GILROY, Calif., May 1, 2015 /PRNewswire/ -- Pinnacle
Bank (OTCQX: PBNK), headquartered in Gilroy, California, announced today unaudited
income for the three months ended March 31,
2015 of $149,000 compared to
$160,000 in the same period of
2014.
As of March 31, 2015, total assets
were $242.2 million, an 18% increase
from the $206.0 million at
March 31, 2014.
Loans were $164.7 million at
March 31, 2015, an increase of
$15.9 million (11%) from the
March 31, 2014 balance of
$148.8 million. The allowance
for loan losses at March 31, 2015 was
$3.58 million or 2.17% of loans
compared to $3.43 million or 2.31% of
loans at March 31, 2014.
Nonperforming assets were reduced to $2.27
million (0.94% of assets) at March
31, 2015 from $2.74 million
(1.33% of assets) a year earlier.
Non-interest bearing deposits at March
31, 2015, increased 29% to $85.9
million from $66.7 million at
March 31, 2014. Total deposits at
March 31, 2015, were $216.8 million compared to $182.1 million at March
31, 2014, a 19% increase.
"We are pleased to report steady growth in the first quarter,
with new highs in assets, loans and deposits. We are well
positioned to capitalize on the opportunities for organic growth in
our markets with high quality loan demand and core deposits,"
stated Susan K. Black, President and
CEO. "Our focus on relationships helped us achieve 29%
year-over-year growth in non-interest bearing deposits and
demonstrates the quality core business relationships we continue to
attract. Our franchise is solid and we remain very optimistic
about future opportunities."
The bank's capital position remains above regulatory guidelines
for well capitalized banks. At March 31,
2015, the Bank had a total risk based capital ratio of
12.50%. Book value per share at March
31, 2015 was $7.28. Net
interest margin in the first quarter of 2015 was 3.62%.
For more information please go to www.pinnaclebankonline.com
click on Investor Relations and March
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
March 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
|
Summary Balance
Sheet
|
|
|
|
Year over year
change
|
|
(Unaudited,
dollars in thousands)
|
3/31/2015
|
12/31/2014
|
3/31/2014
|
$
|
%
|
|
Total
assets
|
$ 242,186
|
$ 230,423
|
$ 205,988
|
$ 36,198
|
18%
|
|
Gross
loans
|
$ 164,677
|
$ 161,863
|
$ 148,811
|
$ 15,866
|
11%
|
|
Allowance for loan
losses
|
$ (3,577)
|
$ (3,535)
|
$ (3,433)
|
$ (144)
|
4%
|
|
Non-interest bearing
deposits
|
$ 85,864
|
$ 81,395
|
$ 66,746
|
$ 19,118
|
29%
|
|
Interest-bearing
deposits
|
$ 130,940
|
$ 123,951
|
$ 115,326
|
$ 15,614
|
14%
|
|
Total
deposits
|
$ 216,804
|
$ 205,346
|
$ 182,072
|
$ 34,732
|
19%
|
|
Shareholders'
equity
|
$ 24,327
|
$ 24,130
|
$ 23,174
|
$ 1,153
|
5%
|
|
Summary Income
Statement
|
|
|
|
|
|
|
(Unaudited,
dollars in thousands
|
Quarter
ended
|
Quarter
ended
|
Change
|
Quarter
ended
|
Change
|
|
except per share
data)
|
3/31/2015
|
12/31/2014
|
%
|
3/31/2014
|
%
|
|
Interest
income
|
$ 2,013
|
$ 2,085
|
-3%
|
$ 2,160
|
-7%
|
|
Interest
expense
|
82
|
87
|
-6%
|
75
|
9%
|
|
Net interest
income
|
1,931
|
1,998
|
-3%
|
2,085
|
-7%
|
|
Provision for loan
losses
|
0
|
0
|
0%
|
0
|
0%
|
|
Non-interest
income
|
339
|
251
|
35%
|
219
|
55%
|
|
Non-interest
expense
|
2,028
|
1,901
|
7%
|
2,028
|
0%
|
|
Income tax
expense
|
93
|
126
|
-26%
|
116
|
-20%
|
|
Net income
(loss)
|
$ 149
|
$ 223
|
-33%
|
$ 160
|
-7%
|
|
|
|
|
|
|
|
Earnings (loss) per
share
|
$ 0.04
|
$ 0.06
|
-32%
|
$ 0.05
|
-20%
|
|
Book value per
share
|
$ 7.28
|
$ 7.24
|
1%
|
$ 7.04
|
3%
|
|
|
|
|
Minimum
|
|
|
|
|
required to
be
|
|
Capital
Ratios
|
3/31/2015
|
12/31/2014
|
3/31/2014
|
well-capitalized
|
|
Tier 1 leverage
ratio
|
9.13%
|
8.69%
|
9.40%
|
5.00%
|
|
Tier 1 risk-based
capital ratio
|
11.24%
|
10.37%
|
10.06%
|
6.00%
|
|
Total risk-based
capital ratio
|
12.50%
|
11.63%
|
11.32%
|
10.00%
|
|
|
Nonperforming
assets
|
3/31/2015
|
12/31/2014
|
3/31/2014
|
|
|
Nonperforming
assets
|
$ 2,268
|
$ 2,287
|
$ 2,738
|
|
|
Nonperforming assets
to total assets
|
0.94%
|
0.99%
|
1.33%
|
|
|
Allowance for loan
losses to nonperforming loans
|
390%
|
377%
|
247%
|
|
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SOURCE Pinnacle Bank