{"id":424361,"date":"2021-01-28T22:04:13","date_gmt":"2021-01-29T03:04:13","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=424361"},"modified":"2021-01-28T22:04:13","modified_gmt":"2021-01-29T03:04:13","slug":"pinnacle-bank-announces-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pinnacle-bank-announces-2020-results\/","title":{"rendered":"Pinnacle Bank Announces 2020 Results"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n GILROY, Calif.<\/span>, Jan. 28, 2021<\/span> \/PRNewswire\/ —\u00a0Pinnacle Bank (OTCQX: PBNK), headquartered in Gilroy, California<\/span>, announced today unaudited net income for the year ended December 31, 2020<\/span> of $3,941,000<\/span>, a decrease of 30% over the 2019 net income of $5,564,000<\/span>.\u00a0 Unaudited net income for the fourth quarter of 2020 was $1,411,000<\/span> compared to $1,348,000<\/span> in the third quarter of 2020 and $1,404,000<\/span> in the fourth quarter of 2019. The public health and economic uncertainties that existed for much of 2020 were the basis for a provision for loan losses of $2,070,000<\/span> for 2020 compared to $280,000<\/span> for 2019.\u00a0 <\/p>\n

\n

\n
\n \"Pinnacle
\n <\/a>\n <\/p>\n<\/p><\/div>\n

As of December 31, 2020<\/span>, total assets were $616.8 million<\/span>, a 47% increase from the $419.4 million<\/span> at December 31, 2019<\/span>. <\/p>\n

Gross loans were $487.0 million<\/span> at December 31, 2020<\/span>, an increase of $151.1 million<\/span> (45%) from the December 31, 2019<\/span> balance of $335.9 million<\/span>. \u00a0Gross Paycheck Protection Program (PPP) loans at December 31, 2020<\/span> were $110.2 million<\/span>.\u00a0 Excluding the PPP loans, gross loans increased $40.9 million<\/span> or 12%.\u00a0The allowance for loan losses at December 31, 2020<\/span> was $6.1 million<\/span> or 1.27% of net loans (1.65% of net loans excluding the PPP loans) compared to $3.9 million<\/span> or 1.19% of net loans at December 31<\/span>, 2019.\u00a0 <\/p>\n

Total deposits at December 31, 2020<\/span>, increased to $544.2 million<\/span> from $356.5 million<\/span> at December 31, 2019<\/span>, a 53% increase. <\/p>\n

“Pinnacle Bank finished 2020 with a strong fourth quarter and strong growth for the year.\u00a0\u00a0 The year was highlighted by supporting our clients with more than 400 PPP loans and by the growth in loans and deposits.\u00a0 Opportunities for growth continue in our communities as demonstrated by our 12% loan growth excluding PPP loans.\u00a0 We remain optimistic due to our region’s economic vitality and resiliency while remaining watchful for those negatively impacted.\u00a0 Clients continue to come to Pinnacle Bank for our relationship-based approach provided by experienced bankers as evidenced by our robust organic loan and deposit growth. In addition, our Silicon Valley office opened in Q4,” stated Jeffrey Payne<\/span>, President and CEO. “We are honored to contribute to the success of our communities by providing premier business banking from Salinas Valley to Silicon Valley.\u00a0 I sincerely appreciate the continued efforts and contributions of our outstanding team of professional bankers, our committed directors and advisors and our many loyal clients.”<\/p>\n

Public health orders to limit the pandemic have caused significant changes in economic conditions that may affect our borrowers’ ability to repay their loans. The provision for loan losses in 2020 incorporates estimates of the changes in macro-economic conditions and portfolio concentrations.\u00a0 One loan for $1<\/span>.7mm which was greater than 30 days past due at December 31, 2020<\/span> has returned to non-delinquent status.\u00a0 With the exception of that loan, certain traditional measures of credit risk such as delinquencies and nonperforming assets have not shown weakened performance.\u00a0 However, relief measures such as PPP loans and SBA payments on 7a loans may be inadequate to support borrowers as the pandemic continues to hinder economic activity. \u00a0As a relationship-oriented bank we continue to work with our borrowers to assist them in responding to changes in conditions. As of December 31, 2020<\/span>, COVID loan modifications, generally for interest only periods, were in place for 10 loans totaling $11.5 million<\/span> compared to 14 loans totaling $24.5 million<\/span> at September 30<\/span>, 2020.\u00a0 All of these loans were on performing status. Nonperforming assets totaled $45,000<\/span> (0.01% of assets) at December 31, 2020<\/span> compared to $65,000<\/span> at December 31<\/span>, 2019.\u00a0\u00a0 <\/p>\n

The Bank’s capital position remains above regulatory guidelines for well capitalized banks. At December 31, 2020<\/span>, the Bank had a total capital ratio of 14.95%.\u00a0 Book value per share at December 31, 2020<\/span> was $11.01<\/span>.\u00a0 Net interest margin in the fourth quarter and full year of 2020 was 3.64% and 3.81%, respectively, compared to 5.42% and 5.45% for the same periods in 2019.<\/p>\n

