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
TheStreet Open House

Pinnacle Bankshares Corporation Fourth Quarter And 2012 Earnings Report

The Company’s provision for loan losses was $368,000 in the fourth quarter of 2012 compared to $536,000 in the fourth quarter of 2011. For the year ended December 31, 2012, provision for loan losses was $1,177,000 compared with $2,227,000 incurred during the prior year. This 47% year over year decrease in provision expense was mainly due to better loan quality and fewer charge-offs as the Bank worked aggressively to resolve problem loans throughout 2012.

Noninterest income for the year ended December 31, 2012 increased $190,000, or approximately 6%, to $3,443,000 from $3,253,000 for 2011. This increase was largely driven by fees generated from the sale of mortgage loans, which increased $177,000 or approximately 39%. For the three months ended December 31, 2012, noninterest income increased $13,000, or approximately 2%, as compared to the same period of 2011, primarily due to higher levels of fee income generated from the sale of mortgage loans and investment products.

Noninterest expense for the year ended December 31, 2012 increased $366,000, or approximately 3%, compared to 2011. For the three months ended December 31, 2012, noninterest expense decreased $14,000, or less than 1%, compared to the same period of 2011. The annual increase in noninterest expense is attributed primarily to increased expenses and losses associated with foreclosures that occurred in conjunction with the Bank’s credit quality improvement strategy and increased advertising expenses as the Bank sought to expand visibility and brand recognition.

Total assets as of December 31, 2012 were $348,694,000, up approximately 2% from $342,484,000 as of December 31, 2011. The principal components of the Company’s assets as of year end were $273,672,000 in net loans, $35,790,000 in cash and cash equivalents and $22,206,000 in securities. During 2012, net loans increased approximately 2.5% or $6,594,000 from $267,123,000 as of December 31, 2011, while securities decreased approximately 10% or $2,563,000 from $24,769,000.

2 of 6

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!
DOW 17,067.56 -30.89 -0.18%
S&P 500 2,002.28 -1.09 -0.05%
NASDAQ 4,598.1880 +17.9170 0.39%

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