Pinnacle Bank Announces Earnings for Third Quarter of 2024 [Yahoo! Finance]
PINNACLE BANK (CA) (PBNK)
NASDAQ:AMEX Investor Relations:
pinnaclebankonline.com/investors/index.php
Company Research
Source: Yahoo! Finance
income for the three months ended September 30, 2024 of $1,909,000, compared to net income of $2,728,000 for the same period in 2023. As of September 30, 2024, total assets were $893.1 million, a 6% increase from the $843.5 million at September 30, 2023. Gross loans were $617.0 million at September 30, 2024, a new record and an increase of $78.6 million (15%) from the September 30, 2023 balance of $538.4 million. The allowance for credit losses at September 30, 2024 was $7.335 million or 1.20% of net loans compared to $5.799 million or 1.09% of net loans at September 30, 2023. Nonaccrual loans were $10.9 million at September 30, 2024, consisting of $8.4 million of commercial real estate loans and $2.5 million of commercial and industrial loans. There were no nonaccrual loans at September 30, 2023. Total deposits at September 30, 2024 were $780.9 million, a 5% increase from $746.6 million at September 30, 2023. "We saw continued loan and deposit growth in the third quarter. The
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