Updated 2/23/26
Plumas Bancorp doesn’t get a lot of headlines, and frankly, it probably prefers it that way. This community bank, rooted in Northern California and parts of Nevada, has built a business on traditional banking values—measured growth, strong relationships, and conservative lending. It’s not trying to be flashy. Instead, it focuses on doing the basics really well. For income-focused investors, especially those hunting for stable dividend payers, this quiet approach can be exactly what they’re looking for.
Over the years, Plumas has turned in solid numbers and returned value to shareholders through regular dividends. It’s the kind of stock that doesn’t demand attention but quietly rewards those who hold it with consistency—and the most recent dividend hike reinforces exactly that point.
Recent Events
Plumas Bancorp has continued to execute with the kind of quiet efficiency that defines its long-term track record. Revenue came in at $91.4 million, and net income reached $29.6 million, translating to $4.54 in earnings per share. Profitability metrics remain healthy, with a return on assets of 1.53% and a return on equity of 13.49%—numbers that speak to disciplined capital allocation rather than aggressive risk-taking.
The most meaningful development for income investors is the dividend increase that took effect with the February 4, 2026 payment. The quarterly payout rose to $0.33 per share, up from $0.30 in the prior four quarters. That puts the annualized dividend at $1.32 and continues a pattern of steady, management-backed increases. Short interest remains minimal at just under 70,000 shares, reflecting little bearish conviction among market participants and a broad sense of confidence in the bank’s fundamentals.
Key Dividend Metrics
💵 Dividend Yield: 2.28%
📈 5-Year Average Yield: 2.16%
💰 Annual Dividend: $1.32
📅 Last Dividend Paid: February 4, 2026
📉 Payout Ratio: 26.43%
🌱 Dividend Trend: Steady, consistent increases
🛡️ Safety Profile: Well-covered and conservative
📚 Book Value Per Share: $37.52
💹 Return on Equity: 13.49%
Dividend Overview
Plumas doesn’t boast a sky-high yield, but at 2.28%, it offers a reliable income stream that sits comfortably above its five-year average of roughly 2.16%. That slight premium to the historical average is a positive signal for investors locking in shares near current prices—they’re getting a bit more income than the long-run norm while holding a business with a conservative balance sheet.
The payout ratio of 26.43% is the real story here. Management is returning capital to shareholders from genuine earnings while retaining the majority of profits to fund future growth and maintain capital strength. That’s not an accident—it’s a deliberate philosophy that prioritizes durability over optics, and it’s precisely the kind of payout structure that holds up through economic cycles.
Dividend Growth and Safety
The dividend history tells a clear and encouraging story. Plumas paid $0.25 per quarter through most of 2023, then stepped up to $0.27 in early 2024, held that through the rest of the year, and then raised again to $0.30 beginning with the February 2025 payment. Now, with the February 2026 payment, the quarterly rate has climbed further to $0.33—a 10% increase from the prior level and a 32% increase from the $0.25 rate paid just under three years ago. That’s a meaningful compounding of income for long-term holders.
Each increase has been deliberate and well-supported by earnings. With $4.54 in EPS against a $1.32 annual dividend, the coverage ratio is approximately 3.4 times. That’s an exceptionally wide margin of safety. Even in a scenario where earnings declined materially, the dividend would remain well protected. The profit margin of 32.39% further underscores that Plumas is generating real, high-quality earnings—not financial engineering. This dividend is safe, and it has room to continue growing.
Analyst Ratings
Formal sell-side coverage of Plumas Bancorp remains sparse, which is typical for community banks in the sub-$400 million market cap range. The bank doesn’t hold regular analyst conference calls in the traditional Wall Street sense, and institutional ownership is modest by design. That said, the financial profile speaks clearly enough on its own. A P/E ratio of 11.38 times trailing earnings is undemanding for a bank generating a 13.49% return on equity with a sub-27% payout ratio. Peer community banks with similar profitability characteristics often trade at 12 to 14 times earnings, suggesting the market has not yet fully priced in Plumas’s consistency.
Book value per share stands at $37.52, and with the stock trading at $51.65, the price-to-book multiple is 1.38 times. That’s a modest premium to tangible book that is easily justified by the bank’s above-average profitability. Investors who follow community bank fundamentals closely would likely view current levels as reasonable, particularly given the upward dividend trajectory and the conservatism embedded in management’s capital allocation decisions. The low beta of 0.62 also signals that the market recognizes the bank’s stability relative to the broader financial sector.
Earnings Report Summary
Plumas Bancorp’s most recent full-year results reflect a bank that is growing earnings at a measured pace while maintaining the financial discipline that has defined its history. Net income came in at $29.6 million for the period, up from $28.6 million in 2024, with earnings per share of $4.54. Revenue reached $91.4 million, representing continued top-line growth as the bank expands its loan portfolio and manages its deposit base carefully.
