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Pinnacle Bancshares Announces Results for Second Quarter Ended June 30, 2024
Pinnacle Bancshares Announces Results for Second Quarter Ended June 30, 2024.
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, 2024, Pinnacle’s basic/diluted earnings per share was $1.11 as compared to $1.26 per share for the three months ended June 30, 2023. Net income for the three months ended June 30, 2024 was $1,007,000 as compared to $1,145,000 for the three months ended June 30, 2023 and $981,000 for the three months ended December 31, 2023.\n\n\n\nFor the six months ended June 30, 2024, Pinnacle’s basic/diluted earnings per share was $2.17 as compared to $2.56 per share for the six months ended June 30, 2023. Net income for the six months ended June 30, 2024 was $1,970,000 as compared to $2,325,000 for the six months ended June 30, 2023.\n\n\n\nFor the three and six months ended June 30, 2024, return on average assets was 1.18%, and 1.15%, respectively, compared to 1.36% and 1.38%, respectively, in the comparable 2023 period.\n\n\n\nThe Company’s net interest margin was 3.22% and 3.15% for the three and six months ended June 30, 2024, respectively, as compared to 3.35% and 3.43% for the three and six months ended June 30, 2023. 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\nAt June 30, 2024, the Company’s allowance for loan losses as a percent of total loans was 1.92%, compared to 1.96% at December 31, 2023. There were no nonperforming assets as of June 30, 2024 as well as December 31, 2023.\n\n\nPinnacle Bank was classified as “well capitalized” at June 30, 2024. All capital ratios are significantly higher than the requirements for a well-capitalized institution. As of June 30, 2024, the Bank’s common equity Tier 1 capital and Tier 1 risk-based capital ratios were each 18.58%. As of June 30, 2024, its total capital ratio was 19.71%, and its Tier 1 leverage ratio was 11.62%.\n\n\nDividends of $.27 and $.54 per share were paid to shareholders during the three and six months ended for both June 30, 2024 and 2023.\n\n\nManagement believes that the Company has su...