Business
Pinnacle Bancshares Announces Results for Year Ended and Fourth Quarter December 31, 2023
Pinnacle Bancshares Announces Results for Year Ended and Fourth Quarter December 31, 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 Pinnacle’s results of operations for the fourth quarter and year ended December 31, 2023:\n\n\n\nFor the three months ended December 31, 2023, Pinnacle’s basic/diluted earnings per share was $1.08 as compared to $1.12 per share for the three months ended December 31, 2022. Net income for the three months ended December 31, 2023 was $981,000 as compared to $1,016,000 for the three months ended December 31, 2022.\n\n\n\nFor the year ended December 31, 2023, Pinnacle’s basic/diluted earnings per share was $4.93 as compared to $4.79 per share for the year ended December 31, 2022. Pinnacle reported net income of $4,480,000 for the year ended December 31, 2023 as compared to $4,504,000, for the year ended December 31, 2022.\n\n\n\nFor the three and nine months ended December 31, 2023, return on average assets was 1.18%, and 1.34%, respectively, compared to 1.29% and 1.35%, respectively, in the comparable 2022 period.\n\n\n\nCompany’s net interest margin was 3.18% and 3.32%, respectively for the three months and year ended December 31, 2023, respectively, compared to 3.48% and 3.35% for both the three months and year ended December 31, 2022, respectively. The Company anticipates that interest expense relating to its funding will continue to increase during 2024 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 December 31, 2023, Pinnacle’s allowance for loan losses as a percent of total loans was 1.96%, compared to 2.16% at December 31, 2022. Net charge-offs were $102,000 during 2023 as well as for 2022. There were no nonperforming assets at December 31, 2023 as well as December 31, 2022. Effective January 1, 2023, the Company adopted the current expected credit loss (CECL) model to account for credit losses on financial instruments, including loans. The adoption of t...