GILROY, Calif., April 28, 2022 /PRNewswire/ — Pinnacle Bank (OTCQB: PBNK), headquartered in Gilroy, Californiatoday announced unaudited net income for the three months ended March 31, 2022 of $1,246,000 compared to $1,169,000 at the same time in 2021.

From March 31, 2022total assets were $778.8 milliona 14% increase from $684.0 million to March 31, 2021.

Gross loans were $442.6 million to March 31, 2022a decrease of $68.5 million (-13%) of the March 31, 2021 balance of $511.2 million. Gross Paycheck Protection Program (PPP) loans to March 31, 2022 have been $8.5 million compared to $127.1 million one year earlier. Excluding PPP loans, gross loans increase $52.5 million or 14%. The provision for losses on loans to March 31, 2022 been $6.2 million i.e. 1.45% of loans (1.48% of net loans excluding PPP loans) compared to $6.1 million i.e. 1.28% of loans to March 31, 2021 (1.74% excluding PPP loans).

Total deposits at March 31, 2022increased to $701.0 million from $609.4 million to March 31, 2021an increase of 15%.

“The first quarter continued our momentum from 2021. We again delivered double-digit growth in non-PPP deposits and loans. This growth in core loans and deposits is the result of our approach to relationship banking,” said Jeffrey Payne, Chairman and CEO. “Our franchise continues to attract quality bankers and, as a result, new customers. We are honored to contribute to the success of our communities by providing top-notch business banking services from Salinas Valley to Silicon Valley. “We appreciate the continued efforts of our exceptional team of professional bankers, committed administrators and advisors and our many loyal customers who contribute to our continued success and continued momentum.”

The Bank’s capital position remains above regulatory guidelines for well capitalized banks. To March 31, 2022, the Bank had a total capital ratio of 13.96%. Book value per share at March 31, 2022 been $12.37.

Pinnacle Bank is rated by Bauer Financial in the five-star “Superior” category for its strong financial performance, the highest rating given by the independent bank rating company. DepositAccounts.com gave Pinnacle Bank an A+ rating with a ranking of 80 out of 5,035 US banks analyzed. Findley Reports named Pinnacle Bank a 2020 Super Premier Performing Bank.

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For more information, visit www.pinnacle.bank, click on Investor Relations and March 2022 call report.

About Pinnacle Bank

Pinnacle Bank is a full-service merchant bank dedicated to providing quality deposit and credit services in Santa Clara, San Benito and Monterey counties. The bank focuses on commercial banking services for businesses and nonprofits, offering a variety of products and services that combine the best of the personal touch with convenient technology-based delivery. Pinnacle Bank has offices in Morgan Hill, Gilroy, Salinas and Campbell. For more information, visit www.pinnacle.bank, click on Investor Relations and March 2022 call report.

Forward-looking statements
This release may contain forward-looking statements, such as, but not limited to, statements about plans, expectations and objectives for growth and improvement. Forward-looking statements are subject to risks and uncertainties. These risks and uncertainties may include, but are not limited to, interest rate fluctuations, 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 control of the Bank. These risks and uncertainties could cause results for subsequent interim periods or for the full year to differ materially from those indicated. Readers should not place undue reliance on forward-looking statements, which reflect management’s views 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
Jeffrey D. PaynePresident and CEO
408-762-7146

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SOURCE Pinnacle Bank