Pinnacle Bank Mortgage Rates, Fees & Info

ELBERTON, GA

LEI: 2549006MTEQ1VE0AAQ20

Tax ID: 58-0232548

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & 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 a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Atlanta, Augusta, Athens, Gainesville, and Cornelia among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

Pinnacle Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

297

Origination Dollar Volume (All Markets)

$88,805,000

Employee count

285

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market	Originations	Total Value	Average Loan	Average Fees	Average Rate
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA\|USDA\|VA)	43	$28,565,000	$664,302	$0	0.00%
Outside of Metro Areas	99	$19,535,000	$197,323	$0	0.00%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA\|USDA\|VA)	32	$12,640,000	$395,000	$0	0.00%
ATHENS-CLARKE COUNTY, GA (FHA\|USDA\|VA)	29	$8,205,000	$282,931	$0	0.00%
GAINESVILLE, GA (FHA\|USDA\|VA)	25	$5,965,000	$238,600	$0	0.00%
Cornelia, GA (FHA\|USDA\|VA)	33	$4,795,000	$145,303	$0	0.00%
SAVANNAH, GA (FHA\|USDA\|VA)	1	$2,215,000	$2,215,000	$0	0.00%
Toccoa, GA (FHA\|USDA\|VA)	11	$1,795,000	$163,182	$0	0.00%
Jefferson, GA (FHA\|USDA\|VA)	8	$1,370,000	$171,250	$0	0.00%
GREENVILLE-ANDERSON, SC (FHA\|USDA\|VA)	5	$1,115,000	$223,000	$0	0.00%
Palatka, FL (FHA\|USDA\|VA)	1	$565,000	$565,000	$0	0.00%
BRUNSWICK, GA (FHA\|USDA\|VA)	2	$500,000	$250,000	$0	0.00%
Greenwood, SC (FHA\|USDA\|VA)	2	$430,000	$215,000	$0	0.00%
CLEVELAND, TN (FHA\|USDA\|VA)	1	$405,000	$405,000	$0	0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA\|USDA\|VA)	1	$265,000	$265,000	$0	0.00%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA\|USDA\|VA)	1	$205,000	$205,000	$0	0.00%
St. Marys, GA (FHA\|USDA\|VA)	1	$95,000	$95,000	$0	0.00%
JACKSONVILLE, FL (FHA\|USDA\|VA)	1	$85,000	$85,000	$0	0.00%
VALDOSTA, GA (FHA\|USDA\|VA)	1	$55,000	$55,000	$0	0.00%

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

Their top states include:

Georgia (FHA|USDA|VA)

South Carolina (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Tennessee (FHA|USDA|VA)

Maryland (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	281	$85,585,000	$304,573	$0	0.00%
FHA	7	$1,305,000	$186,429	$0	0.00%
VA	5	$1,215,000	$243,000	$0	0.00%
USDA	4	$700,000	$175,000	$0	0.00%

For 2020, Pinnacle Bank's most frequently originated type of loan was Conventional, with 281 originations. Their 2nd most popular type was FHA, with 7 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	139	$42,155,000	$303,273	$0	0.00%
Refi	123	$36,945,000	$300,366	$0	0.00%
Cash Out Refi	32	$9,530,000	$297,813	$0	0.00%
Other	3	$175,000	$58,333	$0	0.00%

For 2020, Pinnacle Bank's most frequently cited loan purpose was Home Purchase, with 139 originations. The 2nd most popular reason was Refi, with 123 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	297	$88,805,000	$299,007	$0	0.00%

For 2020, Pinnacle Bank's most frequently cited loan duration was Other, with 297 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	94	$26,230,000	$279,043	$0	0.00%
$100,000 or less	89	$5,475,000	$61,517	$0	0.00%
$100k-200k	70	$10,750,000	$153,571	$0	0.00%
$400k-600k	20	$9,790,000	$489,500	$0	0.00%
$600k-1MM	13	$9,715,000	$747,308	$0	0.00%
$1MM+	11	$26,845,000	$2,440,455	$0	0.00%

2020 saw Pinnacle Bank place emphasis on $200k-400k loans with 94 originations, totaling $26,230,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	50	$7,420,000	$148,400	$0	0.00%
$50k or less	43	$3,605,000	$83,837	$0	0.00%
$150k-250k	40	$11,340,000	$283,500	$0	0.00%
$100k-150k	39	$8,265,000	$211,923	$0	0.00%
$250k+	32	$15,880,000	$496,250	$0	0.00%
$75k-100k	28	$5,390,000	$192,500	$0	0.00%

Pinnacle Bank lent most frequently to those with incomes in the $50k-75k range, with 50 originations. The second most popular income band? $50k or less, with 43 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	297	$88,805,000	$299,007	$0	0.00%

Pinnacle Bank lent most frequently to those with DTI ratios of Exempt%, with 297 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	180	$39,590,000	$219,944	$0	0.00%
Not applicable	59	$35,415,000	$600,254	$0	0.00%
Asian	15	$6,425,000	$428,333	$0	0.00%
Not provided	30	$5,610,000	$187,000	$0	0.00%
Black	12	$1,680,000	$140,000	$0	0.00%
Asian Indian	1	$85,000	$85,000	$0	0.00%

Approval Rates

Total approvals of all applications
84.97%

Pinnacle Bank has a below average approval rate.

