Top-News
Donnerstag,
25.01.2018 18:34
von
PR Newswire
| Aufrufe: 18
Pinnacle Bank Announces 2017 Results
Ein Geschäftsmann mit einem Tablet in der Hand (Symbolbild).
© shapecharge / iStock / Getty Images Plus / Getty Images
PR Newswire
GILROY, Calif., Jan. 25, 2018
GILROY, Calif., Jan. 25, 2018 /PRNewswire/ -- Pinnacle Bank (OTCQB: PBNK), headquartered in Gilroy, California, announced today unaudited net income for the year ended December 31, 2017 of $2,957,000, an increase of 20% over the same period in 2016 net income of $2,461,000, despite a $518,000 revaluation of deferred tax assets in the fourth quarter due to the recently passed tax reform legislation.
As of December 31, 2017, total assets were $342.5 million, a 16% increase from the $295.6 million at December 31, 2016.
Loans were $273.1 million at December 31, 2017, an increase of $31.7 million (13%) from the December 31, 2016 balance of $241.4 million. The allowance for loan losses at December 31, 2017 was $3.8 million or 1.40% of loans compared to $3.2 million or 1.32% of loans at December 31, 2016.
Non-interest bearing deposits at December 31, 2017, increased 30% to $159.8 million from $122.7 million at December 31, 2016. Total deposits at December 31, 2017, were $304.6 million compared to $263.4 million at December 31, 2016, a 16% increase.
Credit quality remained strong with nonperforming assets totaling $284,000 (0.08% of assets) at December 31, 2017 compared to $83,000 (0.03% of assets) a year earlier.
"The vibrant economy in our markets was the foundation for Pinnacle Bank's outstanding year in 2017. Our loans and deposits grew 13% and 16%, respectively over 2016 reflecting the success of our relationship banking approach in attracting and retaining clients. These client relationships helped drive our net interest income to a new high. Our experienced relationship managers and specialized lenders capitalized on the economy to originate a record amount of SBA 7(a) loans in 2017 that made us a top SBA lender in California and fueled the large increase in gains on the sale of SBA 7(a) loan guarantees. Our credit quality remained solid as loans grew and competition increased during the year," stated Jeffrey Payne, President and CEO. "We appreciate the continued efforts and contributions of our outstanding bankers, our committed directors and advisors and our many loyal clients."
The Bank's capital position remains above regulatory guidelines for well capitalized banks. At December 31, 2017, the Bank had a total capital ratio of 11.99%. Book value per share at December 31, 2017 was $8.65. Net interest margin in the fourth quarter of 2017 was 4.59%.
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. The Findley Reports named Pinnacle Bank a 2017 Super Premier performing bank based upon 2016 performance.
For more information please go to www.pinnaclebankonline.com click on Investor Relations and December 2017 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 December 2017 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
Jeffrey D. Payne, President & CEO
408-762-7146
| Summary Balance Sheet | | | | Year over year change | |
| (Unaudited, dollars in thousands) | 12/31/2017 | 9/30/2017 | 12/31/2016 | $ | % |
| Total assets | $ 342,471 | $ 345,217 | $ 295,558 | $ 46,913 | 16% |
| Gross loans | $ 273,114 | $ 271,048 | $ 241,443 | $ 31,671 | 13% |
| Allowance for loan losses | $ (3,815) | $ (3,647) | $ (3,186) | $ (629) | 20% |
| Non-interest bearing deposits | $ 159,796 | $ 155,532 | $ 122,718 | $ 37,078 | 30% |
| Interest-bearing deposits | $ 144,853 | $ 151,599 | $ 140,637 | $ 4,216 | 3% |
| Total deposits | $ 304,649 | $ 307,131 | $ 263,355 | $ 41,294 | 16% |
| Shareholders' equity | $ 34,235 | $ 33,673 | $ 28,222 | $ 6,013 | 21% |
| Summary Income Statement | | | | |
| (Unaudited, dollars in thousands | Year ended | Year ended | Change | Change |
| except per share data) | 12/31/2017 | 12/31/2016 | $ | % |
| Interest income | $ 13,988 | $ 10,699 | $ 3,289 | 30.7% |
| Interest expense | 296 | 280 | 16 | 5.7% |
| Net interest income | 13,692 | 10,419 | 3,273 | 31.4% |
| Provision for loan losses | 537 | (500) | 1,037 | -207.4% |
| Non-interest income | 3,868 | 3,374 Werbung Mehr Nachrichten zur PINNACLE BANK (CA) Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |
