This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Pinnacle Bankshares Announces Improvement In 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 for the third quarter of 2010. Net income was $374,000 or $0.25 per basic and diluted share for the quarter ended September 30, 2010, and $624,000 or $0.42 per basic and diluted share for the nine months ended September 30, 2010 compared to net income of $237,000 or $0.16 per basic and diluted share and $273,000 or $0.18 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 0.25% for the nine months ended September 30, 2010, compared to 0.11% for the same period in 2009. Annualized return on average equity (“ROE”) for the nine months ended September 30, 2010 was 3.17%, compared to 1.46% for the same period in 2009.

“Net income for the third quarter of 2010 was higher than any other quarter over the past two years. Better performance was driven by margin improvement, lower loan loss provision over the first and second quarters of 2010 and stronger mortgage loan sales income,” commented Bryan M. Lemley, Chief Financial Officer for both the Company and the Bank. “Improved performance gives us guarded optimism that we have turned the corner in this prolonged downturn,” concluded Lemley.

The Company earlier this month announced that it declared an annual cash dividend of $0.05 per share on October 12, 2010 payable November 5, 2010 to shareholders of record October 22, 2010.

Net interest income was $7,821,000 for the nine months ended September 30, 2010 compared to $7,356,000 for the nine months ended September 30, 2009. Net interest income was $2,654,000 for the three months ended September 30, 2010 compared to $2,539,000 for the three months ended September 30, 2009.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs