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Pinnacle Bankshares Corporation Fourth Quarter And 2012 Earnings Report

Selected financial highlights are shown below.


Pinnacle Bankshares Corporation is a locally managed community banking organization based in Central Virginia. The one-bank holding company of First National Bank serves an area consisting primarily of all or portions of the Counties of Campbell, Pittsylvania, Bedford, Amherst and the City of Lynchburg. The Company operates two branches in the Town of Altavista, one branch in the Village of Rustburg, two other branches in Campbell County, one branch in the Town of Amherst, one branch in the City of Lynchburg and one branch in Bedford County at Forest. First National Bank is in its 105th year in operation.

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

(12/31/2012 and quarterly 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 $3,849 $3,877 $4,107
Interest Expense 976 997 1,026
Net Interest Income 2,873 2,880 3,081
Provision for Loan Losses 368 174 536
Noninterest Income 874 857 861
Noninterest Expense 3,037 2,971 3,051
Net Income 249 399 222
Earnings Per Share (Basic and Diluted) 0.17 0.26 0.15
Year Ended Year Ended

Year Ended
Income Statement Highlights



Interest Income $15,573 $16,517 $16,611
Interest Expense 3,972 4,426 5,835
Net Interest Income 11,601 12,091 10,776
Provision for Loan Losses 1,177 2,227 1,878
Noninterest Income 3,443 3,253 3,134
Noninterest Expense 11,910 11,544 11,037
Net Income 1,338 1,063 687
Earnings Per Share (Basic and Diluted) 0.89 0.71 0.46
Balance Sheet Highlights



Cash and Cash Equivalents $35,790 $37,547 $32,533
Total Loans 277,318 271,138 269,067
Total Securities 22,206 24,769 20,517
Total Assets 348,694 342,484 337,113
Total Deposits 315,157 310,393 306,954
Total Liabilities 320,605 315,537 310,631
Stockholders' Equity 28,089 26,947 26,482
Shares Outstanding 1,507,589 1,496,589 1,495,589

Ratios and Stock Price



Gross Loan-to-Deposit Ratio 87.99% 87.35% 87.66%
Net Interest Margin (Year-to-date) 3.55% 3.71% 3.37%
Liquidity 15.30% 17.33% 16.96%
Efficiency Ratio 79.23% 75.17% 79.36%
Return on Average Assets (ROA) 0.39% 0.31% 0.21%
Return on Average Equity (ROE) 4.83% 3.95% 2.62%
Leverage Ratio (Bank) 8.86% 8.56% 8.36%
Tier 1 Risk-based Capital Ratio (Bank) 10.60% 10.53% 10.10%
Total Capital Ratio (Bank) 11.85% 11.79% 11.36%
Stock Price $8.31 $8.16 $8.80
Book Value $18.63 $18.01 $17.71

Asset Quality Highlights



Nonaccruing Loans $2,843 $4,708 $7,073
Loans 90 Days or More Past Due and Accruing 171 3 770
Total Nonperforming Loans (Impaired Loans) 3,014 4,711 7,843
Other Real Estate Owned (OREO) (Foreclosed Assets) 2,393 645 474
Total Nonperforming Assets 5,407 5,356 8,317
Nonperforming Loans to Total Loans 1.09% 1.74% 2.91%
Nonperforming Assets to Total Assets 1.55% 1.56% 2.47%
Allowance for Loan Losses $3,646 $4,015 $4,037
Allowance for Loan Losses to Total Loans 1.31% 1.48% 1.50%
Allowance for Loan Losses to Nonperforming Loans 120.97% 85.23% 51.47%

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