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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.

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