Pinnacle Bancshares Announces Results for Year Ended and Fourth Quarter December 31, 2024
Pinnacle Bancshares (OTCBB: PCLB) has released its financial results for Q4 and full-year 2024. The company reported Q4 earnings per share of $1.15 (vs $1.08 in Q4 2023) and net income of $1,038,000 (vs $981,000 in Q4 2023). For the full year 2024, earnings per share decreased to $4.48 from $4.93 in 2023, with net income declining to $4,066,000 from $4,480,000.
The bank maintained strong capital ratios, with common equity Tier 1 and Tier 1 risk-based capital ratios at 18.97%, total capital ratio at 20.05%, and Tier 1 leverage ratio at 11.09%. Total deposits increased by $6.8 million (2.2%) compared to 2023. The company's net interest margin slightly decreased to 3.17% in Q4 2024 from 3.18% in Q4 2023.
The bank reported no nonperforming assets and maintained an allowance for loan losses of 1.78% of total loans. However, the company noted significant unrealized losses of $28.7 million on securities due to rising interest rates.
Pinnacle Bancshares (OTCBB: PCLB) ha pubblicato i suoi risultati finanziari per il quarto trimestre e l'intero anno 2024. L'azienda ha riportato un utile per azione nel quarto trimestre di $1.15 (rispetto a $1.08 nel quarto trimestre del 2023) e un reddito netto di $1.038.000 (rispetto a $981.000 nel quarto trimestre del 2023). Per l'intero anno 2024, l'utile per azione è diminuito a $4.48 da $4.93 nel 2023, con un reddito netto in calo a $4.066.000 da $4.480.000.
La banca ha mantenuto solidi ratio patrimoniali, con un rapporto di capitale primario comune Tier 1 e un rapporto di capitale a rischio Tier 1 pari al 18.97%, un rapporto di capitale totale del 20.05% e un rapporto di leva Tier 1 dell'11.09%. I depositi totali sono aumentati di $6.8 milioni (2.2%) rispetto al 2023. Il margine di interesse netto dell'azienda è leggermente diminuito al 3.17% nel quarto trimestre del 2024 dal 3.18% nel quarto trimestre del 2023.
La banca non ha segnalato attivi non performanti e ha mantenuto una riserva per perdite su prestiti dell'1.78% del totale dei prestiti. Tuttavia, l'azienda ha notato significative perdite non realizzate di $28.7 milioni su titoli a causa dell'aumento dei tassi di interesse.
Pinnacle Bancshares (OTCBB: PCLB) ha publicado sus resultados financieros para el cuarto trimestre y el año completo 2024. La compañía reportó ganancias por acción de $1.15 en el cuarto trimestre (frente a $1.08 en el cuarto trimestre de 2023) y un ingreso neto de $1,038,000 (frente a $981,000 en el cuarto trimestre de 2023). Para el año completo 2024, las ganancias por acción disminuyeron a $4.48 desde $4.93 en 2023, con un ingreso neto en declive a $4,066,000 desde $4,480,000.
El banco mantuvo sólidos ratios de capital, con uns ratio de capital ordinario Tier 1 y un ratio de capital basado en riesgos Tier 1 del 18.97%, un ratio de capital total del 20.05%, y un ratio de apalancamiento Tier 1 del 11.09%. Los depósitos totales aumentaron en $6.8 millones (2.2%) en comparación con 2023. El margen de interés neto de la compañía disminuyó ligeramente al 3.17% en el cuarto trimestre de 2024 desde el 3.18% en el cuarto trimestre de 2023.
El banco no reportó activos no rentables y mantuvo una provisión para pérdidas de préstamos del 1.78% del total de préstamos. Sin embargo, la compañía destacó significativas pérdidas no realizadas de $28.7 millones en valores debido al aumento de las tasas de interés.