Pinnacle Bank is rated by Bauer Financial as Five-Star “Superior” for strong financial performance, the top rating given by the independent bank rating firm.\u00a0 DepositAccounts.com awarded Pinnacle Bank an A+ rating with a ranking of 80 out of 5,035 U. S. banks analyzed.\u00a0 The Findley Reports named Pinnacle Bank a 2020 Super Premier performing bank.<\/p>\n

For more information please go to www.pinnacle.bank<\/a> click on Investor Relations and December 2020<\/span> call report.<\/p>\n

\n
\n About Pinnacle Bank<\/i>
\n <\/b>\n <\/p>\n

\n Pinnacle Bank is a full-service business bank dedicated to providing quality depository and credit services in Santa Clara<\/span>, San Benito<\/span> and Monterey<\/span> 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 Campbell<\/span>, Morgan Hill<\/span>, Gilroy<\/span> and Salinas<\/span>. For more information please go to www.pinnacle.bank click on Investor Relations and December 2020<\/span> call report.<\/i>\n <\/p>\n

\n
\n Forward-Looking Statements<\/i>
\n <\/b>\n <\/p>\n

\n 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<\/span> 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.<\/i>\n <\/p>\n

\n Media Contact:
<\/i>
\n Pinnacle Bank
<\/i>
\n
\n Jeffrey D. Payne<\/span>, President & CEO
<\/i>
\n 408-762-7146<\/i>\n <\/p>\n

\n \u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Summary Balance Sheet<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Year over year change<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Unaudited, dollars in thousands)<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 12\/31\/2020<\/span>\n <\/p>\n<\/td>\n

\n

\n 9\/30\/2020<\/span>\n <\/p>\n<\/td>\n

\n

\n 12\/31\/2019<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total assets<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 616,847<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 624,877<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 419,412<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 197,435<\/span>\n <\/p>\n<\/td>\n

\n

\n 47%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gross loans<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 487,035<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 502,122<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 335,915<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 151,120<\/span>\n <\/p>\n<\/td>\n

\n

\n 45%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Allowance for loan losses<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0(6,101)<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0(5,885)<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0(3,935)<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 (2,166)<\/span>\n <\/p>\n<\/td>\n

\n

\n 55%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-interest bearing deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 244,749<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 244,858<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 160,160<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 84,589<\/span>\n <\/p>\n<\/td>\n

\n

\n 53%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest-bearing deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 299,424<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 303,961<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 196,360<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 103,064<\/span>\n <\/p>\n<\/td>\n

\n

\n 52%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total deposits<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 544,173<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 548,819<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 356,520<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 187,653<\/span>\n <\/p>\n<\/td>\n

\n

\n 53%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Shareholders’ equity<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 58,225<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 56,681<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 53,718<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 4,507<\/span>\n <\/p>\n<\/td>\n

\n

\n 8%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Summary Income Statement<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (Unaudited, dollars in thousands<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Year ended<\/span>\n <\/p>\n<\/td>\n

\n

\n Year ended<\/span>\n <\/p>\n<\/td>\n

\n

\n Change<\/span>\n <\/p>\n<\/td>\n

\n

\n Change<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n except per share data)<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 12\/31\/2020<\/span>\n <\/p>\n<\/td>\n

\n

\n 12\/31\/2019<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest income<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a022,181<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a021,453<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 728<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.2%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,893<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,705<\/span>\n <\/p>\n<\/td>\n

\n

\n 188<\/span>\n <\/p>\n<\/td>\n

\n

\n 34.1%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net interest income<\/span>\n <\/p>\n<\/td>\n

\n

\n 20,288<\/span>\n <\/p>\n<\/td>\n

\n

\n 19,748<\/span>\n <\/p>\n<\/td>\n

\n

\n 540<\/span>\n <\/p>\n<\/td>\n

\n

\n 3.2%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Provision for loan losses<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,070<\/span>\n <\/p>\n<\/td>\n

\n

\n 280<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,790<\/span>\n <\/p>\n<\/td>\n

\n

\n 2386.7%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-interest income<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,727<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,164<\/span>\n <\/p>\n<\/td>\n

\n

\n 563<\/span>\n <\/p>\n<\/td>\n

\n

\n 17.2%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-interest expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 16,201<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,503<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,698<\/span>\n <\/p>\n<\/td>\n

\n

\n 13.7%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income tax expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,803<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,565<\/span>\n <\/p>\n<\/td>\n

\n

\n (762)<\/span>\n <\/p>\n<\/td>\n

\n

\n -36.3%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net income (loss)<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a03,941<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a05,564<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0(1,623)<\/span>\n <\/p>\n<\/td>\n

\n

\n -30.3%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Basic Earnings (loss) per share<\/span>\n <\/p>\n<\/td>\n

\n

\n $0.75<\/span>\n <\/p>\n<\/td>\n

\n

\n $1.09<\/span>\n <\/p>\n<\/td>\n

\n

\n ($0.34)<\/span>\n <\/p>\n<\/td>\n

\n

\n -28.4%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Diluted Earnings (loss) per share<\/span>\n <\/p>\n<\/td>\n

