Pinnacle Bank Announces Third Quarter Earnings
Pinnacle Bank Announces Third Quarter Earnings
GILROY, Calif.--(BUSINESS WIRE)-- Pinnacle Bank - PBNK, headquartered in Gilroy, California, announced today a profitable third quarter. For the three months ended September 30, 2012, the Bank reported net income of $104,000 compared to $188,000 in the comparable quarter of 2011. Year-to-date net income through September 30, 2012 was $668,000 compared to $454,000 in the same period last year.
As of September 30, 2012, total assets were $162.9 million, a 2% increase from the $159.3 million at September 30, 2011.
Loans were $132.7 million at September 30, 2012, an increase of $6.2 million (5%) from the September 30, 2011, balance of $126.5 million. The allowance for loan losses at September 30, 2012, was $3.0 million or 2.2% of loans. Nonaccrual loans at September 30, 2012, were $2.8 million, an increase of $1.0 million from $1.8 million at December 31, 2011.
Non-interest bearing deposits at September 30, 2012, increased 7% to $36.6 million from $34.1 million at September 30, 2011. Total deposits at September 30, 2012, were $140.4 million compared to $142.0 million at September 30, 2011, a 1% decrease.
"We are pleased to report the results of executing our strategy of increasing franchise value by careful controlled growth. We continue to restructure our balance sheet and replace real estate loans made early in the Bank's history with core business banking relationships," stated Susan K. Black, President and CEO. "Despite margin compression and competitive pressures, we are building a solid franchise and remain optimistic about future opportunities."
The bank's capital position remains above regulatory guidelines for well capitalized banks. At September 30, 2012, the Bank had a total risk based capital ratio of 12.41%.
For more information please go to www.pinnaclebankonline.com click on Investor Relations and September 2012 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 small to medium-sized businesses, 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 towww.pinnaclebankonline.comclick on Investor Relations and September 2012 call report.
Summary Balance Sheet | 9/30/2012 | 12/31/2011 | 9/30/2011 | 12 Month | |||||||||||
(Unaudited, dollars in thousands) | |||||||||||||||
Total assets | $ | 162,886 | $ | 154,911 | $ | 159,290 | 2 | % | |||||||
Gross loans | $ | 132,712 | $ | 131,800 | $ | 126,547 | 5 | % | |||||||
Allowance for loan losses | $ | (2,954 | ) | $ | (2,771 | ) | $ | (2,764 | ) | 7 | % | ||||
Deposits | |||||||||||||||
Non-interest bearing | $ | 36,561 | $ | 35,675 | $ | 34,145 | 7 | % | |||||||
Interest-bearing | $ | 103,853 | $ | 102,042 | $ | 107,874 | -4 | % | |||||||
Total deposits | $ | 140,414 | $ | 137,717 | $ | 142,019 | -1 | % | |||||||
Shareholders' equity | $ | 17,116 | $ | 16,382 | $ | 16,267 | 5 | % | |||||||
Summary Income Statement | ||||||||||||
(Unaudited, dollars in thousands | Quarter | Quarter | Quarter | |||||||||
except per share data) | 9/30/2012 | 6/30/2012 | 9/30/2011 | |||||||||
Interest income | $ | 1,778 | $ | 1,834 | $ | 1,826 | ||||||
Interest expense | 112 | 128 | 173 | |||||||||
Net interest income | 1,666 | 1,705 | 1,653 | |||||||||
Provision for loan losses | 188 | 0 | 146 | |||||||||
Non-interest income | 120 | 134 | 126 | |||||||||
Non-interest expense | 1,494 | 1,572 | 1,445 | |||||||||
Net income (loss) | $ | 104 | $ | 267 | $ | 188 | ||||||
Earnings (loss) per share | $ | 0.03 | $ | 0.08 | $ | 0.06 | ||||||
Net interest margin | 4.49 | % | 4.69 | % | 4.54 | % | ||||||
Minimum | ||||||||||||
required to be | ||||||||||||
Capital Ratios | 9/30/2012 | 6/30/2012 | 9/30/2011 | well- | ||||||||
Tier 1 leverage ratio | 10.53 | % | 10.64 | % | 10.54 | % | 5.00 | % | ||||
Tier 1 risk-based capital ratio | 11.15 | % | 11.52 | % | 12.63 | % | 6.00 | % | ||||
Total risk-based capital ratio | 12.41 | % | 12.78 | % | 11.38 | % | 10.00 | % | ||||
Pinnacle Bank
Susan K. Black, 408-762-7140
President & CEO
KEYWORDS: United States North America California
INDUSTRY KEYWORDS:
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