants for 12 months following termination.
Plumas Bancorp announced the appointment of Jack Prescott as Executive Vice President and Chief Banking Officer (CBO) of its subsidiary, Plumas Bank, effective July 21, 2025.
📋 Key Facts
- Jack Prescott appointed as EVP and Chief Banking Officer on July 21, 2025.
- Mr. Prescott previously served as Senior Vice President and Commercial Lending Manager at Plumas Bank for 2 years.
- Candidate has over 35 years of experience in lending and leadership.
- No material interest in transactions required to be reported under Item 404(a) or 5.02(d).
Plumas Bancorp announced a quarterly cash dividend declaration of $0.30 per common share. The dividend is scheduled to be paid on August 15, 2025, to shareholders of record as of August 1, 2025.
📋 Key Facts
- Dividend amount: $0.30 per common share
- Record date: August 1, 2025
- Payment date: August 15, 2025
- Declaration date: July 16, 2025
Plumas Bancorp filed an 8-K to furnish a presentation intended for use in future investor presentations under Regulation FD. This is a routine disclosure of non-public information to ensure fair disclosure.
📋 Key Facts
- The filing was made on July 16, 2025.
- Registrant prepared Exhibit 99.1 (Presentation of Plumas Bancorp) for future investor use.
- The filing is made pursuant to Item 7.01 Regulation FD Disclosure.
Plumas Bancorp filed an 8-K to report its unaudited financial results for the three months ended June 30, 2025. The filing serves as a formal announcement of quarterly earnings via a press release.
📋 Key Facts
- Reported financial results for the quarter ending June 30, 2025.
- Filing date: July 16, 2025.
- The report includes unaudited financial information provided in Exhibit 99.1.
Plumas Bancorp (PLBC) has completed its acquisition of Cornerstone Community Bancorp as of July 1, 2025. The transaction involved a combination of stock and cash consideration and resulted in the assumption of $12 million in subordinated debt.
🚩 Red Flags
- Assumption of $12 million in subordinated debt increases the company's leverage profile.
- The assumed notes include variable rate components (SOFR + spread) which introduces interest rate risk.
📋 Key Facts
- Closing Date: July 1, 2025.
- Consideration per share: 0.6608 shares of PLBC common stock and $9.75 cash.
- Total aggregate consideration: 1,003,821 shares of PLBC common stock and $14.8 million in cash.
- The Company paid approximately $1.3 million to terminate Cornerstone's existing stock options.
- Plumas Bancorp assumed $12 million in subordinated notes (comprised of $2M due 2035 and $10M due 2030) with interest rates starting at 4.75% before transitioning to floating rates based on SOFR.
Cornerstone Community Bancorp shareholders have approved the merger agreement with Plumas Bancorp. The transaction is expected to close in early July 2025, following regulatory approvals which have already been obtained by Plumas.
🚩 Red Flags
- Merger integration risks, including potential cost increases or failure to achieve anticipated synergies.
📋 Key Facts
- Cornerstone Community Bancorp shareholders approved the merger on June 2, 2025.
- The merger involves Cornerstone merging into Plumas Bancorp.
- Cornerstone shareholders will receive cash and stock of Plumas Bancorp as consideration.
- Plumas has already received necessary bank regulatory approvals for the merger.
- Completion is expected in early July 2025.
Plumas Bancorp reported the results of its Annual Meeting of Shareholders held on May 21, 2025. The meeting included the election of nine directors and the ratification of Elliott Davis, LLC as independent auditors.
📋 Key Facts
- Annual Meeting of Shareholders held on May 21, 2025.
- All nine director nominees were elected to terms expiring at the 2026 Annual Meeting.
- Shareholders approved a non-binding advisory vote on executive compensation (3,303,076 votes 'For').
- Shareholders voted for annual frequency of future advisory votes on executive compensation (3,107,110 votes 'One Year').
- Elliott Davis, LLC was ratified as the independent auditors for the fiscal year ending December 31, 2025.
Plumas Bancorp announced a quarterly cash dividend of $0.30 per common share. The dividend is payable on May 15, 2025, to shareholders of record as of the close of business on May 1, 2025.
📋 Key Facts
- Dividend amount: $0.30 per common share
- Record date: May 1, 2025
- Payment date: May 15, 2025
- Board of Directors declared the dividend on April 16, 2025
Plumas Bancorp has filed an 8-K to furnish a presentation intended for future investor meetings under Regulation FD. This is a routine disclosure of non-public information to ensure fair disclosure to all market participants.
📋 Key Facts
- The filing was made on April 16, 2025.
- Registrant prepared Exhibit 99.1 (Investor Presentation) for future use in investor presentations.
- Information is provided under Item 7.01 (Regulation FD Disclosure).
- The presentation contains forward-looking statements subject to safe harbor provisions.
Plumas Bancorp filed an 8-K to report its unaudited financial results for the first quarter ended March 31, 2025. The filing serves as a formal announcement of the company's quarterly earnings performance.
📋 Key Facts
- Reported financial results for the three months ended March 31, 2025.
- The filing was made on April 16, 2025.
- Unaudited financial information is provided in Exhibit 99.1 via a press release.
Plumas Bancorp announced the upcoming retirement of BJ North, Executive Vice President and Chief Banking Officer, effective July 15, 2025.
📋 Key Facts
- BJ North notified the bank of her intention to retire.
- Effective date of retirement is July 15, 2025.
- The officer holds the title of Executive Vice President and Chief Banking Officer at Plumas Bank.
Plumas Bancorp's subsidiary, Plumas Bank, has entered into a sale-leaseback agreement for two administrative offices in Quincy, CA. The company expects to realize a pre-tax gain of approximately $4.9 million from the $5.55 million sale.
🚩 Red Flags
- The company is evaluating the potential sale of securities currently in a loss position to offset gains from this transaction.
📋 Key Facts
- Sale price for two properties: $5,550,000 cash.
- Buyer: Brookline Branch Services, LLC.
- Transaction structure: Sale-leaseback with a triple net lease (NNN).
- Lease term: 15 years initial term with three 5-year renewal options.
- Rent expense: Approximately $463,000 annually in year one, increasing by 3% per annum.
- Expected pre-tax gain from sale: ~$4.9 million.
- Closing expected in Q2 2025, subject to a 50-day due diligence period.
Plumas Bancorp entered into indemnification agreements for Michael Kevin Foster, who was appointed to the Board on January 15, 2025. These agreements ensure the company and its subsidiary, Plumas Bank, indemnify directors and officers to the fullest extent permitted by law.
📋 Key Facts
- Date of event: February 19, 2025
- Subject of agreement: Michael Kevin Foster (Board Member)
- Agreement type: Indemnification and expense advancement for director/officer
- Entities involved: Plumas Bancorp (Parent) and Plumas Bank (Subsidiary)
Plumas Bancorp entered into a definitive merger agreement to acquire Cornerstone Community Bancorp. The transaction involves a combination of stock and cash consideration for Cornerstone shareholders.
🚩 Red Flags
- Potential reduction in cash consideration if Cornerstone's equity or merger costs deviate from specified thresholds.
📋 Key Facts
- Merger Agreement executed on January 28, 2025.
- Cornerstone common stock holders will receive 0.6608 shares of Plumas common stock plus up to $9.75 in cash per share.
- Cash consideration is subject to adjustments based on Cornerstone's Adjusted Tangible Common Equity (threshold: $42,586,066) and merger-related costs (threshold: $7,000,000).
- Cornerstone will pay a termination fee of $2,528,000 if the agreement is terminated under specific circumstances.
- The merger includes the appointment of one mutually agreeable independent director from Cornerstone to Plumas Bancorp's Board.
Plumas Bancorp announced the appointment of Kevin Foster to its Board of Directors and the Board of Directors of its wholly-owned subsidiary, Plumas Bank, effective January 15, 2025.
📋 Key Facts
- Kevin Foster appointed as a director of Plumas Bancorp on January 15, 2025.
- Mr. Foster also appointed to the Board of Directors of Plumas Bank (the Company's wholly-owned subsidiary).
- Compensation for Mr. Foster will be consistent with standard non-employee director compensation as previously disclosed in the April 4, 2023 Proxy Statement.
Plumas Bancorp announced a quarterly cash dividend of $0.30 per common share. The dividend is payable on February 17, 2025, to shareholders of record as of February 3, 2025.
📋 Key Facts
- Dividend amount: $0.30 per common share
- Record date: February 3, 2025
- Payment date: February 17, 2025
- Board declaration date: January 15, 2025
Plumas Bancorp has filed an 8-K to furnish a presentation intended for use in future investor meetings under Regulation FD. The filing contains no material changes to operations, finances, or governance.
📋 Key Facts
- The company furnished a slide show presentation (Exhibit 99.1) for future investor presentations.
- The information is provided as of January 15, 2025.
- The filing includes standard safe harbor language regarding forward-looking statements.
Plumas Bancorp has filed an 8-K to announce its financial results for the three months and fiscal year ended December 31, 2024. The filing serves as a formal announcement of unaudited financial information via a press release.
