The Company’s provision for loan losses was $809,000 for the first nine months of 2012 compared to $1,691,000 for the first nine months of 2011. For the third quarter of 2012, the provision was $174,000 compared to $309,000 for the same time period of the prior year. The year to date decrease in the provision were mainly due to net loan charge-offs being approximately 20% lower for the nine months ended September 30, 2012 compared to September 30, 2011 as well as the Bank having significantly lower levels of criticized and classified loans. Mr. Hall commented, “Improved asset quality has been the catalyst for improved earnings as pressure on the provision has eased.”Noninterest income increased $177,000 or 7% to $2,569,000 for the nine months ended September 30, 2012 compared to $2,392,000 for the same time period of 2011. This increase in noninterest income was primarily driven by a 57% increase in fees on sales of mortgage loans as the low interest rate environment continues to stimulate origination activity. This increase was partially offset by a decline in commissions and fees from investment and insurance sales.
Pinnacle Bankshares Corporation Announces Third Quarter 2012 Earnings
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