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Pinnacle Bankshares Releases First Quarter 2010 Earnings Report

Pinnacle Bankshares Corporation (OTCBB:PPBN), the one-bank holding company (the “Company”) of First National Bank (the “Bank”)(first quarter 2010 consolidated results unaudited) reported today net income after taxes of $183,000 or $0.12 income per basic share and diluted share for the quarter ended March 31, 2010 compared to a net loss after taxes of $219,000 or $0.15 loss per basic share and diluted share for the same period in 2009.

Profitability as measured by the Company’s annualized return on average assets (“ROA”) was 0.22% for the quarter ended March 31, 2010, compared to (0.27)% for the same period in 2009. Annualized return on average equity (“ROE”) for the quarter ended March 31, 2010 was 2.82%, compared to (3.54)% for the same period in 2009.

“We are pleased to see better returns in the first quarter of 2010 compared to 2009 due to an increase in the net interest margin and improvements in net chargeoffs leading to less provision expense,” commented Bryan M. Lemley, Chief Financial Officer for both Pinnacle Bankshares and First National Bank.

Net interest income was $2,563,000 for the three months ended March 31, 2010 compared to $2,368,000 for the three months ended March 31, 2009. The net interest margin increased to 3.38% for the three months ended March 31, 2010, from 3.17% for the same period in 2009. Over the past twelve months, rates paid to fund earning assets have fallen at a faster pace than the yield received on earnings assets.

Interest income on loans and securities decreased 6% in the first quarter of 2010 compared to the first quarter of 2009 as net loan volume decreased by $10,766,000 since March 31, 2009, while the yield on loans and securities decreased by 38 basis points in the same time period. Interest income was $4,084,000 for the three-month period ended March 31, 2010, down from $4,325,000 for the same period in 2009.

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