RESTATING: Pinnacle Bank Announces Earnings for Third Quarter of 2024
Pinnacle Bank (OTCQB: PBNK) has restated its Q3 2024 financials, reporting unaudited net income of $244,000, down from $2,728,000 in Q3 2023. The decline was primarily due to a $2.4 million commercial loan charge-off. Total assets reached $891.4 million, up 6% year-over-year, while gross loans increased 14% to $614.6 million. Total deposits grew 5% to $780.9 million. The allowance for credit losses increased to 1.20% of net loans, with nonaccrual loans at $8.4 million compared to none in the previous year. The Bank maintains a total capital ratio of 15.35% with a book value per share of $16.32.
Pinnacle Bank (OTCQB: PBNK) ha rivisto i suoi risultati finanziari del terzo trimestre 2024, riportando un reddito netto non verificato di $244.000, in calo rispetto ai $2.728.000 del terzo trimestre 2023. Il calo è stato principalmente dovuto a una perdita di $2,4 milioni su prestiti commerciali. Le attività totali hanno raggiunto $891,4 milioni, con un aumento del 6% rispetto all'anno precedente, mentre i prestiti lordi sono aumentati del 14%, arrivando a $614,6 milioni. I depositi totali sono cresciuti del 5%, raggiungendo $780,9 milioni. L'accantonamento per perdite creditizie è aumentato all'1,20% dei prestiti netti, con prestiti non in essere a $8,4 milioni rispetto a nessuno nell'anno precedente. La Banca mantiene un rapporto di capitale totale del 15,35% con un valore contabile per azione di $16,32.
Pinnacle Bank (OTCQB: PBNK) ha reestructurado sus estados financieros del tercer trimestre de 2024, reportando un ingreso neto no auditado de $244,000, en comparación con $2,728,000 en el tercer trimestre de 2023. La disminución se debió principalmente a una baja de $2.4 millones en préstamos comerciales. Los activos totales ascendieron a $891.4 millones, un aumento del 6% en comparación con el año anterior, mientras que los préstamos brutos crecieron un 14%, alcanzando los $614.6 millones. Los depósitos totales aumentaron un 5%, alcanzando los $780.9 millones. La provisión para pérdidas crediticias se incrementó al 1.20% de los préstamos netos, con préstamos en mora de $8.4 millones en comparación con ninguno en el año anterior. El Banco mantiene una relación de capital total del 15.35% con un valor contable por acción de $16.32.
Pinnacle Bank (OTCQB: PBNK)는 2024년 3분기 재무 내용을 수정했으며, 감사되지 않은 순이익이 $244,000로 보고되었습니다. 이는 2023년 3분기의 $2,728,000에서 감소한 수치입니다. 감소의 주된 원인은 $240만의 상업 대출 손실이었습니다. 총 자산은 $891.4백만에 도달하여 전년 대비 6% 증가했으며, 총 대출은 14% 증가하여 $614.6백만에 이르렀습니다. 총 예금은 5% 증가하여 $780.9백만에 이르렀습니다. 신용 손실에 대한 충당금은 순 대출의 1.20%로 증가했으며, 지난해에는 없던 $8.4백만의 체납 대출이 있었습니다. 은행은 15.35%의 총 자본 비율을 유지하고 있으며, 주당 장부 가치는 $16.32입니다.
Pinnacle Bank (OTCQB: PBNK) a révisé ses états financiers du troisième trimestre 2024, reportant un revenu net non audité de 244 000 $, en baisse par rapport à 2 728 000 $ au troisième trimestre 2023. La baisse est principalement due à une provision de 2,4 millions $ sur des prêts commerciaux. Les actifs totaux ont atteint 891,4 millions $, en hausse de 6 % par rapport à l'année précédente, tandis que les prêts bruts ont augmenté de 14 % pour atteindre 614,6 millions $. Les dépôts totaux ont augmenté de 5 % pour atteindre 780,9 millions $. La provision pour pertes sur créances a augmenté à 1,20 % des prêts nets, avec des prêts non recouvrables à 8,4 millions $, contre aucun l'année précédente. La Banque maintient un ratio de capital total de 15,35 % avec une valeur comptable par action de 16,32 $.