Pick Rate

Approvals leading to origination
55.22%

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	297	$88,805,000	$299,007

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	24	$27,250,000	$1,135,417
Single Family (1-4 Units):Manufactured	24	$4,070,000	$169,583
Single Family (1-4 Units):Site-Built	249	$57,485,000	$230,863

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
PINNACLE FINANCIAL PARTNERS, INC.	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	1	25.0%
PINNACLE FINANCIAL PARTNERS, INC.	Conventional home mortgage	Trouble during payment process	1	25.0%
PINNACLE FINANCIAL PARTNERS, INC.	FHA mortgage	Incorrect information on your report	1	25.0%
PINNACLE FINANCIAL PARTNERS, INC.	Other type of mortgage	Applying for a mortgage or refinancing an existing mortgage	1	25.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Pinnacle Bank	1 North Broad Street Bowman, GA 30624	Full Service B&M	$24,779
Pinnacle Bank	1081 Parkway Place Athens, GA 30606	Full Service B&M	$17,259
Pinnacle Bank	111 Southern Bank Drive Clarkesville, GA 30523	Full Service B&M	$90,317
Pinnacle Bank	112 North Cherokee Social Circle, GA 30025	Full Service B&M	$44,092
Pinnacle Bank	114 Gilmer Street Lexington, GA 30648	Full Service B&M	$37,032
Pinnacle Bank	12321 Augusta Road Lavonia, GA 30553	Full Service B&M	$43,959
Pinnacle Bank	135 East Franklin Street Hartwell, GA 30643	Full Service B&M	$104,806
Pinnacle Bank	1871 North Elm Street Commerce, GA 30529	Full Service B&M	$41,736
Pinnacle Bank	19 Westclock Cir Royston, GA 30662	Full Service B&M	$26,420
Pinnacle Bank	1948 Jesse Jewell Parkway Gainesville, GA 30501	Full Service B&M	$8,034
Pinnacle Bank	218 Carpenters Cove Ln Cornelia, GA 30531	Full Service B&M	$50,630
Pinnacle Bank	23 College Avenue Elberton, GA 30635	Full Service B&M	$70,505
Pinnacle Bank	238 South Broad Street Monroe, GA 30655	Full Service B&M	$44,184
Pinnacle Bank	311 Green Street Nw, Suite 100 Gainesville, GA 30501	Full Service B&M	$46,677
Pinnacle Bank	3140 Lexington Road Athens, GA 30605	Full Service B&M	$33,582
Pinnacle Bank	361 Blue Ridge Street Blairsville, GA 30512	Full Service B&M	$60,121
Pinnacle Bank	6124 Highway 278 Ne Covington, GA 30014	Full Service B&M	$113,514
Pinnacle Bank	6322 Grand Hickory Drive, Suite 300d Braselton, GA 30517	Full Service B&M	$83,844
Pinnacle Bank	81 Crown Mountain Place, Suite A-100 Dahlonega, GA 30533	Full Service B&M	$27,467
Pinnacle Bank	861 Church Street Royston, GA 30662	Full Service B&M	$94,681
Pinnacle Bank	884 Elbert St Elberton, GA 30635	Full Service B&M	$155,225

For 2020, Pinnacle Bank had 21 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$54,043
Net interest income	$50,437
Total noninterest income	$13,106
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$4,624
Trading account gains and fees	$0
Additional Noninterest Income	$8,482
Pre-tax net operating income	$17,423
Securities gains (or losses, -)	$1,549
Income before extraordinary items	$15,017
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$15,017
Minority interest net income	$0
Net income	$15,017
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$13,793

Pinnacle Bank's gross interest income from loans was $54,043,000.
Pinnacle Bank's net interest income from loans was $50,437,000.
Pinnacle Bank's fee based income from loans was $4,624,000.
Pinnacle Bank's net income from loans was $15,017,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$3,606
Provision for credit losses	$5,000
Total noninterest expense	$41,120
Salaries and employee benefits	$21,317
Premises and equipment expense	$4,916
Additional noninterest expense	$14,887
Applicable income taxes	$3,955
Net charge-offs	$679
Cash dividends	$6,250

Pinnacle Bank's interest expense for loans was $3,606,000.
Pinnacle Bank's payroll and benefits expense were $21,317,000.
Pinnacle Bank's property, plant and equipment expenses $4,916,000.

