Pinnacle Bankshares Corporation Announces 2nd Quarter/Mid-Year 2024 Earnings
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.
Pinnacle Bankshares (OTCQX:PPBN) ha riportato un utile netto di $2,208,000 ($1.00 per azione) per il secondo trimestre del 2024, con un aumento dell'8% rispetto al secondo trimestre del 2023. L'utile netto da inizio anno è stato di $4,292,000 ($1.94 per azione), in diminuzione dell'8% rispetto allo stesso periodo del 2023. I punti salienti includono:
- Il reddito netto da interessi è aumentato del 4% grazie a un volume di prestiti e rendimenti più elevati
- Il margine d'interesse netto è salito di 9 punti base al 3,65%
- I prestiti sono cresciuti del 4,5% arrivando a $670,131,000
- I depositi sono diminuiti del 2% ma i conti deposito sono aumentati del 3%
- Il ritorno sugli attivi è stato dello 0,87%
- Il prezzo delle azioni è aumentato del 15% a $27,50 per azione
L'azienda mantiene una forte liquidità e qualità degli attivi, con un rapporto di liquidità del 34% e prestiti problematici allo 0,20% del totale dei prestiti. La riserva per perdite su crediti è pari allo 0,69% del totale dei prestiti.
Pinnacle Bankshares (OTCQX:PPBN) reportó un ingreso neto de $2,208,000 ($1.00 por acción) para el segundo trimestre de 2024, un aumento del 8% en comparación con el segundo trimestre de 2023. El ingreso neto acumulado hasta la fecha fue de $4,292,000 ($1.94 por acción), una disminución del 8% en comparación con el mismo período de 2023. Los aspectos más destacados incluyen:
- Los ingresos netos por intereses aumentaron un 4% debido a un mayor volumen y rendimientos de préstamos
- El margen de interés neto subió 9 puntos básicos al 3.65%
- Los préstamos crecieron un 4.5% alcanzando $670,131,000
- Los depósitos disminuyeron un 2%, pero las cuentas de depósito aumentaron un 3%
- El retorno sobre activos fue del 0.87%
- El precio de las acciones subió un 15% a $27.50 por acción
La empresa mantiene una sólida liquidez y calidad de activos, con un índice de liquidez del 34% y préstamos en mora del 0.20% del total de préstamos. La provisión para pérdidas crediticias se sitúa en el 0.69% del total de préstamos.
Pinnacle Bankshares (OTCQX:PPBN)는 2024년 2분기 동안 순이익 $2,208,000 ($1.00 per 주식)를 기록했으며, 이는 2023년 2분기 대비 8% 증가한 수치입니다. 연초 대비 순이익은 $4,292,000 ($1.94 per 주식)으로, 2023년 같은 기간에 비해 8% 감소했습니다. 주요 하이라이트는 다음과 같습니다:
- 대출량 및 수익률 증가로 순이자 수익 4% 증가
- 순이자 마진 9 베이시스 포인트 증가하여 3.65%
- 대출이 4.5% 증가하여 $670,131,000
- 예금이 2% 감소하였으나 예금 계좌는 3% 증가
- 자산 수익률 0.87%
- 주가는 15% 증가하여 $27.50 per 주식
회사는 강력한 유동성과 자산 품질을 유지하고 있으며, 유동성 비율은 34%, 부실채권은 총 대출의 0.20%입니다. 신용 손실 준비금은 총 대출의 0.69%에 해당합니다.
Pinnacle Bankshares (OTCQX:PPBN) a déclaré un revenu net de 2,208,000 $ (1,00 $ par action) pour le 2ème trimestre 2024, soit une augmentation de 8 % par rapport au 2ème trimestre 2023. Le revenu net depuis le début de l'année s'élevait à 4,292,000 $ (1,94 $ par action), en baisse de 8 % par rapport à la même période en 2023. Les points clés comprennent :
- Le revenu net d'intérêts a augmenté de 4 % grâce à un volume de prêts et des rendements plus élevés
- La marge d'intérêt nette a augmenté de 9 points de base pour atteindre 3,65 %
- Les prêts ont crû de 4,5 % pour atteindre 670,131,000 $
- Les dépôts ont diminué de 2 % mais les comptes de dépôt ont augmenté de 3 %
- Le retour sur actifs était de 0,87 %
- Le prix de l'action a augmenté de 15 % pour atteindre 27,50 $ par action
L'entreprise maintient une forte liquidité et une qualité d'actifs solide, avec un ratio de liquidité de 34 % et des prêts non performants à 0,20 % du total des prêts. La provision pour créances douteuses est de 0,69 % du total des prêts.
