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Pinnacle Bankshares Corporation Announces Third Quarter 2012 Earnings

This press release may contain “forward-looking statements” within the meaning of federal securities laws that involve significant risks and uncertainties. Any statements contained herein that are not historical facts are forward-looking and are based on current assumptions and analysis by the Company. These forward-looking statements may include, but are not limited to, statements regarding the credit quality of our asset portfolio in future periods, the expected losses of nonperforming loans in future periods, returns and capital accretion during future periods, the lowering of our cost of funds, the maintenance of our net interest margin, the continuation of improved returns, the cost savings related to the deregistration of our common stock, and future operating results and business performance. Although we believe our plans and expectations reflected in these forward-looking statements are reasonable, our ability to predict results or the actual effect of future plans or strategies is inherently uncertain, and we can give no assurance that these plans or expectations will be achieved. Factors that could cause actual results to differ materially from management's expectations include, but are not limited to, the effectiveness of management’s efforts to improve asset quality, returns, net interest margin and collections and control operating expenses, management’s efforts to minimize losses related to nonperforming loans, management’s efforts to lower our cost of funds, changes in: interest rates, general economic and business conditions, declining collateral values, especially real estate, the real estate market, the legislative/regulatory climate, including the effect that the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and regulations adopted thereunder may have on us, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System and any policies or programs implemented pursuant to the Emergency Economic Stabilization Act of 2008, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows and funding costs, competition, demand for financial services in our market area, actual savings related to the deregistration of our common stock and accounting principles, policies and guidelines. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and you should not place undue reliance on such statements, which reflect our views as of the date of this release.

Pinnacle Bankshares Corporation
Selected Financial Highlights
(9/30/2012, 6/30/2012 and 9/30/2011 results unaudited)
(In thousands, except ratios, share and per share data)
3 Months Ended 3 Months Ended 3 Months Ended
Income Statement Highlights



Interest Income $3,877 $3,904 $4,172
Interest Expense 997 998 1,066
Net Interest Income 2,880 2,906 3,106
Provision for Loan Losses 174 467 309
Noninterest Income 857 935 858
Noninterest Expense 2,971 3,063 2,750
Net Income 399 212 608
Earnings Per Share (Basic and Diluted) 0.26 0.14 0.40
9 Months Ended Year Ended

9 Months Ended
Income Statement Highlights



Interest Income $11,724 $16,517 $12,410
Interest Expense 2,996 4,426 3,400
Net Interest Income 8,728 12,091 9,010
Provision for Loan Losses 809 2,227 1,691
Noninterest Income 2,569 3,253 2,392
Noninterest Expense 8,873 11,544 8,493
Net Income 1,089 1,063 841
Earnings Per Share (Basic and Diluted) 0.72 0.71 0.56
Balance Sheet Highlights



Cash and Cash Equivalents $41,770 $37,547 $43,252
Total Loans 269,027 271,138 268,915
Total Securities 25,812 24,769 24,178
Total Assets 346,884 342,484 345,246
Total Deposits 313,747 310,393 313,900
Total Liabilities 318,695 315,537 317,650
Stockholders' Equity 28,189 26,947 27,596
Shares Outstanding 1,507,589 1,496,589 1,496,589

Ratios and Stock Price



Gross Loan-to-Deposit Ratio 85.75% 87.35% 85.67%
Net Interest Margin (Year-to-date) 3.56% 3.71% 3.74%
Liquidity 18.18% 17.33% 18.60%
Efficiency Ratio 78.58% 75.17% 74.42%
Return on Average Assets (ROA) 0.43% 0.31% 0.33%
Return on Average Equity (ROE) 5.27% 3.95% 4.17%
Leverage Ratio (Bank) 8.93% 8.56% 8.59%
Tier 1 Risk-based Capital Ratio (Bank) 10.90% 10.53% 10.56%
Total Capital Ratio (Bank) 12.15% 11.79% 11.81%
Stock Price $8.02 $8.16 $6.85
Book Value $18.70 $18.01 $18.43

Asset Quality Highlights



Nonaccruing Loans $4,392 $4,708 $5,440
Loans 90 Days or More Past Due and Accruing 183 3 0
Total Nonperforming Loans (Impaired Loans) 4,575 4,711 5,440
Other Real Estate Owned (OREO) (Foreclosed Assets) 1,927 645 743
Total Nonperforming Assets 6,502 5,356 6,183
Nonperforming Loans to Total Loans 1.70% 1.74% 2.02%
Nonperforming Assets to Total Assets 1.87% 1.56% 1.79%
Allowance for Loan Losses $3,503 $4,015 $4,072
Allowance for Loan Losses to Total Loans 1.30% 1.48% 1.51%
Allowance for Loan Losses to Nonperforming Loans 76.57% 85.23% 74.85%

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