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GILROY, Calif., October 30, 2024--(BUSINESS WIRE)--OTCQB: PBNK - Pinnacle Bank, headquartered in Gilroy, California, announced today unaudited net income for the three months ended September 30, 2024 of $1,909,000, compared to net income of $2,728,000 for the same period in 2023.
As of September 30, 2024, total assets were $893.1 million, a 6% increase from the $843.5 million at September 30, 2023.
Gross loans were $617.0 million at September 30, 2024, a new record and an increase of $78.6 million (15%) from the September 30, 2023 balance of $538.4 million. The allowance for credit losses at September 30, 2024 was $7.335 million or 1.20% of net loans compared to $5.799 million or 1.09% of net loans at September 30, 2023. Nonaccrual loans were $10.9 million at September 30, 2024, consisting of $8.4 million of commercial real estate loans and $2.5 million of commercial and industrial loans. There were no nonaccrual loans at September 30, 2023.
Total deposits at September 30, 2024 were $780.9 million, a 5% increase from $746.6 million at September 30, 2023.
"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 15.52%. Book value per share at September 30, 2024 was $16.60.
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 Santa Clara, San Benito and Monterey counties. The bank focuses on commercial banking services for businesses and nonprofit organizations, offering a variety of products and services that combine the best of personal touch with convenient technology-based delivery. Pinnacle Bank has locations in Morgan Hill, Gilroy, Salinas and Campbell. For more information, please go to www.pinnacle.bank click on Investor Relations and September 2024 call report.