GILROY, Calif: OTCQB: PBNK - Pinnacle Bank, headquartered in Gilroy, California, announced today unaudited net income for the three months ended March 31, 2020 of $105,000 compared to $1,455,000 in the same period in 2019.
As of March 31, 2020, total assets were $432.7 million, a 13% increase from the $384.3 million at March 31, 2019.
Gross loans were $346.6 million at March 31, 2020, an increase of $29.2 million (9%) from the March 31, 2019 balance of $317.4 million. The allowance for loan losses at March 31, 2020 was $4.988 million or 1.44% of loans compared to $3.836 million or 1.21% of loans at March 31, 2019.
Total deposits at March 31, 2020, increased to $370.5 million from $329.6 million at March 31, 2019, a 12% increase.
Credit quality at the beginning of the COVID-19 pandemic remained strong with nonperforming assets totaling $61,000 (0.01% of assets) at March 31, 2020. 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 first quarter provision for loan losses of $1.0 million acknowledges the changes in macro-economic conditions. Additional provisions may be needed as the economic impacts of the pandemic become known.
"We have worked closely with our clients during COVID-19 by providing more than 400 clients with Paycheck Protection Program loans and making accommodations for payment deferrals for several clients whose businesses are experiencing...