📋 Key Facts
- Reporting period: Three months and full year ended December 31, 2024.
- Filing date: January 15, 2025.
- The filing includes unaudited financial information furnished via Exhibit 99.1.
Plumas Bancorp announced the Board's approval of its 2025 cash non-equity incentive plan (2025 NEI) for employees of Plumas Bank. The plan uses a performance-based structure tied to Return on Assets (ROA) percentiles relative to a peer group of banks with $1B-$3B in assets.
🚩 Red Flags
- Significant concentration of incentive pool (90.9%) allocated to officers rather than general staff.
📋 Key Facts
- The 2025 NEI is a cash non-equity incentive plan for employees working at least 20 hours per week.
- The aggregate bonus pool is split into two pools: one for officers (90.9% of the total) and one for all other employees.
- Incentives are contingent on the Bank exceeding the 50th percentile of ROA as of September 30, 2025, relative to a peer group ($1B-$3B asset size).
- The maximum combined bonus pool is capped at 8.8% of pretax pre-bonus income as of December 31, 2025.
- CEO/President incentive allocation: up to 12% of the officers' pool; EVPs can earn up to 4.65% of the officers' pool.
- CEO performance metrics include targeted increases in loans and deposits, asset quality benchmarks, ROE percentile targets, and budgeted net income.
Plumas Bancorp announced the retirement of Director Terrance J. Reeson, effective December 31, 2024. The departure is a result of the company's age-based retirement policy.
📋 Key Facts
- Terrance J. Reeson will retire as a Director effective December 31, 2024.
- The retirement is mandated by the Company’s Corporate Governance Guidelines regarding age-based retirement.
- Mr. Reeson has served on the Board of Directors since 1985.
Plumas Bancorp announced the dismissal of Eide Bailly LLP as the independent auditor for its subsidiary's (Plumas Bank) 401(k) Profit Sharing Plan and the appointment of Elliot Davis, LLC as the successor. The change is related specifically to the retirement plan audit rather than the parent company's consolidated financial statements.
🚩 Red Flags
- Auditor change (though limited to a subsidiary's retirement plan rather than the parent entity).
📋 Key Facts
- On November 19, 2024, Eide Bailly LLP was dismissed as the independent auditor for the Plumas Bank 401(k) Profit Sharing Plan.
- Elliot Davis, LLC has been appointed as the new independent registered public accounting firm for the Plan's fiscal year ending December 31, 2024.
- The dismissal was approved by the Audit & Risk Committee of the Board of Directors.
- The company stated there were no disagreements with Eide Bailly LLP regarding accounting principles, practices, or auditing scope.
Plumas Bancorp announced a quarterly cash dividend declaration of $0.27 per common share.
📋 Key Facts
- Dividend amount: $0.27 per common share.
- Record date: November 1, 2024.
- Payment date: November 15, 2024.
- Declaration date: October 16, 2024.
Plumas Bancorp filed an 8-K to furnish a presentation intended for use in future investor presentations under Regulation FD. This is a routine disclosure of non-public material information via a slide show.
📋 Key Facts
- The filing was made on October 16, 2024.
- Exhibit 99.1 contains a presentation prepared for future investor meetings.
- The information is being furnished under Item 7.01 (Regulation FD Disclosure) and is not considered 'filed' for purposes of Section 18 of the Exchange Act.
Plumas Bancorp filed an 8-K to report its unaudited financial results for the three months ended September 30, 2024. The filing serves as a formal announcement of quarterly earnings via a press release.
📋 Key Facts
- Reporting period: Three months ended September 30, 2024
- Filing date: October 16, 2024
- The report includes unaudited financial information provided in Exhibit 99.1
- Company is listed on NASDAQ under ticker PLBC
Plumas Bancorp announced the mutual termination of a purchase agreement with Mountainseed Real Estate Services, LLC. The terminated deal involved the sale and leaseback of three administrative office properties for approximately $7.9 million.
🚩 Red Flags
- Termination of a planned $7.9 million asset sale/sale-leaseback could impact liquidity or capital optimization strategies previously communicated to investors.
📋 Key Facts
- Termination date: August 14, 2024.
- Parties: Plumas Bank (subsidiary) and Mountainseed Real Estate Services, LLC.
- Subject of termination: Agreement for Purchase and Sale of Real Property dated January 19, 2024.
- Transaction value: Approximately $7.9 million for three administrative office properties.
- Structure: The deal was intended to be a sale-leaseback arrangement.
- Status of other deals: A separate sale and leaseback transaction involving nine branch office properties was completed on February 14, 2024.
