Pinnacle Bank Mortgage Rates, Fees & Info

ELBERTON, GA

LEI: 2549006MTEQ1VE0AAQ20

Tax ID: 58-0232548

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Pinnacle Bank is a smaller bank specializing in Home Purchase and Refi loans. Pinnacle Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Atlanta, Gainesville, Athens, Augusta, and Cornelia among others. Pinnacle Bank has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


Originations

431

Origination Dollar Volume (All Markets)

$123,815,000

Employee count

309

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Outside of Metro Areas 164 $35,390,000 $215,793 $0 0.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 74 $27,360,000 $369,730 $0 0.00%
GAINESVILLE, GA (FHA|USDA|VA) 35 $16,935,000 $483,857 $0 0.00%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 52 $14,950,000 $287,500 $0 0.00%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 36 $9,850,000 $273,611 $0 0.00%
Cornelia, GA (FHA|USDA|VA) 31 $5,905,000 $190,484 $0 0.00%
Jefferson, GA (FHA|USDA|VA) 19 $4,355,000 $229,211 $0 0.00%
Toccoa, GA (FHA|USDA|VA) 10 $3,150,000 $315,000 $0 0.00%
BRUNSWICK, GA (FHA|USDA|VA) 4 $1,880,000 $470,000 $0 0.00%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $1,705,000 $1,705,000 $0 0.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $905,000 $905,000 $0 0.00%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $575,000 $575,000 $0 0.00%
Seneca, SC (FHA|USDA|VA) 1 $365,000 $365,000 $0 0.00%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
KNOXVILLE, TN (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%

Pinnacle Bank's top markets include Atlanta, Gainesville, Athens, Augusta, and Cornelia among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 400 $118,080,000 $295,200 $0 0.00%
USDA 13 $1,985,000 $152,692 $0 0.00%
FHA 10 $1,760,000 $176,000 $0 0.00%
VA 8 $1,990,000 $248,750 $0 0.00%

For the 2021 period, Pinnacle Bank's most frequently originated loan type of loans were Conventional, with 400 originations. Their 2nd most popular type is USDA, with 13 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 195 $62,935,000 $322,744 $0 0.00%
Refi 162 $44,440,000 $274,321 $0 0.00%
Cash Out Refi 67 $13,995,000 $208,881 $0 0.00%
Other 5 $2,165,000 $433,000 $0 0.00%
Home Improvement 2 $280,000 $140,000 $0 0.00%

For the 2021, Pinnacle Bank's most frequently cited loan purpose of loans were Home Purchase, with 195 originations. The 2nd most popular reason of loans were Refi, with 162 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 431 $123,815,000 $287,274 $0 0.00%

For the 2021, Pinnacle Bank's most frequently cited loan length of loans were Other, with 431 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 155 $22,655,000 $146,161 $0 0.00%
$200k-400k 124 $34,980,000 $282,097 $0 0.00%
$100,000 or less 84 $5,190,000 $61,786 $0 0.00%
$400k-600k 30 $14,540,000 $484,667 $0 0.00%
$600k-1MM 21 $15,735,000 $749,286 $0 0.00%
$1MM+ 17 $30,715,000 $1,806,765 $0 0.00%

2021 saw Pinnacle Bank place emphasis on $100k-200k loans with 155 originations, totaling $22,655,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 88 $13,780,000 $156,591 $0 0.00%
$50k or less 72 $7,990,000 $110,972 $0 0.00%
$75k-100k 48 $9,610,000 $200,208 $0 0.00%
$150k-250k 47 $14,455,000 $307,553 $0 0.00%
$100k-150k 43 $10,995,000 $255,698 $0 0.00%
$250k+ 35 $20,075,000 $573,571 $0 0.00%

Pinnacle Bank lent most frequently to those with incomes in the $50k-75k range, with 88 originations. The second most popular income band? $50k or less, with 72 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 431 $123,815,000 $287,274 $0 0.00%

Pinnacle Bank lent most frequently to those with DTI ratios of Exempt%, with 431 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 269 $63,885,000 $237,491 $0 0.00%
Not applicable 84 $42,730,000 $508,690 $0 0.00%
Not provided 50 $12,290,000 $245,800 $0 0.00%
Black 13 $2,115,000 $162,692 $0 0.00%
Asian 11 $1,835,000 $166,818 $0 0.00%
Asian Indian 4 $960,000 $240,000 $0 0.00%

Approval Rates

Total approvals of all applications
85.12%

Pinnacle Bank has an average approval rate.

