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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Pinnacle Bankshares Corporation Reports Improved Earnings In 2011

Stocks in this article: PPBN

Pinnacle Bankshares Corporation (OTCBB:PPBN), the one-bank holding company (the “Company”) for First National Bank (the “Bank”), reported net income today of $222,000 or $0.15 per basic and diluted share for the quarter ended December 31, 2011, and $1,063,000 or $0.71 per basic and diluted share for the year ended December 31, 2011. These results compare to net income of $63,000 or $0.04 per basic and diluted share and net income of $687,000 or $0.46 per basic and diluted share, respectively, for the same periods of 2010. Quarterly and 2011 annual consolidated results are unaudited.

Profitability as measured by the Company’s return on average assets (“ROA”) was 0.31% for 2011, compared to 0.21% for 2010, while return on average equity (“ROE”) for 2011 was 3.95%, compared to 2.62% for the prior year.

“We are pleased to report another year of improved earnings in 2011 as net income rose 55% compared to 2010 despite the continued challenging economic environment. The combination of improved margins, better asset quality and stability in noninterest income more than offset increases in the loan loss provision and noninterest expense,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank.

Net interest income was $12,091,000 for the year ended December 31, 2011 compared to $10,776,000 for the year ended December 31, 2010. For the three months ended December 31, 2011, net interest income was $3,081,000 compared to $2,955,000 for the same period in 2010. The Company’s net interest margin increased to 3.72% for the year ended December 31, 2011, from 3.37% for the year ended December 31, 2010. On a quarterly basis, net interest margin increased to 3.77% for the quarter ended December 31, 2011, from 3.68% for the quarter ended December 31, 2010, but decreased from 3.80% for the quarter ended September 30, 2011. Improvements in net interest income and net interest margin were driven by lower cost of funds as a result of decreased deposit rates and an increase in checking and savings accounts.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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 17,809.03 -5.91 -0.03%
S&P 500 2,067.76 +0.73 0.04%
NASDAQ 4,765.2670 +7.0150 0.15%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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