Pinnacle Bank (PBNK) Q1 2025 earnings summary

Executive summary

• Net income for Q1 2025 was $1.91 million, down 22% year-over-year and 44% sequentially from Q4 2024.

• Total assets grew 7% year-over-year to $892.5 million as of March 31, 2025.

• Total deposits increased 7% year-over-year and 6% sequentially to $775.0 million.

• Book value per share rose 10% year-over-year to $17.16.

Financial highlights

• Interest income declined 6% year-over-year and 7% sequentially to $12.05 million.

• Net interest income fell 9% year-over-year and 7% sequentially to $8.72 million.

• Non-interest income dropped 23% year-over-year to $406,000.

• Non-interest expense increased 2% year-over-year and 26% sequentially to $6.58 million.

• EPS was $0.32, down 24% year-over-year and 45% sequentially.

Outlook and guidance

• Management notes deposit growth as a sign of market strength despite inflation and economic uncertainty.

• Lower interest income attributed to the Federal Reserve's 1% rate reduction in 2024.