Business & Finance
Tue, May 1, 2012 
GILROY, Calif.--([ BUSINESS WIRE ])--Pinnacle Bank (OTCBB:PBNK), headquartered in Gilroy, California, announced today its seventh consecutive profitable quarter. For the three months ended March 31, 2012, the Bank reported net income of $297,000 compared to $118,000 in the comparable quarter of 2011.
"While the economy continues to work through a number of uncertainties, our team of professional bankers continues to add core relationships with businesses and professionals in Santa Clara, Monterey and San Benito counties. We continue to build our franchise through careful, controlled growth and remain optimistic about future opportunities."
As of March 31, 2012, total assets were $163.1 million, an 8% increase from the $151.3 million at March 31, 2011.
Loans were $126.3 million at March 31, 2012, an increase of $13.5 million (12%) from the March 31, 2011, balance of $112.8 million. The allowance for loan losses at March 31, 2012, was $2.8 million or 2.2% of loans. Nonaccrual loans at March31, 2012, were $1.5 million, a reduction of $0.3 million from $1.8 million at December 31, 2011.
Deposits at March 31, 2012, were $145.3 million compared to $134.8 million at March 31, 2011, an 8% increase. March 31, 2012, non-interest bearing deposits increased 7% over March 31, 2011, from $32.6 million to $36.2 million.
aOur seven straight quarters of profitability reflect the progress we have made in building a strong balance sheet,a said Susan K. Black, President and CEO. Ms. Black further stated, aWhile the economy continues to work through a number of uncertainties, our team of professional bankers continues to add core relationships with businesses and professionals in Santa Clara, Monterey and San Benito counties. We continue to build our franchise through careful, controlled growth and remain optimistic about future opportunities.a
The bankas capital position remains above regulatory guidelines for well capitalized banks. At March 31, 2012, the Bank had a total risk based capital ratio of 12.79%.
For more information please go to [ www.pinnaclebankonline.com ] click on Investor Relations and March 2012 call report.
| Summary Balance Sheet | 3/31/2012 | 12/31/2011 | 3/31/2011 | 12 Month | |||||||||||||||
| (Unaudited, dollars in thousands) | |||||||||||||||||||
| Total assets | $ | 163,135 | $ | 154,911 | $ | 151,297 | 8 | % | |||||||||||
| Gross loans | $ | 126,276 | $ | 131,800 | $ | 112,776 | 12 | % | |||||||||||
| Allowance for loan losses | $ | (2,782 | ) | $ | (2,771 | ) | $ | (2,580 | ) | 8 | % | ||||||||
| Deposits | |||||||||||||||||||
| Non-interest bearing | $ | 36,172 | $ | 35,675 | $ | 32,626 | 11 | % | |||||||||||
| Interest-bearing | $ | 109,107 | $ | 102,042 | $ | 102,183 | 7 | % | |||||||||||
| Total deposits | $ | 145,279 | $ | 137,717 | $ | 134,809 | 8 | % | |||||||||||
| Shareholders' equity | $ | 16,700 | $ | 16,381 | $ | 15,733 | 6 | % | |||||||||||
| Summary Income Statement | |||||||||||||||
| (Unaudited, dollars in thousands | Quarter | Quarter | Quarter | ||||||||||||
| except per share data) | 3/31/2012 | 12/31/2011 | 3/31/2011 | ||||||||||||
| Interest income | $ | 1,916 | $ | 1,917 | $ | 1,774 | |||||||||
| Interest expense | 151 | 162 | 226 | ||||||||||||
| Net interest income | 1,766 | 1,756 | 1,548 | ||||||||||||
| Provision for loan losses | 22 | ||||||||||||||
| Non-interest income | 210 | 126 | 180 | ||||||||||||
| OREO writedown | 300 | ||||||||||||||
| Non-interest expense | 1,679 | 1,485 | 1,588 | ||||||||||||
| Net income (loss) | $ | 297 | $ | 97 | $ | 118 | |||||||||
| Earnings (loss) per share | $ | 0.09 | $ | 0.03 | $ | 0.04 | |||||||||
| Net interest margin | 4.72 | % | 4.59 | % | 4.52 | % | |||||||||
| Minimum | |||||||||
| required to be | |||||||||
| Capital Ratios | 3/31/2012 | 12/31/2011 | well- | ||||||
| Tier 1 leverage ratio | 10.40% | 10.11% | 5.00% | ||||||
| Tier 1 risk-based capital ratio | 11.53% | 11.18% | 6.00% | ||||||
| Total risk-based capital ratio | 12.79% | 12.43% | 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 March 2012 call report.
