Business
Pinnacle Bancshares Announces Results for Third Quarter Ended September 30, 2021
Pinnacle Bancshares Announces Results for Third Quarter Ended September 30, 2021.
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 third quarter results of operations.\n\n\nFor the three months ended September 30, 2021, Pinnacle reported net income of $1,829,000 compared to $712,000 for the three months ended September 30, 2020.\n\n\nFor the nine months ended September 30, 2021, Pinnacle reported net income of $3,720,000 compared to $2,285,000 for the nine months ended September 30, 2020.\n\n\nIncluded in net interest income for each of the three months ended September 30, 2021 and 2020 are Paycheck Protection Program (“PPP”) amortized loan fees of approximately $240,000 and $97,000, respectively. Included in net interest income for each of the nine months ended September 30, 2021 and 2020 are PPP amortized loan fees of approximately $431,000 and $97,000, respectively.\n\n\nBank-owned life insurance income, which is included in non-interest income, was approximately $820,000 and $1,015,000 for the three months and nine months ended September 30, 2021 as compared to $94,000 and $283,000 for the three months and nine months ended September 30, 2020.\n\n\nGain on sale of available for sales of securities in the amount of approximately $227,000 was recorded during both the three and nine months ended September 30, 2021 as compared to $153,000 recorded during the nine months ended September 30, 2020. There were no gains on sale of available for sales of securities recorded during the three months ended September 30, 2020.\n\n\nThe Bank used part of the PPP loan fee income to make contributions to charities in its local communities. This represented an increase of approximately $123,000 and $143,000 in non-interest expense for the three months and nine months ended September 30, 2021 and 2020, respectively. The charitable organizations used these contributions in part to assist our community in dealing with the continued adverse effects of COVID-19.\n\n\nBasic and diluted earnings per share for the three and nine months ended September 30, 2021 were $1.88 and $3.82 per share, respectively, compared to $0.72 and $2.29 per share, respectively, for the same periods last year.\n\n\nFor the three and nine months ended September 30, 2021, return on average assets was 2.19%, and 1.59%, respectively, compared to 1.04% and ...