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 Q1 2025 financial results with unaudited net income of $1.914 million, down from $2.453 million in Q1 2024. Total assets reached $892.5 million, showing a 7% year-over-year increase. The bank experienced flat loan growth at $576.6 million, while total deposits grew 7% to $775.0 million.
Notable metrics include increased nonperforming assets of $9.6 million (from zero in Q1 2024), and an allowance for credit losses of 1.23% of net loans. The bank maintains strong capital ratios, with a total capital ratio of 17.20%. Book value per share increased to $17.16, and earnings per share were $0.32, compared to $0.42 in Q1 2024.
The bank attributes lower Q1 interest income to the Federal Reserve's 1% rate reduction during 2024, which impacted operating results.
Pinnacle Bank (PBNK) reported unaudited net income of $8.846 million for 2024, down from $11.771 million in 2023. Fourth quarter 2024 net income was $3.421 million, up from $3.251 million in Q4 2023. Total assets grew 4% to $846.8 million, while gross loans increased 6% to $600.6 million. The allowance for loan losses rose to $7.352 million (1.23% of net loans) from $5.952 million (1.06%). Nonperforming loans reached $12.0 million, up from zero in 2023.
Total deposits increased 2% to $732.2 million. The bank maintained strong capital position with a total capital ratio of 16.34% and book value per share of $16.87. Pinnacle Bank received top ratings from Bauer Financial and DepositAccounts.com, serving Santa Clara, San Benito and Monterey counties.
Pinnacle Bank (OTCQB: PBNK) has restated its Q3 2024 financials, reporting unaudited net income of $244,000, down from $2,728,000 in Q3 2023. The decline was primarily due to a $2.4 million commercial loan charge-off. Total assets reached $891.4 million, up 6% year-over-year, while gross loans increased 14% to $614.6 million. Total deposits grew 5% to $780.9 million. The allowance for credit losses increased to 1.20% of net loans, with nonaccrual loans at $8.4 million compared to none in the previous year. The Bank maintains a total capital ratio of 15.35% with a book value per share of $16.32.
Pinnacle Bank (PBNK) reported unaudited net income of $1,909,000 for Q3 2024, down from $2,728,000 in Q3 2023. Total assets reached $893.1 million, up 6% year-over-year. Gross loans hit a record $617.0 million, increasing 15% from the previous year. Total deposits grew 5% to $780.9 million. The bank reported nonaccrual loans of $10.9 million, compared to none in Q3 2023. The bank maintains a strong capital position with a total capital ratio of 15.52% and a book value per share of $16.60.
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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