Pinnacle Bank Mortgage Rates, Fees & Info
ELBERTON, GA
LEI: 2549006MTEQ1VE0AAQ20
Tax ID: 58-0232548
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Mortgage Data
Bank 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
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.
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 |
