Welcome to our dedicated page for Pinnacle Bank news (Ticker: PBNK), a resource for investors and traders seeking the latest updates and insights on Pinnacle Bank stock.
Pinnacle Bank (PBNK) reports developments for a Gilroy, California community bank focused on relationship-based business banking for local businesses, nonprofits, entrepreneurs and business owners from the Salinas Valley to Silicon Valley. Recurring updates cover unaudited quarterly and annual earnings, asset levels, gross loans, deposits, book value per share and regulatory capital ratios.
Company news also addresses credit quality within loan portfolios, including allowance levels, provisions for credit losses, nonaccrual or nonperforming assets, and exposure areas such as asset-based lending and hospitality-related commercial real estate. Governance updates include board leadership changes.
Pinnacle Bank (OTCQB: PBNK) reported unaudited net income of $2,728,000 for Q2 2024, down from $2,870,000 in Q2 2023. The bank's total assets increased 6% to $849.5 million, while gross loans grew 11% to a record $597.6 million. Total deposits rose 5% to $740.9 million. The bank maintains a strong capital position with a total capital ratio of 15.10% and a book value per share of $16.14. Pinnacle Bank received high ratings from Bauer Financial, DepositAccounts.com, and The Findley Reports, reflecting its strong financial performance and stability in the face of economic challenges.
Pinnacle Bank (OTCQB: PBNK), announced the election of Edward J. Rossi as Vice Chairman of its Board of Directors, filling the vacancy left by the late Allen R. Greco. Rossi, CEO of Cal Door & Drawer and a founding member of the bank, has been a board member since 2006. He will serve on multiple committees, including Marketing, Directors Loan, Compensation, and as Chairman of the ALCO committee. Pinnacle Bank focuses on commercial banking services in Santa Clara, San Benito, and Monterey counties, with branches in Morgan Hill, Gilroy, Salinas, and Campbell.
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Pinnacle Bank, based in Gilroy, California, reported a record unaudited net income of $8,453,000 for the year ending December 31, 2022, a 9% increase from $7,750,000 in 2021. The bank's total assets grew by 2% to $755.7 million, with gross loans rising 17% to $510.1 million. However, noninterest income decreased significantly to $2,901,000 from $7,085,000 in 2021 due to reduced demand for government guaranteed loans. The total capital ratio stands at 13.37%, keeping the bank well-capitalized. Pinnacle Bank has received high ratings for its financial performance, confirming its stability and growth potential.
Pinnacle Bank (OTCQB: PBNK) has announced the appointment of Michael Khan as Executive Vice President and Senior Lending Officer. With over 20 years of experience in the Bay Area, Khan will oversee loan evaluations, structuring, approvals, and management of the underwriters' team. Previously, he held senior positions at Heritage Bank of Commerce and California Bank of Commerce. Cliff Dennett, Chief Credit Officer, expressed confidence in Khan's ability to enhance the bank's lending practices, emphasizing a strong credit culture.