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Pinnacle Bancshares Announces Results for Second Quarter Ended June 30, 2023
Pinnacle Bancshares Announces Results for Second Quarter Ended June 30, 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 second quarter results of operations.\n\n\n\nFor the three months ended June 30, 2023, net income was $1,145,000 which resulted in basic/diluted earnings per share to be $1.26. Net income for the three months ended June 30, 2022 was $1,210,000, which resulted in basic/diluted earnings per share of $1.25 per share.\n\n\n\nFor the six months ended June 30, 2023, Pinnacle reported net income of $2,325,000 which resulted in basic/diluted earnings per share to be $2.56. Net income for the six months ended June 30, 2022 was $2,320,000, which resulted in basic/diluted earnings per share of $2.39 per share. Included in net income for the six months ended June 30, 2022 are Paycheck Protection Program (“PPP”) amortized loan fees of approximately $190,000. There were no PPP amortized loan fees recorded during the six months ended June 30, 2023.\n\n\n\nFor the three and six months ended June 30, 2023, return on average assets was 1.36%, and 1.38%, respectively, compared to 1.39% and 1.33%, respectively, in the comparable 2022 period.\n\n\n\nThe Company’s net interest margin was 3.35 and 3.43% for the three and six months ended June 30, 2023, respectively, as compared to 3.28% for the three and six months ended June 30, 2022. The Company anticipates that interest expense relating to its funding will continue 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 bank failures that occurred earlier in the year, 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 June 30, 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. Nonperforming assets were $482,000 at June 30, 2023, compared to $0 at December 31, 2022. The ratio of nonperforming assets to total loans was .41% and .00% at June 30, 2023. Effective January 1, 2023, the Company adopted the curre...