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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, 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%.
Pinnacle Bank (OTCQB: PBNK) announced the appointment of Joe Servi as Senior Vice President, Senior Relationship Manager, effective April 20, 2022. Servi, a respected banker in the Monterey County area, previously managed a $180MM+ loan portfolio at Union Bank and exceeded loan goals at Pacific Valley Bank. His experience and community-focused approach align with Pinnacle Bank's mission to enhance services in Salinas and surrounding regions. This strategic hire aims to bolster the bank's presence in the local market.
Pinnacle Bank (OTCQB: PBNK) has announced the appointment of Kelly Davis as Senior Vice President and Senior Relationship Manager, effective February 8, 2022. Ms. Davis will support the bank's new Campbell office while continuing her relationships in the Los Altos area. With over 30 years of experience in banking, she previously held senior roles at various banks, contributing to significant deposit and loan growth. Pinnacle Bank is dedicated to quality banking services across Santa Clara, San Benito, and Monterey counties, emphasizing personalized and technology-driven client service.
Pinnacle Bank, based in Gilroy, California, reported record unaudited net income of $7.75 million for 2021, up 97% from $3.94 million in 2020. Total assets increased 20% to $737.8 million. However, gross loans dropped 11% to $434.5 million, primarily due to a decline in PPP loans, which fell from $110.2 million to $21 million. Total deposits rose by 21% to $659.7 million, reflecting strong growth in non-interest income, which reached $7.08 million, up 90.1% from the previous year.
Pinnacle Bank (OTCQB: PBNK), based in Gilroy, California, reported a net income of $2.17 million for Q3 2021, up from $1.35 million in Q3 2020. Total assets rose by 16% to $722 million year-over-year, while deposits increased 18% to $647.1 million. However, gross loans decreased by 11% to $444.9 million, with PPP loans dropping significantly. The bank's total capital ratio stood at 14.75%, exceeding regulatory requirements. Pinnacle Bank continues to receive high ratings for financial performance.
Pinnacle Bank (OTCQB: PBNK) reported an unaudited net income of $2.4 million for Q2 2021, significantly up from $1.1 million in Q2 2020. Total assets increased by 11% to $696 million, while total deposits grew 13% to $622.9 million. Gross loans decreased by 3% to $467.3 million, impacted by lower Paycheck Protection Program (PPP) loans of $71.8 million. Pinnacle Bank maintains a strong capital ratio of 14.94% and has received high ratings for financial performance.