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Pinnacle Bancshares Announces Results for Year Ended and Fourth Quarter December 31, 2022
Pinnacle Bancshares Announces Results for Year Ended and Fourth Quarter December 31, 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 results of operations for the fourth quarter and year ended December 31, 2022:\n\n\nFor the year ended December 31, 2022, net income was $4,504,000, which resulted in basic/diluted earnings per share to be $4.79. Net income for the year ended December 31, 2021 was $4,692,00, which resulted in basic/diluted earnings per share of $4.83. Excluding significant unusual items, net income for the years-ended December 31, 2022 and 2021, was approximately $4,327,000 and $3,879,000, respectively and basic/diluted earnings per share was $4.61 and $3.99 for 2022 and 2021, respectively.\n\n\nFor the three months ended December 31, 2022, net income was $1,016,000 which resulted in basic/diluted earnings per share to be $1.12. Net income for the three months ended December 31, 2021 was $972,000, which resulted in basic/diluted earnings per share of $1.00 per share. Excluding significant unusual items, net income for the three months ended December 31, 2022 and 2021, was approximately $1,016,000 and $791,000, respectively and basic/diluted earnings per share was $1.12 and $.82.\n\n\nProvision for loan losses was $125,000 for the three months and year ended for December 31, 2022 and $200,000 for the three months and year ended for 2021.\n\n\nCompany’s net interest margin was 3.48% and 3.35%, respectively for the three months and year ended December 31, 2022, respectively, compared to 3.48% and 3.49% for both the three months and year ended December 31, 2021, respectively.\n\nAt December 31, 2022, Pinnacle’s allowance for loan losses as a percent of total loans was 2.16%, compared to 2.02% at December 31, 2021. Net charge-offs were $102,000 during 2022 as compared to net recoveries was $45,000 in the prior year. There were no nonperforming assets at December 31, 2022, compared to $130,000 at December 31, 2021. The ratio of nonperforming assets to total loans was .00% at December 31, 2022, compared to .01% at December 31, 2021.\n\nPinnacle was classified as “well capitalized” at the end of 2022. All capital ratios are significantly higher than the requirements for a well-capitalized institution.\n\nDividends of $.25 and $1.00 per share were paid to shareholders during the three months an...