Pinnacle Bancshares Announces Results for First Quarter Ended March 31, 2021
Robert B. Nolen, Jr., President and Chief Executive Officer of Pinnacle Bancshares, Inc. (OTC Pink: PCLB), today announced Pinnacle’s results of operations for the first quarter ended March 31, 2021:
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For the three months ended March 31, 2021, Pinnacle reported net income of
$907,000 , compared to$841,000 for the three months ended March 31, 2020. Included in net income for the first quarter 2020 was approximately$120,000 gain on sale of securities, net of tax. These were no such gains recorded during the first quarter 2021. -
Net interest income after the provision for loan losses for the three months ended March 31, 2021, was
$2,379,000 , compared with$2,022,000 in the same period last year. -
Included in net interest income for the three months ended March 31, 2021 are Paycheck Protection Program (“PPP”) amortized loan fees of approximately
$141,000. T here were no PPP amortized loans fees recorded for the three months ended March 31, 2020. -
For the three months ended March 31, 2021, basic and diluted earnings per share were each
$0.93 . For the same period in 2020 basic and diluted earnings per share were each$0.82 . -
For the three months ended March 31, 2021, return on average assets was
1.26% , compared to1.39% in the comparable 2020 period.
The Company’s net interest margin was
At March 31, 2021, Pinnacle’s allowance for loan losses as a percent of total loans was
Pinnacle was classified as “well capitalized” at March 31, 2021. All capital ratios are significantly higher than the requirements for a well-capitalized institution.
Dividends of $.22 per share were paid to shareholders during the first quarter of 2021 and $.19 per share during the first quarter 2020.
As a result of the spread of the COVID-19 coronavirus, economic uncertainties have arisen which are likely to negatively impact the Company. The extent of COVID-19’s impact on the Company’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, the virus’ impact on the Company’s customers, employees and vendors, and vaccination supply and delivery. At this point, the extent to which COVID-19 may impact the Company’s financial condition or results of operations remains uncertain.
Forward-Looking Statements
Information contained in this press release, other than historical information, may be considered forward-looking in nature and is subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Pinnacle undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in Pinnacle’s expectations. Certain tabular presentations may not reconcile because of rounding.
Pinnacle Bancshares, Inc.’s wholly owned subsidiary Pinnacle Bank has seven offices located in central and northwest Alabama.
PINNACLE BANCSHARES, INC. AND SUBSIDIARY
UNAUDITED FINANCIAL HIGHLIGHTS |
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Three Months Ended March 31, |
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|
2021 |
|
2020 |
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Net Income |
$ |
907,000 |
|
$ |
841,000 |
|
||
Weighted average basic shares outstanding |
|
973,505 |
|
|
1,019,389 |
|
||
Weighted average diluted shares outstanding |
|
973,505 |
|
|
1,019,389 |
|
||
Dividend per share |
$ |
.22 |
|
$ |
.19 |
|
||
Pinnacle Banc
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