Pinnacle Bankshares (OTCQX:PPBN) berichtete für das 2. Quartal 2024 einen Nettogewinn von $2,208,000 ($1,00 pro Aktie), was einem Anstieg von 8% im Vergleich zum 2. Quartal 2023 entspricht. Der Nettogewinn seit Jahresbeginn betrug $4,292,000 ($1,94 pro Aktie), was ein Rückgang von 8% im Vergleich zum gleichen Zeitraum 2023 bedeutet. Die wichtigsten Highlights sind:
- Der Nettozinsüberschuss stieg um 4% aufgrund eines höheren Kreditvolumens und Zinserträgen
- Die Nettozinsspanne stieg um 9 Basispunkte auf 3,65%
- Die Kredite wuchsen um 4,5% auf $670,131,000
- Die Einlagen sanken um 2%, jedoch stiegen die Einlagenkonten um 3%
- Die Eigenkapitalrendite betrug 0,87%
- Der Aktienkurs stieg um 15% auf $27,50 pro Aktie
Das Unternehmen erhält eine starke Liquidität und Vermögensqualität mit einer Liquiditätsquote von 34% und nichtperformierenden Krediten von 0,20% der Gesamtkredite. Die Rückstellungen für Kreditverluste betragen 0,69% der Gesamtkredite.
- Net income for Q2 2024 increased 8% to $2,208,000
- Net interest income rose 4% due to higher loan volume and yields
- Net interest margin improved by 9 basis points to 3.65%
- Loans grew 4.5% to $670,131,000
- Deposit accounts increased by 3%
- Stock price rose 15% to $27.50 per share
- Strong liquidity ratio of 34%
- Low non-performing loans at 0.20% of total loans
- Year-to-date net income decreased 8% to $4,292,000
- Return on Assets declined to 0.87% from 0.96% in the previous year
- Return on Equity decreased to 12.16% from 15.65% in the previous year
- Total deposits decreased by 2% to $910,325,000
- Noninterest expense increased 8% to $15,083,000 for the first half of 2024
ALTAVISTA, Va., July 26, 2024 (GLOBE NEWSWIRE) -- Net income for Pinnacle Bankshares Corporation (OTCQX:PPBN), the one-bank holding company (the “Company” or “Pinnacle”) for First National Bank (the “Bank”), was
| Second Quarter & 2024 Year-to-Date Highlights Income Statement comparisons are to the second quarter and first six months of 2023 Balance Sheet, Capital Ratios, and Stock Price comparisons are to December 31, 2023 |
Income Statement
- Second Quarter 2024 Net Income increased
8% to$2,208,000. - Year-to-Date Net Income decreased
8% to$4,292,000. Return on Assets was0.87% .- Net Interest Income increased
4% due primarily to higher loan volume and yields. - Net Interest Margin increased 9 basis points to
3.65% . - Provision for Credit Losses was
$260,000 due to higher loan volume. Asset Quality remains strong with low Nonperforming Loans and no Other Real Estate Owned (OREO). - Noninterest Income increased
4% due primarily to higher merchant card fees and commissions on investment and insurance products sold. - Noninterest Expense increased
8% due primarily to higher core operating system expenses.
- Net Interest Income increased
Balance Sheet
- Cash and Cash Equivalents increased
$10.6 million , or12% . - Loans increased
$28.7 million , or4.5% . - Securities decreased
$54 million , or23% , due to maturing U.S. Treasury notes. The Securities Portfolio is relatively short term in nature with$68 million in U.S. Treasuries maturing during the next 12 months, providing funding and optionality. - Total Assets and Deposits decreased
2% ; however, Deposit Accounts have grown3% . - Liquidity is strong at
34% and12% excluding Available for Sale Securities.
Capital Ratios and Stock Price
- The Bank’s Leverage Ratio increased to
9.14% from8.82% due primarily to profitability. Total Risk Based Capital Ratio decreased slightly to13.47% from13.67% due to loan growth. - Pinnacle’s Stock Price ended the quarter at
$27.50 per share, based on the last trade, which is an increase of$3.49 , or15% .
Net Income and Profitability
Net income generated during the second quarter of 2024 represents a
Profitability as measured by the Company’s return on average assets (“ROA”) decreased to
“We are pleased with Pinnacle’s second quarter and year-to-date performance in 2024,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank. Mr. Hall further commented, “Second quarter net income increased compared to the first quarter of 2024 and the second quarter of last year due to increased loan volume and expansion of our net interest margin. Our Company is in a solid position with ample funding, strong asset quality, and an expanding net interest margin.”
