Pinnacle Bank Announces Earnings for Third Quarter of 2024
Pinnacle Bank (PBNK) reported unaudited net income of $1,909,000 for Q3 2024, down from $2,728,000 in Q3 2023. Total assets reached $893.1 million, up 6% year-over-year. Gross loans hit a record $617.0 million, increasing 15% from the previous year. Total deposits grew 5% to $780.9 million. The bank reported nonaccrual loans of $10.9 million, compared to none in Q3 2023. The bank maintains a strong capital position with a total capital ratio of 15.52% and a book value per share of $16.60.
Pinnacle Bank (PBNK) ha riportato un reddito netto non verificato di $1.909.000 per il terzo trimestre del 2024, in diminuzione rispetto a $2.728.000 nel terzo trimestre del 2023. Gli attivi totali hanno raggiunto $893,1 milioni, con un aumento del 6% rispetto all'anno precedente. I prestiti lordi hanno toccato un record di $617,0 milioni, con un incremento del 15% rispetto all'anno scorso. I depositi totali sono aumentati del 5% arrivando a $780,9 milioni. La banca ha segnalato prestiti non produttivi per un ammontare di $10,9 milioni, rispetto a nessuno nel terzo trimestre del 2023. La banca mantiene una posizione di capitale solida con un rapporto di capitale totale del 15,52% e un valore contabile per azione di $16,60.
Pinnacle Bank (PBNK) reportó un ingreso neto no auditado de $1,909,000 para el tercer trimestre de 2024, una disminución respecto a $2,728,000 en el tercer trimestre de 2023. Los activos totales alcanzaron $893.1 millones, un aumento del 6% en comparación con el año anterior. Los préstamos brutos alcanzaron un récord de $617.0 millones, aumentando un 15% respecto al año pasado. Los depósitos totales crecieron un 5% hasta $780.9 millones. El banco reportó préstamos no productivos de $10.9 millones, en comparación con ninguno en el tercer trimestre de 2023. El banco mantiene una sólida posición de capital con una relación de capital total del 15.52% y un valor contable por acción de $16.60.
피나클은행 (PBNK)는 2024년 3분기에 비감사 순이익이 $1,909,000으로, 2023년 3분기의 $2,728,000에서 감소했다고 보고했습니다. 총 자산은 $893.1 백만으로, 전년 대비 6% 증가했습니다. 총 대출은 $617.0 백만으로 기록을 세우며, 전년 대비 15% 증가했습니다. 총 예금은 $780.9 백만으로 5% 성장했습니다. 은행은 2023년 3분기에는 없었던 $10.9 백만의 연체 대출을 보고했습니다. 은행은 15.52%의 총 자본 비율과 주당 $16.60의 장부 가치를 유지하며 강한 자본 포지션을 유지하고 있습니다.
Pinnacle Bank (PBNK) a annoncé un revenu net non audité de $1.909.000 pour le troisième trimestre 2024, en baisse par rapport à $2.728.000 au troisième trimestre 2023. Les actifs totaux ont atteint $893,1 millions, en hausse de 6 % par rapport à l'année précédente. Les prêts bruts ont atteint un niveau record de $617,0 millions, augmentant de 15 % par rapport à l'année dernière. Les dépôts totaux ont augmenté de 5 % pour atteindre $780,9 millions. La banque a signalé des prêts non productifs de $10,9 millions, contre aucun au troisième trimestre 2023. La banque maintient une solide position de capital avec un ratio de capital total de 15,52 % et une valeur comptable par action de $16,60.
Pinnacle Bank (PBNK) berichtete über eine nicht überprüfte Nettogewinn von $1.909.000 für das dritte Quartal 2024, ein Rückgang von $2.728.000 im dritten Quartal 2023. Die Gesamtaktiva erreichten $893,1 Millionen, was einem Anstieg von 6 % im Vergleich zum Vorjahr entspricht. Die Bruttokredite erreichten mit $617,0 Millionen einen Rekord und stiegen um 15 % im Vergleich zum Vorjahr. Die Gesamteinlagen wuchsen um 5 % auf $780,9 Millionen. Die Bank meldete überfällige Kredite in Höhe von $10,9 Millionen, verglichen mit keinen im dritten Quartal 2023. Die Bank weist eine starke Kapitalposition mit einer Gesamtkapitalquote von 15,52 % und einem Buchwert pro Aktie von $16,60 auf.
