Business
Pinnacle Bancshares Announces Results for Year Ended and Fourth Quarter December 31, 2021
Pinnacle Bancshares Announces Results for Year Ended and Fourth Quarter December 31, 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 results of operations for the fourth quarter and year ended December 31, 2021:\n\n\nFor the year ended December 31, 2021, net income was $4,692,000, compared with net income of $3,181,000 in the prior year.\n\n\nNet interest income before the provision for loan losses for the year ended December 31, 2021, was $10,276,000, compared with $9,157,000 in the prior year.\n\n\nIncluded in net interest income for the year ended December 31, 2021 are Paycheck Protection Program (“PPP”) amortized loan fees of approximately $661,000, compared to $586,000 for the year ended December 31, 2020.\n\n\nFor the three months ended December 31, 2021, Pinnacle reported net income of $972,000, compared to $896,000 for the three months ended December 31, 2020.\n\n\nNet interest income before the provision for loan losses for the three months ended December 31, 2021 was $2,719,000, compared with $2,797,000 in the same period last year.\n\n\nIncluded in net interest income for the three months ended December 31, 2021 are Paycheck Protection Program (“PPP”) amortized loan fees of approximately $231,000, compared to $489,000 for the three months ended December 31, 2020.\n\n\nProvision for loan losses was $200,000 for the three months and year ended for both December 31, 2021 and 2020.\n\n\nBasic and diluted earnings were each $4.83 per share for the year ended December 31, 2021. For 2020, basic and diluted earnings were each $3.21 per share.\n\n\nFor the three months ended December 31, 2021, basic and diluted earnings were each $1.00 per share. For the same period in 2020, basic and diluted earnings were each $0.92 per share.\n\n\nThe Company’s net interest margin was 3.48% and 3.49%, respectively for the three months and year ended December 31, 2021, respectively, compared to 4.31% and 3.76% for both the three months and year ended December 31, 2020, respectively.\n\nAt December 31, 2021, Pinnacle’s allowance for loan losses as a percent of total loans was 2.02%, compared to 2.13% at December 31, 2020. The provision for loan losses during the fourth quarter 2021 was due to increasing qualitative factors relating to the current pandemic. Net charge-offs were $45,000 as compared to ne...