PINNACLE BANKSHARES CORP - PPBN STOCK NEWS

Pinnacle Bankshares (OTCQX:PPBN) reported Q3 2024 net income of $2,085,000 ($0.94 per share), down from $2,794,000 ($1.27 per share) in Q3 2023. Year-to-date net income was $6,377,000 ($2.88 per share), compared to $7,483,000 ($3.41 per share) in 2023. Key highlights include: net interest margin increase to 3.68%, 5.5% growth in net interest income, 6% loan growth, and strong asset quality with low nonperforming loans. The company's stock price increased 24% to $29.73 per share, with a total return of 26.95% through nine months.

First National Bank, a subsidiary of Pinnacle Bankshares (OTCQX: PPBN), has announced key leadership changes. Allison G. Daniels has transitioned to the role of Senior Vice President and Chief Information Officer, focusing on IT, cybersecurity, fraud, compliance, and facilities. Michelle M. Gaydica has joined as Senior Vice President and Chief Operating Officer, bringing over 25 years of banking experience.

The bank, with nearly 200 employees, serves market areas in Virginia including Amherst, Bedford, Campbell, Halifax, and Pittsylvania Counties, and the Cities of Charlottesville, Danville, and Lynchburg. First National Bank currently operates 18 branches across these regions and has opened a Loan Production Office in South Boston, with plans to expand further.

Pinnacle Bankshares (OTCQX: PPBN) has declared a quarterly cash dividend of $0.25 per share, payable on September 6, 2024, to shareholders of record as of August 23, 2024. This marks the 48th consecutive quarter of dividend payments, maintaining the same amount as the previous quarter. Despite improved profitability in Q2 2024, the company's year-to-date net income is lower than in 2023. Pinnacle, the one-bank holding company for First National Bank, operates 18 branches across Central and Southern Virginia, serving various counties and cities. The bank, now in its 116th year of operation, has recently announced plans to expand into the South Boston area of Halifax County.

Pinnacle Bankshares (OTCQX:PPBN) reported net income of $2,208,000 ($1.00 per share) for Q2 2024, an 8% increase from Q2 2023. Year-to-date net income was $4,292,000 ($1.94 per share), down 8% from the same period in 2023. Key highlights include:

- Net interest income increased 4% due to higher loan volume and yields
- Net interest margin rose 9 basis points to 3.65%
- Loans grew 4.5% to $670,131,000
- Deposits decreased 2% but deposit accounts increased 3%
- Return on Assets was 0.87%
- Stock price increased 15% to $27.50 per share

The company maintains strong liquidity and asset quality, with a liquidity ratio of 34% and non-performing loans at 0.20% of total loans. The allowance for credit losses stands at 0.69% of total loans.

First National Bank, a subsidiary of Pinnacle Bankshares (PPBN), has announced plans to expand into the South Boston/Halifax County market in Virginia. The bank will open a Loan Production Office (LPO) in the Town of Halifax by September 1, 2024, with intentions to establish a full-service branch in the future.

The expansion will be led by a team of experienced local bankers: Ronnie F. Moore as Senior VP & South Boston Market Leader, Susan B. McLamb as Senior VP & Commercial Officer, and Katherine S. Bane as VP, Senior Retail Officer & Mortgage Originator. All three have extensive banking experience in the area and were previously associated with American National Bank and Trust Company (now Atlantic Union Bank).

First National Bank currently operates 18 branches across several Virginia counties and cities, serving nearly 200 employees. This expansion aligns with the bank's commitment to community banking and local partnerships.

Pinnacle Bankshares (OTCQX: PPBN) announced changes to its Board of Directors and the approval of a new Incentive Stock Plan during its Annual Meeting of Shareholders on May 14, 2024. Ramsey W. Yeatts was elected as a Class II Director, while four directors were re-elected. Three directors retired from the Board. The new Incentive Stock Plan authorizes 200,000 shares and replaces the expired 2014 plan. The plan aims to incentivize and retain key employees and directors.

Pinnacle Bankshares (OTCQX: PPBN) announced a quarterly cash dividend of $0.25 per share, payable on June 7, 2024, to shareholders of record as of May 24, 2024. This marks the forty-seventh consecutive quarter with a dividend declaration. Despite decreased profitability in Q1 2024, Pinnacle aims to balance dividends with retaining earnings for bank capitalization. The company operates as a community banking organization serving Central and Southern Virginia through its one-bank holding company, First National Bank, with 18 branches across various counties and cities.

Pinnacle Bankshares reported a net income of $2,084,000 for the first quarter of 2024, showing a decrease of 21% compared to the same period in 2023. The company's return on assets was 0.84%, with net interest income increasing by 1% and net interest margin slightly decreasing to 3.56%. Asset quality remained strong with low nonperforming loans and no Other Real Estate Owned. The provision for credit losses decreased to $18,000, and total assets decreased by 1.63%. Capital ratios remained stable, with the stock price ending at $28.46 per share, reflecting a 19% increase. Despite the decrease in profitability, Pinnacle remains well-positioned with ample liquidity and strong asset quality.

Pinnacle Bankshares Corporation (PPBN) reports record high net income for 2023, showcasing strong financial performance with increased net interest income, improved asset quality, and strengthened capital ratios.