Pinnacle Bank Announces Earnings for Second Quarter of 2024
Pinnacle Bank (OTCQB: PBNK) reported unaudited net income of $2,728,000 for Q2 2024, down from $2,870,000 in Q2 2023. The bank's total assets increased 6% to $849.5 million, while gross loans grew 11% to a record $597.6 million. Total deposits rose 5% to $740.9 million. The bank maintains a strong capital position with a total capital ratio of 15.10% and a book value per share of $16.14. Pinnacle Bank received high ratings from Bauer Financial, DepositAccounts.com, and The Findley Reports, reflecting its strong financial performance and stability in the face of economic challenges.
Pinnacle Bank (OTCQB: PBNK) ha riportato un utile netto non verificato di $2.728.000 per il secondo trimestre del 2024, in calo rispetto ai $2.870.000 del secondo trimestre del 2023. Le attività totali della banca sono aumentate del 6% a $849,5 milioni, mentre i prestiti lordi sono cresciuti dell'11% fino a raggiungere un massimo storico di $597,6 milioni. I depositi totali sono aumentati del 5% a $740,9 milioni. La banca mantiene una solida posizione patrimoniale con un rapporto di capitalizzazione totale del 15,10% e un valore contabile per azione di $16,14. Pinnacle Bank ha ricevuto valutazioni elevate da Bauer Financial, DepositAccounts.com e The Findley Reports, a testimonianza delle sue prestazioni finanziarie solide e della stabilità di fronte alle sfide economiche.
Pinnacle Bank (OTCQB: PBNK) reportó un ingreso neto no auditado de $2,728,000 para el segundo trimestre de 2024, menor que los $2,870,000 del segundo trimestre de 2023. Los activos totales del banco aumentaron un 6% a $849.5 millones, mientras que los préstamos brutos crecieron un 11% hasta un récord de $597.6 millones. Los depósitos totales aumentaron un 5% a $740.9 millones. El banco mantiene una sólida posición de capital con un ratio de capital total del 15.10% y un valor en libros por acción de $16.14. Pinnacle Bank recibió altas calificaciones de Bauer Financial, DepositAccounts.com y The Findley Reports, lo que refleja su sólido desempeño financiero y estabilidad frente a los desafíos económicos.
피나클 은행 (OTCQB: PBNK)은 2024년 2분기에 감사되지 않은 순이익 2,728,000달러를 보고했으며, 이는 2023년 2분기의 2,870,000달러에서 감소한 수치입니다. 은행의 총 자산은 6% 증가하여 8억 4천 9백 5십만 달러에 달했습니다, 총 대출은 11% 증가하여 사상 최고치인 5억 9천 7백 6십만 달러에 도달했습니다. 총 예금은 5% 증가하여 7억 4천 9백 10만 달러에 이릅니다. 은행은 총 자본 비율 15.10%와 주당 장부가가치가 16.14달러로 강력한 자본 위치를 유지하고 있습니다. 피나클 은행은 바우어 파이낸셜, 디파짓어카운츠닷컴, 핀들리 리포트로부터 높은 평가를 받으며 경제적 도전 속에서도 강력한 재무 성과와 안정성을 반영하고 있습니다.
Pinnacle Bank (OTCQB: PBNK) a rapporté un revenu net non audité de 2 728 000 $ pour le deuxième trimestre 2024, en baisse par rapport à 2 870 000 $ au deuxième trimestre 2023. Les actifs totaux de la banque ont augmenté de 6 % pour atteindre 849,5 millions $, tandis que les prêts bruts ont crû de 11 % pour atteindre un record de 597,6 millions $. Les dépôts totaux ont augmenté de 5 % pour atteindre 740,9 millions $. La banque maintient une position en capital solide avec un taux de capital total de 15,10 % et une valeur comptable par action de 16,14 $. Pinnacle Bank a reçu de bonnes évaluations de Bauer Financial, DepositAccounts.com et The Findley Reports, ce qui reflète sa solide performance financière et sa stabilité face aux défis économiques.
Pinnacle Bank (OTCQB: PBNK) berichtete von einem unauditierten Nettoergebnis von 2.728.000 $ für das zweite Quartal 2024, ein Rückgang gegenüber 2.870.000 $ im zweiten Quartal 2023. Die Gesamtvermögenswerte der Bank stiegen um 6 % auf 849,5 Millionen $, während die Bruttokredite um 11 % auf einen Rekordwert von 597,6 Millionen $ wuchsen. Die Gesamteinlagen stiegen um 5 % auf 740,9 Millionen $. Die Bank hält eine starke Kapitalposition mit einem Gesamtkapitalquote von 15,10% und einem Buchwert pro Aktie von 16,14 $. Pinnacle Bank erhielt hohe Bewertungen von Bauer Financial, DepositAccounts.com und The Findley Reports, was die solide finanzielle Leistung und Stabilität in Zeiten wirtschaftlicher Herausforderungen widerspiegelt.
