Business
Pinnacle Bancshares Announces Results for First Quarter Ended March 31, 2022
Pinnacle Bancshares Announces Results for First Quarter Ended March 31, 2022.
About this update from Pinnacle Bancshares, Inc.
[{"type":"text","content":"\nRobert B. Nolen, Jr., President and Chief Executive Officer of Pinnacle Bancshares, Inc. (OTCBB: PCLB), today announced Pinnacle’s results of operations for the first quarter ended March 31, 2022:\n\n\nFor the three months ended March 31, 2022, Pinnacle reported net income of $1,111,000, compared to $907,000 for the three months ended March 31, 2021.\n\n\nNet interest income after the provision for loan losses for the three months ended March 31, 2022, was $2,735,000, compared with $2,379,000 in the same period last year.\n\n\nIncluded in net interest income for the three months ended March 31, 2022 are Paycheck Protection Program (“PPP”) amortized loan fees of approximately $120,000 as compared to $141,000 for the three months ended March 31, 2021.\n\n\nFor the three months ended March 31, 2022, basic and diluted earnings per share were each $1.14. For the same period in 2021 basic and diluted earnings per share were each $0.93.\n\n\nFor the three months ended March 31, 2022, return on average assets was 1.29%, compared to 1.26% in the comparable 2021 period.\n\n\nThe Company’s net interest margin was 4.06% for the three months March 31, 2022, compared to 3.61% for the three months ended March 31, 2021.\n\nAt March 31, 2022, Pinnacle’s allowance for loan losses as a percent of total loans was 2.05%, compared to 2.02% at December 31, 2021. Excluding PPP loans of $2.2 million dollars and $4.3 million dollars, the allowance for loan losses as a percent of total loans as of March 31, 2022 and December 31, 2021, was both 2.09%. Nonperforming assets were $11,000 at March 31, 2022, compared to $30,000 at December 31, 2021. The ratio of nonperforming assets to total loans was .01% at March 31, 2022, and .01% at December 31, 2021.\n\nPinnacle was classified as “well capitalized” at March 31, 2022. All capital ratios are significantly higher than the requirements for a well-capitalized institution.\n\nDividends of $.25 per share were paid to shareholders during the first quarter of 2022 and $.22 per share during the first quarter 2021.\n\nImpact of COVID-19 on Our Business\n\nAs a result of the spread of the COVID-19 coronavirus, economic uncertainties have arisen which are likely to negatively impact the Company. The extent of COVID-19’s impact on the Company’s operational and fina...