Pinnacle Bank Reports Q3 2024 Net Income Decline Amid Asset Growth

Published 8 hours agoPNBK

Pinnacle Bank Reports Q3 2024 Net Income Decline Amid Asset Growth

Pinnacle Bank announced its financial results for the third quarter of 2024, revealing a net income of $1.91 million, down from $2.73 million in the same quarter of 2023. Despite the decline in net income, the bank experienced significant asset growth with total assets reaching $893.1 million, marking a 6% increase from the previous year. According to Stockhouse.com, this growth coincided with a rise in total deposits, which grew by 5% to $780.9 million.

The bank's gross loans saw a 15% increase, amounting to $617.0 million, while the allowance for credit losses rose to $7.335 million, representing 1.20% of net loans compared to last year's 1.09%. Nonaccrual loans were reported at $10.9 million, consisting predominantly of $8.4 million in commercial real estate loans. A noteworthy financial indicator, the book value per share stood at $16.60.

Pinnacle Bank continues to maintain a solid capital position with a total capital ratio of 15.52%, exceeding the regulatory guidelines for well-capitalized banks. This capital strength underscores its ability to navigate the challenging economic environment while expanding its loan and asset base.

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