Pinnacle Bank Reports Q3 Performance: Loan and Deposit Growth
Pinnacle Bank's Latest Earnings Announcement
Pinnacle Bank has revealed its earnings for the third quarter, showcasing noteworthy achievements in loan and deposit growth, emphasizing their commitment to relationship banking.
Financial Overview
In its recent quarterly report, Pinnacle Bank (OTCQB: PBNK), headquartered in California, announced an unaudited net income of $1,909,000 for the three months ended September 30, 2024. This reflects a decrease from the net income of $2,728,000 reported for the same quarter last year.
Asset and Loan Growth
As of September 30, 2024, Pinnacle Bank's total assets reached a remarkable $893.1 million, marking a robust 6% increase from the $843.5 million reported a year earlier. Gross loans have achieved a new record of $617.0 million, a significant increase of 15% compared to the previous year's total of $538.4 million. This growth indicates the bank's solid performance in lending activities over the past year.
Credit Losses and Loan Quality
While the allowance for credit losses stood at $7.335 million, representing 1.20% of net loans, it reflects a slight increase from the previous year when it was 1.09%. Nonaccrual loans amounted to $10.9 million at the end of September 2024, with the bank maintaining a strong monitoring system over its loan portfolio to minimize risks.
Deposits and Customer Relationships
Total deposits at Pinnacle Bank were reported to be $780.9 million, an increase of 5% from $746.6 million a year prior. President and CEO Jeffrey Payne expressed confidence in the bank's growth strategy, stating, "We saw continued loan and deposit growth in the third quarter. Our success is attributed to our relationship banking approach and high standard of service that we offer to our clients."
Furthermore, the bank highlighted its intention to contribute positively to its community, providing excellent service across various regions.
Capital Position and Ratings
Pinnacle Bank's capital position remains strong, with a total capital ratio of 15.52%. This is well above the regulatory requirements for well-capitalized banks, ensuring the bank's stability in the current economic landscape. The book value per share reported at $16.60 demonstrates the bank’s solid financial foundation.
Independent Ratings
The financial performance of Pinnacle Bank has also been recognized by independent rating agencies. Bauer Financial rated Pinnacle Bank as a Five-Star "Superior" institution, which is a testament to its strong performance. Additionally, DepositAccounts.com awarded the bank with an A health rating, while The Findley Reports recognized it as a 2023 Super Premier performing bank. These accolades further establish Pinnacle Bank's reputable standing in the financial sector.
Looking Forward
Pinnacle Bank remains focused on providing top-tier banking services and building deep-rooted relationships with its clients. With its sights set on continued expansion and community engagement, the bank is poised for sustained growth and success in the upcoming quarters.
Frequently Asked Questions
What are Pinnacle Bank’s Q3 earnings for 2024?
Pinnacle Bank reported a net income of $1,909,000 for the third quarter of 2024.
How did Pinnacle Bank’s total assets change year-over-year?
Total assets rose from $843.5 million in 2023 to $893.1 million in 2024, reflecting a 6% increase.
What is the current status of Pinnacle Bank's loan portfolio?
Gross loans reached $617.0 million, showcasing a 15% increase from the previous year.
How does Pinnacle Bank manage credit losses?
The allowance for credit losses at the end of September 2024 was $7.335 million, or 1.20% of net loans.
What ratings did Pinnacle Bank receive from independent agencies?
Pinnacle Bank received a Five-Star rating from Bauer Financial and an A health rating from DepositAccounts.com.
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