2022-07-25 | OTCQX:PPBN | Press Unencumber

2022-07-25 | OTCQX:PPBN | Press Unencumber

ALTAVISTA, Va., July 25, 2022 (GLOBE NEWSWIRE) — Pinnacle Bankshares Company (OTCQX:PPBN), the one-bank protecting corporate (the “Corporate” or “Pinnacle”) for First Nationwide Financial institution (the “Financial institution”), produced document web source of revenue for the second one quarter and the primary part of 2022. Web source of revenue for the second one quarter of 2022 used to be $1,892,000, or $0.87 in keeping with fundamental and diluted proportion. Web source of revenue for the six months ended June 30, 2022 used to be $3,283,000, or $1.51 in keeping with fundamental and diluted proportion. Compared, web source of revenue used to be $1,056,000, or $0.49 in keeping with fundamental and $0.48 in keeping with diluted proportion, and $2,155,000, or $1.00 in keeping with fundamental and $0.99 in keeping with diluted proportion, respectively, for a similar sessions of 2021. Consolidated effects for the quarter and six-month sessions are unaudited.

Web source of revenue generated throughout the primary part of 2022 represents a $1,128,000, or 52%, building up as in comparison to the similar period of time of the prior 12 months, which used to be principally pushed by way of upper web hobby source of revenue and decrease noninterest expense. Those components had been in part offset by way of a lower in noninterest source of revenue. Web hobby source of revenue greater because of upper quantity of loans and securities and better yields on Fed finances offered. Noninterest expense reduced in comparison to the similar period of time of 2021, which integrated bills from Pinnacle’s merger with Virginia Financial institution Bankshares, Inc. (“Virginia Financial institution”) that closed within the fourth quarter of 2020. Noninterest source of revenue reduced because of decrease gross sales of loan loans because of upper rates of interest and decrease mortgage price source of revenue because of removal of Paycheck Coverage Program (“PPP”) mortgage originations.

Web source of revenue generated throughout the second one quarter of 2022 represents a $836,000, or 79%, building up as in comparison to the second one quarter of 2021, because of the similar components impacting year-to-date efficiency thru June 30, 2022.

Profitability as measured by way of the Corporate’s go back on moderate belongings (“ROA”) greater to 0.65% for the six months ended June 30, 2022, as in comparison to 0.48% generated throughout the primary six months of 2021. Correspondingly, go back on moderate fairness (“ROE”) greater for the six-month length of 2022 to 11.32%, in comparison to 7.34% for a similar period of time of the prior 12 months.

“We’re happy to announce Pinnacle’s document web source of revenue for the second one quarter and primary part of 2022,” said Aubrey H. Corridor, III, President and Leader Govt Officer for each the Corporate and the Financial institution. Mr. Corridor additional commented, “Our stability sheet is in a cast place as we start to acknowledge the income possible of enlargement tasks pursued over the last few years. Regardless of unstable financial prerequisites, we stay constructive referring to additional enhancement of Pinnacle’s efficiency.”

The Corporate produced $13,446,000 in web hobby source of revenue for the primary part of 2022, which represents an 11% building up as in comparison to the $12,148,000 generated for a similar period of time of 2021. Passion source of revenue greater $846,000, or roughly 6%, because of greater mortgage and funding quantity, whilst hobby expense reduced $452,000, or roughly 44%, in spite of upper deposit quantity, as price to fund incomes belongings reduced 12 foundation issues to 0.12%. Yield on incomes belongings reduced 19 foundation issues to two.95% as web hobby margin reduced from 2.90% for the primary part of 2021 to two.83% for the primary part of 2022. The upper yield on incomes belongings within the first part of 2021 in comparison to the primary part of 2022 used to be because of upper PPP mortgage hobby and deferred charges. Yield on incomes belongings greater from 2.68% within the first quarter of 2022 to three.17% in the second one quarter of 2022 because of will increase in loans and securities and better yields on Fed finances offered.

The Corporate produced $7,322,000 in web hobby source of revenue for the second one quarter of 2022, which represents a $1,161,000, or 19%, building up as in comparison to the $6,161,000 generated in the second one quarter of 2021. Passion source of revenue greater $952,000, or roughly 14%, because of greater mortgage and funding quantity, whilst hobby expense reduced $209,000, or roughly 43%, in spite of upper deposit quantity, as price of finances reduced.

