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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV