Jeffrey Moore
About Jeffrey Moore
Jeffrey T. Moore, age 68, serves as Executive Vice President and Chief Credit Officer (CCO) of Plumas Bank, a subsidiary of Plumas Bancorp, and has held the CCO role since February 21, 2019, after serving as Senior Vice President and Credit Administrator from January 2018 to February 21, 2019 . Plumas Bancorp’s recent pay-versus-performance disclosures show TSR improving from $111.19 to $149.78 over 2022–2024 and net income of $26.4M, $29.8M, and $28.6M respectively, contextualizing incentive alignment during his tenure . Moore’s retirement was announced for year-end 2025, with noted credit function advancements including adoption of Sageworks underwriting, Business Express small business loan delivery, and modernized loan tickler processes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Plumas Bank (Plumas Bancorp subsidiary) | Executive Vice President & Chief Credit Officer | Feb 21, 2019 – present | Led adoption of Sageworks underwriting, Business Express product for expedited small business lending, and modernized tickler/portfolio management; strengthened credit policy and lending capabilities . |
| Plumas Bank | Senior Vice President, Credit Administrator | Jan 2018 – Feb 21, 2019 | Built and managed credit administration; foundation for subsequent credit transformation . |
Fixed Compensation
- Not disclosed for Moore in the proxy (he is not a named executive officer). Executive officer roster lists him, but detailed salary/bonus/equity in the Summary Compensation Table covers CEO, CFO, and CBO only .
Performance Compensation
Plumas Bancorp’s 2024 non-equity incentive plan (NEI) applies to EVPs (including the CCO) with payouts made in Q1 following the performance year. EVP weighting and metrics were disclosed; individual targets and payouts for Moore were not separately disclosed .
| Metric | Weighting (EVP) | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| ROA Percentile vs $1–$3B bank peer group | 60.2% | Not disclosed | Not disclosed | Not disclosed | Cash paid following approval in Q1 2025 |
| Strategic Goals | 17.2% | Not disclosed | Not disclosed | Not disclosed | Cash/Q1 payout |
| Various Performance Metrics (incl. pre-tax ROE percentile and budgeted net income) | 8.6% | Not disclosed | Not disclosed | Not disclosed | Cash/Q1 payout |
| CEO Evaluation | 14.0% | Not disclosed | Not disclosed | Not disclosed | Cash/Q1 payout |
Notes:
- Incentives payable once Bank exceeded the 50th percentile ROA; pool scaled with higher percentile. Officer pool constituted 90.9% of combined bonus pools; EVPs could earn up to 4.65% of the officers’ bonus pool .
Equity Ownership & Alignment
- Anti-hedging policy prohibits short sales and transactions designed to hedge or offset declines in Company securities; supports alignment by limiting hedging practices .
- Equity Plan: 2022 Equity Incentive Plan allows stock options, restricted stock, and RSUs; options granted at fair market value, maximum vesting five years, 10-year life; 362,882 shares remained available at 12/31/2024 .
- Vesting mechanics (employee/NEO examples): 2019 grant 25% annually beginning 10/21/2020; 2022 grant 20% annually beginning 08/16/2023; 2024 grant 20% annually beginning 02/21/2025 .
- Insider transactions and option activity indicators:
- Form 4 filed Nov 7, 2024 notes options exercisable in four equal annual installments beginning Oct 21, 2020, consistent with 2019 grant schedule .
- SEC EDGAR index entries confirm Moore’s Form 4 filings in 2024 (Reporting CIK: 0001769023) .
- Aggregated feed indicates conversion/exercise of derivative security at $21.45 (consistent with 2019 option strike) and indirect holdings noted Aug 4, 2025 .
- Pledging: No pledging disclosures identified; anti-hedging policy addresses short sales/hedging but does not explicitly reference pledging .
Employment Terms
Change-in-Control (CIC) Agreement executed August 22, 2025 across key executives including Jeff Moore; amended severance terms increase cash multiple, with double-trigger protections and auto-renewal .
| Provision | Term |
|---|---|
| Parties | PLBC, Plumas Bank, and executive (Jeff Moore listed on schedule) |
| CIC Term | Initial term to Dec 31, 2028; automatic one-year renewals; extends to CIC closing if announced; terminates on second anniversary post-CIC closing |
| Trigger | Termination without cause or resignation for good reason within 24 months post-CIC (double trigger) |
| Cash Severance | Lump sum equal to 18 months’ base salary (increased from 12 months); plus prior year annual bonus if unpaid; plus prorated portion of average cash bonus over preceding 3 years |
| Benefits | COBRA reimbursement up to 18 months |
| 280G | Cutback to avoid excise tax under IRC §280G, if beneficial to executive |
| Release | Benefits conditioned on timely execution of general release (effective and irrevocable within 55 days) |
| Restrictive Covenants | 12-month nonsolicitation and protection against misappropriation; no geographic non-compete disclosed |
Other employment agreements: CEO has a separate employment agreement with severance and CIC terms; no separate employment or CIC agreements disclosed for executives prior to August 2025 other than the CIC form adoption .
Company Performance Context
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Total Shareholder Return – $100 Initial Value | $111.19 | $127.28 | $149.78 |
| Net Income ($USD Thousands) | $26,444 | $29,776 | $28,619 |
Track Record and Execution
- Credit function modernization: Led underwriting platform migration (Sageworks), launched Business Express small business loan product, improved tickler/portfolio management tools; strengthened credit policy and lending capabilities .
- Transition plan: Successor named (Kevin Kaiser) to ensure continuity across credit teams and portfolio management upon Moore’s year-end 2025 retirement .
Risk Indicators & Red Flags
- Insider hedging/short sales prohibited, reducing misalignment risk .
- Form 4 activity indicates option vesting/exercise timing aligned with disclosed grant schedules; some selling/exercise activity observed in 2024–2025, a typical retirement-phase pattern but implies potential near-term selling pressure .
- CIC terms enhanced in August 2025 (18-month base salary); stronger retention protections through deal-close increase, but could elevate change-of-control cash outflows .
Compensation Peer Group & Say-on-Pay Signals
- NEI peer benchmarking: ROA percentile measured against commercial banks with $1–$3B assets as of 9/30/2024 .
- Say-on-Pay frequency: Board recommends annual vote; prior 2019 shareholder preference had been triennial .
Investment Implications
- Moore’s year-end 2025 retirement with a named successor suggests well-managed transition; execution continuity supported by internal promotion and established tools/processes .
- CIC revisions increasing severance multiples to 18 months for EVPs, including Moore, raise potential change-of-control cash obligations; however, double-trigger structure and 280G cutback mitigate excessive payouts .
- Performance compensation ties materially to ROA percentile and strategic/ROE metrics, aligning senior credit leadership with profitability/quality outcomes; TSR and net income trends over 2022–2024 show constructive performance alignment .
- Insider activity reflecting option exercises at legacy strikes ($21.45) and transactions in late 2024–2025 may create incremental technical selling pressure near retirement, but policy restrictions on hedging curb misalignment risk .