The availability for mortgage losses used to be $36,000 for the primary part of 2022 as in comparison to $85,000 for the primary part of 2021. Provision for the second one quarter of 2022 used to be $13,000 in comparison to $23,000 for the second one quarter of 2021. The decline in provision expense has been the results of sturdy credit score high quality.

The allowance for mortgage losses used to be $3,723,000 as of June 30, 2022, which represented 0.63% of general loans exceptional. Compared, the allowance for mortgage losses used to be $3,663,000 or 0.66% of general loans exceptional as of December 31, 2021. The web credit score mark on loans bought from Virginia Financial institution as of June 30, 2022 used to be $1,623,000. The allowance for mortgage losses plus the web credit score mark used to be $5,346,000, or 0.90%, of the Corporate’s general loans as of June 30, 2022. Non-performing loans to general loans reduced to 0.20% as of June 30, 2022, in comparison to 0.26% as of year-end 2021. Allowance protection of non-performing loans used to be 310% as of the top of the quarter in comparison to 255% as of year-end 2021. Control perspectives the allowance stability as being enough to offset possible long run losses related to drawback loans.

Noninterest source of revenue for the primary part of 2022 reduced $89,000, or roughly 2%, to $3,658,000, from $3,747,000 for the primary part of 2021. The lower used to be principally because of a $267,000 lower in charges generated from gross sales of loan loans and a $203,000 lower in mortgage price source of revenue due principally to the origination of PPP loans that took place in 2021. Those decreases had been in part offset by way of a $283,000 building up in debit card interchange charges and a $129,000 building up in overdraft charges.

Noninterest source of revenue for the second one quarter of 2022 reduced $144,000, or roughly 8%, to $1,665,000, from $1,809,000 for the second one quarter of 2020 as charges generated from gross sales of loan loans charges reduced by way of $275,000. This lower used to be in part offset by way of a $95,000 building up in overdraft charges.

Noninterest expense for the primary part of 2022 reduced $231,000, or roughly 2%, to $12,922,000, from $13,153,000 for the primary part 2021 as salaries and worker advantages reduced $203,000 and occupancy bills reduced $185,000. The primary part of 2021 additionally integrated $315,000 in merger connected bills. Those decreases had been in part offset by way of a $412,000 building up in core machine bills and a $103,000 building up in FDIC insurance coverage because of an building up in selection of deposit accounts exceptional and deposit balances.

Noninterest expense for the second one quarter of 2022 reduced $36,000, or not up to 1%, to $6,594,000 from $6,630,000 for the second one quarter of 2020. The lower is because of the similar components impacting year-to-date efficiency thru June 30, 2022.

Overall belongings as of June 30, 2022 had been $996,328,000, down 2% from $1,015,863,000 as of December 31, 2021. The main parts of the Corporate’s belongings as of June 30, 2022 had been $592,209,000 in general loans, $249,347,000 in securities and $106,637,000 in money and money equivalents. All the way through the primary part of 2022, general loans greater roughly 7%, or $39,973,000, from $552,236,000 as of December 31, 2022. Securities greater $128,638,000, or 107%, throughout within the first part of 2022, whilst money and money equivalents reduced $191,958,000, or 64%. The safety portfolio building up integrated $100,000,000 in two and 3 12 months U.S. Treasury notes bought because the Corporate sought to capitalize on its liquidity place and better rates of interest, whilst mitigating credit score and rate of interest dangers.

Overall liabilities as of June 30, 2022 had been $942,127,000, down $11,369,000, or 1%, from $953,496,000 as of December 31, 2021 as deposits reduced 1%, or $12,667,000, to $925,412,000 throughout the primary part of 2022.

Overall stockholders’ fairness as of June 30, 2022 used to be $54,201,000 and consisted basically of $50,374,000 in retained income. Compared, as of December 31, 2021 general stockholders’ fairness used to be $62,367,000. The lower in fairness is because of a $10,962,000 building up within the Corporate’s unrealized collected different complete losses on our to be had on the market securities portfolio as marketplace charges have greater. Each the Corporate and Financial institution stay “neatly capitalized” in keeping with all regulatory definitions.

In different information, on the Annual Assembly of Shareholders hung on Might 10, 2022, Elton W. Blackstock, Jr., Robert L. Finch, Jr., Aubrey H. (Todd) Corridor, III, and Dr. Robert L. Johnson, II, had been re-elected to the Board of Administrators as Magnificence I Administrators to serve till the 2025 Annual Assembly of Shareholders.