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	0.0%
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	$1,332,837
Deposits held in domestic offices	$1,332,837
Deposits by Individuals, partnerships, and corporations	$1,202,934
Deposits by U.S. Government	$9
Deposits by States and political subdivisions in the U.S.	$128,795
Deposits by Commercial banks and other depository institutions in U.S.	$1,099
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$146,738
Demand deposits	$66,835
Nontransaction accounts	$1,186,099
Money market deposit accounts (MMDAs)	$273,392
Other savings deposits (excluding MMDAs)	$694,428
Total time deposits	$218,279
Total time and savings deposits	$1,266,002
Noninterest-bearing deposits	$399,753
Interest-bearing deposits	$933,084
Retail deposits	$1,286,207
IRAs and Keogh plan accounts	$33,423
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,564,805
Cash & Balances due from depository institutions	$270,142
Interest-bearing balances	$240,833
Total securities	$128,988
Federal funds sold & reverse repurchase	$25,000
Net loans and leases	$1,047,145
Loan and leases loss allowance	$11,557
Trading account assets	$0
Bank premises and fixed assets	$31,565
Other real estate owned	$1,197
Goodwill and other intangibles	$30,514
All other assets	$30,254

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,564,805
Total Liabilities	$1,409,928
Total deposits	$1,332,837
Interest-bearing deposits	$933,084
Deposits held in domestic offices	$1,332,837
% insured (estimated)	$73
Federal funds purchased and repurchase agreements	$3,273
Trading liabilities	$0
Other borrowed funds	$67,536
Subordinated debt	$0
All other liabilities	$6,282

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,047,145
Loan and leases loss allowance	$11,557
Total loans and leases (domestic)	$1,058,702
All real estate loans	$867,666
Real estate loans in domestic offices	$867,666
Construction and development loans	$127,578
Residential 1-4 family construction	$33,197
Other construction, all land development and other land	$94,381
Loans secured by nonfarm nonresidential properties	$378,871
Nonfarm nonresidential secured by owner-occupied properties	$201,974
Commercial real estate & other non-farm, non-residential	$176,897
Multifamily residential real estate	$23,292
1-4 family residential loans	$168,988
Farmland loans	$168,937
Loans held in foreign offices	$0
Farm loans	$2,182
Commercial and industrial loans	$141,967
To non-U.S. addressees	$0
Loans to individuals	$27,866
Credit card loans	$0
Related Plans	$7,208
Consumer Auto Loans	$6,178
Other loans to individuals	$14,480
All other loans & leases	$19,021
Loans to foreign governments and official institutions	$0
Other loans	$305
Loans to depository institutions and acceptances of other banks	$1,000
Loans not secured by real estate	$0
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$1,475
Non 1-4 family restructured loans & leases	$1,289
Total loans and leases (foreign)	$0

Pinnacle Bank had $1,047,145,000 of loans outstanding in 2020. $867,666,000 of loans were in real estate loans. $127,578,000 of loans were in development loans. $23,292,000 of loans were in multifamily mortgage loans. $168,988,000 of loans were in 1-4 family mortgage loans. $2,182,000 of loans were in farm loans. $0 of loans were in credit card loans. $6,178,000 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	614	$140,966	$229,586
Nonfarm, nonresidential loans - <$100k	124	$5,574	$44,952
Nonfarm, nonresidential loans - $100-250k	207	$26,866	$129,787
Nonfarm, nonresidential loans - $250k-1MM	283	$108,526	$383,484
Commercial & Industrial, US addressed loans - <$1MM	1,481	$95,859	$64,726
Commercial & Industrial, US addressed loans - <$100k	1,118	$26,876	$24,039
Commercial & Industrial, US addressed loans - $100-250k	229	$25,427	$111,035
Commercial & Industrial, US addressed loans - $250k-1MM	134	$43,556	$325,045
Farmland loans - <$1MM	202	$28,841	$142,777
Farmland loans - <$100k	67	$3,388	$50,567
Farmland loans - $100-250k	73	$9,750	$133,562
Farmland loans - $250k-1MM	62	$15,703	$253,274
Agriculture operations loans - <$1MM	63	$1,675	$26,587
Agriculture operations loans - <$100k	59	$1,145	$19,407
Agriculture operations loans - $100-250k	4	$530	$132,500