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Pinnacle Bancshares Announces Results for Second Quarter Ended June 30, 2018

July 12, 2018

JASPER, Ala.--(BUSINESS WIRE)--Jul 12, 2018--Robert B. Nolen, Jr., President and Chief Executive Officer of Pinnacle Bancshares, Inc. (OTC Pink: PCLB), today announced Pinnacle’s second quarter results of operations.

For the three months ended June 30, 2018, Pinnacle reported net income of $643,000 compared to $560,000 for the three months ended June 30, 2017. Pre-tax income for the three months ended June 30, 2018 increased 8.3% from the three months ended June 30, 2017. For the six months ended June 30, 2018, Pinnacle reported net income of $1,256,000 compared to $1,099,000 for the six months ended June 30, 2017. Pre-tax income for the three months ended June 30, 2018 increased 8.8% from the three months ended June 30, 2017. Net interest income after the provision for loan losses for the three and six months ended June 30, 2018, was $1,918,000 and $3,785,000, respectively, compared with $1,799,000 and $3,577,000 respectively, in the same periods last year. Basic and diluted earnings per share for the three and six months ended June 30, 2018 were $0.62 and $1.20 per share, respectively, compared to $0.54 and $1.05 per share, respectively, for the same periods last year. The basic and diluted earnings per share for the three and six months ended June 30, 2017 would have been $.00 and $.00, respectively, if the net-tax effect of the gain on sales were excluded from earnings. For the three and six months ended June 30, 2018, return on average assets was 1.15%, and 1.12%, respectively, compared to .99% and .98%, respectively, in the comparable 2017 period. The Bank’s effective income tax rate decline from approximately 23% to 16% as a result of the tax law change.

Pinnacle’s net interest margin was 3.74% and 3.67% for the three and six months ended June 30, 2018, respectively, compared to 3.45% and 3.46% for the three and six months ended June 30, 2017, respectively.

At June 30, 2018, Pinnacle’s allowance for loan losses as a percent of total loans was 1.55%, compared to 1.68% at December 31, 2017. At June 30, 2018, the allowance for loan losses as a percent of nonperforming loans was 406.30%, compared to 670.42% at December 31, 2017. Nonperforming assets were $397,000 at June 30, 2018, compared to $281,000 at December 31, 2017. The ratio of nonperforming assets to total loans was .38% at June 30, 2018, compared to .29% at December 31, 2017. In addition, all capital ratios are significantly higher than the requirements for a well-capitalized institution.

Dividends of $.11 and $.22 per share were paid to shareholders during the three and six months ended for both June 30, 2018, and 2017.

Forward-Looking Statements

Information contained in this press release, other than historical information, may be considered forward-looking in nature and is subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Pinnacle undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in Pinnacle’s expectations. Certain tabular presentations may not reconcile because of rounding.

Pinnacle Bancshares, Inc.’s wholly owned subsidiary Pinnacle Bank has seven offices located in central and northwest Alabama.

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