Business
Pinnacle Bancshares Announces Results for Second Quarter Ended June 30, 2022
Pinnacle Bancshares Announces Results for Second Quarter Ended June 30, 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 second quarter results of operations.\n\n\nFor the three months ended June 30, 2022, Pinnacle reported net income of $1,210,000 compared to $984,000 for the three months ended June 30, 2021.\n\n\nFor the six months ended June 30, 2022, Pinnacle reported net income of $2,320,000 compared to $1,891,000 for the six months ended June 30, 2021. PPP loan fees recognized during the six months ended June 30, 2022 and 2021 were $190,000 and $191,000, respectively.\n\n\nNet interest income for the three and six months ended June 30, 2022, was $2,832,000 and $5,567,000, respectively, compared with $2,463,000 and $4,842,000 respectively, in the same periods last year.\n\n\nBasic and diluted earnings per share for the three and six months ended June 30, 2022 were $1.25 and $2.39 per share, respectively, compared to $1.01 and $1.94 per share, respectively, for the same periods last year.\n\n\nFor the three and six months ended June 30, 2022, return on average assets was 1.39%, and 1.33%, respectively, compared to 1.26% and 1.25%, respectively, in the comparable 2021 period.\n\n\nPinnacle’s net interest margin was 3.28% for both the three and six months ended June 30, 2022, respectively, compared to 3.41% and 3.48% for the three and six months ended June 30, 2021, respectively.\n\nAt June 30, 2022, Pinnacle’s allowance for loan losses as a percent of total loans was 2.08%, compared to 2.02% at December 31, 2021. Excluding PPP loans of $376,000 and $4.3 million dollars, the allowance for loan losses as a percent of total loans as of June 30, 2022 and December 31, 2021, was 2.08% and 2.09%, respectively. Nonperforming assets were $60,000 at June 30, 2022, compared to $30,000 at December 31, 2021. The ratio of nonperforming assets to total loans was .05% and .01% at June 30, 2022 and December 31, 2021, respectively. All capital ratios are higher than the requirements for a well-capitalized institution.\n\nDividends of $.25 and $.50 were paid to shareholders during the three and six months ended for June 30, 2022, respectively as compared to $.22 and $.44 per share dividends that were paid to shareholders during the three and six months ended June 30, 2021.\n\nImpact of COVID-19 on Our Business\n\nA...