Return on assets of 1.53% is a solid benchmark for a community bank of this size, and the 13.49% return on equity, while modestly below the elevated levels seen in prior years, remains well above the industry average for regional peers. The profit margin of 32.39% confirms that cost discipline is intact—Plumas is not allowing expense growth to erode the gains from its lending operations.
Net interest margin has been a consistent strength for this bank, and the most recent results suggest that dynamic has continued. The bank’s ability to grow net income year over year while maintaining a conservative credit posture is a testament to the quality of its underwriting standards and its deep knowledge of its local markets. With loans now exceeding the $1 billion threshold and deposits growing steadily, the balance sheet is in a stronger position today than it was two years ago. Shareholders’ equity has grown meaningfully, which is reflected in the book value per share rising from $30.14 at the time of our last report to $37.52 today—a gain of nearly 25% in roughly a year.
Financial Health and Stability
Plumas continues to post the kind of financial metrics that define a conservatively managed, high-quality community bank. A return on assets of 1.53% puts it well above the median for institutions its size, while the 13.49% return on equity demonstrates that management is generating meaningful value from the capital entrusted to them. The profit margin of 32.39% reflects efficient operations and tight cost control—expenses are being managed even as the bank grows.
The balance sheet tells a similarly reassuring story. Book value has climbed to $37.52 per share, up substantially from prior periods, giving shareholders a growing foundation of tangible value. Short interest of fewer than 70,000 shares is negligible relative to the float, meaning there is virtually no meaningful speculative pressure on the stock from the short side. The combination of growing equity, disciplined lending, and a low-leverage operating model makes Plumas one of the more financially sound names in the community banking space.
Valuation and Stock Performance
At $51.65, PLBC is trading near the upper end of its 52-week range of $38.71 to $54.58, which reflects the market’s growing appreciation for the bank’s consistent execution. Despite that move, the valuation remains grounded. A P/E ratio of 11.38 times trailing earnings is still modest for a bank with Plumas’s profitability profile, particularly in an environment where quality community banks are attracting renewed investor interest.
The price-to-book ratio of 1.38 times represents a reasonable premium to the $37.52 book value. Investors are paying up slightly for quality, but not excessively so. When a bank is consistently earning a 13.49% return on equity and growing its dividend at a double-digit annual pace, a modest premium to book is entirely warranted. The stock’s market cap of approximately $359 million keeps it below most institutional radar screens, which can create a persistent valuation discount relative to fundamentals—a feature rather than a flaw for patient long-term holders. The beta of 0.62 confirms that this is a low-volatility holding, which aligns well with the income-focused investor profile that PLBC tends to attract.
Risks and Considerations
Being a small regional bank comes with some trade-offs. Plumas isn’t scaling rapidly, and it isn’t immune to local economic shifts. If businesses in its Northern California and Nevada footprint stumble or regional real estate softens, PLBC could feel the pressure in its loan book and net interest income.
There’s also the issue of management depth. Smaller banks often rely on a few key individuals to guide the ship, and while Plumas has done well under current leadership, any changes at the top should be watched closely. The bank’s culture and underwriting discipline are tied to the people running it, which introduces key-person risk that doesn’t exist at larger institutions.
Interest rate sensitivity remains a factor. Plumas has benefited from the elevated rate environment, as evidenced by its strong net interest margins in recent years. If the Federal Reserve moves to cut rates more aggressively, margin compression could weigh on net interest income and, by extension, the earnings base supporting the dividend. The bank doesn’t have the fee income diversification of larger peers to offset that pressure.
Liquidity is always a consideration for microcaps. With roughly $360 million in market capitalization and light average daily trading volume, getting in or out of a meaningful position quickly can be challenging. Investors should size positions with that reality in mind and be patient with execution to avoid moving the market against themselves.
Final Thoughts
Plumas Bancorp might not be the loudest name in the market, but that’s part of its charm. It’s a bank that focuses on doing the simple things well—lending carefully, managing costs, and paying shareholders from genuine profits. The February 2026 dividend increase to $0.33 per quarter is the latest proof point that management is committed to rewarding long-term shareholders in a sustainable way.
For dividend-focused investors, the appeal lies in the reliability and the trajectory. The yield of 2.28% is modest in absolute terms, but paired with a 26.43% payout ratio, a 3.4 times earnings coverage ratio, and a demonstrated pattern of annual increases, this is a dividend that compounds quietly and durably. The financial health of the underlying business—reflected in a 13.49% return on equity and a book value that has grown nearly 25% in a year—provides the foundation that income investors depend on.
In a market full of noise, Plumas offers something quieter, but perhaps more enduring.