- Record gross loans of $617.0 million, up 15% YoY
- Total assets increased 6% to $893.1 million
- Deposits grew 5% to $780.9 million
- Strong capital position with 15.52% total capital ratio
- Net income decreased 30% YoY to $1,909,000
- Nonaccrual loans increased to $10.9 million from zero in Q3 2023
- Allowance for credit losses ratio increased to 1.20% from 1.09% YoY
As of September 30, 2024, total assets were
Gross loans were
Total deposits at September 30, 2024 were
“We saw continued loan and deposit growth in the third quarter. 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 September 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 September 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) |
9/30/2024 |
6/30/2024 |
9/30/2023 |
$ |
% |
|||||||||||||
Total assets |
$ |
893,117 |
|
$ |
849,535 |
|
$ |
843,531 |
|
$ |
49,586 |
|
6 |
% |
||||
Gross loans |
$ |
617,019 |
|
$ |
597,562 |
|
$ |
538,413 |
|
$ |
78,606 |
|
15 |
% |
||||
Allowance for loan losses |
$ |
(7,335 |
) |
$ |
(6,319 |
) |
$ |
(5,799 |
) |
$ |
(1,536 |
) |
26 |
% |
||||
Non-interest bearing deposits |
$ |
263,771 |
|
$ |
252,445 |
|
$ |
272,652 |
|
$ |
(8,881 |
) |
-3 |
% |
||||
Interest-bearing deposits |
$ |
517,108 |
|
$ |
488,502 |
|
$ |
473,947 |
|
$ |
43,161 |
|
9 |
% |
||||
Total deposits |
$ |
780,878 |
|
$ |
740,947 |
|
$ |
746,599 |
|
$ |
34,279 |
|
5 |
% |
||||
Shareholders' equity |
$ |
97,245 |
|
$ |
94,278 |
|
$ |
82,804 |
|
$ |
14,441 |
|
17 |
% |
||||
Summary Income Statement |
|
|
|
|
|
|||||||||
(Unaudited, dollars in thousands |
Quarter ended |
Quarter ended |
Change |
Quarter ended |
Change |
|||||||||
except per share data) |
9/30/2024 |
6/30/2024 |
% |
9/30/2023 |
% |
|||||||||
Interest income |
$ |
13,130 |
$ |
12,835 |
2 |
% |
$ |
12,366 |
6 |
% |
||||
Interest expense |
|
3,633 |
|
3,401 |
7 |
% |
|
2,760 |
32 |
% |
||||
Net interest income |
|
9,497 |
|
9,434 |
1 |
% |
|
9,606 |
-1 |
% |
||||
Provision for loan losses |
|
1,017 |
|
80 |
1170 |
% |
|
0 |
0 |
% |
||||
Non-interest income |
|
415 |
|
764 |
-46 |
% |
|
640 |
-35 |
% |
||||
Non-interest expense |
|
6,208 |
|
6,250 |
-1 |
% |
|
6,097 |
2 |
% |
||||
Income tax expense |
|
778 |
|
1,140 |
-32 |
% |
|
1,223 |
-36 |
% |
||||
Net income (loss) |
$ |
1,909 |
$ |
2,728 |
-30 |
% |
$ |
2,926 |
-35 |
% |
||||
|
|
|
|
|
|
|||||||||
Basic Earnings per share |
$ |
0.33 |
$ |
0.47 |
-30 |
% |
$ |
0.52 |
-37 |
% |
||||
Diluted Earnings per share |
$ |
0.32 |
$ |
0.46 |
-30 |
% |
$ |
0.51 |
-37 |
% |
||||
Book value per share |
$ |
16.60 |
$ |
16.14 |
3 |
% |
$ |
14.68 |
13 |
% |
||||
Shares outstanding at period end |
|
5,856,959 |
|
5,839,701 |
0 |
% |
|
5,641,771 |
4 |
% |
||||
|
|
|
|
Minimum |
|||||||
|
|
|
|
required to be |
|||||||
Capital Ratios |
9/30/2024 |
6/30/2024 |
9/30/2023 |
well-capitalized |
|||||||
Tier 1 leverage ratio |
11.30 |
% |
11.47 |
% |
10.35 |
% |
5.00 |
% |
|||
Common Equity Tier 1 capital ratio |
14.45 |
% |
14.16 |
% |
13.42 |
% |
6.50 |
% |
|||
Tier 1 capital ratio |
14.45 |
% |
14.16 |
% |
13.42 |
% |
8.00 |
% |
|||
Total capital ratio |
15.52 |
% |
15.10 |
% |
14.34 |
% |
10.00 |
% |
|||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029107648/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 Q3 2024?
How much did Pinnacle Bank's (PBNK) gross loans grow in Q3 2024?
What was PBNK's total deposit growth in Q3 2024?
What is Pinnacle Bank's (PBNK) current nonaccrual loan status?