Net Interest Income and Margin
The Company generated
The Company generated
Reserves for Credit Losses and Asset Quality
The provision for credit losses was
The allowance for credit losses (ACL) was
Noninterest Income and Expense
Noninterest income for the second quarter of 2024 increased
Noninterest income for the first half of 2024 increased
Noninterest expense for the second quarter of 2024 increased
Noninterest expense for the first half of 2024 increased
The Balance Sheet and Liquidity
Total assets as of June 30, 2024, were
The majority of the Company’s securities portfolio is relatively short-term in nature. Forty-eight percent (
The Company had a strong liquidity ratio of
Total liabilities as of June 30, 2024, were
Total stockholders’ equity as of June 30, 2024, was
Company Information
Pinnacle Bankshares Corporation is a locally managed community banking organization serving Central and Southern Virginia. The one-bank holding company of First National Bank serves market areas consisting primarily of all or portions of the Counties of Amherst, Bedford, Campbell and Pittsylvania, and the Cities of Charlottesville, Danville and Lynchburg. The Company has a total of eighteen branches with one branch in Amherst County within the Town of Amherst, two branches in Bedford County; five branches in Campbell County, including two within the Town of Altavista, where the Bank was founded; one branch in the City of Charlottesville, three branches in the City of Danville; three branches in the City of Lynchburg; and three branches in Pittsylvania County, including one within the Town of Chatham. First National Bank is in its 116th year of operation.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of federal securities laws that involve significant risks and uncertainties. Any statements contained herein that are not historical facts are forward-looking and are based on current assumptions and analysis by the Company. These forward-looking statements, including statements made in Mr. Hall’s quotes may include, but are not limited to, statements regarding the credit quality of our asset portfolio in future periods, the expected losses of nonperforming loans in future periods, returns and capital accretion during future periods, our cost of funds, the maintenance of our net interest margin, future operating results and business performance and our growth initiatives. Although we believe our plans and expectations reflected in these forward-looking statements are reasonable, our ability to predict results or the actual effect of future plans or strategies is inherently uncertain, and we can give no assurance that these plans or expectations will be achieved. Factors that could cause actual results to differ materially from management's expectations include, but are not limited to: changes in consumer spending and saving habits that may occur, including increased inflation; changes in general business, economic and market conditions; attracting, hiring, training, motivating and retaining qualified employees; changes in fiscal and monetary policies, and laws and regulations; changes in interest rates, inflation rates, deposit flows, loan demand and real estate values; changes in the quality or composition of the Company’s loan portfolio and the value of the collateral securing loans; changes in macroeconomic trends and uncertainty, including liquidity concerns at other financial institutions, and the potential for local and/or global economic recession; changes in demand for financial services in Pinnacle’s market areas; increased competition from both banks and non-banks in Pinnacle’s market areas; a deterioration in credit quality and/or a reduced demand for, or supply of, credit; increased information security risk, including cyber security risk, which may lead to potential business disruptions or financial losses; volatility in the securities markets generally, including in the value of securities in the Company’s securities portfolio or in the market price of Pinnacle common stock specifically; and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and you should not place undue reliance on such statements, which reflect our views as of the date of this release.
