Published Aug. 10, 2012
Greenville-based Pinnacle Bank posted mid-year earnings of $511,000, up from $110,000 for the same period last year.
Pinnacle Bank’s total assets grew to $138 million, as of June 30, a more than 6.3% increase over the prior year.
Pinnacle Bank also reported a 21% increase in the number of new checking accounts in the first six months of 2012.
“Our earnings increase compared to 2011 is attributable to lower net interest expense and improved credit quality, as well as increases in mortgage production,” Pinnacle Bank President David Barnett said. “Despite a tough economy, we are optimistic about our financial future.”
Pinnacle Bank is wholly owned by PBSC Financial Corp. Pinnacle Bank offers personal and business banking services in Greenville and Powdersville.