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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Pinnacle Bankshares Corporation Reports Improved Earnings In 2010

Pinnacle Bankshares Corporation (OTCBB:PPBN), the one-bank holding company (the Company) of First National Bank, (the Bank) (quarterly and 2010 annual consolidated results unaudited) reported today net income after taxes of $63,000 or $0.04 per basic and diluted share for the quarter ended December 31, 2010, and $687,000 or $0.46 per basic and diluted share for the year ended December 31, 2010 compared to net income after taxes of $78,000 or $0.06 per basic and diluted share and net income of $351,000 or $0.24 per basic and diluted share, respectively, for the same periods of 2009.

“We are pleased to report improved earnings in 2010 as net income after taxes rose 96% over 2009 net income after taxes despite the challenging economic environment which led to an increase in our provision for loan losses. The combination of improved margins, stability in noninterest income and a decrease in noninterest expense more than offset the effects of the increase in provision,” stated Bryan Lemley, Chief Financial Officer for both the Company and the Bank.

Net interest income was $10,776,000 for the year ended December 31, 2010 compared to $10,004,000 for the year ended December 31, 2009. Net interest income was $2,955,000 for the three months ended December 31, 2010 compared to $2,648,000 for the three months ended December 31, 2009. The net interest margin increased to 3.37% for the year ended December 31, 2010, from 3.23% for the year ended December 31, 2009. Net interest margin increased in the fourth quarter of 2010 to 3.68% as compared to 3.49% in the fourth quarter of 2009 and 3.34% in the third quarter of 2010.

Provision for loan losses was $915,000 in the fourth quarter of 2010 compared to $501,000 in the fourth quarter of 2009. Provision for loan losses was $1,878,000 in 2010 compared with $1,530,000 in 2009.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,072.11 -63.61 -0.35%
S&P 500 2,093.79 -7.25 -0.35%
NASDAQ 4,975.3910 -7.4180 -0.15%

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