PINNACLE BANKSHARES CORP - PPBN STOCK NEWS

Pinnacle Bankshares Corporation (OTCQX: PPBN) declared a cash dividend of $0.14 per share on November 9, 2021, payable on December 3, 2021, to shareholders of record as of November 19, 2021. This marks the thirty-seventh consecutive quarter of dividend declarations. Pinnacle's President, Aubrey H. Hall, III, emphasized the importance of balancing returns with sufficient earnings retention amid ongoing asset growth. The Company operates eighteen branches in Central Virginia and has been providing dividends consistently, indicating stable financial health.

Pinnacle Bankshares Corporation (OTCQX:PPBN) reported a net income of $1,747,000 for Q3 2021, up 280% from Q3 2020. For the first nine months, net income rose 148% to $3,902,000, attributed to increased net interest income and noninterest income following the merger with Virginia Bank. ROA improved to 0.57% and ROE to 8.79%. Total assets reached $953,184,000, a growth of 11% since December 2020. Despite increased expenses due to the merger, management expects no further merger-related costs in Q4 2021.

Pinnacle Bankshares Corporation (OTCQX: PPBN) declared a cash dividend of $0.14 per share on August 10, 2021, payable on September 3, 2021, to shareholders of record by August 20, 2021. This marks the thirty-sixth consecutive quarter of dividend declarations. The company maintains this dividend amid the ongoing pandemic and its merger with Virginia Bankshares, Inc. CEO Aubrey H. Hall III noted the focus on enhancing profitability post-merger to potentially increase shareholder returns.

Pinnacle Bankshares Corporation (OTCQX:PPBN) reported a net income of $1,056,000 for Q2 2021, marking a 58% increase from Q2 2020. For the first half of 2021, net income reached $2,155,000, a 93% increase year-over-year, driven by higher net interest and noninterest income, largely due to the merger with Virginia Bank. Despite increased noninterest expenses related to the merger, the Bank reported improved profitability metrics, with ROA at 0.48% and ROE at 7.34%. Assets grew to $933 million, and deposits increased by 10% during the same period.

Pinnacle Bankshares Corporation (OTCQX: PPBN) declared a cash dividend of $0.14 per share on May 11, 2021, to be paid on June 4, 2021, for shareholders of record as of May 21, 2021. This dividend matches the previous quarter's payout and marks the thirty-fifth consecutive quarter of dividends. Pinnacle emphasizes a balance between returning value to shareholders and retaining earnings for growth. At the recent Annual Meeting, new board directors were also elected, ensuring continuity in leadership.

Pinnacle Bankshares Corporation (OTCQX:PPBN) reported a net income of $1,099,000, or $0.51 per share, for Q1 2021, marking a substantial increase of $651,000 compared to $448,000 in Q1 2020. This growth is attributed to higher net interest income which rose by 45% to $5,987,000, and an increase in noninterest income of 45% to $1,938,000 driven by loan fees and increased customer activity following the merger with Virginia Bank. However, noninterest expenses also surged by 35% to $6,523,000 due to merger-related costs.

Pinnacle Bankshares Corporation (OTCQX:PPBN) reported a net income of $1,805,000, or $0.92 per share, for Q4 2020, up 164% from $684,000 in Q4 2019. For the year, net income reached $3,380,000, a 23% decrease from 2019, impacted by merger-related expenses of $2,889,000. The company saw a 31% increase in Q4 net interest income to $5,706,000, driven by higher loan volumes post-merger. Total assets rose 72% to $860,832,000. The merger with Virginia Bank was completed on October 30, 2020, paving the way for future growth opportunities.

Pinnacle Bankshares Corporation (OTCQX: PPBN) declared a cash dividend of $0.14 per share on February 9, 2021, payable on March 5, 2021, to shareholders of record as of February 19, 2021. This dividend matches the amount paid in the previous quarter and marks the 34th consecutive quarter of dividend declarations. CEO Aubrey H. Hall, III emphasized ongoing challenges due to the COVID-19 Pandemic but remains optimistic about the company's future, following a recent merger with Virginia Bankshares, Inc.

Pinnacle Bankshares Corporation (OTCQX: PPBN) and Virginia Bank Bankshares, Inc. (OTC Pink: VABB) have agreed to extend the Election Deadline for Virginia Bank shareholders to submit election materials regarding their merger. Originally set for October 19, 2020, the new deadline is now October 30, 2020. Under the merger agreement, Virginia Bank shareholders can choose to receive $16.00 per share in cash or 0.54 shares of Pinnacle common stock. The merger aims to convert 60% of Virginia Bank's shares into stock consideration and 40% into cash consideration.