Pinnacle Bancshares (OTCBB: PCLB)는 2024년 4분기 및 연간 재무 결과를 발표했습니다. 회사는 4분기 주당 순이익이 $1.15(2023년 4분기 $1.08 대비)이고 순이익이 $1,038,000(2023년 4분기 $981,000 대비)이라고 보고했습니다. 2024년 전체 연간 주당 순이익은 2023년의 $4.93에서 $4.48로 감소했으며, 순이익은 $4,480,000에서 $4,066,000으로 줄어들었습니다.
은행은 강력한 자본 비율을 유지하며, 보통주 자본 Tier 1과 Tier 1 위험 기반 자본 비율이 각각 18.97%, 총 자본 비율이 20.05%, Tier 1 레버리지 비율이 11.09%에 달했습니다. 총 예금은 2023년 대비 $6.8 백만(2.2%) 증가했습니다. 회사의 순이자 마진은 2024년 4분기에 3.17%로 약간 감소했는데, 이는 2023년 4분기 3.18%에서 감소한 수치입니다.
은행은 부실 자산이 없음을 보고하며 전체 대출의 1.78%에 해당하는 대출 손실 준비금을 유지했습니다. 그러나 회사는 금리가 상승함에 따라 유가 증권에서 $28.7 백만의 상당한 미실현 손실이 발생했다고 언급했습니다.
Pinnacle Bancshares (OTCBB: PCLB) a publié ses résultats financiers pour le quatrième trimestre et l'année complète 2024. La société a annoncé un bénéfice par action de $1.15 au quatrième trimestre (contre $1.08 au quatrième trimestre 2023) et un revenu net de $1.038.000 (contre $981.000 au quatrième trimestre 2023). Pour l'année complète 2024, le bénéfice par action a diminué à $4.48 contre $4.93 en 2023, avec un revenu net en baisse à $4.066.000 contre $4.480.000.
La banque a maintenu des ratios de capital solides, avec un ratio de capital Tier 1 en actions ordinaires et un ratio de capital de base sur les risques de 18.97%, un ratio de capital total de 20.05%, et un ratio d'effet de levier Tier 1 de 11.09%. Les dépôts totaux ont augmenté de $6.8 millions (2.2%) par rapport à 2023. La marge d'intérêt nette de l'entreprise a légèrement diminué à 3.17% au quatrième trimestre 2024, contre 3.18% au quatrième trimestre 2023.
La banque n'a rapporté aucun actif non productif et a maintenu une provision pour pertes sur prêts de 1.78% des prêts totaux. Cependant, l'entreprise a noté des pertes non réalisées significatives de $28.7 millions sur des titres en raison de la montée des taux d'intérêt.
Pinnacle Bancshares (OTCBB: PCLB) hat seine finanziellen Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht. Das Unternehmen berichtete im vierten Quartal von einem Gewinn pro Aktie von $1.15 (im Vergleich zu $1.08 im vierten Quartal 2023) und einem Nettoergebnis von $1.038.000 (im Vergleich zu $981.000 im vierten Quartal 2023). Für das ganze Jahr 2024 sank der Gewinn pro Aktie auf $4.48 von $4.93 in 2023, während das Nettoergebnis auf $4.066.000 von $4.480.000 zurückging.
Die Bank wies starke Kapitalquoten aus, mit einer Common Equity Tier 1-Quote von 18.97% und einer Risiko-basierten Tier 1-Kapitalquote von 18.97%, einer Gesamtkapitalquote von 20.05% und einer Tier 1-Leverage-Quote von 11.09%. Die Gesamteinlagen stiegen im Vergleich zu 2023 um $6.8 Millionen (2.2%). Die Nettozinsspanne des Unternehmens verringerte sich im vierten Quartal 2024 leicht auf 3.17% von 3.18% im vierten Quartal 2023.
Die Bank meldete keine notleidenden Vermögenswerte und hielt eine Rückstellung für Kreditverluste von 1.78% der Gesamtdarlehen vor. Das Unternehmen berichtete jedoch von erheblichen unrealisierbaren Verlusten in Höhe von $28.7 Millionen auf Wertpapiere aufgrund steigender Zinssätze.
- Q4 net income increased to $1,038,000 from $981,000 year-over-year
- Total deposits grew by $6.8 million (2.2%) year-over-year
- Strong capital ratios well above 'well-capitalized' requirements
- Zero nonperforming assets as of December 31, 2024
- Full-year net income decreased to $4,066,000 from $4,480,000 year-over-year
- Net interest margin declined to 3.18% from 3.32% for full-year
- Unrealized losses on securities increased to $28.7 million from $26.7 million year-over-year
- Return on average assets decreased to 1.18% from 1.34% year-over-year
-
For the three months ended December 31, 2024, Pinnacle’s basic/diluted earnings per share was
$1.15 $1.08 $1,038,000 $981,000 -
For the year ended December 31, 2024, Pinnacle’s basic/diluted earnings per share was
$4.48 $4.93 $4,066,000 $4,480,000 -
For the three and nine months ended December 31, 2024, return on average assets was
1.20% , and1.18% , respectively, compared to1.18% and1.34% , respectively, in the comparable 2023 period.
Company’s net interest margin was
At December 31, 2024, Pinnacle’s allowance for loan losses as a percent of total loans was
Pinnacle was classified as “well capitalized” at the end of 2024. All capital ratios are higher than the requirements for a well-capitalized institution. As of December 31, 2024, the Bank’s common equity Tier 1 capital and Tier 1 risk-based capital ratios were each
Dividends of
Management believes that the Company has sufficient liquidity through its low loan to deposit ratio at December 31, 2024, as well as available funding from outside sources. Our net funding availability, as a percentage of our franchise funding, is
Effects of Inflation
Inflation has caused a substantial rise in interest rates during 2023 and 2022 which has had a negative effect in the securities market. As a result of the increase in interest rates since 2022, the Company has recorded an accumulated other comprehensive loss on securities available for sale of approximately
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
PINNACLE BANCSHARES, INC. Unaudited Financial Highlights (In Thousands, except share and per share data) |
||||||||
|
|
Three Months Ended December 31, |
||||||
|
|
2024 |
|
2023 |
||||
Net income |
|
$ |
1,038,000 |
|
|
$ |
981,000 |
|
Basic and diluted earnings per share |
|
$ |
1.15 |
|
|
$ |
1.08 |
|
|
|
|
|
|
||||
Performance ratios (annualized): |
|
|
|
|
||||
Return on average assets |
|
|
1.20 |
% |
|
|
1.18 |
% |
Return on average equity (excluding OCI) |
|
|
9.90 |
% |
|
|
10.07 |
% |
Interest rate spread |
|
|
2.64 |
% |
|
|
2.70 |
% |
Net interest margin |
|
|
3.17 |
% |
|
|
3.18 |
% |
Operating cost to assets |
|
|
2.28 |
% |
|
|
2.40 |
% |
|
|
|
|
|
||||
Weighted average basic and diluted shares outstanding |
|
|
906,730 |
|
|
|
909,534 |
|
Dividends per share |
|
$ |
0.27 |
|
|
$ |
0.27 |
|
Provision for loan losses |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
||||||
|
|
Years Ended December 31, |
