GILROY, Calif., July 30, 2015 /PRNewswire/ — Pinnacle Bank (OTCQX:PBNK), headquartered in Gilroy, California, announced today unaudited net income for the three months ended June 30, 2015 of $203,000 compared to $236,000 in the same period of 2014.
As of June 30, 2015, total assets were $234.6 million, an 11% increase from the $212.1 million at June 30, 2014.
Loans were $172.2 million at June 30, 2015, an increase of $18.9 million (12%) from the June 30, 2014 balance of $153.3 million. The allowance for loan losses at June 30, 2015 was $3.6 million or 2.09% of loans compared to $3.5 million or 2.26% of loans at June 30, 2014. Nonperforming assets were $2.3 million (0.96% of assets) at June 30, 2015 compared to $2.7 million (1.25% of assets) a year earlier.
Non-interest bearing deposits at June 30, 2015, increased 26% to $91.7 million from $72.5 million at June 30, 2014. Total deposits at June 30, 2014, were $208.7 million compared to $187.3 million at June 30, 2014, an 11% increase.
“We continue to build franchise value by posting quality organic double-digit growth in both our loan and deposit portfolios,” stated Susan K. Black, President and CEO. “We are especially pleased with the 26% year-over-year growth in non-interest bearing deposits resulting from businesses and nonprofit organizations selecting the Pinnacle brand of community banking. We remain optimistic about further organic growth opportunities in our markets.”
The Bank’s capital position remains above regulatory guidelines for well capitalized banks. At June 30, 2015, the Bank had a total capital ratio of 12.15%. Book value per share at June 30, 2015 was $7.30. Net interest margin in the second quarter of 2015 was 3.91%.
Pinnacle Bank is rated by Bauer Financial as Five-Star “Superior” for strong financial performance, the top rating given by the independent bank rating firm.
For more information please go to www.pinnaclebankonline.com click on Investor Relations and June 2015 call report.
About Pinnacle Bank
Pinnacle Bank is a full-service business bank dedicated to providing quality depository and credit services in Santa Clara, San Benito and Monterey counties. The bank focuses on commercial banking services for businesses and nonprofit organizations, offering a variety of products and services that combine the best of personal touch with convenient technology-based delivery. Pinnacle Bank has locations in Morgan Hill, Gilroy and Salinas. For more information please go to www.pinnaclebankonline.com click on Investor Relations and June 2015 call report.
Forward-Looking Statements
This release may contain forward-looking statements, such as, among others, statements about plans, expectations and goals concerning growth and improvement. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include, but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in our primary service area and more generally in California and other factors beyond the Bank’s control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. Pinnacle Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
Media Contact:
Pinnacle Bank
Susan K. Black, President CEO
408-762-7140
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SOURCE Pinnacle Bank
