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Pinnacle Bank Announces Q3 2015 Results


News provided by

Pinnacle Bank

Oct 26, 2015, 05:18 ET

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Pinnacle Bank logo
Pinnacle Bank logo

GILROY, Calif., Oct. 26, 2015 /PRNewswire/ -- Pinnacle Bank (OTCQX: PBNK), headquartered in Gilroy, California, announced today unaudited net income for the three months ended September 30, 2015 of $172,000.   

As of September 30, 2015, total assets were $243.0 million, a 9% increase from the $222.0 million at September 30, 2014.

Loans were $179.8 million at September 30, 2015, an increase of $21.0 million (13%) from the September 30, 2014 balance of $159.2 million.  The allowance for loan losses at September 30, 2015 was $3.6 million or 2.03% of loans compared to $3.5 million or 2.20% of loans at September 30, 2014.  Nonperforming assets were $2.4 million (0.92% of assets) at September 30, 2015 compared to $2.8 million (1.25% of assets) a year earlier.

Non-interest bearing deposits at September 30, 2015, increased 18% to $92.9 million from $79.1 million at September 30, 2014. Total deposits at September 30, 2015, were $216.4 million compared to $196.8 million at September 30, 2014, a 10% increase.

During the third quarter, the Bank added highly qualified personnel including two well-known SBA lenders and a veteran banker for the Salinas area.

"We continue to focus on quality organic core growth and in this quarter made investments in personnel to further this objective," stated Susan K. Black, President and CEO.  "We have continued to grow in all areas of the balance sheet and we are especially pleased with the 18% year-over-year growth in our non-interest bearing deposits, as business owners and nonprofit executives continue to choose Pinnacle Bank as their banking partner."   

The Bank's capital position remains above regulatory guidelines for well capitalized banks. At September 30, 2015, the Bank had a total capital ratio of 11.99%.  Book value per share at September 30, 2015 was $7.29.  Net interest margin in the third quarter of 2015 was 3.77%.

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.

For more information please go to www.pinnaclebankonline.com click on Investor Relations and September 2015 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 and Salinas. For more information please go to www.pinnaclebankonline.com click on Investor Relations and September 2015 call report.

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 California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. Pinnacle Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

Media Contact: 
Pinnacle Bank 
Susan K. Black, President & CEO 
408-762-7140 

Summary Balance Sheet




Year over year change

(Unaudited, dollars in thousands)

9/30/2015

6/30/2015

9/30/2014

$

%

Total assets

$    242,999

$    234,569

$    222,014

$      20,985

9%

Gross loans

$    179,752

$    172,153

$    159,182

$      20,570

13%

Allowance for loan losses

$      (3,643)

$      (3,603)

$      (3,508)

$          (135)

4%

Non-interest bearing deposits

$      92,940

$      91,699

$      79,087

$      13,853

18%

Interest-bearing deposits

$    123,477

$    117,001

$    117,698

$        5,778

5%

Total deposits

$    216,417

$    208,700

$    196,785

$      19,631

10%

Shareholders' equity

$      24,892

$      24,591

$      23,862

$        1,030

4%

Summary Income Statement






(Unaudited, dollars in thousands

Quarter ended

Quarter ended

Change

Quarter ended

Change

except per share data)

9/30/2015

6/30/2015

%

9/30/2014

%

Interest income

$             2,196

$             2,174

1%

$             2,058

7%

Interest expense

76

76

0%

78

-3%

Net interest income

2,120

2,098

1%

1,980

7%

Provision for loan losses

0

0

0%

0

0%

Non-interest income

280

299

-6%

423

-34%

Non-interest expense

2,101

2,062

2%

1,827

15%

Income tax expense

127

132

-4%

230

-45%

Net income (loss)

$                172

$                 03

-15%

$                346

-50%







Earnings (loss) per share

$               0.05

$               0.06

-17%

$0.10

-50%

Book value per share

$               7.29

$               7.30

0%

$               7.19

1%

Shares outstanding at period end

3,412,938

3,370,281

1%

3,317,566

3%





Minimum





required to be

Capital Ratios

9/30/2015

6/30/2015

9/30/2014

well-capitalized

Tier 1 leverage ratio

9.16%

9.29%

8.84%

5.00%

Common Equity Tier 1 capital ratio

10.72%

10.88%

n/a

6.50%

Tier 1 capital ratio

10.72%

10.88%

9.92%

8.00%

Total capital ratio

11.99%

12.15%

11.17%

10.00%

Logo - http://photos.prnewswire.com/prnh/20150326/194846LOGO

SOURCE Pinnacle Bank

Related Links

http://www.pinnaclebankonline.com

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