[January 22, 2019] |
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Pinnacle Bancshares Announces Results for Fourth Quarter and Year Ended December 31, 2018
Robert B. Nolen, Jr., President and Chief Executive Officer of Pinnacle
Bancshares, Inc. (OTC Pink: PCLB), today announced Pinnacle's results of
operations for the fourth quarter and year ended December 31, 2018:
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For the three months ended December 31, 2018, Pinnacle reported net
income of $689,000, compared to $597,000 for the three months ended
December 31, 2017. Pre-tax income for the three months ended December
31, 2018 increased 24.20% from the three months ended December 31,
2017.
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Net interest income before the provision for loan losses for the three
months ended December 31, 2018 was $1,965,000, compared with
$1,819,000 in the same period last year.
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For the year ended December 31, 2018, net income was $2,596,000,
compared with net income of $2,296,000 in the prior year. Pre-tax
income for the year ended December 31, 2018 increased 10.06% from the
year ended December 31, 2017
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Net interest income before the provision for loan losses for the year
ended December 31, 2018, was $7,716,000, compared with $7,258,000 in
the prior year.
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For the three months ended December 31, 2018, basic and diluted
earnings were each $0.66 per share. For the same period in 2017, basic
and diluted earnings were each $0.57 per share.
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Basic and diluted earnings were each $2.49 per share for the year
ended December 31, 2018. For 2017, basic and diluted earnings were
each $2.20 per share.
The Company's net interest margin was 3.85% and 3.77% for the three
months and year ended December 31, 2018, respectively, compared to 3.63%
and 3.55% for the three months and year ended December 31, 2017,
respectively.
At December 31, 2018, Pinnacle's allowance for loan losses as a percent
of total loans was 1.53%, compared to 1.68% at December 31, 2017.
At December 31, 2018, the allowance for loan losses as a percent of
nonperforming loans was 596.28%, compared to 670.42% at December 31,
2017. Net charge-offs were $4,800 in 2018, compared to net charge-offs
of $10,000 in the prior year. Nonperforming assets were $269,000 at
December 31, 2018, compared to $281,000 at December 31, 2017. The ratio
of nonperforming assets to total loans was .26% at December 31, 2018,
compared to .29% at December 31, 2017.
Pinnacle was classified as "well capitalized" at the end of 2018. At
December 31, 2018, total risk-based capital was 19.95% for the
subsidiary bank. Tier 1 risk-based capital and Tier 1 leverage capital
ratios for the subsidiary bank were 18.88% and 12.85%, respectively. All
capital ratios are significantly higher than the requirements for a
well-capitalized institution.
Dividends of $.11 and $.44 per share were paid to shareholders during
the three months and year ended for both December 31, 2018, and 2017.
Forward-Looking Statements
Information contained in this press release, other than historical
information, may be considered forward-looking in nature and is subject
to various risks, uncertainties and assumptions. Should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from
those anticipated, estimated or expected. Pinnacle undertakes no duty to
update any forward-looking statement to conform the statement to actual
results or changes in Pinnacle's expectations. Certain tabular
presentations may not reconcile because of rounding.
Pinnacle Bancshares, Inc.'s wholly owned subsidiary Pinnacle Bank has
seven offices located in central and northwest Alabama.
PINNACLE BANCSHARES, INC
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Unaudited Financial Highlights
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Three Months Ended December 31,
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2018
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2017
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Net Income
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$
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689,000
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$
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597,000
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Weighted average basic shares outstanding
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1,043,505
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1,043,505
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Weighted average diluted shares outstanding
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1,043,505
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1,043,505
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Dividend per share
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$
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0.11
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$
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0.11
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Provision for loan losses
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$
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-
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$
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-
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Basic earnings per share
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$
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0.66
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$
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.0.57
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Diluted earnings per share
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$
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0.66
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$
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0.57
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Performance Ratios: (annualized)
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Return on average assets
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1.25
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%
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1.09
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%
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Return on average equity
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9.97
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%
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9.33
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%
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Interest rate spread
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3.67
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%
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3.51
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%
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Net interest margin
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3.85
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%
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3.63
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%
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Operating cost to assets
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2.85
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%
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2.76
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%
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For the Year Ended At December 31,
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2018
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2017
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Net Income
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$
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2,596,000
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$
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2,296,000
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Weighted average basic shares outstanding
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1,043,505
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1,043,505
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Weighted average diluted shares outstanding
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1,043,505
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1,043,505
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Dividend per share
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$
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0.44
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$
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0.44
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Provision for loan losses
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$
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-
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$
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-
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Basic earnings per share
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$
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2.49
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$
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2.20
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Diluted earnings per share
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$
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2.49
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$
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2.20
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Performance Ratios:
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Return on average assets
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1.17
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%
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1.03
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%
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Return on average equity
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9.61
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%
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9.23
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%
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Interest rate spread
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3.62
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%
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3.43
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%
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Net interest margin
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3.77
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%
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3.55
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%
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Operating cost to assets
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2.85
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%
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2.69
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%
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At December 31,
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2018
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2017
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Total assets
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$ 220,981,000
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$
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217,836,000
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Loans receivable, net
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$
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103,282,000
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$
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94,204,000
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Deposits
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$ 185,327,000
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$
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186,327,000
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Brokered CD's included in Deposits
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$ 2,999,000
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$
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-
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Other borrowings
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$ 4,500,000
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$
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1,600,000
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Total stockholders' equity
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$
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27,207,000
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$
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26,013,000
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Weighted average book value per share
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$
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26.07
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$
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24.93
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Stockholders' average equity to asset ratio
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12.17
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%
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11.16
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%
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Asset Quality Ratios:
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Nonperforming loans as a percent of total loans
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.26
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%
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.29
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%
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Nonperforming assets as a percent of total Loans
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.26
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%
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.29
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%
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Allowance for loan losses as a percent of total loans
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1.53
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%
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1.68
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%
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Allowance for loan losses as a percent of nonperforming loans
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596.28
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%
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670.42
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%
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190122005989/en/
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