Pinnacle Bancshares Announces Results for First Quarter Ended March 31, 2021
Pinnacle Bancshares, Inc. (OTC Pink: PCLB) reported a net income of $907,000 for Q1 2021, an increase from $841,000 in Q1 2020. Net interest income rose to $2,379,000, up from $2,022,000 a year earlier. Earnings per share improved to $0.93 compared to $0.82 in the same period last year. However, the return on average assets decreased to 1.26% from 1.39%. The allowance for loan losses as a percentage of total loans declined to 1.92%. Shareholders received dividends of $0.22 per share, up from $0.19.
- Net income increased to $907,000 in Q1 2021 from $841,000 in Q1 2020.
- Net interest income after provision for loan losses rose to $2,379,000.
- Earnings per share improved to $0.93 from $0.82 year-over-year.
- Dividends increased to $0.22 per share from $0.19.
- Return on average assets decreased to 1.26% from 1.39% year-over-year.
- Net interest margin declined to 3.61% from 3.68% compared to the previous year.
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:
-
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 |
||||||||
|
Three Months Ended March 31, |
|||||||
|
2021 |
|
2020 |
|||||
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 |
|
||
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FAQ
What are Pinnacle Bancshares' Q1 2021 financial results?
In Q1 2021, Pinnacle Bancshares reported a net income of $907,000, with earnings per share of $0.93.
How did Pinnacle Bancshares perform in terms of net interest income?
Pinnacle Bancshares' net interest income for Q1 2021 was $2,379,000, an increase from $2,022,000 in Q1 2020.
What was the return on average assets for Pinnacle Bancshares in Q1 2021?
The return on average assets for Pinnacle Bancshares was 1.26% in Q1 2021, down from 1.39% in Q1 2020.
Did Pinnacle Bancshares increase its dividends in Q1 2021?
Yes, Pinnacle Bancshares increased its dividends to $0.22 per share in Q1 2021 from $0.19 per share in Q1 2020.
What is the significance of the loan loss allowance reported by Pinnacle Bancshares?
As of March 31, 2021, Pinnacle's allowance for loan losses was 1.92% of total loans, down from 2.13% at year-end 2020.
PINNACLE BANCSHARES INC
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