Plumas Bancorp announced a quarterly cash dividend declaration by its Board of Directors.
📋 Key Facts
- Dividend amount: $0.27 per common share.
- Record date: August 1, 2024.
- Payment date: August 15, 2024.
Plumas Bancorp has filed an 8-K to furnish a presentation intended for use in future investor presentations under Regulation FD. This is a routine disclosure of non-public information to ensure broad distribution.
📋 Key Facts
- The filing was made on July 17, 2024.
- The registrant furnished an investor presentation as Exhibit 99.1.
- The disclosure is made pursuant to Item 7.01 (Regulation FD Disclosure).
Plumas Bancorp filed an 8-K to announce its unaudited financial results for the second quarter ended June 30, 2024. The filing serves as a formal announcement of quarterly earnings in accordance with SEC requirements.
📋 Key Facts
- Reported financial results for the three months ended June 30, 2024.
- The report was filed on July 17, 2024.
- Financial information is contained in Exhibit 99.1 (Press Release).
Plumas Bancorp announced the results of its Annual Meeting of Shareholders held on May 15, 2024. The meeting included the election of nine directors and the ratification of Elliott Davis, LLC as independent auditors.
📋 Key Facts
- Annual Meeting of Shareholders held on May 15, 2024.
- Nine director nominees were elected to serve terms expiring at the 2025 Annual Meeting.
- Elliott Davis, LLC was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
- All nine director nominees received significant majority support.
Plumas Bancorp announced a quarterly cash dividend declaration of $0.27 per common share.
📋 Key Facts
- Dividend amount: $0.27 per common share.
- Record date: May 1, 2024 (close of business).
- Payment date: May 15, 2024.
Plumas Bancorp filed an 8-K to furnish a presentation intended for use in future investor meetings. This is a routine regulatory filing under Regulation FD to ensure all investors receive the same information simultaneously.
📋 Key Facts
- The filing was made on April 17, 2024.
- The company furnished a slide show presentation as Exhibit 99.1.
- The disclosure is intended for use in future investor presentations.
Plumas Bancorp filed an 8-K to report its unaudited financial results for the first quarter ended March 31, 2024. The filing serves as a formal announcement of quarterly earnings via a press release.
📋 Key Facts
- Reported financial results for the three months ended March 31, 2024.
- The report was filed on April 17, 2024.
- Financial information is contained in Exhibit 99.1 (Press Release).
Plumas Bancorp filed an amended 8-K to include the correct form of a Restricted Stock Unit (RSU) Agreement under its 2022 Equity Incentive Plan. This is an administrative amendment to a previous filing and does not indicate any change in company fundamentals.
📋 Key Facts
- The filing is an amendment (8-K/A) to the initial 8-K filed on March 21, 2024.
- The Board adopted a form of restricted stock unit award under the Plumas Bancorp 2022 Equity Incentive Plan on March 20, 2024.
- RSUs are subject to vesting over time based on continued employment or service.
- The amendment was filed specifically to include the correct Exhibit 10.1 (Restricted Stock Unit Agreement).
Plumas Bancorp filed an 8-K/A to amend a previous filing regarding the change of its independent registered public accounting firm. The company has transitioned from Eide Bailly LLP to Elliott Davis LLC for the upcoming fiscal year audit.
🚩 Red Flags
- None identified; auditor change is presented as a standard rotation/selection without disagreement.
📋 Key Facts
- Eide Bailly LLP completed the audit for the fiscal year ended December 31, 2023, and issued their report on March 20, 2024.
- Elliott Davis LLC was formally engaged on December 21, 2023, to audit consolidated financial statements for the fiscal year ending December 31, 2024.
- The company confirmed there were no disagreements with Eide Bailly regarding accounting principles, practices, or auditing scope/procedures.
- No 'reportable events' occurred during the transition period.
Plumas Bancorp announced that its Board of Directors has adopted a new form of restricted stock unit (RSU) award under the existing 2022 Equity Incentive Plan. This form will be used for future grants to directors, executives, and employees.
📋 Key Facts
- The Board adopted a form of restricted stock unit award on March 20, 2024.
- Awards are issued under the Plumas Bancorp 2022 Equity Incentive Plan (effective May 18, 2022).
- RSUs are subject to time-based vesting contingent upon continued employment or service.
- The Board or an authorized committee will determine specific vesting schedules for individual grants.
Plumas Bancorp (PLBC) announced an amendment to a real estate sale agreement with Mountainseed Real Estate Services, LLC. The amendment extends the closing date for the sale of three non-branch administrative offices to September 16, 2024.
