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), 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.
Pinnacle Bank (OTCQB: PBNK) reported unaudited net income of $1.17 million for Q1 2021, a significant increase from $105,000 in Q1 2020. Total assets surged 58% to $684 million, while gross loans rose 47% to $511.2 million. The bank's loan loss allowance was $6.12 million, down from $4.99 million year-over-year. Total deposits climbed 64% to $609.4 million. Pinnacle Bank facilitated over $50 million in Round 2 PPP loans for over 200 clients. The bank maintains a strong capital ratio of 14.83% and has received top ratings from Bauer Financial and DepositAccounts.com.
Pinnacle Bank (OTCQB: PBNK), located in Gilroy, CA, has appointed Jennifer Kuyper as Senior Vice President, Senior Relationship Manager. With a career in banking since 2002, Kuyper aims to build long-term relationships with businesses in Monterey County. Previously with Pacific Valley Bank, she played a key role in securing PPP loans for local businesses. Pinnacle Bank focuses on commercial banking for small to medium-sized enterprises, offering personalized services combined with advanced technology.
Pinnacle Bank (OTCQB: PBNK), based in Gilroy, CA, announced the appointment of Mayra Marquez as Senior Vice President and Senior Relationship Manager on April 19, 2021. With over 21 years of banking experience, Marquez aims to enhance the bank's presence in South County and Silicon Valley. Previously, she managed a portfolio exceeding $100 million at Wells Fargo. Pinnacle Bank focuses on providing personal banking solutions for small to medium-sized businesses across Santa Clara, San Benito, and Monterey counties.