Pinnacle Bank (OTCBB:PBNK), headquartered in Gilroy, California,
announced today its second profitable quarter. For the three months
ended December 31, 2010, the Bank reported net income of $92,000
compared to a loss of $495,000 in the comparable quarter of 2009.
Net loss for the year ended December 31, 2010, was $1,296,000 as
compared to a loss of $5,421,000 for the year ended December 31,
2009.
As of December 31, 2010, total assets were $146.1 million, a 1%
increase from the $144.6 million at December 31, 2009.
Loans were $120.7 million at December 31, 2010, an increase of
$3.7 million from the December 31, 2009, balance of $117.0 million,
a 3% increase. The allowance for loan losses at December 31, 2010,
was $2.6 million or 2.2% of loans.
Deposits at December 31, 2010, grew to $128.5 million, a 1%
increase over $127.4 million at December 31, 2009. Year end 2010
non-interest bearing deposits increased 50% year over year.
“We have achieved profitability in consecutive quarters which
demonstrates the substantial progress we have made since the onset
of the disruptions in the financial markets in 2008. Continued
profitability is a result of our ongoing focus on cost control and
improvements in our core deposits and asset quality. The
significant increase in non-interest bearing deposits is a direct
result of our strategic emphasis on relationship banking,” said
Susan K. Black, President and CEO. Ms. Black further stated, “our
quality client relationships allow us to maintain net interest
margin and asset quality with safe, controlled growth and a strong
balance sheet.”
Ms. Black added, “We are pleased to have achieved profitability
during these challenging economic times and without government
stimulus dollars. Now more than ever, clients value relationships
with community bankers and are choosing the service and stability
of our brand of banking”. Ms. Black further stated, “We continue to
support our communities by actively lending to local businesses,
individuals and nonprofit organizations. The ongoing support of our
organizers, shareholders and clients is a key factor in our
success.”
The bank’s capital position remains above regulatory guidelines
for well capitalized banks. At December 31, 2010, the Bank had a
total risk based capital ratio of 12.71%.
For more information please go to www.pinnaclebankonline.com click on Investor
Relations and December 2010 call report.
Summary Balance Sheet
(Unaudited, dollars in thousands) 12/31/2010
12/31/2009
%Change
Total assets $ 146,098 $ 144,587 1 % Gross loans 120,352 116,962 3
% Allowance for loan losses (2,605 ) (2,896 ) -10 % Deposits
Non-interest bearing 29,900 19,952 50 % Interest-bearing 98,561
107,460 -8 % Total deposits 128,461 127,412 1 % Shareholders'
equity 15,604 16,655 -6 %
Summary Income Statement
(Unaudited, dollars in thousands Year ended Year
ended except per share data) 12/31/2010 12/31/2009 Interest
income $ 7,150 $ 7,178 Interest expense 1,268
2,208 Net interest income 5,882 4,970 Provision for
loan losses 1,492 4,621 Non-interest income 444 137 Non-interest
expense 6,130 5,908 Net income
(loss) ($1,296 ) ($5,422 ) Earnings
(loss) per share ($0.21 ) ($1.97 ) Net interest margin 4.22 % 3.94
%
Summary Income Statement
(Unaudited, dollars in thousands
Quarterended
Quarterended
Quarterended
Quarterended
Quarterended
except per share data) 12/31/2010 9/30/2010 6/30/2010
3/31/2010 12/31/2009 Interest income $ 1,789 $ 1,784
$ 1,797 $ 1,780 $ 1,802 Interest expense 279
298 314 377
444 Net interest income 1,510 1,486 1,483
1,403 1,358 Provision for loan losses 168 87 670 567 389
Non-interest income 175 175 49 50 19 Non-interest expense
1,425 1,516 1,613
1,580 1,483 Net income
(loss) $ 92 $ 58 ($751 )
($694 ) ($495 ) Earnings (loss) per
share $ 0.03 $ 0.02 ($0.23 ) ($0.21 ) ($0.18 ) Net interest margin
4.17 % 4.24 % 4.90 % 4.56 % 3.86 %
Capital Ratios
12/31/2010 9/30/2010 6/30/2010
3/31/2010 12/31/2009
Minimumrequired to bewell-capitalized
Tier 1 leverage ratio 10.26% 10.52% 10.61%
11.06% 11.70% 5.00% Tier 1 risk-based capital ratio
11.48% 11.51% 11.41% 11.88% 12.10% 6.00% Total risk-based capital
ratio 12.71% 12.78% 12.68% 13.14% 13.40% 10.00%
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 small to medium-sized businesses, offering a
variety of products and services that combine the best of personal
touch with convenient technology-based client service. Pinnacle
Bank has locations in Morgan Hill, Gilroy and Salinas. For more
information please go to www.pinnaclebankonline.com click on
Investor Relations and December 2010 call report.
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