Pinnacle Bank Announces Earnings for Third Quarter of 2022
As of
Gross loans were
Total deposits at
Changes in the market conditions for government guaranteed loans, such as SBA 7a loans, have led to lower levels of noninterest income in 2022. Third quarter 2022 noninterest income was
“Loan growth continued in the third quarter as we again recorded double-digit growth in loans excluding PPP. Despite global business and economic challenges, our local markets remain strong,” stated
The Bank’s capital position remains above regulatory guidelines for well capitalized banks. At
For more information, please go to www.pinnacle.bank click on Investor Relations and
About
Forward-Looking Statements
This release may contain forward-looking statements, such as, among others, statements about plans, expectations and goals concerning growth and improvement. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in our primary service area and more generally in
Summary Balance Sheet |
|
|
Year over year change |
||||||||||||||
(Unaudited, dollars in thousands) |
|
|
|
|
|
|
$ |
% |
|||||||||
Total assets |
$ |
781,242 |
|
$ |
787,852 |
|
$ |
721,956 |
|
$ |
59,286 |
|
8 |
% |
|||
Gross loans |
$ |
486,137 |
|
$ |
468,902 |
|
$ |
444,868 |
|
$ |
41,269 |
|
9 |
% |
|||
Allowance for loan losses |
$ |
(6,227 |
) |
$ |
(6,215 |
) |
$ |
(6,178 |
) |
$ |
(49 |
) |
1 |
% |
|||
Non-interest bearing deposits |
$ |
341,658 |
|
$ |
340,924 |
|
$ |
301,305 |
|
$ |
40,353 |
|
13 |
% |
|||
Interest-bearing deposits |
$ |
358,276 |
|
$ |
367,858 |
|
$ |
345,755 |
|
$ |
12,521 |
|
4 |
% |
|||
Total deposits |
$ |
699,933 |
|
$ |
708,782 |
|
$ |
647,060 |
|
$ |
52,873 |
|
8 |
% |
|||
Shareholders' equity |
$ |
69,698 |
|
$ |
68,099 |
|
$ |
64,284 |
|
$ |
5,414 |
|
8 |
% |
Summary Income Statement |
|
|
|
|
|||||||||||||
(Unaudited, dollars in thousands |
Quarter ended |
|
Quarter ended |
|
Change |
|
Quarter ended |
|
Change |
||||||||
except per share data) |
|
|
|
|
% |
|
|
|
% |
||||||||
Interest income |
$ |
8,756 |
|
$ |
7,242 |
|
21 |
% |
$ |
6,197 |
|
41 |
% |
||||
Interest expense |
|
558 |
|
|
227 |
|
146 |
% |
|
242 |
|
131 |
% |
||||
Net interest income |
|
8,198 |
|
|
7,015 |
|
17 |
% |
|
5,955 |
|
38 |
% |
||||
Provision for loan losses |
|
0 |
|
|
0 |
|
0 |
% |
|
0 |
|
0 |
% |
||||
Non-interest income |
|
807 |
|
|
531 |
|
52 |
% |
|
1,963 |
|
-59 |
% |
||||
Non-interest expense |
|
5,471 |
|
|
5,272 |
|
4 |
% |
|
4,829 |
|
13 |
% |
||||
Income tax expense |
|
1,040 |
|
|
668 |
|
56 |
% |
|
919 |
|
13 |
% |
||||
Net income (loss) |
$ |
2,494 |
|
$ |
1,606 |
|
55 |
% |
$ |
2,170 |
|
15 |
% |
||||
|
|
|
|
|
|
||||||||||||
Basic earnings per share |
$ |
0.46 |
|
$ |
0.30 |
|
54 |
% |
$ |
0.41 |
|
12 |
% |
||||
Diluted earnings per share |
$ |
0.45 |
|
$ |
0.29 |
|
55 |
% |
$ |
0.39 |
|
15 |
% |
||||
Book value per share |
$ |
12.76 |
|
$ |
12.54 |
|
2 |
% |
$ |
12.01 |
|
6 |
% |
||||
Shares outstanding at period end |
|
5,463,066 |
|
|
5,432,491 |
|
1 |
% |
|
5,350,489 |
|
2 |
% |
||||
Return on average assets |
|
1.25 |
% |
|
0.82 |
% |
|
|
1.22 |
% |
|
||||||
Return on average equity |
|
14.82 |
% |
|
9.54 |
% |
|
|
13.63 |
% |
|
|
|
|
|
Minimum |
||||||||
|
|
|
|
required to be |
||||||||
Capital Ratios |
|
|
|
well-capitalized |
||||||||
Tier 1 leverage ratio |
9.07 |
% |
8.90 |
% |
9.04 |
% |
5.00 |
% |
||||
Common equity tier 1 capital ratio |
12.22 |
% |
12.09 |
% |
13.50 |
% |
6.50 |
% |
||||
Tier 1 capital ratio |
12.22 |
% |
12.09 |
% |
13.50 |
% |
8.00 |
% |
||||
Total capital ratio |
13.28 |
% |
13.18 |
% |
14.75 |
% |
10.00 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221027006188/en/
408-762-7146
Source: