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Pinnacle Bankshares Reports Improved Third Quarter Earnings

Pinnacle Bankshares Corporation (OTCQB:PPBN), the one-bank holding company (the “Company”) of First National Bank (the “Bank”), today reported its quarterly consolidated unaudited results. Net income was $608,000 or $0.40 per basic and diluted share for the quarter ended September 30, 2011, and $841,000 or $0.56 per basic and diluted share for the nine months ended September 30, 2011 compared to net income of $374,000 or $0.25 per basic and diluted share and $624,000 or $0.42 per basic and diluted share, respectively, for the same periods of 2010.

Profitability as measured by the Company’s annualized return on average assets (“ROA”) was 0.33% for the nine months ended September 30, 2011, compared to 0.25% for the same period in 2010. Annualized return on average equity (“ROE”) for the nine months ended September 30, 2011 was 4.17%, compared to 3.17% for the same period in 2010.

Aubrey H. Hall, III, President and Chief Executive Officer of both the Company and the Bank, commented, “We are pleased to be able to report the Company’s best quarterly net income since the downturn in the economy that began in the fourth quarter of 2007. Improvements in asset quality and net interest margin combined with controlled expenses have had a positive impact on our bottom line. We are committed to continuing our aggressive approach to strengthening credit quality and monitoring our expenses, which should continue to enhance performance despite a challenging environment.”

Net interest income was $9,010,000 for the nine months ended September 30, 2011 compared to $7,821,000 for the nine months ended September 30, 2010. Net interest income was $3,106,000 for the three months ended September 30, 2011 compared to $2,654,000 for the three months ended September 30, 2010.

The net interest margin increased to 3.73% for the nine months ended September 30, 2011, from 3.34% for the nine months ended September 30, 2010, and was 3.80% versus 3.34% for the third quarter of 2011 and 2010, 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, resulting in improved net interest income and net interest margin during 2011.

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