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Pinnacle Bankshares Announces Second Quarter 2010 Earnings

Pinnacle Bankshares Corporation (OTCBB:PPBN), the one-bank holding company (the Company) of First National Bank (the Bank), today reported its quarterly consolidated unaudited results. Net income was $67,000 or $0.05 per basic and diluted share for the quarter ended June 30, 2010, and $250,000 or $0.17 per basic and diluted share for the six months ended June 30, 2010 compared to net income of $255,000 or $0.17 per basic and diluted share and $36,000 or $0.02 per basic and diluted share, respectively, for the same periods of 2009.

Profitability as measured by the Company’s annualized return on average assets (“ROA”) was 0.15% for the six months ended June 30, 2010, compared to 0.02% for the same period in 2009. Annualized return on average equity (“ROE”) for the six months ended June 30, 2010 was 1.92%, compared to 0.29% for the same period in 2009.

“Lower returns in the second quarter compared to the first quarter were driven by an increase in our loan loss provision as asset quality in this economic downturn continues to receive our priority attention. However, we are pleased to show better returns for the first half of 2010 compared to 2009 due to an improved interest margin and lower operating costs,” commented Bryan M. Lemley, Chief Financial Officer for both the Company and the Bank.

Net interest income was $5,165,000 for the six months ended June 30, 2010 compared to $4,817,000 for the six months ended June 30, 2009. Net interest income was $2,602,000 for the three months ended June 30, 2010 compared to $2,449,000 for the three months ended June 30, 2009.

The net interest margin increased to 3.34% for the six months ended June 30, 2010, from 3.18% for the six months ended June 30, 2009, and was 3.32% versus 3.21% for the second quarter of 2010 and 2009, respectively. Over the past twelve months, rates paid to fund earning assets have fallen at a faster pace than the yield received on earning assets.

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