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 (CA) (OTCQB: PBNK) is a full-service community and business bank headquartered in Gilroy, California, with a focus on commercial banking services for businesses and nonprofit organizations in Santa Clara, San Benito, and Monterey counties. The PBNK news feed on Stock Titan brings together the bank’s publicly released updates so readers can follow how this regional commercial bank reports on its operations and markets.
News about Pinnacle Bank frequently centers on its quarterly earnings announcements, where the bank reports unaudited net income, total assets, gross loans, total deposits, and capital ratios. These releases also provide detail on credit quality, including allowance for credit losses, nonperforming assets, and nonaccrual loans such as commercial real estate hotel loans and asset-based commercial loans. Management commentary in these earnings updates often discusses economic conditions in the bank’s primary service area and how relationship banking and personalized service relate to loan and deposit trends.
In addition to financial results, the PBNK news stream includes governance and leadership updates, such as the election of a Vice Chairman of the Board of Directors and appointments or promotions in senior credit and lending roles, including a Chief Credit Officer and Senior Lending Officer. These items shed light on the bank’s credit culture, succession planning, and lending leadership.
Investors and observers who follow PBNK news can use this page to review how Pinnacle Bank describes its performance, capital strength, and community banking focus over time. Regularly reviewing these releases helps build a picture of how the bank’s relationship banking model, regional footprint from Salinas Valley to Silicon Valley, and credit profile evolve across reporting periods.
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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.
Pinnacle Bank (PBNK) reported unaudited net income of $2,494,000 for Q3 2022, a 55% increase from Q2 2022 and 15% year-over-year. Total assets rose to $781.2 million, an 8% increase, while gross loans reached $486.1 million, up 19% excluding PPP loans. Total deposits also grew 8% to $700.0 million. However, noninterest income decreased to $807,000, down from $1,963,000 year-over-year, due to reduced government loan originations.
Capital ratios remain strong with a total capital ratio of 13.28% and a book value per share at $12.76.
Pinnacle Bank (OTCQB: PBNK) announced the promotion of Cliff Dennett to Chief Credit Officer, following the retirement of Robert Blatter. Dennett, with the bank since 2007, has held various leadership roles, including Executive Vice President and Senior Lending Officer. He worked closely with Blatter for seven years, contributing significantly to the bank's loan program and credit risk management. CEO Jeffrey D. Payne expressed confidence in Dennett's ability to maintain the bank's strong credit culture and client-focused lending approach.
Pinnacle Bank (OTCQB: PBNK) reported unaudited net income of $1,246,000 for Q1 2022, up from $1,169,000 in Q1 2021. Total assets rose by 14% to $778.8 million, while gross loans declined by 13% to $442.6 million. However, excluding PPP loans, gross loans increased by 14%. Total deposits increased by 15% to $701.0 million. The bank maintains a strong capital position with a total capital ratio of 13.96%.
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