- Record gross loans of $597.6 million, up 11% year-over-year
- Total assets increased 6% to $849.5 million
- Total deposits grew 5% to $740.9 million
- Strong capital position with a total capital ratio of 15.10%
- Received high ratings from multiple financial institutions
- Net income decreased from $2,870,000 in Q2 2023 to $2,728,000 in Q2 2024
- Slight decrease in allowance for credit losses as a percentage of net loans from 1.09% to 1.07%
As of June 30, 2024, total assets were
Gross loans were
Total deposits at June 30, 2024 were
“Economic activity in our markets remains vibrant in the face of higher interest rates, inflation and other challenges. The second quarter saw loans grow to a new record as well as an increase in deposits. These achievements highlight the success of our approach to relationship banking and our high level of personalized service,” 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 valued relationships.”
The Bank’s capital position remains above regulatory guidelines for well capitalized banks. At June 30, 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 health rating. The Findley Reports named Pinnacle Bank a 2023 Super Premier performing bank.
For more information, please go to www.pinnacle.bank click on Investor Relations and June 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) |
6/30/2024 |
3/31/2024 |
6/30/2023 |
$ |
% |
||||||||||||||
Total assets |
$ |
849,535 |
|
$ |
833,081 |
|
$ |
800,042 |
|
$ |
49,493 |
|
6 |
% |
|||||
Gross loans |
$ |
597,562 |
|
$ |
576,784 |
|
$ |
539,936 |
|
$ |
57,626 |
|
11 |
% |
|||||
Allowance for loan losses |
$ |
(6,319 |
) |
$ |
(6,225 |
) |
$ |
(5,790 |
) |
$ |
(529 |
) |
9 |
% |
|||||
Non-interest bearing deposits |
$ |
252,445 |
|
$ |
248,792 |
|
$ |
263,324 |
|
$ |
10,879 |
) |
-4 |
% |
|||||
Interest-bearing deposits |
$ |
488,502 |
|
$ |
478,599 |
|
$ |
442,288 |
|
$ |
46,214 |
|
10 |
% |
|||||
Total deposits |
$ |
740,947 |
|
$ |
727,391 |
|
$ |
705,612 |
|
$ |
35,335 |
|
5 |
% |
|||||
Shareholders' equity |
$ |
94,278 |
|
$ |
91,245 |
|
$ |
79,820 |
|
$ |
14,458 |
|
18 |
% |
|||||
Summary Income Statement |
|
|
|
|
|
||||||||||
(Unaudited, dollars in thousands |
Quarter ended |
Quarter ended |
Change |
Quarter ended |
Change |
||||||||||
except per share data) |
6/30/2024 |
3/31/2024 |
% |
6/30/2023 |
% |
||||||||||
Interest income |
$ |
12,835 |
$ |
12,823 |
0 |
% |
$ |
11,235 |
14 |
% |
|||||
Interest expense |
|
3,401 |
|
3,190 |
7 |
% |
|
2,161 |
57 |
% |
|||||
Net interest income |
|
9,434 |
|
9,633 |
-2 |
% |
|
9,074 |
4 |
% |
|||||
Provision for loan losses |
|
80 |
|
306 |
-74 |
% |
|
50 |
60 |
% |
|||||
Non-interest income |
|
764 |
|
529 |
44 |
% |
|
1,061 |
-28 |
% |
|||||
Non-interest expense |
|
6,250 |
|
6,451 |
-3 |
% |
|
6,026 |
4 |
% |
|||||
Income tax expense |
|
1,140 |
|
952 |
20 |
% |
|
1,189 |
-4 |
% |
|||||
Net income (loss) |
$ |
2,728 |
$ |
2,453 |
11 |
% |
$ |
2,870 |
-5 |
% |
|||||
|
|
|
|
|
|
||||||||||
Basic Earnings per share |
$ |
0.47 |
$ |
0.42 |
12 |
% |
$ |
0.51 |
-8 |
% |
|||||
Diluted Earnings per share |
$ |
0.46 |
$ |
0.42 |
10 |
% |
$ |
0.50 |
-8 |
% |
|||||
Book value per share |
$ |
16.14 |
$ |
15.64 |
3 |
% |
$ |
14.15 |
14 |
% |
|||||
Shares outstanding at period end |
|
5,839,701 |
|
5,833,976 |
0 |
% |
|
5,639,396 |
4 |
% |
|||||
|
|
|
|
Minimum |
||||
|
|
|
|
required to be |
||||
Capital Ratios |
6/30/2024 |
3/31/2024 |
6/30/2023 |
well-capitalized |
||||
Tier 1 leverage ratio |
|
|
|
|
||||
Common Equity Tier 1 capital ratio |
|
|
|
|
||||
Tier 1 capital ratio |
|
|
|
|
||||
Total capital ratio |
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725439637/en/
Media Contact:
Pinnacle Bank
Jeffrey D. Payne, President & CEO
408-762-7146
Source: Pinnacle Bank
FAQ
What was Pinnacle Bank's (PBNK) net income for Q2 2024?
How much did Pinnacle Bank's (PBNK) gross loans grow in Q2 2024?
What was Pinnacle Bank's (PBNK) total capital ratio as of June 30, 2024?
How did Pinnacle Bank's (PBNK) total deposits change in Q2 2024?
