OTCQB: PBNK - Pinnacle Bank, headquartered in Gilroy, California, announced today unaudited net income for the three months ended March 31, 2026 of $1,319,000 compared to net income of $1,914,000 in the same period in 2025.
As of March 31, 2026, total assets were $945.8 million, a 6% increase from $892.5 million as of March 31, 2025.
Gross loans were $569.4 million as of March 31, 2026 compared to the March 31, 2025 balance of $576.6 million. The allowance for loan losses as of March 31, 2026 was $12.971 million or 2.29% of net loans compared to $7.068 million or 1.23% of net loans as of March 31, 2025.
Total deposits as of March 31, 2026, increased 6% to $823.5 million from $775.0 million as of March 31, 2025.
“Our 6% deposit growth reflects the trust local businesses and nonprofits place in Pinnacle Bank and in the people who serve them every day,” stated Jeffrey Payne, President and CEO. “Across the Salinas Valley and Silicon Valley, we’re committed to showing up for the entrepreneurs and business owners who keep our communities strong—providing responsive, relationship-based banking services to help them manage cash flow, invest in their businesses, and pursue growth opportunities. We appreciate the ongoing efforts of our outstanding team of professional bankers, committed directors and advisors and our many loyal clients that contribute to our ongoing success and continued momentum.”
The Bank’s capital position remains above regulatory guidelines for well capitalized banks. At March 31, 2026, the Bank had a total capital ratio of 17.71%. Book value per share as of March 31, 2026 was $18.08.
For more information, please go to www.pinnacle.bank click on Investor Relations and March 2026 call report.
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 businesses and nonprofit organizations, offering a variety of products and services that combine the best of personal touch with convenient technology-based delivery. Pinnacle Bank has locations in Morgan Hill, Gilroy, Salinas and Campbell. For more information please go to www.pinnacle.bank and click on Investor Relations.
Forward-Looking Statements
This release may contain forward-looking statements, such as, among others, statements about plans, expectations and goals concerning growth and improvement. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in our primary service area and more generally in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. Pinnacle Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
Summary Balance Sheet |
Year over year change |
||||||||||||||||
(Unaudited, dollars in thousands) |
3/31/2026 |
12/31/2025 |
3/31/2025 |
$ |
% |
||||||||||||
Total assets |
$ |
945,774 |
|
$ |
890,355 |
|
$ |
892,522 |
|
$ |
53,252 |
|
6% |
||||
Gross loans |
$ |
569,453 |
|
$ |
583,428 |
|
$ |
576,580 |
|
$ |
(7,127 |
) |
-1% |
||||
Allowance for loan losses |
$ |
(12,971 |
) |
$ |
(13,152 |
) |
$ |
(7,068 |
) |
$ |
(5,903 |
) |
84% |
||||
Non-interest bearing deposits |
$ |
251,656 |
|
$ |
248,025 |
|
$ |
252,240 |
|
$ |
(584 |
) |
0% |
||||
Interest-bearing deposits |
$ |
571,850 |
|
$ |
517,822 |
|
$ |
522,732 |
|
$ |
49,118 |
|
9% |
||||
Total deposits |
$ |
823,506 |
|
$ |
765,846 |
|
$ |
774,972 |
|
$ |
48,534 |
|
6% |
||||
Shareholders' equity |
$ |
107,908 |
|
$ |
106,328 |
|
$ |
101,500 |
|
$ |
6,408 |
|
6% |
||||
Summary Income Statement |
|
|
|
|
|
|||||||
(Unaudited, dollars in thousands |
Quarter ended |
Quarter ended |
Change |
Quarter ended |
Change |
|||||||
except per share data) |
3/31/2026 |
12/31/2025 |
% |
3/31/2025 |
% |
|||||||
Interest income |
$ |
11,830 |
$ |
12,083 |
-2% |
$ |
12,048 |
-2% |
||||
Interest expense |
|
3,504 |
|
3,469 |
1% |
|
3,328 |
5% |
||||
Net interest income |
|
8,326 |
|
8,614 |
-3% |
|
8,720 |
-5% |
||||
Provision for loan losses |
|
149 |
|
4,223 |
-96% |
|
- |
-% |
||||
Non-interest income |
|
499 |
|
321 |
55% |
|
406 |
23% |
||||
Non-interest expense |
|
6,906 |
|
4,337 |
59% |
|
6,582 |
5% |
||||
Income tax expense |
|
451 |
|
88 |
413% |
|
630 |
-28% |
||||
Net income (loss) |
$ |
1,319 |
$ |
287 |
360% |
$ |
1,914 |
-31% |
||||
|
|
|
|
|
|
|||||||
Basic Earnings per share |
$ |
0.22 |
$ |
0.05 |
340% |
$ |
0.32 |
-31% |
||||
Diluted Earnings per share |
$ |
0.22 |
$ |
0.05 |
340% |
$ |
0.32 |
-31% |
||||
Book value per share |
$ |
18.08 |
$ |
17.93 |
1% |
$ |
17.16 |
5% |
||||
Shares outstanding at period end |
|
5,968,646 |
|
5,928,916 |
1% |
|
5,915,616 |
1% |
||||
Nonperforming assets |
|
|
|
||||||
unaudited (dollars in thousands) |
3/31/2026 |
12/31/2025 |
3/31/2025 |
||||||
Nonperforming assets |
$ |
21,911 |
$ |
19,967 |
$ |
9,583 |
|||
|
|
|
Minimum |
|||||
|
|
|
|
required to be |
||||
Capital Ratios |
3/31/2026 |
12/31/2025 |
3/31/2025 |
well-capitalized |
||||
Tier 1 leverage ratio |
11.87% |
11.80% |
11.94% |
5.00% |
||||
Common Equity Tier 1 capital ratio |
16.46% |
15.98% |
16.09% |
6.50% |
||||
Tier 1 capital ratio |
16.46% |
15.98% |
16.09% |
8.00% |
||||
Total capital ratio |
17.71% |
17.24% |
17.20% |
10.00% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260423399178/en/
Contacts
Media Contact:
Pinnacle Bank
Jeffrey D. Payne, President & CEO
408-762-7146
