Pinnacle Bank Announces Q1 2019 Results
PINNACLE BANK (CA) (PBNK)
NASDAQ:AMEX Investor Relations:
pinnaclebankonline.com/investors/index.php
Company Research
Source: PR Newswire
GILROY, Calif., April 29, 2019 /PRNewswire/ -- Pinnacle Bank (OTCQB: PBNK), headquartered in Gilroy, California, announced today unaudited net income for the three months ended March 31, 2019 of $1,455,000, an increase of 31% over the same period in 2018 net income of $1,110,000. As of March 31, 2019, total assets were $384.3 million, a 9% increase from the $353.1 million at March 31, 2018. Loans were $317.4 million at March 31, 2019, an increase of $39.2 million (14%) from the March 31, 2018 balance of $278.1 million. The allowance for loan losses at March 31, 2019 was $3.8 million or 1.21% of loans compared to $3.7 million or 1.33% of loans at March 31, 2018. Total deposits at March 31, 2019, increased to $329.6 million from $313.6 million at March 31, 2018, a 5% increase. Credit quality remained strong with nonperforming assets totaling $12,000 (0.00% of assets) at March 31, 2019 compared to $39,000 (0.01% of assets) a year earlier. "Pinnacle Bank built on our 2018 momentum dur
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