PINNACLE BANKSHARES CORP - PPBN STOCK NEWS

Pinnacle Bankshares Corporation (PPBN) Announces 25% Increase in Quarterly Cash Dividend to $0.25 per Share

Pinnacle Bankshares Corporation reports record high net income of $2.79 million for Q3 2023, a 17% increase from the same period in 2022. Return on assets is 1.02%, up from 0.75% in 2022. Net interest income increased 1% for Q3 2023 and 15% year-to-date. Asset quality remains strong with low nonperforming assets. Total assets increased 3% and deposits increased 2% from December 2022. The loan portfolio grew by $6.1 million in the last two months of Q3 2023. Capital ratios increased. Noninterest income increased 34% in Q3 2023. Liquidity ratio is 38%.

Pinnacle Bankshares Corporation (OTCQX:PPBN) Reports Strong Growth in Net Income for the Second Quarter of 2023

Pinnacle Bankshares Corporation (OTCQX: PPBN) declared a cash dividend of $0.20 per share on February 14, 2023, payable on March 10, 2023. This dividend, which is 11% higher than last quarter's $0.18, marks the 42nd consecutive quarter of dividend declarations. The increase is attributed to record high earnings in 2022. President Aubrey H. Hall, III emphasized the importance of building capital through retained earnings, supporting the bank’s growth. Pinnacle serves Central and Southern Virginia with 18 branches.

Pinnacle Bankshares Corporation (OTCQX:PPBN) announced record net income for Q4 and the full year 2022, totaling $2,562,000 ($1.18 per share) and $8,242,000 ($3.78 per share), respectively. This marks an 88% increase in annual income compared to 2021. The rise is attributed to a 40% surge in net interest income, totaling $8,816,000 for Q4, driven by increased loan and security volumes amid a favorable interest rate environment. Return on assets improved to 0.82% from 0.47%, while return on equity rose to 14.62% from 7.31%. Noninterest income decreased by 2% for the year, impacted by lower mortgage loan activity.