\n

\n $0.74<\/span>\n <\/p>\n<\/td>\n

\n

\n $1.06<\/span>\n <\/p>\n<\/td>\n

\n

\n ($0.32)<\/span>\n <\/p>\n<\/td>\n

\n

\n -27.6%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Book value per share<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a011.01<\/span>\n <\/p>\n<\/td>\n

\n

\n $ \u00a0 \u00a0 \u00a0 \u00a0 \u00a010.81<\/span>\n <\/p>\n<\/td>\n

\n

\n $0.20<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.9%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Shares outstanding at period end<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,288,310<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,242,743<\/span>\n <\/p>\n<\/td>\n

\n

\n 45,567<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.9%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n Minimum<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n required to be<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Capital Ratios<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 12\/31\/2020<\/span>\n <\/p>\n<\/td>\n

\n

\n 9\/30\/2020<\/span>\n <\/p>\n<\/td>\n

\n

\n 12\/31\/2019<\/span>\n <\/p>\n<\/td>\n

\n

\n well-capitalized<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Tier 1 leverage ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 9.13%<\/span>\n <\/p>\n<\/td>\n

\n

\n 8.99%<\/span>\n <\/p>\n<\/td>\n

\n

\n 12.91%<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.00%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Common Equity Tier 1 capital ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 13.69%<\/span>\n <\/p>\n<\/td>\n

\n

\n 13.50%<\/span>\n <\/p>\n<\/td>\n

\n

\n 14.14%<\/span>\n <\/p>\n<\/td>\n

\n

\n 6.50%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Tier 1 capital ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 13.69%<\/span>\n <\/p>\n<\/td>\n

\n

\n 13.50%<\/span>\n <\/p>\n<\/td>\n

\n

\n 14.14%<\/span>\n <\/p>\n<\/td>\n

\n

\n 8.00%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total capital ratio<\/span>\n <\/p>\n<\/td>\n

\n

\n 14.95%<\/span>\n <\/p>\n<\/td>\n

\n

\n 14.76%<\/span>\n <\/p>\n<\/td>\n

\n

\n 15.19%<\/span>\n <\/p>\n<\/td>\n

\n

\n 10.00%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

<\/div>\n

\n \"Cision\" View original content to download multimedia:http:\/\/www.prnewswire.com\/news-releases\/pinnacle-bank-announces-2020-results-301217840.html<\/a><\/p>\n

SOURCE Pinnacle Bank<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire GILROY, Calif., Jan. 28, 2021 \/PRNewswire\/ —\u00a0Pinnacle Bank (OTCQX: PBNK), headquartered in Gilroy, California, announced today unaudited net income for the year ended December 31, 2020 of $3,941,000, a decrease of 30% over the 2019 net income of $5,564,000.\u00a0 Unaudited net income for the fourth quarter of 2020 was $1,411,000 compared to $1,348,000 in the third quarter of 2020 and $1,404,000 in the fourth quarter of 2019. The public health and economic uncertainties that existed for much of 2020 were the basis for a provision for loan losses of $2,070,000 for 2020 compared to $280,000 for 2019.\u00a0 As of December 31, 2020, total assets were $616.8 million, a 47% increase from the $419.4 million at December 31, 2019. … <\/p>\n

Continue reading “Pinnacle Bank Announces 2020 Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-424361","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nPinnacle Bank Announces 2020 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pinnacle-bank-announces-2020-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pinnacle Bank Announces 2020 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire GILROY, Calif., Jan. 28, 2021 \/PRNewswire\/ —\u00a0Pinnacle Bank (OTCQX: PBNK), headquartered in Gilroy, California, announced today unaudited net income for the year ended December 31, 2020 of $3,941,000, a decrease of 30% over the 2019 net income of $5,564,000.\u00a0 Unaudited net income for the fourth quarter of 2020 was $1,411,000 compared to $1,348,000 in the third quarter of 2020 and $1,404,000 in the fourth quarter of 2019. The public health and economic uncertainties that existed for much of 2020 were the basis for a provision for loan losses of $2,070,000 for 2020 compared to $280,000 for 2019.\u00a0 As of December 31, 2020, total assets were $616.8 million, a 47% increase from the $419.4 million at December 31, 2019. … Continue reading "Pinnacle Bank Announces 2020 Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/pinnacle-bank-announces-2020-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-29T03:04:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/194846\/pinnacle_bank_logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pinnacle-bank-announces-2020-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pinnacle-bank-announces-2020-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Pinnacle Bank Announces 2020 Results\",\"datePublished\":\"2021-01-29T03:04:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pinnacle-bank-announces-2020-results\\\/\"},\"wordCount\":983,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pinnacle-bank-announces-2020-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/194846\\\/pinnacle_bank_logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pinnacle-bank-announces-2020-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pinnacle-bank-announces-2020-results\\\/\",\"name\":\"Pinnacle Bank Announces 2020 Results - 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