Total liabilities as of December 31, 2012 were $320,605,000, up approximately 2% or $5,068,000 from $315,537,000 as of December 31, 2011, as a result of an increase in savings and NOW accounts of $8,666,000, or approximately 6.5%, and an increase in demand deposit accounts of $4,523,000 or approximately 13.5%. These increases were partially offset by a decrease in time deposits of $8,425,000, or approximately 6%. The decrease in time deposits was a result of the Bank’s increased focus on attracting more core deposit relationships. This strategy has increased checking and savings deposits and has helped lower the Bank’s cost of funds.Total stockholders’ equity as of December 31, 2012 was $28,089,000, and consisted primarily of $24,244,000 in retained earnings. As of December 31, 2011, total stockholders’ equity was $26,947,000. The Company and the Bank continue to be considered “well capitalized” by all regulatory definitions and did not participate in the federal government’s Troubled-Asset Relief Program (TARP).
Pinnacle Bankshares Corporation Fourth Quarter And 2012 Earnings Report
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