Robert B. Nolen, Jr., President and Chief Executive Officer of Pinnacle Bancshares, Inc. (OTCBB:PCLB), today announced Pinnacle’s third quarter results of operations.
For the three months ended September 30, 2013, net income was $494,000, compared with net income of $551,000 for the three months ended September 30, 2012.
For the nine months ended September 30, 2013, net income was $1,458,000, compared with net income of $1,448,000 for the nine months ended September 30, 2012.
Basic and diluted earnings per share for the three and nine month periods ended September 30, 2013, were $0.41 and $1.21 per share, respectively, compared to $0.46 and $1.17 per share, respectively, for the same periods last year.For the three and nine months ended September 30, 2013, return on average assets was 0.89%, and 0.91%, respectively, compared to 1.08% and 0.94%, respectively, in the comparable 2012 periods. Net interest margin was 3.42% and 3.51% for the three months and nine months ended September 30, 2013, respectively, compared to 3.98% and 3.96% for the three months and nine months ended September 30, 2012, respectively. In the three and nine months ended September 30, 2013, Pinnacle’s net interest margin declined primarily due to lower loan volumes. Lower provision for loan losses and operating expenses helped offset the decline in net interest income. Mr. Nolen commented: “Our strategy is to continue to provide high quality products and services to, and relationship banking with, our customers who live and conduct businesses in our market area. We focus on loan quality and closely monitor our expenses. Although loan growth continues to be challenged, our core deposits, asset quality and regulatory capital ratios remain strong. We conservatively manage our investments, which we expect will provide significant flexibility if and when loan volumes begin to increase in an improving economy.” At September 30, 2013, the Company’s allowance for loan losses as a percent of total loans was 1.62%, compared to 1.90% at September 30, 2012. At September 30, 2013, the Company’s allowance for loan losses as a percent of non-performing loans was 255.25%, compared to 240.37%, at September 30, 2012. Based on current real estate valuations, Pinnacle believes its allowance for loan losses is adequate.
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