RESTATING: Pinnacle Bank Announces Earnings for Third Quarter of 2024
PINNACLE BANK (CA) (PBNK)
NASDAQ:AMEX Investor Relations:
pinnaclebankonline.com/investors/index.php
Company Research
Source: Business Wire
GILROY, Calif.--(BUSINESS WIRE)--OTCQB: PBNK - Pinnacle Bank, headquartered in Gilroy, California, announced changes to its press release issued on Tuesday, October 29, 2024, as a result of restating its financials for the quarter ended September 30, 2024. The restated release follows.Pinnacle Bank announced today unaudited net income for the three months ended September 30, 2024, of $244,000, compared to net income of $2,728,000 for the same period in 2023.One commercial and industrial loan totaling $2.4 million originally moved to nonaccrual was subsequently charged off as of September 30, 2024, when it was determined that management could no longer rely on information previously used in assessing the collectability of the loan at quarter end. The charge-off and the allowance for credit losses on nonaccrual loans resulted in an increase in the provision for credit losses for the three months ended September 30, 2024, that had a significant negative impact on net income.As of Sep
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