🚩 Red Flags
- Extension of a transaction timeline (closing moved to Q3 2024) may indicate ongoing due diligence or valuation discussions.
📋 Key Facts
- The Bank previously completed the sale of nine branch properties on February 14, 2024, for approximately $25.7 million.
- The second agreement involves the sale of up to three non-branch administrative offices for an aggregate cash price of $7.9 million.
- The closing date for the non-branch office sale has been extended to September 16, 2024.
- Plumas Bancorp intends to leaseback each of the Non-Branch Offices sold upon closing.
- The Bank maintains a termination right if the sale no longer qualifies for gain recognition.
Plumas Bancorp entered into indemnification agreements for Sushil Patel, who was appointed to the Board of Directors on February 6, 2024. These agreements ensure the company and its subsidiary, Plumas Bank, indemnify the director and advance expenses as permitted by law.
📋 Key Facts
- Date of agreement: February 21, 2024
- Subject: Sushil Patel (appointed to Board on Feb 6, 2024)
- Parties involved: Plumas Bancorp and its subsidiary, Plumas Bank
- Scope: Indemnification and advancement of expenses for directors/officers
Plumas Bank completed the sale of nine branch properties to Mountainseed Real Estate Services, LLC for $25.7 million, resulting in a pre-tax gain of approximately $19.8 million. The bank entered into 15-year leaseback agreements for these properties and is considering selling securities currently in a loss position to offset the gains.
🚩 Red Flags
- The company is considering selling securities that are currently in a loss position, which may indicate a need for liquidity or an attempt to manage capital ratios/tax implications.
📋 Key Facts
- Completed sale of nine branch properties for an aggregate cash price of $25.7 million on February 14, 2024.
- Realized a pre-tax gain of approximately $19.8 million from the transaction.
- Entered into nine lease agreements with initial terms of 15 years plus one 15-year renewal option.
- Annual rent for leased properties is approximately $2.4 million (pre-tax), increasing by 2% annually.
- A second sale-leaseback agreement for up to three non-branch administrative offices ($7.9 million) is expected to close in Q1 2024.
- Management is evaluating selling securities currently in a loss position to offset the transaction gains.
Plumas Bancorp announced the appointment of Sushil Patel to its Board of Directors and the Board of Directors of its subsidiary, Plumas Bank, effective February 6, 2024.
📋 Key Facts
- Sushil Patel appointed as a director of Plumas Bancorp on February 6, 2024.
- Mr. Patel also appointed to the Board of Directors of Plumas Bank (wholly-owned subsidiary).
- Compensation for Mr. Patel will follow the standard non-employee director compensation structure previously disclosed in the April 4, 2023 Proxy Statement.
Plumas Bancorp filed an 8-K to furnish a presentation intended for use in future investor meetings under Regulation FD. The filing contains no material changes to operations, finances, or corporate structure.
📋 Key Facts
- The company is providing a slide show presentation (Exhibit 99.1) for future investor presentations.
- The information was prepared as of January 23, 2024.
- The filing includes a standard safe harbor statement regarding forward-looking statements.
Plumas Bank, a subsidiary of Plumas Bancorp, entered into sale-leaseback agreements with Mountainseed Real Estate Services to sell 12 properties for an aggregate cash price of $33.6 million. The company expects a pre-tax gain of approximately $27 million from the transaction.
🚩 Red Flags
- The company is evaluating selling securities currently in a loss position to offset gains, which may indicate a need for liquidity or capital management adjustments.
📋 Key Facts
- Sale of up to 12 properties (11 in CA, 1 in NV) for $33.6 million total cash price.
- Transaction split into two agreements: Branches ($25.7M) and Non-Branch Offices ($7.9M).
- The Bank will enter into triple net lease agreements with a 15-year initial term and one 15-year renewal option.
- Aggregate annual rent is expected to be approximately $3.1 million, increasing by 2% per annum.
- Expected pre-tax gain from the sale is approximately $27 million.
- Transaction closing is anticipated in Q1 2024.
Plumas Bancorp announced a quarterly cash dividend declaration by its Board of Directors.
📋 Key Facts
- Dividend amount: $0.27 per common share.
- Record date: February 1, 2024.
- Payment date: February 15, 2024.
Plumas Bancorp filed an 8-K to report its unaudited financial results for the three months and fiscal year ended December 31, 2023. The filing serves as a formal announcement of quarterly and annual earnings via a press release.
📋 Key Facts
- Reporting period: Three months and year ended December 31, 2023.
- Report date: January 17, 2024.
- The filing includes unaudited financial information furnished in Exhibit 99.1.