Pinnacle Bank Announces Earnings for 2024
PINNACLE BANK (CA) (PBNK)
NASDAQ:AMEX Investor Relations:
pinnaclebankonline.com/investors/index.php
Company Research
Source: Business Wire
GILROY, Calif.--(BUSINESS WIRE)--OTCQB: PBNK – Pinnacle Bank, headquartered in Gilroy, California, announced today unaudited net income for the year ended December 31, 2024 of $8,846,000 compared to net income to $11,771,000 in 2023. Unaudited net income for the fourth quarter of 2024 was $3,421,000 compared to $3,251,000 in the fourth quarter of 2023.As of December 31, 2024, total assets were $846.8 million, a 4% increase from $817.4 million at December 31, 2023.Gross loans were $600.6 million at December 31, 2024, an increase of $36.2 million (6%) from the December 31, 2023 balance of $564.5 million. The allowance for loan losses at December 31, 2024 was $7.352 million or 1.23% of net loans compared to $5.952 million or 1.06% of net loans at December 31, 2023. Nonperforming loans were $12.0 million at December 31, 2024. There were no nonperforming assets at December 31, 2023.Total deposits at December 31, 2024, increased to $732.2 million from $714.7 million at December 31, 2023
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