Pinnacle Bank, headquartered in Gilroy, announced its first
profitable quarter.
Pinnacle Bank, headquartered in Gilroy, announced its first profitable quarter. For the three months ended Sept. 30, the bank reported net income of $58,000 compared to a loss of $219,000 in the comparable quarter of 2009. Year-to-date net loss through Sept. 30 was $1,388,000 as compared to a loss of $4,928,000 for the nine months ended Sept. 30, 2009.
As of September 30, 2010, total assets increased to $152.5 million, a 5% increase over the $144.6 million at December 31, 2009. The September 30, 2010, total assets represent a 9% increase over the $140.3 million in total assets at September 30, 2009.
Loans were $118.8 million at Sept. 30, 2010, an increase of $1.8 million from the Dec.31, 2009, balance of $117.0 million, a 2% increase in the first nine months of 2010. The Sept. 30, 2010, loans decreased $2.9 million or 2.0% compared to $121.3 million one year earlier.
Deposits at Sept. 30, 2010, grew to $134.2 million, a 5% increase over $127.4 million at December 31, 2009. September 30, 2010, deposits were $9.7 million more than the $124.5 million at September 30, 2009, an 8% increase.
“The profitable quarter demonstrates the substantial progress we have made since the onset of the disruptions in the financial markets in 2008. Our improvements in core deposits and asset quality are the result of our strategic emphasis on relationship banking,” said Susan K. Black, President and CEO. “Our quality client relationships allow us to maintain net interest margin and asset quality with safe, controlled growth and a strong balance sheet.”
Ms. Black added, “Achieving profitability is always a critical milestone for a start-up and we are especially pleased we were able to reach this objective through these challenging economic times. Now more than ever, clients value relationships with community bankers and are choosing our brand of banking over other offerings in the market.” Black added, “We continue to support our communities by actively lending to local businesses, individuals and nonprofit organizations. The ongoing support of our organizers, shareholders and clients is a key factor in our success.”
During the third quarter of 2010, the Bank had $88,000 in net loan chargeoffs compared to $177,000 in the third quarter of 2009. The allowance for loan losses at September 30, 2010, was $3.6 million or 3.0% of loans.
The bank’s capital position remains above regulatory guidelines for well capitalized banks. At September 30, 2010, the Bank had a total risk based capital ratio of 12.78%.
For more information please go to www.pinnaclebankonline.com click on Investor Relations and September 2010 call report.
Coldwell Banker names new agent
Coldwell Banker Residential Brokerage announced that Christine Wheeler has joined the company as a sales associate in its Morgan Hill office. In her new position, Wheeler will specialize in residential sales in the Gilroy and Morgan Hill areas. “We are thrilled to have Chris join our office,” said John Agresta, manager of Coldwell Banker Residential Brokerage in Morgan Hill. “We are starting to see great improvements in the southern Santa Clara County market and it’s important to have dedicated, hard working and experienced sales associates on our team. I look forward to working with Chris and watching her career flourish with Coldwell Banker Residential Brokerage.”
Prior to joining Coldwell Banker Residential Brokerage, Wheeler worked at Brownell Fundamental School and Luigi Aprea Fundamental School in Gilroy as a teacher for sixth grade, then for kindergarten. She had been an educator for more than 20 years before beginning her new career in real estate.
Wheeler earned a bachelor’s degree in child development from Oregon State University and completed the teaching credential program through San Jose State University, earning a multiple subject clear credential. Most recently, she earned a master’s degree in interdisciplinary education with an emphasis in reading from Santa Clara University.
Coldwell Banker Residential Brokerage in Morgan Hill is located at 950 Tennant Station and can be reached at 779-5000. Contact Wheeler at 776-7173 and via e-mail at
Ch***************@cb******.com
.
Kim Gaxiola chooses Cambridge
Kim Gaxiola, a certified financial planner with the Gaxiola Financial Group based in Morgan Hill, announced the selection of Cambridge Investment Research Inc. to process investment business. Gaxiola said the selection will help them improve client relationships and provide additional support. Details: 710-6440.
