Pinnacle Bank Announces Earnings for Second Quarter of 2024
As of
Gross loans were
Total deposits at
“Economic activity in our markets remains vibrant in the face of higher interest rates, inflation and other challenges. The second quarter saw loans grow to a new record as well as an increase in deposits. These achievements highlight the success of our approach to relationship banking and our high level of personalized service,” stated
The Bank’s capital position remains above regulatory guidelines for well capitalized banks. At
For more information, please go to www.pinnacle.bank click on Investor Relations and
About
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) |
|
|
|
$ |
% |
||||||||||||||
Total assets |
$ |
849,535 |
|
$ |
833,081 |
|
$ |
800,042 |
|
$ |
49,493 |
|
6 |
% |
|||||
Gross loans |
$ |
597,562 |
|
$ |
576,784 |
|
$ |
539,936 |
|
$ |
57,626 |
|
11 |
% |
|||||
Allowance for loan losses |
$ |
(6,319 |
) |
$ |
(6,225 |
) |
$ |
(5,790 |
) |
$ |
(529 |
) |
9 |
% |
|||||
Non-interest bearing deposits |
$ |
252,445 |
|
$ |
248,792 |
|
$ |
263,324 |
|
$ |
10,879 |
) |
-4 |
% |
|||||
Interest-bearing deposits |
$ |
488,502 |
|
$ |
478,599 |
|
$ |
442,288 |
|
$ |
46,214 |
|
10 |
% |
|||||
Total deposits |
$ |
740,947 |
|
$ |
727,391 |
|
$ |
705,612 |
|
$ |
35,335 |
|
5 |
% |
|||||
Shareholders' equity |
$ |
94,278 |
|
$ |
91,245 |
|
$ |
79,820 |
|
$ |
14,458 |
|
18 |
% |
Summary Income Statement |
|
|
|
|
|
||||||||||
(Unaudited, dollars in thousands |
Quarter ended |
Quarter ended |
Change |
Quarter ended |
Change |
||||||||||
except per share data) |
|
|
% |
|
% |
||||||||||
Interest income |
$ |
12,835 |
$ |
12,823 |
0 |
% |
$ |
11,235 |
14 |
% |
|||||
Interest expense |
|
3,401 |
|
3,190 |
7 |
% |
|
2,161 |
57 |
% |
|||||
Net interest income |
|
9,434 |
|
9,633 |
-2 |
% |
|
9,074 |
4 |
% |
|||||
Provision for loan losses |
|
80 |
|
306 |
-74 |
% |
|
50 |
60 |
% |
|||||
Non-interest income |
|
764 |
|
529 |
44 |
% |
|
1,061 |
-28 |
% |
|||||
Non-interest expense |
|
6,250 |
|
6,451 |
-3 |
% |
|
6,026 |
4 |
% |
|||||
Income tax expense |
|
1,140 |
|
952 |
20 |
% |
|
1,189 |
-4 |
% |
|||||
Net income (loss) |
$ |
2,728 |
$ |
2,453 |
11 |
% |
$ |
2,870 |
-5 |
% |
|||||
|
|
|
|
|
|
||||||||||
Basic Earnings per share |
$ |
0.47 |
$ |
0.42 |
12 |
% |
$ |
0.51 |
-8 |
% |
|||||
Diluted Earnings per share |
$ |
0.46 |
$ |
0.42 |
10 |
% |
$ |
0.50 |
-8 |
% |
|||||
Book value per share |
$ |
16.14 |
$ |
15.64 |
3 |
% |
$ |
14.15 |
14 |
% |
|||||
Shares outstanding at period end |
|
5,839,701 |
|
5,833,976 |
0 |
% |
|
5,639,396 |
4 |
% |
|
|
|
|
Minimum |
||||
|
|
|
|
required to be |
||||
Capital Ratios |
|
|
|
well-capitalized |
||||
Tier 1 leverage ratio |
11.47% |
11.27% |
10.63% |
5.00% |
||||
Common Equity Tier 1 capital ratio |
14.16% |
14.06% |
13.12% |
6.50% |
||||
Tier 1 capital ratio |
14.16% |
14.06% |
13.12% |
8.00% |
||||
Total capital ratio |
15.10% |
15.01% |
14.05% |
10.00% |
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