Pinnacle Bank Reports Third Quarter 2021 Results

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GILROY, Calif., 28 October 2021 / PRNewswire / – Pinnacle Bank (OTCQB: PBNK), headquartered at Gilroy, California, today announced unaudited net income for the quarter ended September 30, 2021 of $ 2,170,000 compared to $ 1,348,000 at the same period in 2020.

From September 30, 2021, the total assets were $ 722.0 million, an increase of 16% compared to $ 624.9 million To September 30, 2020.

Gross loans were $ 444.9 million To September 30, 2021, a decrease in $ 57.3 million (-11%) of the September 30, 2020 balance of $ 502.1 million. Excluding PPP loans, gross loans increase $ 32.1 million or 9%. Gross Paycheck Protection Program (PPP) loans to September 30, 2021 were $ 36.3 million compared to $ 1250.6 mm a year earlier. The allowance for loan losses at September 30, 2021 was $ 6.178 million i.e. 1.34% of loans (1.45% of net loans excluding PPP loans) compared to $ 5.885 million i.e. 1.24% of loans to September 30, 2020 (1.67% excluding PPP loans).

Total deposits at September 30, 2021, increased to $ 647.1 million of $ 548.8 million To September 30, 2020, an increase of 18%.

Gains on the sale of state-guaranteed loans were $ 10.6 mm in the second quarter of 2021 compared to $ 927,000 over the same period in 2020. The increase reflects borrower demand for financing using the SBA 7a program enhancements available through September 2021 and the prices paid by buyers of collateral.

“Economic activity in our communities remains encouraging. Our strong third quarter earnings and excellent growth in core loans and deposits reflect the success of our approach of combining relationship banking with participation in government guaranteed loans, ”said Jeffrey Payne, President and CEO. “We are honored to contribute to the success of our communities by providing banking services to leading businesses from the Salinas Valley to Silicon Valley. Our continued success and momentum is due to the continued efforts and contributions of our exceptional team of professional bankers, committed directors and advisors and our many loyal clients. “

From September 30, 2021, there was a loan for $ 683,000 perform in accordance with a COVID loan modification. COVID loan modifications are generally for interest periods only.

The Bank’s capital position remains above regulatory guidelines for well-capitalized banks. TO September 30, 2021, the bank had a total capital ratio of 14.75%. Book value per share at September 30, 2021 was $ 12.01.

Pinnacle Bank is ranked by Bauer Financial as five stars “superior” for its strong financial performance, the highest rating given by the independent banking rating company. DepositAccounts.com gave Pinnacle Bank an A + rating with a ranking of 80 out of 5,035 US banks analyzed. Findley reports named Pinnacle Bank a 2020 Super Premier performing bank.

For more information, visit www.pinnacle.bank click on Investor Relations and September 2021 appeal report.

About Pinnacle Bank
Pinnacle Bank is a full-service merchant bank dedicated to providing quality deposit and credit services in Saint Clare, San Benito and Monterey counties. The bank focuses on commercial banking services for businesses and non-profit organizations, offering a variety of products and services that combine the best of the personal touch with convenient, technology-based delivery. Pinnacle Bank has branches in Morgan Hill, Gilroy, Salinas and Campbell. For more information, visit www.pinnacle.bank click on Investor Relations and September 2021 appeal report.

Forward-looking statements
This press release may contain forward-looking statements, such as, among other things, statements about plans, expectations and objectives for growth and improvement. Forward-looking statements are subject to risks and uncertainties. These risks and uncertainties may include, but are not 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 California and other factors beyond the control of the Bank. These risks and uncertainties could cause results for subsequent interim periods or for the full year to differ materially from those shown. Readers should not place undue reliance on forward-looking statements, which represent the views of management only as of the date hereof. Pinnacle Bank does not undertake to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

Media contact:
Pinacle Bank
Jeffrey D. Payne, President and CEO
408-762-7146

Summary report




Change from year to year

(Unaudited, in thousands of dollars)

09/30/2021

06/30/2021

09/30/2020

$

%

Total assets

$ 721,956

$ 695,979

$ 624,877

$ 97,079

16%

Gross loans

$ 444,868

$ 467,330

$ 502,122

$ (57,254)

-11%

Allowance for loan losses

$ (6,178)

$ (6,164)

$ (5,885)

$ (293)

5%

Non-interest bearing deposits

$ 301,305

$ 309,482

$ 244,858

$ 56,447

23%

Interest-bearing deposits

$ 345,755

$ 313,415

$ 303,961

$ 41,794

14%

Total deposits

$ 647,060

$ 622,897

$ 548,819

$ 98,241

18%

Equity

$ 64,284

$ 61,976

$ 56,681

$ 7,603

13%



















Summary income statement






(Unaudited, in thousands of dollars

Quarter ended

Quarter ended

Switch

Quarter ended

Switch

except per share data)

09/30/2021

06/30/2021

%

09/30/2020

%

Interest income

$ 6,197

$ 6,248

-1%

$ 5,576

11%

Interest charges

242

248

-2%

486

-50%

Net interest income

5 955

6000

-1%

5,090

17%

Allowance for loan losses

0

0

0%

450

-100%

Income other than interest

1 963

2,469

-20%

1370

43%

Non-interest charges

4,829

5,055

-4%

4074

19%

Income tax expense

919

1,015

-9%

588

56%

Net income (loss)

$ 2,170

$ 2,399

-ten%

$ 1,348

61%







Basic earnings per share

$ 0.41

$ 0.45

-9%

$ 0.26

58%

Diluted earnings per share

$ 0.39

$ 0.43

-9%

$ 0.25

56%

Book value per share

$ 12.01

$ 11.60

4%

$ 10.81

11%

Shares outstanding at the end of the period

5,350,489

5,344,660

0%

5,242,743

2%

Return on average assets

1.22%

1.40%


0.86%


Return on average equity

13.63%

15.71%


9.55%





















Minimum





required to be

Capital ratios

09/30/2021

06/30/2021

09/30/2020

well capitalized

Tier 1 leverage ratio

9.04%

9.03%

8.99%

5.00%

Common Equity Tier 1 capital ratio

13.50%

13.69%

13.50%

6.50%

Tier 1 capital ratio

13.50%

13.69%

13.50%

8.00%

Total capital ratio

14.75%

14.94%

14.76%

10.00%

Pinnacle Bank SOURCE

Related links

https://www.pinnacle.bank


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