Pinnacle Bank (OTCQB: PBNK) hat seine Finanzdaten für das 3. Quartal 2024 berichtigt und ein unverifiziertes Nettoergebnis von 244.000 $ gemeldet, zurückgegangen von 2.728.000 $ im 3. Quartal 2023. Der Rückgang war hauptsächlich auf eine Abschreibung von 2,4 Millionen $ bei gewerblichen Darlehen zurückzuführen. Die Gesamtvermögen beliefen sich auf 891,4 Millionen $, was einem Anstieg von 6 % im Vergleich zum Vorjahr entspricht, während die Bruttokredite um 14 % auf 614,6 Millionen $ gestiegen sind. Die Gesamteinlagen wuchsen um 5 % auf 780,9 Millionen $. Die Rückstellungen für Kreditverluste erhöhten sich auf 1,20 % der Netto-Darlehen, während die ausgefallenen Darlehen 8,4 Millionen $ betrugen, im Vergleich zu null im Vorjahr. Die Bank hält einen Gesamtkapitalquotient von 15,35 % und einen Buchwert pro Aktie von 16,32 $.
- Total assets increased 6% YoY to $891.4 million
- Gross loans grew 14% YoY to record $614.6 million
- Total deposits increased 5% YoY to $780.9 million
- Strong capital position with 15.35% total capital ratio
- Net income declined 91% YoY to $244,000 from $2,728,000
- $2.4 million commercial loan charge-off in Q3 2024
- Nonaccrual loans increased to $8.4 million from zero YoY
- Allowance for credit losses increased to 1.20% from 1.09% YoY
Pinnacle Bank announced today unaudited net income for the three months ended September 30, 2024, of
One commercial and industrial loan totaling
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 |
$ |
% |
||||||||||||||
|
Revised |
|
|
|
|
||||||||||||||
Total assets |
$ |
891,406 |
|
$ |
849,535 |
|
$ |
843,531 |
|
$ |
47,875 |
|
6 |
% |
|||||
Gross loans |
$ |
614,609 |
|
$ |
597,562 |
|
$ |
538,413 |
|
$ |
76,196 |
|
14 |
% |
|||||
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 |
$ |
95,580 |
|
$ |
94,278 |
|
$ |
82,804 |
|
$ |
12,776 |
|
15 |
% |
|||||
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 |
% |
||||||||||
|
Restated |
|
|
|
|
||||||||||
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 |
|
3,427 |
|
80 |
4184 |
% |
|
0 |
0 |
% |
|||||
Non-interest income |
|
415 |
|
764 |
-46 |
% |
|
640 |
-35 |
% |
|||||
Non-interest expense |
|
6,162 |
|
6,250 |
-1 |
% |
|
6,097 |
1 |
% |
|||||
Income tax expense |
|
79 |
|
1,140 |
-93 |
% |
|
1,223 |
-94 |
% |
|||||
Net income (loss) |
$ |
244 |
$ |
2,728 |
-91 |
% |
$ |
2,926 |
-92 |
% |
|||||
|
|
|
|
|
|
||||||||||
Basic Earnings per share |
$ |
0.04 |
$ |
0.47 |
-92 |
% |
$ |
0.52 |
-92 |
% |
|||||
Diluted Earnings per share |
$ |
0.04 |
$ |
0.46 |
-91 |
% |
$ |
0.51 |
-92 |
% |
|||||
Book value per share |
$ |
16.32 |
$ |
16.14 |
1 |
% |
$ |
14.68 |
11 |
% |
|||||
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 |
||||||||
|
Revised |
|
|
|
||||||||
Tier 1 leverage ratio |
11.11 |
% |
11.47 |
% |
10.35 |
% |
5.00 |
% |
||||
Common Equity Tier 1 capital ratio |
14.26 |
% |
14.16 |
% |
13.42 |
% |
6.50 |
% |
||||
Tier 1 capital ratio |
14.26 |
% |
14.16 |
% |
13.42 |
% |
8.00 |
% |
||||
Total capital ratio |
15.35 |
% |
15.10 |
% |
14.34 |
% |
10.00 |
% |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241121847281/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?
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What is Pinnacle Bank's (PBNK) current capital ratio as of Q3 2024?