Pick Rate

Approvals leading to origination
58.97%

Pinnacle Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
Exempt 431 $123,815,000 $287,274

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
431 $123,815,000 $287,274

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Pinnacle Lending Group, Inc. Conventional home mortgage Closing on a mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Pinnacle Bank 218 Carpenters Cove Ln Cornelia, GA 30531 Full Service B&M $56,233
Pinnacle Bank 1 North Broad Street Bowman, GA 30624 Full Service B&M $29,008
Pinnacle Bank 1081 Parkway Place Athens, GA 30606 Full Service B&M $38,695
Pinnacle Bank 111 Southern Bank Drive Clarkesville, GA 30523 Full Service B&M $95,918
Pinnacle Bank 112 North Cherokee Social Circle, GA 30025 Full Service B&M $57,817
Pinnacle Bank 114 Gilmer Street Lexington, GA 30648 Full Service B&M $43,134
Pinnacle Bank 12321 Augusta Road Lavonia, GA 30553 Full Service B&M $62,473
Pinnacle Bank 135 East Franklin Street Hartwell, GA 30643 Full Service B&M $119,740
Pinnacle Bank 19 Westclock Cir Royston, GA 30662 Full Service B&M $30,730
Pinnacle Bank 1948 Jesse Jewell Parkway Gainesville, GA 30501 Full Service B&M $16,029
Pinnacle Bank 1981 North Elm Street Commerce, GA 30529 Full Service B&M $54,642
Pinnacle Bank 23 College Avenue Elberton, GA 30635 Full Service B&M $86,296
Pinnacle Bank 238 South Broad Street Monroe, GA 30655 Full Service B&M $51,951
Pinnacle Bank 311 Green Street Nw, Suite 100 Gainesville, GA 30501 Full Service B&M $61,396
Pinnacle Bank 3140 Lexington Road Athens, GA 30605 Full Service B&M $36,399
Pinnacle Bank 361 Blue Ridge Street Blairsville, GA 30512 Full Service B&M $72,092
Pinnacle Bank 545 Dawsonville Highway Nw Gainesville, GA 30501 Full Service B&M $2,603
Pinnacle Bank 6124 Highway 278 Ne Covington, GA 30014 Full Service B&M $129,288
Pinnacle Bank 6322 Grand Hickory Drive, Suite 300d Braselton, GA 30517 Full Service B&M $116,595
Pinnacle Bank 81 Crown Mountain Place, Suite A-100 Dahlonega, GA 30533 Full Service B&M $31,812
Pinnacle Bank 861 Church Street Royston, GA 30662 Full Service B&M $104,408
Pinnacle Bank 884 Elbert St Elberton, GA 30635 Full Service B&M $180,006

For 2021, Pinnacle Bank had 22 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $61,005
Net interest income $59,269
Total noninterest income $15,758
Gross Fiduciary activities income $0
Service charges on deposit accounts $5,209
Trading account gains and fees $0
Additional Noninterest Income $10,549
Pre-tax net operating income $24,249
Securities gains (or losses, -) $178
Income before extraordinary items $19,173
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $19,173
Minority interest net income $0
Net income $19,173
Sale, conversion, retirement of capital stock, net $243
Net operating income $19,032

Pinnacle Bank's gross interest income from loans was $61,005,000.
Pinnacle Bank's net interest income from loans was $59,269,000.
Pinnacle Bank's fee based income from loans was $5,209,000.
Pinnacle Bank's net income from loans was $19,173,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,736
Provision for credit losses $3,000
Total noninterest expense $47,778
Salaries and employee benefits $25,236
Premises and equipment expense $8,204
Additional noninterest expense $14,338
Applicable income taxes $5,254
Net charge-offs $664
Cash dividends $2,825

