Pinnacle Bankshares Corporation (OTCBB:PPBN), the one-bank holding company (the “Company”) for First National Bank (the “Bank”), reported net income today of $478,000 or $0.32 per basic and diluted share for the quarter ended March 31, 2012 compared to net income of $126,000 or $0.08 per basic and diluted share for the same period of 2011. Quarterly consolidated results are unaudited.
Profitability as measured by the Company’s return on average assets (“ROA”) was 0.56% for the first quarter of 2012, which is an improvement over the 0.15% generated during the same time period of 2011. Return on average equity (“ROE”) for the first quarter of 2012 was 7.03%, compared to 1.90% for the first quarter of the prior year.
“We are pleased to report improved earnings for the first quarter of 2012 as net income rose 279% compared to the first quarter of 2011. The increase was primarily due to lower provision for loan losses, which was made possible by a significant decrease in net chargeoffs associated with problem loans,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank.
For the three months ended March 31, 2012, net interest income was $2,942,000 compared to $2,899,000 for the same period in 2011. The Company’s net interest margin was 3.66% for the quarter ended March 31, 2012, which was the same as the quarter ended March 31, 2011 and slightly lower than the net interest margin of 3.77% for the quarter ended December 31, 2012. Yield on earning assets for the first quarter of 2012 decreased to 4.90% from 5.17% in the first quarter of 2011 and 5.01% for the fourth quarter of 2011. The cost to fund earning assets was 1.24% in the first quarter of 2012, which was unchanged compared to the fourth quarter of 2011 and lower than 1.51% in the first quarter of 2011.
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