Published On: Tue, Jul 22nd, 2014

Pinnacle Bankshares Corp (OTCMKTS:PPBN): 2Q14 Financial Earnings

Pinnacle Bankshares Corp (OTCMKTS:PPBN) recently posted its 2Q14 and 1H14 unaudited financial results for period ended June 30, 2014. The holding company for First National Bank reported net income of $459,000 ($0.30 per basic and diluted share) for 2Q14 as compared to net income of $1.53 million ($1.02 per basic and diluted share) for 2Q13. For six month period, net income decreased to $1.08 million ($0.71 per diluted share and $0.72 per basic share) during 1H14 as compared to $1.92 million ($1.28 per basic and diluted share) for 1H13.

Pinnacle Bankshares Corp (OTCMKTS:PPBN)’s net income of referenced 2013 periods includes the recognition of insurance proceeds worth $1.07 million which were recognized as non-interest income in 2Q13. The proceeds were received as a result of the fire at the Vista Branch Office which was rebuilt and re-opened during May 2013. Excluding the insurance proceeds, operating net income was recorded at $453,000 for 2Q13 and $850,000 for 1H13. Net income during 2Q14 and 1H14 increased 1 percent and 27 percent on a year over year basis.

Pinnacle Bankshares Corp (OTCMKTS:PPBN) reported net interest income of $6.03 million for 1H14, representing 6 percent increase from $5.69 million reported for 1H13. The increase was attributed to significantly lower interest expense, partially offset by lower interest income. The net interest margin increased 24 basis points to 3.65 percent during 1H14 as compared to 1H13. The company reported ROA (Return on average Assets) at 0.61 percent for 1H14 as compared to 0.57 percent during 1H13, excluding insurance proceeds. ROE (Return on average Equity) decreased to 6.61 percent during 1H14 as compared to 7.08 percent during 1H13, excluding insurance proceeds.

President and Chief Executive officer of Pinnacle Bankshares Corp (OTCMKTS:PPBN), Aubrey H. Hall, III expressed that higher net income for 2Q14 and 1H14 were primarily supported by strengthening of asset quality as well as expansion of net interest margin

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