Pinnacle Bank ( (PBNK) ) has released its Q4 earnings. Here is a breakdown of the information Pinnacle Bank presented to its investors.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Pinnacle Bank, a full-service business bank based in Gilroy, California, provides depository and credit services primarily to businesses and nonprofit organizations across Santa Clara, San Benito, and Monterey counties. The bank distinguishes itself by blending personal touch with technology-driven service delivery.
Pinnacle Bank reported a net income of $8.8 million for the year ending December 31, 2024, marking a decline from the previous year’s $11.8 million. However, the fourth quarter saw a slight improvement with net income rising to $3.4 million compared to $3.3 million in the same period of 2023.
Notably, total assets increased by 4% to $846.8 million, while gross loans grew by 6% to $600.6 million. The bank also saw a 2% increase in total deposits, reaching $732.2 million. However, the provision for loan losses significantly increased, impacting overall profitability. Despite this, Pinnacle Bank maintained a strong capital position with a total capital ratio of 16.34%.
The bank’s performance has been recognized with high ratings from Bauer Financial and DepositAccounts.com, highlighting its robust financial health. Pinnacle Bank’s management attributed their resilience to strong client relationships and a dedicated team.
Looking forward, Pinnacle Bank remains committed to supporting local communities and navigating economic uncertainties, with an emphasis on maintaining its well-capitalized status and continuing to foster growth in its core business areas.