Pinnacle Bank's interest expense for loans was $1,736,000.
Pinnacle Bank's payroll and benefits expense were $25,236,000.
Pinnacle Bank's property, plant and equipment expenses $8,204,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 1.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $1,804,166
Deposits held in domestic offices $1,804,166
Deposits by Individuals, partnerships, and corporations $1,620,379
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $181,814
Deposits by Commercial banks and other depository institutions in U.S. $1,973
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $198,902
Demand deposits $108,221
Nontransaction accounts $1,605,264
Money market deposit accounts (MMDAs) $436,873
Other savings deposits (excluding MMDAs) $951,901
Total time deposits $216,491
Total time and savings deposits $1,695,945
Noninterest-bearing deposits $583,107
Interest-bearing deposits $1,221,059
Retail deposits $1,760,008
IRAs and Keogh plan accounts $37,922
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,008,896
Cash & Balances due from depository institutions $307,726
Interest-bearing balances $278,194
Total securities $376,130
Federal funds sold & reverse repurchase $40,200
Net loans and leases $1,174,174
Loan and leases loss allowance $13,894
Trading account assets $0
Bank premises and fixed assets $38,143
Other real estate owned $1,000
Goodwill and other intangibles $35,359
All other assets $36,164

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,008,896
Total Liabilities $1,821,492
Total deposits $1,804,166
Interest-bearing deposits $1,221,059
Deposits held in domestic offices $1,804,166
% insured (estimated) $67
Federal funds purchased and repurchase agreements $6,592
Trading liabilities $0
Other borrowed funds $3,000
Subordinated debt $0
All other liabilities $7,734

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,174,174
Loan and leases loss allowance $13,894
Total loans and leases (domestic) $1,188,068
All real estate loans $1,030,551
Real estate loans in domestic offices $1,030,551
Construction and development loans $136,313
Residential 1-4 family construction $27,705
Other construction, all land development and other land $108,608
Loans secured by nonfarm nonresidential properties $466,494
Nonfarm nonresidential secured by owner-occupied properties $241,888
Commercial real estate & other non-farm, non-residential $224,606
Multifamily residential real estate $24,560
1-4 family residential loans $220,202
Farmland loans $182,982
Loans held in foreign offices $0
Farm loans $2,568
Commercial and industrial loans $106,733
To non-U.S. addressees $0
Loans to individuals $24,775
Credit card loans $0
Related Plans $6,036
Consumer Auto Loans $5,741
Other loans to individuals $12,998
All other loans & leases $23,441
Loans to foreign governments and official institutions $0
Other loans $1,637
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $823
Non 1-4 family restructured loans & leases $823
Total loans and leases (foreign) $0

Pinnacle Bank had $1,174,174,000 of loans outstanding in 2021. $1,030,551,000 of loans were in real estate loans. $136,313,000 of loans were in development loans. $24,560,000 of loans were in multifamily mortgage loans. $220,202,000 of loans were in 1-4 family mortgage loans. $2,568,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,741,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 664 $163,473 $246,194
Nonfarm, nonresidential loans - <$100k 125 $7,205 $57,640
Nonfarm, nonresidential loans - $100-250k 210 $27,398 $130,467
Nonfarm, nonresidential loans - $250k-1MM 329 $128,870 $391,702
Commercial & Industrial, US addressed loans - <$1MM 1,091 $71,358 $65,406
Commercial & Industrial, US addressed loans - <$100k 802 $17,736 $22,115
Commercial & Industrial, US addressed loans - $100-250k 163 $16,636 $102,061
Commercial & Industrial, US addressed loans - $250k-1MM 126 $36,986 $293,540
Farmland loans - <$1MM 223 $27,284 $122,350
Farmland loans - <$100k 77 $358 $4,649
Farmland loans - $100-250k 86 $10,898 $126,721
Farmland loans - $250k-1MM 60 $16,028 $267,133
Agriculture operations loans - <$1MM 45 $1,275 $28,333
Agriculture operations loans - <$100k 41 $963 $23,488
Agriculture operations loans - $100-250k 3 $212 $70,667
Agriculture operations loans - $250k-1MM 1 $100 $100,000