PBNK - Pinnacle Bank, headquartered in Gilroy, California, announced
today unaudited net income for the three months ended September 30, 2014
of $346,000 compared to $5,975,000 in the same period of 2013. During
the third quarter of 2013, the valuation allowance was reversed on
$5.833 million of deferred tax assets. Income before taxes for the three
months ended September 30, 2014 was $576,000 a 307% increase from the
$142,000 for the same period of 2013.
As of September 30, 2014, total assets were $222.0 million, an 18%
increase from the $188.6 million at September 30, 2013.
Loans were $159.2 million at September 30, 2014, an increase of $17.9
million (13%) from the September 30, 2013 balance of $141.3 million. The
allowance for loan losses at September 30, 2014 was $3.5 million or
2.20% of loans compared to $3.4 million or 2.42% of loans at September
30, 2013. Nonperforming assets were $2.8 million (1.25% of assets) at
September 30, 2014 compared to $2.9 million (1.54% of assets) a year
earlier.
Non-interest bearing deposits at September 30, 2014, increased 44% to
$79.1 million from $54.9 million at September 30, 2013. Total deposits
at September 30, 2014, were $196.8 million compared to $164.8 million at
September 30, 2013, a 19% increase.
“We are very pleased to report strong core growth and quality earnings,”
stated Susan K. Black, President and CEO. “We continue to focus on the
fundamentals of community banking and are growing through building our
reputation as the bank of choice for clients, employees and investors.
New core relationships generated 44% year-over-year growth in
non-interest bearing deposits as total deposits grew 19%. Loans have
grown 13% and total assets have increased 18% over the same period.
Businesses and professionals in Santa Clara, Monterey and San Benito
counties are selecting the Pinnacle brand of community banking because
of our team of expert bankers and exceptional service,” she added. “The
economic vitality of our region is once again among the nation’s
leaders. We remain optimistic about the potential for further organic
growth as we continue to build franchise value in our local markets.”
The bank’s capital position remains above regulatory guidelines for well
capitalized banks. At September 30, 2014, the Bank had a total risk
based capital ratio of 11.17%. Book value per share at September 30,
2014 was $7.19.
For more information please go to www.pinnaclebankonline.com
click on Investor Relations and September 2014 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 2014 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.
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Summary Balance Sheet
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Year over year change
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(Unaudited, dollars in thousands)
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9/30/2014
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6/30/2014
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9/30/2013
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$
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%
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Total assets
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$
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222,014
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$
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212,121
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$
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188,594
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$
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33,420
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18%
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Gross loans
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$
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159,182
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$
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153,279
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|
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$
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141,253
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$
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17,929
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13%
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Allowance for loan losses
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$
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(3,508
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)
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$
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(3,465
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)
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$
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(3,419
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)
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$
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(89
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)
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3%
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Non-interest bearing deposits
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$
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79,087
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$
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72,532
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$
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54,884
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$
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24,203
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44%
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Interest-bearing deposits
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$
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117,698
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$
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114,742
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$
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109,935
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$
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7,763
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7%
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Total deposits
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$
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196,785
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$
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187,275
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$
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164,819
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$
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31,966
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19%
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Shareholders' equity
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$
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23,862
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$
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23,451
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$
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22,774
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$
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1,088
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5%
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Summary Income Statement
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(Unaudited, dollars in thousands
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Quarter ended
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Quarter ended
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Change
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Quarter ended
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Change
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except per share data)
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9/30/2014
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6/30/2014
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%
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9/30/2013
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%
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Interest income
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$
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2,058
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$
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1,997
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3
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%
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$
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2,147
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-4
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%
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Interest expense
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78
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78
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0
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%
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77
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1
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%
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Net interest income
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1,980
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1,919
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3
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%
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2,070
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-4
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%
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Provision for loan losses
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0
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0
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0
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%
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0
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0
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%
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Non-interest income
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423
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339
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25
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%
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183
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131
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%
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Non-interest expense
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1,827
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|
1,860
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-2
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%
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2,112
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-13
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%
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Income tax expense
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|
|
230
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|
|
161
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43
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%
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(5,833
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)
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-104
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%
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Net income (loss)
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|
$
|
346
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$
|
236
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46
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%
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$
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5,975
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|
-94
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%
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Earnings (loss) per share
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$
|
.10
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$
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0.07
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|
36
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%
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|
$
|
1.81
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|
-95
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%
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Book value per share
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$
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7.19
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$
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7.12
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$
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6.92
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Capital Ratios
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9/30/2014
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6/30/2014
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9/30/2013
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Minimum
required to be
well-capitalized
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Tier 1 leverage ratio
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8.84
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%
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9.28
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%
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10.00
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%
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5.00
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%
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Tier 1 risk-based capital ratio
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9.92
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%
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10.15
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%
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10.45
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%
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6.00
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%
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Total risk-based capital ratio
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|
11.17
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%
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|
11.41
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%
|
|
11.71
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%
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|
10.00
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%
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|
|
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|
|
|
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Nonperforming assets
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|
9/30/2014
|
|
6/30/2014
|
|
9/30/2013
|
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Nonperforming assets
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$
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2,786
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|
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$
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2,738
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$
|
2,908
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Nonperforming assets to total assets
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|
|
1.25
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%
|
|
|
1.29
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%
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|
1.54
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%
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Allowance for loan losses to nonperforming loans
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|
|
244
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%
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|
|
250
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%
|
|
|
219
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%
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Copyright Business Wire 2014