Pinnacle Bank Announces Earnings for 2024
Pinnacle Bank (PBNK) reported unaudited net income of $8.846 million for 2024, down from $11.771 million in 2023. Fourth quarter 2024 net income was $3.421 million, up from $3.251 million in Q4 2023. Total assets grew 4% to $846.8 million, while gross loans increased 6% to $600.6 million. The allowance for loan losses rose to $7.352 million (1.23% of net loans) from $5.952 million (1.06%). Nonperforming loans reached $12.0 million, up from zero in 2023.
Total deposits increased 2% to $732.2 million. The bank maintained strong capital position with a total capital ratio of 16.34% and book value per share of $16.87. Pinnacle Bank received top ratings from Bauer Financial and DepositAccounts.com, serving Santa Clara, San Benito and Monterey counties.
Pinnacle Bank (PBNK) ha riportato un reddito netto non verificato di $8,846 milioni per il 2024, in diminuzione rispetto a $11,771 milioni nel 2023. Il reddito netto del quarto trimestre 2024 è stato di $3,421 milioni, in aumento rispetto a $3,251 milioni nel quarto trimestre del 2023. Il totale degli attivi è cresciuto del 4% a $846,8 milioni, mentre i prestiti lordi sono aumentati del 6% a $600,6 milioni. L'accantonamento per perdite su prestiti è salito a $7,352 milioni (1.23% dei prestiti netti) rispetto a $5,952 milioni (1.06%). I prestiti non performanti hanno raggiunto $12,0 milioni, rispetto a zero nel 2023.
Il totale dei depositi è aumentato del 2% a $732,2 milioni. La banca ha mantenuto una posizione patrimoniale solida con un rapporto di capitale totale del 16,34% e un valore contabile per azione di $16,87. Pinnacle Bank ha ricevuto le migliori valutazioni da Bauer Financial e DepositAccounts.com, servendo le contee di Santa Clara, San Benito e Monterey.
Pinnacle Bank (PBNK) reportó un ingreso neto no auditado de $8.846 millones para 2024, una disminución desde $11.771 millones en 2023. El ingreso neto del cuarto trimestre de 2024 fue de $3.421 millones, en comparación con $3.251 millones en el cuarto trimestre de 2023. Los activos totales crecieron un 4% hasta $846.8 millones, mientras que los préstamos brutos aumentaron un 6% hasta $600.6 millones. La reserva para pérdidas de préstamos aumentó a $7.352 millones (1.23% de los préstamos netos) desde $5.952 millones (1.06%). Los préstamos no performantes alcanzaron $12.0 millones, subiendo desde cero en 2023.
Los depósitos totales aumentaron un 2% hasta $732.2 millones. El banco mantuvo una posición de capital sólida con una relación de capital total del 16.34% y un valor contable por acción de $16.87. Pinnacle Bank recibió las mejores calificaciones de Bauer Financial y DepositAccounts.com, sirviendo a los condados de Santa Clara, San Benito y Monterey.
피나클 은행 (PBNK)은 2024년 비감사 순이익이 8846만 달러에 달했다고 보고했으며, 이는 2023년 1억 1771만 달러에서 감소한 수치입니다. 2024년 4분기 순이익은 3421만 달러로, 2023년 4분기 3251만 달러에서 증가했습니다. 총 자산은 4% 증가하여 8억 4680만 달러에 이르렀고, 총 대출은 6% 증가하여 6억 6006만 달러에 도달했습니다. 대출 손실 충당금은 735만 달러(순 대출의 1.23%)로 증가했으며, 이는 5952만 달러(1.06%)에서 상승한 것입니다. 부실 대출은 1200만 달러에 달했으며, 2023년에는 없었습니다.
총 예금은 2% 증가하여 7억 3220만 달러가 되었습니다. 은행은 총 자본 비율 16.34%와 주당 장부 가치 16.87달러로 강력한 자본 위치를 유지하고 있었습니다. 피나클 은행은 산타클라라, 산 베니토 및 몬터레이 카운티를 서비스하며 Bauer Financial 및 DepositAccounts.com으로부터 최고 평가를 받았습니다.
