Market Overview

Pinnacle Bancshares Announces Results for Third Quarter Ended September 30, 2019

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Robert B. Nolen, Jr., President and Chief Executive Officer of Pinnacle Bancshares, Inc. (OTC:PCLB), today announced Pinnacle's third quarter results of operations.

  • For the three months ended September 30, 2019, Pinnacle reported net income of $792,000 compared to $650,000 for the three months ended September 30, 2018.
  • For the nine months ended September 30, 2019, Pinnacle reported net income of $2,203,000 compared to $1,906,000 for the nine months ended September 30, 2018.
  • Basic and diluted earnings per share for the three and nine months ended September 30, 2019 were $0.77 and $2.13 per share, respectively, compared to $0.62 and $1.83 per share, respectively, for the same periods last year.
  • For the three and nine months ended September 30, 2019, return on average assets was 1.36%, and 1.28%, respectively, compared to 1.18% and 1.14%, respectively, in the comparable 2018 period.

Pinnacle's net interest margin was 4.00% and 3.87% for the three and nine months ended September 30, 2019, respectively, compared to 3.85% and 3.72% for the three and nine months ended September 30, 2018, respectively.

At September 30, 2019, Pinnacle's allowance for loan losses as a percent of total loans was 1.43%, compared to 1.53% at December 31, 2018. At September 30, 2019, the allowance for loan losses as a percent of nonperforming loans was 887.93%, compared to 596.28% at December 31, 2018. Nonperforming assets were $174,000 at September 30, 2019, compared to $269,000 at December 31, 2018. The ratio of nonperforming assets to total loans was .16% at September 30, 2019, compared to .26% at December 31, 2018. In addition, all capital ratios are significantly higher than the requirements for a well-capitalized institution.

Dividends of $.19 and $.57 per share were paid to shareholders during the three and nine months ended for both September 30, 2019, as compared to $.11 and $.33 per share during the three and nine months ended September 30, 2018.

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.

PINNACLE BANCSHARES, INC.

Unaudited Financial Highlights

(In Thousands, except share and per share data)

 

 

Three Months Ended September 30,

 

 

 

2019

 

 

 

2018

 

Net income

 

$

792,000

 

 

$

650,000

 

Basic and diluted earnings per share

 

$

0.77

 

 

$

0.62

 

 

 

 

 

 

Performance ratios (annualized):

 

 

 

 

Return on average assets

 

 

1.36

%

 

 

1.18

%

Return on average equity

 

 

10.92

%

 

 

9.59

%

Interest rate spread

 

 

3.74

%

 

 

3.69

%

Net interest margin

 

 

4.00

%

 

 

3.85

%

Operating cost to assets

 

 

2.75

%

 

 

2.95

%

 

 

 

 

 

Weighted average basic and diluted shares outstanding

 

 

1,032,905

 

 

 

1,043,505

 

Dividends per share

 

$

0.19

 

 

$

0.11

 

Provision for loan losses

 

$

-

 

 

$

-

 

 

 

 

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

 

2018

 

Net income

 

$

2,203,000

 

 

$

1,906,000

 

Basic and diluted earnings per share

 

$

2.13

 

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