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Pinnacle Bankshares Corporation Announces Third Quarter 2012 Earnings

Total liabilities as of September 30, 2012 were $318,695,000, up $3,158,000 or approximately 1% from $315,537,000 as of December 31, 2011. Deposits were up $3,354,000, primarily as a result of a $5,231,000 or approximately 16% increase in demand deposits and a $4,327,000 or approximately 3% increase in savings and NOW accounts. These increases were partially offset by a $6,204,000 or approximately 4% decrease in time deposits from December 31, 2011. The decrease in time deposits was a result of the Bank’s increased focus on attracting more core deposit relationships in an effort to decrease time deposit dependency.

Total stockholders’ equity as of September 30, 2012 was $28,189,000 representing an average equity to assets ratio of 8.08%. In comparison, total stockholders’ equity was $26,947,000 as of December 31, 2011. The Bank continues to be well capitalized by all regulatory standards and has not received any TARP funding.

The allowance for loan losses was $3,503,000 as of September 30, 2012, representing 1.30% of total loans outstanding compared to an allowance for loan losses of $4,015,000 as of December 31, 2011 representing 1.48% of total loans outstanding. The decline in the allowance is a direct result of improved loan quality.

Nonperforming assets (including nonaccrual loans, accruing loans more than 90 days past due and foreclosed assets) totaled $6,502,000, or 1.87% of total assets, as of September 30, 2012, compared to $5,356,000, or 1.56% of total assets, as of December 31, 2011. While nonperforming assets have increased compared to December 31, 2011, they are down $1,209,000 compared to June 30, 2012. Additionally, total criticized and classified loans have declined $11,938,000 or 52% to $11,189,000 as compared to December 31, 2011. Per Bryan M. Lemley, Chief Financial Officer of both the Company and the Bank, “The decline in our nonperforming assets compared to the end of the second quarter combined with the significant decrease in total criticized and classified loans since year end signals that we are on the right path regarding the resolution of problem credits, which should lead to continued improved returns.”

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