___________________________

Pinnacle Bankshares Company is a in the neighborhood controlled neighborhood banking group primarily based in Central Virginia. The only-bank protecting corporate of First Nationwide Financial institution serves a space consisting basically of all or parts of the Counties of Amherst, Bedford, Campbell and Pittsylvania, and the Towns of Charlottesville, Danville and Lynchburg. The Corporate has a complete of eighteen branches with two situated within the The town of Altavista in Campbell County, the place the Financial institution used to be based, one department within the The town of Amherst in Amherst County, two branches in Bedford County, one department within the The town of Chatham in Pittsylvania County, 3 further branches in Campbell County, 3 branches within the Town of Danville, 3 branches within the Town of Lynchburg, two further branches in Pittsylvania County and one department within the Town of Charlottesville. First Nationwide Financial institution is in its 114th 12 months of operation.

This press free up might comprise “forward-looking statements” inside the that means of federal securities rules that contain vital dangers and uncertainties. Any statements contained herein that aren’t ancient information are forward-looking and are in accordance with present assumptions and research by way of the Corporate. Those forward-looking statements, together with statements made in Mr. Corridor’s quotes might come with, however aren’t restricted to, statements in regards to the Corporate’s outlook on long run financial and marketplace prerequisites, the credit score high quality of our asset portfolio in long run sessions, our price of finances, the upkeep of our web hobby margin, long run working effects, trade efficiency and capital ranges, our enlargement tasks and their effects, result of the Corporate’s merger with Virginia Financial institution, and the prospective results of the COVID-19 pandemic at the Corporate’s monetary situation and result of operations. Such statements are steadily characterised by means of certified phrases (and their derivatives) reminiscent of “be expecting,” “imagine,” “estimate,” “plan,” “mission,” “watch for,” “intend,” “will,” “might,” “view,” “alternative,” “possible,” or phrases of identical that means or different statements relating to evaluations or judgment of the Corporate and its control about long run occasions. Even if the Corporate believes that the expectancies mirrored in those forward-looking statements are cheap and are in accordance with cheap assumptions inside the bounds of the Corporate’s present wisdom of its trade and operations, the Corporate’s talent to expect effects or the true impact of long run plans or methods is inherently unsure, and the Corporate can provide no assurance that those plans or expectancies shall be completed. Elements that might purpose precise effects to fluctuate materially from ancient effects or from control’s expectancies which might be expressed in or implied by way of the Corporate’s forward-looking statements come with, however aren’t restricted to, the results of or adjustments in:

  • marketplace rates of interest and inflation charges and their affects on financial prerequisites, buyer conduct and the Corporate’s investment prices;
  • normal financial prerequisites within the markets during which the Corporate operates and during which its loans are concentrates, together with employment ranges, charges of financial enlargement, and actual property values;
  • the have an effect on, severity and length of the COVID-19 pandemic and the effectiveness of the stairs taken by way of the Corporate based on the COVID_19 pandemic;
  • the standard or composition of the Corporate’s mortgage and funding portfolios;
  • call for for mortgage merchandise and monetary products and services within the Corporate’s marketplace house;
  • the Corporate’s talent to regulate its enlargement or enforce its enlargement technique, the Corporate’s talent to toughen asset high quality and web hobby margin, and the Corporate’s talent regulate working bills and losses on nonperforming belongings;
  • technological dangers and trends, and cyber threats, assaults or occasions;
  • pageant for monetary services and products inside our markets;
  • the prospective hostile results of abnormal and every now and then going on occasions, reminiscent of wealth-related screw ups, terrorist acts, geopolitical conflicts (reminiscent of the continued battle between Russia and Ukraine) or public well being occasions (such because the COVID-19 pandemic), with such possible hostile results together with hostile results at the talent of the Corporate’s debtors to fulfill their duties to the Corporate, at the price of collateral securing the Corporate’s loans, or on call for for the Corporate’s services and products;
  • efficiency by way of the Corporate’s counterparties or distributors;
  • the legislative and regulatory local weather, together with rules and rules relating to taxes, banking, securities, insurance coverage and healthcare with which the Corporate and its subsidiaries should comply;
  • financial and financial insurance policies of the U.S. Division of the Treasury and the Board of Governors of the Federal Reserve Machine;
  • adjustments to appropriate accounting rules or tips; and
  • different components, a lot of that may be past the Corporate’s regulate.

