Pinnacle Bank (PBNK) Q2 2024 earnings summary

Executive summary

• Net income for Q2 2024 was $2.73 million, down 5% year-over-year from $2.87 million in Q2 2023.

• Total assets reached $849.5 million, a 6% increase from June 30, 2023.

• Gross loans hit a record $597.6 million, up 11% year-over-year.

• Deposits grew 5% year-over-year to $740.9 million.

• Book value per share rose 14% year-over-year to $16.14.

Financial highlights

• Interest income for Q2 2024 was $12.84 million, up 14% year-over-year.

• Net interest income increased 4% year-over-year to $9.43 million.

• Provision for loan losses was $80,000, up 60% year-over-year.

• Non-interest expense rose 4% year-over-year to $6.25 million.

• Basic EPS for Q2 2024 was $0.47, down 8% year-over-year.

Outlook and guidance

• Management notes continued economic vibrancy in core markets despite higher rates and inflation.

• Focus remains on relationship banking and personalized service to drive growth.