Robert B. Nolen, Jr., President and Chief Executive Officer of Pinnacle Bancshares, Inc. (OTCBB:PCLB), today announced Pinnacle’s results of operations for the fourth quarter and year ended December 31, 2012:
- For the three months ended December 31, 2012, Pinnacle reported net income of $506,000, compared to $461,000 for the three months ended December 31, 2011.
- Net interest income before the provision for loan losses for the three months ended December 31, 2012 was $1,803,000, compared with $1,896,000 in the same period last year.
- For the year ended December 31, 2012, net income was $1,955,000, compared with net income of $1,236,000 in the prior year.
- Net interest income before the provision for loan losses for the year ended December 31, 2012, was $7,374,000, compared with $7,817,000 in the prior year.
- For the three months ended December 31, 2012, basic and diluted earnings were each $0.42 per share. For the same period in 2011, basic and diluted earnings were each $0.36 per share.
- Basic and diluted earnings were each $1.59 per share for the year ended December 31, 2012. For 2011, basic and diluted earnings were each $0.97 per share.
Mr. Nolen commented: “Our strategy is to continue to provide high quality products and services to, and practice relationship banking with, our customers who live and conduct business in our market area. We focus on loan quality which should enhance our performance in a challenging environment. Although loan growth has been limited, our core deposits and asset quality ratios have remained strong, and we have conservatively managed our investment portfolio, which we expect will provide significant flexibility if loan volumes begin to increase.”
The Company’s net interest margin was 3.82% and 3.92% for the three months and year ended December 31, 2012, respectively, compared to 4.11% and 4.13% for the three months and year ended December 31, 2011, respectively.
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