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Pinnacle Bancshares Announces Results for First Quarter Ended March 31, 2023
Pinnacle Bancshares Announces Results for First Quarter Ended March 31, 2023.
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 the Company’s results of operations for the first quarter ended March 31, 2023:\n\n\n\nFor the three months ended March 31, 2023, net income was $1,180,000 which resulted in basic/diluted earnings per share to be $1.30. Net income for the three months ended March 31, 2022 was $1,111,000, which resulted in basic/diluted earnings per share of $1.14 per share. Included in net income for the three months ended March 31, 2022 are Paycheck Protection Program (“PPP”) amortized loan fees of approximately $120,000. There were no PPP amortized loan fees recorded during the three months ended March 31, 2023.\n\n\n\nFor the three months ended March 31, 2023, return on average assets was 1.43%, compared to 1.29% in the comparable 2022 period.\n\n\n\nThe Company’s net interest margin was 3.56% for the three months March 31, 2023, compared to 4.06% for the three months ended March 31, 2022. The Company anticipates interest expense relating to its funding to increase during the remainder of the year as a result of several factors such as increased deposit exception pricing and increased deposit migration to higher yielding deposit products.\n\n\nMr. Nolen commented, “In response to concerns about liquidity and capital strength related to recent bank failures, we remain confident in our risk status. Our primary focus is, and will continue to be, the Bank’s safety and soundness, and the protection of our depositors.”\n\n\nAt March 31, 2023, the Company’s allowance for loan losses as a percent of total loans was 2.13%, compared to 2.16% at December 31, 2022. There were no nonperforming assets at March 31, 2023 as well as at December 31, 2022. Effective January 1, 2023, the Company adopted the current expected credit loss (CECL) model to account for credit losses on financial instruments, including loans. The adoption of the CECL model did not have an impact on the Company’s loan loss reserve due to minimal net losses that have occurred during the past five years.\n\n\nPinnacle Bank was classified as “well capitalized” at March 31, 2023. All capital ratios are significantly higher than the requirements for a well-capitalized institution. As of March 31, 2023, the ...