- Pinnacle Bank (PBNK, Financial) reports a decrease in net income for Q1 2025, totaling $1.9 million, down from $2.45 million in Q1 2024.
- Total assets for the bank increased by 7% year-over-year, reaching $892.5 million as of March 31, 2025.
- Total deposits grew by 7%, amounting to $775 million, reflecting strong market resilience.
Pinnacle Bank (PBNK), based in Gilroy, California, announced an unaudited net income of $1.914 million for the first quarter of 2025, representing a decrease from the $2.453 million reported in the same period of 2024. The bank's total assets grew by 7%, reaching $892.5 million as of March 31, 2025, compared to $833.1 million on March 31, 2024. Gross loans remained relatively stable at $576.6 million.
The allowance for credit losses increased to $7.068 million, or 1.23% of net loans, as of March 31, 2025, from $6.225 million, or 1.09%, the previous year. Nonperforming assets, net of government guarantees, were reported at $9.6 million, whereas there were no nonperforming assets on March 31, 2024.
Total deposits saw a 7% increase, reaching $775 million at the end of the first quarter of 2025, compared to $727.4 million a year earlier, and a 6% rise from $732.2 million at the end of 2024. Jeffrey Payne, President and CEO of Pinnacle Bank, commented on the ongoing resilience of the communities served by the bank, which have adapted well to economic challenges including inflation.
Pinnacle Bank's capital position is strong, with a total capital ratio of 17.20% as of March 31, 2025. The book value per share increased to $17.16. The bank continues to receive high ratings from financial performance evaluators, reflecting its stability and strong relationship-driven business model. For more detailed financial reports and information, stakeholders can visit the bank's website under the Investor Relations section.
