Pinnacle Bank Announces Record Earnings for 2023
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 record unaudited net income for the year ended December 31, 2023 of $11,771,000, an increase of 39% over the 2022 net income of $8,453,000. Unaudited net income for the fourth quarter of 2023 was $3,251,000 compared to $2,926,000 in the third quarter of 2023 and $3,107,000 in the fourth quarter of 2022.As of December 31, 2023, total assets were $817.4 million, an 8% increase from the $755.7 million at December 31, 2022.Gross loans were $564.4 million at December 31, 2023, an increase of $54.4 million (11%) from the December 31, 2022 balance of $510.1 million. The allowance for loan losses at December 31, 2023 was $5.952 million or 1.06% of net loans compared to $5.085 million or 1.01% of net loans at December 31, 2022. There were no nonperforming assets at December 31, 2023 and September 30, 2023 and $1,167,000 at December 31, 2022.Total deposits at December 31, 2023,
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