PINNACLE BANKSHARES CORP - PPBN STOCK NEWS

Pinnacle Bankshares Corporation (OTCQX:PPBN) reported record net income for Q3 2022, at $2,398,000 or $1.10 per share, a 37% increase year-over-year. For the first nine months, net income reached $5,681,000 or $2.61 per share, a 46% rise compared to 2021. Key drivers included a 15% increase in net interest income to $21,624,000, primarily due to higher loan volumes and yields. However, noninterest income fell by 3% to $5,385,000, attributed to lower mortgage loan sales amid rising interest rates. The company's total assets decreased 2% to $999,147,000.

On October 26, 2022, Pinnacle Bankshares Corporation (OTCQX:PPBN) announced the renewal of its contract with EVERFI, enhancing financial literacy access in local high schools and now extending resources to adults. This partnership aims to equip students and adults in Lynchburg and Danville-Pittsylvania County with essential financial skills through interactive courses covering topics such as saving, banking, credit scores, and consumer protection. This initiative reflects the Bank's commitment to community investment and education.

Pinnacle Bankshares Corporation (OTCQX:PPBN) announced the appointment of Robert Hurt to its Board of Directors, effective August 9, 2022. Hurt, currently Dean of the Helms School of Government at Liberty University and former U.S. Congressman, brings extensive legal and governing experience. His background includes serving on the House Financial Services Committee and representing Virginia's Fifth District. CEO Aubrey H. Hall, III, praised Hurt's community banking advocacy and market knowledge, highlighting his potential role in advancing First National Bank's vision as Virginia's premier community banking organization.

Pinnacle Bankshares Corporation (OTCQX: PPBN) announced a quarterly cash dividend increase to $0.15 per share on August 9, 2022, up from $0.14 last quarter. This marks the fortieth consecutive quarter of dividend declarations. Shareholders of record as of August 19, 2022 will receive payment on September 2, 2022. The increase reflects robust earnings performance in the first half of 2022, with the Board emphasizing a balance between shareholder returns and retaining earnings for bank capitalization.

Pinnacle Bankshares Corporation (OTCQX:PPBN) announced record net income for Q2 and H1 2022, with net income of $1,892,000 ($0.87/share) for Q2 and $3,283,000 ($1.51/share) for H1, marking a 52% increase year-over-year. This growth was fueled by increased net interest income of $13,446,000, up 11% from last year, despite a decrease in noninterest income due to lower mortgage loan sales. The company's return on average assets rose to 0.65% and return on average equity to 11.32%. Total assets stood at $996,328,000, down 2% from year-end 2021.

Pinnacle Bankshares Corporation (OTCQX: PPBN) announced a cash dividend of $0.14 per share on May 10, 2022, payable on June 3, 2022, to shareholders of record by May 20, 2022. This dividend maintains the amount paid last quarter and marks the 39th consecutive quarter of dividends declared. CEO Aubrey H. Hall, III expressed satisfaction in sustaining this quarterly payment, reflecting the company’s commitment to its shareholders. Pinnacle serves Central and Southern Virginia with 18 branches and has a strong community banking presence.

Pinnacle Bankshares Corporation (OTCQX:PPBN) announced a net income of $1,391,000 ($0.64 per share) for Q1 2022, a 27% increase compared to $1,099,000 ($0.51 per share) in Q1 2021. This growth was driven by higher net interest income, lower deposit costs, and increased noninterest income from interchange fees. Return on average assets rose to 0.55%, while return on average equity improved to 9.04%. Total assets reached $1.015 billion, reflecting an 11% year-over-year increase. The annual meeting is scheduled for May 10, 2022.

Pinnacle Bankshares Corporation (OTCQX:PPBN) reported a net income of $1,391,000, or $0.64 per share for Q1 2022, a 27% increase from $1,099,000 or $0.51 per share in Q1 2021. The growth was attributed to higher net interest income, decreased costs, and increased noninterest income from interchange fees. Notably, ROA rose to 0.55% and ROE increased to 9.04%. Total assets were $1,015,124,000, with non-performing loans decreasing to 0.23%. However, total stockholders' equity fell to $57,506,000 due to unrealized losses on securities.

Pinnacle Bankshares Corporation (OTCQX:PPBN) reported net income of $473,000, or $0.22 per share, for Q4 2021, down 68% year-over-year, and $4,375,000, or $2.02 per share, for the entire 2021, up 43% from 2020.

Key growth drivers include a 37% increase in net interest income and successful merger integration with Virginia Bank. However, Q4 results were negatively impacted by a prior year's bargain purchase gain. Total assets grew 18% to $1.015 billion, while non-performing loans increased to 0.26%. The Board also declared a cash dividend of $0.14 per share.