Pinnacle Bank (PBNK) a annoncé un revenu net non audité de 8,846 millions de dollars pour 2024, en baisse par rapport à 11,771 millions de dollars en 2023. Le revenu net du quatrième trimestre 2024 était de 3,421 millions de dollars, en hausse par rapport à 3,251 millions de dollars au quatrième trimestre 2023. Les actifs totaux ont augmenté de 4 % pour atteindre 846,8 millions de dollars, tandis que les prêts bruts ont augmenté de 6 % pour atteindre 600,6 millions de dollars. La provision pour pertes sur prêts a augmenté à 7,352 millions de dollars (1,23 % des prêts nets) par rapport à 5,952 millions de dollars (1,06 %). Les prêts non performants ont atteint 12,0 millions de dollars, contre zéro en 2023.
Les dépôts totaux ont augmenté de 2 % pour atteindre 732,2 millions de dollars. La banque a maintenu une position de capital solide avec un ratio de capital total de 16,34 % et une valeur comptable par action de 16,87 dollars. Pinnacle Bank a reçu les meilleures évaluations de Bauer Financial et DepositAccounts.com, servant les comtés de Santa Clara, San Benito et Monterey.
Pinnacle Bank (PBNK) berichtete über ein ungeprüftes Nettoergebnis von 8,846 Millionen Dollar für 2024, ein Rückgang von 11,771 Millionen Dollar im Jahr 2023. Das Nettoergebnis des vierten Quartals 2024 betrug 3,421 Millionen Dollar, ein Anstieg von 3,251 Millionen Dollar im vierten Quartal 2023. Die gesamten Vermögenswerte stiegen um 4% auf 846,8 Millionen Dollar, während die Bruttokredite um 6% auf 600,6 Millionen Dollar zunahmen. Die Rückstellungen für Kreditverluste stiegen auf 7,352 Millionen Dollar (1,23% der Nettokredite) von 5,952 Millionen Dollar (1,06%). Die notleidenden Kredite erreichten 12,0 Millionen Dollar, nachdem sie 2023 bei null lagen.
Die Gesamteinlagen erhöhten sich um 2% auf 732,2 Millionen Dollar. Die Bank hielt eine starke Kapitalposition mit einer Gesamtkapitalquote von 16,34% und einem Buchwert pro Aktie von 16,87 Dollar. Pinnacle Bank erhielt die besten Bewertungen von Bauer Financial und DepositAccounts.com, die die Landkreise Santa Clara, San Benito und Monterey bedienen.
- Q4 2024 net income increased to $3.421M from $3.251M YoY
- Total assets grew 4% to $846.8M
- Gross loans increased 6% to $600.6M
- Deposits grew 2% to $732.2M
- Strong capital ratio at 16.34%
- Annual net income decreased 25% to $8.846M from $11.771M
- Nonperforming loans increased to $12.0M from zero in 2023
- Loan loss allowance increased to 1.23% from 1.06% of net loans
As of December 31, 2024, total assets were
Gross loans were
Total deposits at December 31, 2024, increased to
“During 2024 loans and deposits continued to grow while navigating inflation and economic uncertainties. These results reflect the importance of our approach to building strong relationships,” 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. We appreciate the ongoing efforts of our outstanding team of professional bankers, committed directors and advisors and our many loyal clients that contribute to our ongoing success and continued momentum.”
The Bank’s capital position remains above regulatory guidelines for well capitalized banks. At December 31, 2024, the Bank had a total capital ratio of
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. The Findley Reports named Pinnacle Bank a 2023 Super Premier performing bank.
For more information, please go to www.pinnacle.bank and click on Investor Relations and December 2024 call report.