||||||
|
|
2024 |
|
2023 |
||||
Net income |
|
$ |
4,066,000 |
|
|
$ |
4,480,000 |
|
Basic and diluted earnings per share |
|
$ |
4.48 |
|
|
$ |
4.93 |
|
|
|
|
|
|
||||
Performance ratios (annualized): |
|
|
|
|
||||
Return on average assets |
|
|
1.18 |
% |
|
|
1.34 |
% |
Return on average equity (excluding OCI) |
|
|
9.96 |
% |
|
|
11.89 |
% |
Interest rate spread |
|
|
2.64 |
% |
|
|
2.98 |
% |
Net interest margin |
|
|
3.18 |
% |
|
|
3.32 |
% |
Operating cost to assets |
|
|
2.34 |
% |
|
|
2.31 |
% |
|
|
|
|
|
||||
Weighted average basic and diluted shares outstanding |
|
|
908,525 |
|
|
|
909,534 |
|
Dividends per share |
|
$ |
1.08 |
|
|
$ |
1.08 |
|
Provision for loan losses |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
(Audited) |
||||
|
|
December 31, 2024 |
|
December 31, 2023 |
||||
Total assets |
|
$ |
346,666,000 |
|
|
$ |
342,578,000 |
|
Loans receivable, net |
|
$ |
129,437,000 |
|
|
$ |
122,973,000 |
|
Deposits |
|
$ |
318,170,000 |
|
|
$ |
311,339,000 |
|
Brokered CD’s included in deposits |
|
$ |
14,917,000 |
|
|
$ |
11,907,000 |
|
Total stockholders’ equity |
|
$ |
13,861,000 |
|
|
$ |
12,787,000 |
|
Book value per share |
|
$ |
15.30 |
|
|
$ |
14.06 |
|
Book value per share (excluding OCI) |
|
$ |
46.48 |
|
|
$ |
43.02 |
|
Average Stockholders’ equity to assets ratio (excluding OCI) |
|
|
11.80 |
% |
|
|
11.25 |
% |
|
|
|
|
|
||||
Asset quality ratios: |
|
|
|
|
||||
Nonperforming loans as a percent of total loans |
|
|
.00 |
% |
|
|
.00 |
% |
Nonperforming assets as a percent of total loans |
|
|
.00 |
% |
|
|
.00 |
% |
Allowance for loan losses as a percent of total loans |
|
|
1.78 |
% |
|
|
1.96 |
% |
FINANCIAL INFORMATION
PINNACLE BANCSHARES, INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION |
|||||||
|
(Unaudited) |
|
(Audited) |
||||
|
December 31, |
|
December 31, |
||||
|
2024 |
|
2023 |
||||
|
|
|
|
||||
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
2,406,608 |
|
|
$ |
2,190,793 |
|
Interest bearing deposits in banks |
|
17,830,073 |
|
|
|
19,518,942 |
|
Securities available for sale |
|
163,442,222 |
|
|
|
165,520,025 |
|
Restricted equity securities |
|
954,300 |
|
|
|
836,200 |
|
|
|
|
|
||||
Loans |
|
131,789,490 |
|
|
|
125,433,112 |
|
Less Allowance for loan losses |
|
2,352,415 |
|
|
|
2,459,372 |
|
Loans, net |
|
129,437,075 |
|
|
|
122,973,740 |
|
|
|
|
|
||||
Premises and equipment, net |
|
8,198,615 |
|
|
|
8,421,289 |
|
Right-of-use lease assets – operating |
|
260,248 |
|
|
|
302,171 |
|
Goodwill |
|
306,488 |
|
|
|
306,488 |
|
Bank owned life insurance |
|
11,024,493 |
|
|
|
10,601,839 |
|
Accrued interest receivable |
|
2,107,431 |
|
|
|
2,107,189 |
|
Deferred tax assets, net |
|
9,759,285 |
|
|
|
8,951,799 |
|
Other assets |
|
938,828 |
|
|
|
847,912 |
|
Total assets |
$ |
346,665,666 |
|
|
$ |
342,578,387 |
|
|
|
|
|
||||
Liabilities and Stockholders’ Equity |
|
|
|
||||
Deposits |
|
|
|
||||
Noninterest-bearing |
$ |
89,120,999 |
|
|
$ |
89,518,619 |
