Pinnacle Bank Announces Q2 2021 Results
07/30/2021 - 01:01 PM
GILROY, Calif. , July 30 , 2021 /PRNewswire/ -- Pinnacle Bank (OTCQB: PBNK), headquartered in Gilroy, California , announced today unaudited net income for the three months ended June 30, 2021 of $2,399,000 $1,077,000 March 2020 were the basis for a provision for loan losses of $420,000
As of June 30, 2021 , total assets were $696.0 million 11% increase from the $624.7 million June 30, 2020 .
Gross loans were $467.3 million June 30, 2021 , a decrease of $16.6 million 3% ) from the June 30, 2020 balance of $484.0 million June 30, 2021 were $71.8 million $125 $37.1 million 10% . The allowance for loan losses at June 30, 2021 was $6.16 4 million1.34% of loans (1.58% of net loans excluding the PPP loans) compared to $5.14 9 million1.14% of loans at June 30, 2020 (1.53% excluding PPP loans).
Total deposits at June 30, 2021 , increased to $622.9 million $550.2 million June 30, 2020 , a 13% increase.
Gains on the sale of government guaranteed loans were $2 $362,000 September 2021 and the prices paid by buyers of the guarantees.
"As our markets see economic improvements with the changes in the pandemic restrictions, our communities continue to see opportunities for growth. Our strong second quarter earnings and double-digit growth in loans and deposits reflects the success our approach to combine relationship banking with participation in government guaranteed lending," stated Jeffrey Payne , President and CEO. "We are honored to contribute to the success of our communities by providing premier business banking from Salinas Valley to Silicon Valley. Our continued success and momentum is due to the ongoing efforts and contributions of our outstanding team of professional bankers, committed directors and advisors and our many loyal clients."
As of June 30, 2021 , there was one loan for $691,000 $5.9 million March 31 , 2021. All of these loans were on performing status. COVID loan modifications are generally for interest only periods.
The Bank's capital position remains above regulatory guidelines for well capitalized banks. At June 30, 2021 , the Bank had a total capital ratio of 14.94% . Book value per share at June 30, 2021 was $11.60
Pinnacle Bank is rated by Bauer Financial as Five-Star "Superior" for strong financial performance, the top rating given by the independent bank rating firm. DepositAccounts.com awarded Pinnacle Bank an A+ rating with a ranking of 80 out of 5,035 U. S. banks analyzed. The Findley Reports named Pinnacle Bank a 2020 Super Premier performing bank.
For more information please go to www.pinnacle.bank click on Investor Relations and June 2021 call report.
About Pinnacle Bank Pinnacle Bank is a full-service business bank dedicated to providing quality depository and credit services in Santa Clara , San Benito and Monterey counties. The bank focuses on commercial banking services for businesses and nonprofit organizations, offering a variety of products and services that combine the best of personal touch with convenient technology-based delivery. Pinnacle Bank has locations in Morgan Hill , Gilroy , Salinas and Campbell . For more information please go to www.pinnacle.bank click on Investor Relations and June 2021 call report.
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 California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. Pinnacle Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
Media Contact: Pinnacle Bank Jeffrey D. Payne , President & CEO408-762-7146
Summary Balance Sheet
Year over year change
(Unaudited, dollars in thousands)
6/30/2021
3/31/2021
6/30/2020
$
%
Total assets
$ 695,979
$ 683,991
$ 624,661
$ 71,318
11%
Gross loans
$ 467,330
$ 511,173
$ 483,963
$ (16,633)
-3%
Allowance for loan losses
$ (6,164)
$ (6,118)
$ (5,419)
$ (745)
14%
Non-interest bearing deposits
$ 309,482
$ 294,905
$ 261,949
$ 47,533
18%
Interest-bearing deposits
$ 313,415
$ 314,464
$ 288,264
$ 25,151
9%
Total deposits
$ 622,897
$ 609,369
$ 550,213
$ 72,684
13%
Shareholders' equity
$ 61,976
$ 59,439
$ 55,229
$ 6,747
12%
Summary Income Statement
(Unaudited, dollars in thousands
Quarter ended
Quarter ended
Change
Quarter ended
Change
except per share data)
6/30/2021
3/31/2021
%
6/30/2020
%
Interest income
$ 6,248
$ 5,870
6%
$ 5,251
19%
Interest expense
248
321
-23%
524
-53%
Net interest income
6,000
5,549
8%
4,727
27%
Provision for loan losses
0
0
0%
420
-100%
Non-interest income
2,469
727
240%
823
200%
Non-interest expense
5,055
4,597
10%
3,579
41%
Income tax expense
1,015
510
99%
474
114%
Net income (loss)
$ 2,399
$ 1,169
105%
$ 1,077
123%
Basic Earnings per share
$ 0.45
$ 0.22
105%
$0.21
114%
Diluted Earnings per share
$ 0.43
$ 0.22
95%
$0.20
115%
Book value per share
$ 11.60
$ 11.12
4%
$ 10.53
10%
Shares outstanding at period end
5,344,660
5,343,535
0%
5,242,743
2%
Return on average assets
1.40%
0.72%
0.77%
Return on average equity
15.71%
7.90%
7.87%
Minimum
required to be
Capital Ratios
6/30/2021
3/31/2021
6/30/2020
well-capitalized
Tier 1 leverage ratio
9.03%
9.20%
9.91%
5.00%
Common Equity Tier 1 capital ratio
13.69%
13.58%
13.55%
6.50%
Tier 1 capital ratio
13.69%
13.58%
13.55%
8.00%
Total capital ratio
14.94%
14.83%
14.80%
10.00%
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SOURCE Pinnacle Bank
