Pinnacle Bank Mortgage Rates, Fees & Info

ELBERTON, GA

LEI: 2549006MTEQ1VE0AAQ20

Tax ID: 58-0232548

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Mortgage Data

Bank 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 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 by origination volume include: Atlanta, Gainesville, Athens, Augusta, and Cornelia among others. We have data for 15 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.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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Originations

431

Origination Dollar Volume (All Markets)

$123,815,000

Employee count

309

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
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.

Their top states include:
  • Georgia (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Pinnacle Bank's most frequently originated type of loan was Conventional, with 400 originations. Their 2nd most popular type was USDA, with 13 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Pinnacle Bank's most frequently cited loan purpose was Home Purchase, with 195 originations. The 2nd most popular reason was 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 2021, Pinnacle Bank's most frequently cited loan duration was 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
    84.60%

    Pinnacle Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    62.18%

    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 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 218 Carpenters Cove Ln Cornelia, GA 30531 Full Service B&M $56,233
    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