| Selected Financial Highlights are shown on the next page. |
| Pinnacle Bankshares Corporation Selected Financial Highlights (6/30/24, 3/31/24, and 6/30/23 results unaudited) (In thousands, except rations, share, and per share data) | |||||||||
| 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||
| Income Statement Highlights | 6/30/2024 | 3/31/2024 | 6/30/2023 | ||||||
| Interest Income | $ | 11,754 | $ | 11,184 | $ | 10,348 | |||
| Interest Expense | 2,936 | 2,774 | 2,114 | ||||||
| Net Interest Income | 8,818 | 8,410 | 8,234 | ||||||
| Provision for Credit Losses | 242 | 18 | 1 | ||||||
| Noninterest Income | 1,812 | 1,623 | 1,558 | ||||||
| Noninterest Expense | 7,681 | 7,402 | 7,202 | ||||||
| Net Income | 2,208 | 2,084 | 2,051 | ||||||
| Earnings Per Share (Basic) | 1.00 | 0.95 | 0.93 | ||||||
| Earnings Per Share (Diluted) | 1.00 | 0.95 | 0.93 | ||||||
| 6 Months Ended | Year Ended | 6 Months Ended | |||||||
| Income Statement Highlights | 6/30/2024 | 12/31/2023 | 6/30/2023 | ||||||
| Interest Income | $ | 22,938 | $ | 41,888 | $ | 20,212 | |||
| Interest Expense | 5,710 | 8,716 | 3,645 | ||||||
| Net Interest Income | 17,228 | 33,172 | 16,567 | ||||||
| Provision for Credit Losses | 260 | 70 | 62 | ||||||
| Noninterest Income | 3,435 | 7,964 | 3,300 | ||||||
| Noninterest Expense | 15,083 | 29,280 | 13,979 | ||||||
| Net Income | 4,292 | 9,762 | 4,690 | ||||||
| Earnings Per Share (Basic) | 1.94 | 4.45 | 2.14 | ||||||
| Earnings Per Share (Diluted) | 1.94 | 4.45 | 2.14 | ||||||
| Balance Sheet Highlights | 6/30/2024 | 12/31/2023 | 6/30/2023 | ||||||
| Cash and Cash Equivalents | $ | 98,172 | $ | 87,589 | $ | 93,218 | |||
| Total Loans | 670,131 | 641,437 | 622,794 | ||||||
| Total Securities | 179,823 | 233,579 | 238,020 | ||||||
| Total Assets | 998,247 | 1,016,528 | 1,002,886 | ||||||
| Total Deposits | 910,325 | 932,444 | 926,646 | ||||||
| Total Liabilities | 925,484 | 948,123 | 941,210 | ||||||
| Stockholders' Equity | 72,763 | 68,405 | 61,677 | ||||||
| Shares Outstanding | 2,214,685 | 2,198,158 | 2,198,043 | ||||||
| Ratios and Stock Price | 6/30/2024 | 12/31/2023 | 6/30/2023 | ||||||
| Gross Loan-to-Deposit Ratio | 73.61 | % | 68.79 | % | 67.21 | % | |||
| Net Interest Margin (Year-to-date) | 3.65 | % | 3.52 | % | 3.56 | % | |||
| Liquidity | 33.58 | % | 37.27 | % | 39.12 | % | |||
| Efficiency Ratio | 73.03 | % | 71.20 | % | 70.35 | % | |||
| Return on Average Assets (ROA) | 0.87 | % | 1.00 | % | 0.96 | % | |||
| Return on Average Equity (ROE) | 12.16 | % | 15.69 | % | 15.65 | % | |||
| Leverage Ratio (Bank) | 9.14 | % | 8.82 | % | 8.40 | % | |||
| Tier 1 Capital Ratio (Bank) | 12.80 | % | 12.98 | % | 12.73 | % | |||
| Total Capital Ratio (Bank) | 13.47 | % | 13.67 | % | 13.44 | % | |||
| Stock Price | $ | 27.50 | $ | 24.01 | $ | 19.00 | |||
| Book Value | $ | 31.14 | $ | 31.12 | $ | 28.06 | |||
| Asset Quality Highlights | 6/30/2024 | 12/31/2023 | 6/30/2023 | ||||||
| Nonaccruing Loans | $ | 1,315 | $ | 1,557 | $ | 1,415 | |||
| Loans 90 Days or More Past Due and Accruing | 0 | 0 | 0 | ||||||
| Total Nonperforming Loans | 1,315 | 1,557 | 1,415 | ||||||
| Loan Modifications | 346 | 357 | 1,035 | ||||||
| Loans Individually Evaluated | 1,661 | 2,287 | 2,450 | ||||||
| Other Real Estate Owned (OREO) (Foreclosed Assets) | 0 | 0 | 42 | ||||||
| Total Nonperforming Assets | 1,315 | 1,557 | 1,457 | ||||||
| Nonperforming Loans to Total Loans | 0.20 | % | 0.24 | % | 0.23 | % | |||
| Nonperforming Assets to Total Assets | 0.13 | % | 0.15 | % | 0.15 | % | |||
| Allowance for Credit Losses | $ | 4,622 | $ | 4,511 | $ | 4,439 | |||
| Allowance for Credit Losses to Total Loans | 0.69 | % | 0.70 | % | 0.71 | % | |||
| Allowance for Credit Losses to Nonperforming Loans | 351 | % | 290 | % | 314 | % | |||
| CONTACT: Pinnacle Bankshares Corporation, Bryan M. Lemley, 434-477-5882 or bryanlemley@1stnatbk.com | |||||||||
FAQ
What was Pinnacle Bankshares 's (PPBN) net income for Q2 2024?
How did PPBN's year-to-date net income in 2024 compare to 2023?
What was the growth in PPBN's loan portfolio as of June 30, 2024?
How did PPBN's net interest margin change in the first half of 2024?
What was PPBN's stock price at the end of Q2 2024?