About Pinnacle Bank
Pinnacle Bank is a full-service business bank dedicated to providing quality depository and credit services in
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) |
12/31/2024 |
9/30/2024 |
12/31/2023 |
$ |
% |
|||||||||
Total assets |
$ |
846,848 |
|
$ |
891,406 |
|
$ |
817,420 |
|
$ |
29,428 |
|
4 |
% |
Gross loans |
$ |
600,637 |
|
$ |
614,609 |
|
$ |
564,454 |
|
$ |
36,183 |
|
6 |
% |
Allowance for loan losses |
$ |
(7,352 |
) |
$ |
(7,335 |
) |
$ |
(5,952 |
) |
$ |
(1,400 |
) |
24 |
% |
Non-interest bearing deposits |
$ |
248,677 |
|
$ |
263,771 |
|
$ |
262,757 |
|
$ |
(14,080 |
) |
-5 |
% |
Interest-bearing deposits |
$ |
483,555 |
|
$ |
517,108 |
|
$ |
451,961 |
|
$ |
31,594 |
|
7 |
% |
Total deposits |
$ |
732,232 |
|
$ |
780,878 |
|
$ |
714,718 |
|
$ |
17,514 |
|
2 |
% |
Shareholders' equity |
$ |
98,975 |
|
$ |
95,580 |
|
$ |
87,926 |
|
$ |
11,049 |
|
13 |
% |
Summary Income Statement |
|
|
|
|
|||||||
(Unaudited, dollars in thousands |
Year ended |
Year ended |
Change |
Change |
|||||||
except per share data) |
12/31/2024 |
12/31/2023 |
$ |
% |
|||||||
Interest income |
$ |
51,711 |
$ |
46,681 |
$ |
5,030 |
10.8 |
% |
|||
Interest expense |
|
13,727 |
|
|
9,543 |
|
|
4,184 |
|
43.8 |
% |
Net interest income |
|
37,984 |
|
|
37,138 |
|
|
846 |
|
2.3 |
% |
Provision for loan losses |
|
3,791 |
|
|
330 |
|
|
3,461 |
|
1048.8 |
% |
Non-interest income |
|
2,196 |
|
|
4,137 |
|
|
(1,941 |
) |
-46.9 |
% |
Non-interest expense |
|
24,088 |
|
|
24,399 |
|
|
(311 |
) |
-1.3 |
% |
Income tax expense |
|
3,455 |
|
|
4,775 |
|
|
(1,320 |
) |
-27.6 |
% |
Net income (loss) |
$ |
8,846 |
|
$ |
11,771 |
|
$ |
(2,925 |
) |
-24.9 |
% |
|
|
|
|
|
|||||||
Basic Earnings (loss) per share |
$ |
1.52 |
|
$ |
2.09 |
|
$ |
(0.57 |
) |
-27.4 |
% |
Diluted Earnings (loss) per share |
$ |
1.49 |
|
$ |
2.07 |
|
$ |
(0.58 |
) |
-28.0 |
% |
Book value per share |
$ |
16.87 |
|
$ |
15.37 |
|
$ |
1.50 |
|
9.8 |
% |
Shares outstanding at period end |
|
5,865,666 |
|
|
5,721,976 |
|
|
143,690 |
|
2.5 |
% |
|
|
|
|
Minimum |
||||
|
|
|
|
required to be |
||||
Capital Ratios |
12/31/2024 |
9/30/2024 |
12/31/2023 |
well-capitalized |
||||
Tier 1 leverage ratio |
11.41 |
% |
11.11 |
% |
10.72 |
% |
5.00 |
% |
Common Equity Tier 1 capital ratio |
15.22 |
% |
14.26 |
% |
13.72 |
% |
6.50 |
% |
Tier 1 capital ratio |
15.22 |
% |
14.26 |
% |
13.72 |
% |
8.00 |
% |
Total capital ratio |
16.34 |
% |
15.35 |
% |
14.64 |
% |
10.00 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250130613499/en/
Media Contact:
Pinnacle Bank
Jeffrey D. Payne, President & CEO
408-762-7146
Source: Pinnacle Bank
FAQ
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