Pinnacle Bank Announces Earnings for First Quarter of 2024 [Yahoo! Finance]
PINNACLE BANK (CA) (PBNK)
NASDAQ:AMEX Investor Relations:
pinnaclebankonline.com/investors/index.php
Company Research
Source: Yahoo! Finance
income for the three months ended March 31, 2024 of $2,453,000, compared to net income of $2,723,000 for the same period in 2023. The decrease in net income from the first quarter of 2023 reflects lower noninterest income, higher provision for credit losses and higher noninterest expenses exceeding higher net interest income. As of March 31, 2024, total assets were $833.1 million, a 9% increase from the $766.6 million at March 31, 2023. Gross loans were $576.8 million at March 31, 2024, a new record and an increase of $48.6 million (9%) from the March 31, 2023 balance of $528.2 million. The allowance for credit losses at March 31, 2024 was $6.225 million or 1.09% of net loans compared to $5.732 million or 1.10% of net loans at March 31, 2023. Total deposits at March 31, 2024 were $727.4 million, a 8% increase from $676.3 million at March 31, 2023 and a 2% increase from $714.7 million at December 31, 2023. "Our markets continue to see good economic activity despite various chal
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