|
Interest-bearing |
|
229,049,151 |
|
|
221,820,527 |
|
|
Total deposits |
|
318,170,150 |
|
|
|
311,339,146 |
|
|
|
|
|
||||
Subordinated debentures |
|
3,093,000 |
|
|
|
3,093,000 |
|
Other borrowings |
|
9,000,000 |
|
|
|
12.500,000 |
|
Accrued interest payable |
|
874,774 |
|
|
|
1,392,273 |
|
Operating lease liabilities |
|
260,248 |
|
|
|
302,171 |
|
Other liabilities |
|
1,406,122 |
|
|
|
1,165,256 |
|
Total liabilities |
|
332,804,294 |
|
|
|
329,791,846 |
|
|
|
|
|
||||
Stockholders’ equity |
|
|
|
||||
Common stock, par value |
|
18,723 |
|
|
|
18,723 |
|
Additional paid‑in capital |
|
8,923,223 |
|
|
|
8,923,223 |
|
Treasury stock 966,527 and 962,779 shares at cost, respectively |
|
(15,698,015 |
) |
|
|
(15,588,799 |
) |
Retained earnings |
|
48,857,057 |
|
|
|
45,772,256 |
|
Accumulated other comprehensive loss, net of tax |
|
(28,239,616 |
) |
|
|
(26,338,862 |
) |
|
|
|
|
||||
Total stockholders’ equity |
|
13,861,372 |
|
|
|
12,786,541 |
|
|
|
|
|
||||
Total liabilities and stockholders’ equity |
$ |
346,665,666 |
$ |
342,578,387 |
|||
PINNACLE BANCSHARES, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||
|
Three Months Ended |
|
Years Ended |
|||||||||
|
December 31, |
|
December 31, |
|||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
Interest income |
|
|
|
|
||||||||
Loans, including fees |
$ |
2,235,841 |
$ |
2,003,295 |
$ |
8,597,229 |
$ |
7,527,937 |
||||
Securities available for sale |
|
1,378,965 |
|
1,347,416 |
|
5,369,120 |
|
5,504,358 |
||||
Other interest |
|
177,504 |
|
266,587 |
|
1,221,766 |
|
840,501 |
||||
Total interest income |
|
3,792,310 |
|
3,617,298 |
|
15,188,115 |
|
13,872,796 |
||||
|
|
|
|
|
||||||||
Interest expense |
|
|
|
|
||||||||
Deposits |
|
876,187 |
|
692,818 |
|
3,205,768 |
|
1,859,046 |
||||
Borrowings |
|
110,926 |
|
148,910 |
|
681,875 |
|
438,088 |
||||
Subordinated debentures |
|
39,050 |
|
39,050 |
|
156,200 |
|
156,200 |
||||
Total interest expense |
|
1,026,163 |
|
880,778 |
|
4,043,843 |
|
2,453,334 |
||||
|
|
|
|
|
||||||||
Net interest income |
|
2,766,147 |
|
2,736,520 |
|
11,144,272 |
|
11,419,462 |
||||
Provision for loan losses |
|
- |
|
- |
|
- |
|
- |
||||
Net interest income after provision for loan losses |
|
2,766,147 |
|
2,736,520 |
|
11,144,272 |
|
11,419,462 |
||||
|
|
|
|
|
||||||||
Other income |
|
|
|
|
||||||||
Fees and service charges on deposit accounts |
|
434,913 |
|
426,111 |
|
1,713,187 |
|
1,681,484 |
||||
Service fee income, net |
|
- |
|
746 |
|
743 |
|
2,910 |
||||
Bank owned life insurance |
|
105,982 |
|
101,087 |
|
422,654 |
|
395,505 |
||||
Mortgage fee income |
|
- |
|
- |
|
6,167 |
|
12,113 |
||||
Total other income |
|
540,895 |
|
527,944 |
|
2,142,751 |
|
2,092,012 |
||||
|
|
|
|
|
||||||||
Other expense: |
|
|
|
|
||||||||
Salaries and employee benefits |
|
1,143,327 |
|
1,041,716 |
|
4,611,450 |
|
4,382,725 |
||||
Occupancy expense |
|
259,798 |
|
271,628 |
|
1,196,712 |
|
943,058 |
||||
Marketing and professional expense |
|
74,751 |
|
131,811 |
|
298,614 |
|
338,524 |
||||
Other operating expenses |
|
496,104 |
|
541,429 |
|
2,004,334 |
|
2,085,710 |
||||
Total other expenses |
|
1,973,980 |
|
1,986,584 |
|
8,111,110 |
|
7,750,017 |
||||
|
|
|
|
|
||||||||
Income before income taxes |
|
1,133,062 |
|
1,277,880 |
|
5,175,913 |
|
5,761,457 |
||||
|
|
|
|
|
||||||||
Income tax expense |
|
294,715 |
|
296,737 |
|
1,110,098 |
|
1,281,278 |
||||
|
|
|
|
|
||||||||
Net income |
$ |
1,038,347 |
$ |
981,143 |
$ |
4,065,815 |
$ |
4,480,179 |
||||
|
|
|
|
|
||||||||
Cash dividend per share |
$ |
0.27 |
$ |
0.27 |
$ |
1.08 |
$ |
1.08 |
||||
|
|
|
|
|
||||||||
Basic and diluted earnings per share |
$ |
1.15 |
$ |
1.08 |
$ |
4.48 |
$ |
4.93 |
||||
|
|
|
|
|
||||||||
Weighted –average basic and diluted shares outstanding |
|
906,730 |
|
909,534 |
|
908,525 |
|
909,534 |
||||
PINNACLE BANCSHARES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|||||||||||
|
|
|
|
Additional |
|
|
|
|
|
Other |
|
Total |
|||||||||||
|
Common Stock |
|
Paid-in |
|
Treasury |
|
Retained |
|
Comprehensive |
|
Stockholders’ |
||||||||||||
|
Shares |
|
Amount |
|
Capital |
|
Stock |
|
Earnings |
|
Loss |
|
Equity |
||||||||||
Balance December 31, 2022 |
1,872,313 |
|
$ |
18,723 |
|
$ |
8,923,223 |
|
$ |
(15,588,799 |
) |
|
$ |
42,274,372 |
|
|
$ |
(29,889,603 |
) |
|
$ |
5,737,916 |
|
Net income |
- |
|
|
- |
|
|
- |
|
|
|
|
4,480,179 |
|
|
|
- |
|
|
|
4,480,179 |
|
||
Cash dividends declared
( |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(982,295 |
) |
|
|
- |
|
|
|
(982,295 |
) |
Other comprehensive income |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
3,550,741 |
|
|
|
3,550,741 |
|
Balance December 31, 2023 |
1,872,313 |
|
$ |
18,723 |
|
$ |
8,923,223 |
|
$ |
(15,588,799 |
) |
|
$ |
45,772,256 |
|
|
$ |
(26,338,862 |
) |
|
$ |
12,786,541 |
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|||||||||||
|
|
|
|
Additional |
|
|
|
|
|
Other |
|
Total |
|||||||||||
|
Common Stock |
|
Paid-in |
|
Treasury |
|
Retained |
|
Comprehensive |
|
Stockholders’ |
||||||||||||
|
Shares |
|
Amount |
|
Capital |
|
Stock |
|
Earnings |
|
Loss |
|
Equity |
||||||||||
Balance December 31, 2023 |
1,872,313 |
|
$ |
18,723 |
|
$ |
8,923,223 |
|
$ |
(15,588,799 |
) |
|
$ |
45,772,256 |
|
|
$ |
(26,338,862 |
) |
|
$ |
12,786,541 |
|
Net income |
- |
|
|
- |
|
|
- |
|
|
|
|
4,065,815 |
|
|
|
- |
|
|
|
4,065,815 |
|
||
Cash dividends declared
( |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(981,014 |
) |
|
|
- |
|
|
|
(981,014 |
) |
Purchase of treasury stock |
- |
|
|
- |
|
|
- |
|
|
(109,216 |
) |
|
|
- |
|
|
|
- |
|
|
|
(109,216 |
) |
Other comprehensive loss |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
(1,900,754 |
) |
|
|
(1,900,754 |
) |
Balance December 31, 2024 |
1,872,313 |
|
$ |
18,723 |
|
$ |
8,923,223 |
|
$ |
(15,698,015 |
) |
|
$ |
48,857,057 |
|
|
$ |
(28,239,616 |
) |
|
$ |
13,861,372 |
|
PINNACLE BANCSHARES, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
|
For the Years Ended |
||||||
|
December 31, |
||||||
|
2024 |
|
2023 |
||||
OPERATING ACTIVITIES: |
|
|
|
||||
Net income |
$ |
4,065,815 |
|
|
$ |
4,480,179 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation |
|
522,575 |
|
|
|
418,815 |
|
Net investment amortization expense |
|
185,926 |
|
|
|
180,496 |
|
Net increase in bank owned life insurance |
|
(422,654 |
) |
|
|
(395,505 |
) |
Decrease in accrued interest receivable |
|
(242 |
) |
|
|
(36,292 |
) |
Increase (decrease) in accrued interest payable |
|
(517,499 |
) |
|
|
1,280,620 |
|
Net other operating activities |
|
94,019 |
|
|
|
535,306 |
|
Net cash provided by operating activities |
|
3,927,940 |
|
|
|
6,463,619 |
|
|
|
|
|
||||
INVESTING ACTIVITIES: |
|
|
|
||||
Net increase in loans |
|
(6,463,335 |
) |
|
|
(7,018,152 |
) |
Net (increase) decrease in interest bearing deposits in other banks |
|
1,688,869 |
|
|
|
(7,332,960 |
) |
Purchase of securities available for sale |
|
(7,414,432 |
) |
|
|
- |
|
Proceeds from maturing, calls, and payments received on securities available for sale |
|
6,654,000 |
|
|
|
9,712,596 |
|
Net purchase of restricted equity securities |
|
(118,100 |
) |
|
|
(62,600 |
) |
Purchase of premises and equipment |
|
(299,901 |
) |
|
|
(1,913,473 |
) |
Net cash used in investing activities |
|
(5,952,899 |
) |
|
|
(6,614,589 |
) |
|
|
|
|
||||
FINANCING ACTIVITIES: |
|
|
|
||||
Net increase (decrease) in deposits |
|
6,831,004 |
|
|
|
(10,918,880 |
) |
Proceeds from other borrowings |
|
16,500,000 |
|
|
|
16,100,000 |
|
Repayments of other borrowings |
|
(20,000,000 |
) |
|
|
(3,600,000 |
) |
Purchase of treasury stock |
|
(109,216 |
) |
|
|
- |
|
Payments of cash dividends |
|
(981,014 |
) |
|
|
(982,295 |
) |
Net cash provided by financing activities |
|
2,240,744 |
|
|
|
598,825 |
|
|
|
|
|
||||
Net increase in cash and cash equivalents |
|
215,815 |
|
|
|
447,855 |
|
|
|
|
|
||||
Cash and cash equivalents at beginning of period |
|
2,190,793 |
|
|
|
1,742,938 |
|
|
|
|
|
||||
Cash and cash equivalents at end of period |
$ |
2,406,608 |
|
|
$ |
2,190,793 |
|
|
|
|
|
||||
SUPPLEMENTAL DISCLOSURES: |
|
|
|
||||
Cash paid during the period for: |
|
|
|
||||
Interest |
$ |
4,561,342 |
|
|
$ |
1,172,714 |
|
Taxes |
$ |
1,022,747 |
|
|
$ |
945,928 |
|
|
|
|
|
||||
OTHER NONCASH TRANSACTIONS |
|
|
|
||||
Real estate acquired through foreclosure |
$ |
- |
|
|
$ |
- |
|
Internally financed sales of other real estate owned |
$ |
- |
|
|
$ |
- |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250128155449/en/
Joe B. Adams, III
Chief Financial Officer
(205) 221-8866
Source: Pinnacle Bancshares, Inc.
FAQ
What was Pinnacle Bancshares (PCLB) earnings per share for Q4 2024?
How much did PCLB's deposits grow in 2024?
What was PCLB's net interest margin for full-year 2024?
How much were PCLB's unrealized losses on securities as of December 31, 2024?
What was PCLB's allowance for loan losses ratio in 2024?