Those dangers and uncertainties must be regarded as in comparing the forward-looking statements contained herein, and also you must no longer position undue reliance on such statements, which mirror our perspectives as of the date of this free up. Ahead-looking statements talk handiest as of the date they’re made. The Corporate does no longer intend or suppose any legal responsibility to replace, revise or explain any forward-looking remark that can be made every so often on behalf of the Corporate, whether or not on account of new data, long run occasions or differently.

Decided on monetary highlights are proven beneath.

Pinnacle Bankshares Company
Decided on Monetary Highlights

(6/30/22, 3/31/2022 and six/30/2021 effects unaudited)
(In hundreds, aside from ratios, proportion and in keeping with proportion information)
3 Months Ended 3 Months Ended 3 Months Ended

Source of revenue Remark Highlights 06/30/2022 3/31/2022 06/30/2021
Passion Source of revenue $ 7,602 $ 6,419 $ 6,650
Passion Expense 280 295 489
Web Passion Source of revenue 7,322 6,124 6,161
Provision for Mortgage Losses 13 23 23
Noninterest Source of revenue 1,665 1,993 1,809
Noninterest Expense 6,594 6,328 6,630
Web Source of revenue 1,892 1,391 1,056
Income In step with Percentage (Elementary) 0.87 0.64 0.49
Income In step with Percentage (Diluted) 0.87 0.64 0.48
6 Months Ended Yr Ended 6 Months Ended
Source of revenue Remark Highlights 06/30/2022 12/31/2021 06/30/2021
Passion Source of revenue $ 14,021 $ 26,817 $ 13,175
Passion Expense 575 1,728 1,027
Web Passion Source of revenue 13,446 25,089 12,148
Provision for Mortgage Losses 36 233 85
Noninterest Source of revenue 3,658 7,187 3,747
Noninterest Expense 12,922 26,826 13,153
Web Source of revenue 3,283 4,375 2,155
Income In step with Percentage (Elementary) 1.51 2.02 1.00
Income In step with Percentage (Diluted) 1.51 2.02 0.99
Steadiness Sheet Highlights 06/30/2022 12/31/2021 06/30/2021
Money and Money Equivalents $ 106,637 $ 298,595 $ 250,158
Overall Loans 592,209 552,236 554,101
Overall Securities 249,347 120,709 90,087
Overall Property 996,328 1,015,863 933,110
Overall Deposits 925,412 938,079 856,035
Overall Liabilities 942,127 953,496 873,685
Stockholders’ Fairness 54,201 62,367 59,425
Stocks Exceptional 2,179,325 2,170,311 2,170,311
Ratios and Inventory Worth 06/30/2022 12/31/2021 06/30/2021
Gross Mortgage-to-Deposit Ratio 63.99 % 58.87 % 64.73 %
Web Passion Margin (Yr-to-date) 2.83 % 2.86 % 2.90 %
Liquidity 40.80 % 47.46 % 41.21 %
Potency Ratio 75.61 % 83.14 % 82.74 %
Go back on Moderate Property (ROA) 0.65 % 0.47 % 0.48 %
Go back on Moderate Fairness (ROE) 11.32 % 7.31 % 7.34 %
Leverage Ratio (Financial institution) 7.41 % 7.37 % 7.66 %
Tier 1 Capital Ratio (Financial institution) 12.09 % 12.54 % 12.36 %
Overall Capital Ratio (Financial institution) 12.71 % 13.20 % 13.02 %
Inventory Worth $ 21.99 $ 24.70 $ 24.90
E book Worth $ 24.87 $ 28.74 $ 27.38
Asset High quality Highlights 6/30/2022 12/31/2021 6/30/2021
Nonaccruing Loans $ 1,200 $ 1,434 $ 936
Loans 90 Days or Extra Previous Due and Accruing 0 0 43
Overall Nonperforming Loans 1,200 1,434 979
Stricken Debt Restructures Accruing 1,074 1,096 1,598
Overall Impaired Loans 2,274 2,530 2,577
Different Actual Property Owned (OREO) (Foreclosed Property) 0 0 519
Overall Nonperforming Property 1,200 1,434 1,498
Nonperforming Loans to Overall Loans 0.20 % 0.26 % 0.18 %
Nonperforming Property to Overall Property 0.12 % 0.14 % 0.16 %
Allowance for Mortgage Losses $ 3,723 $ 3,663 $ 3,551
Allowance for Mortgage Losses to Overall Loans 0.63 % 0.66 % 0.64 %
Allowance for Mortgage Losses Plus Web Credit score Mark to Overall Loans (1) 0.90 % 0.99 % 1.14 %
Allowance for Mortgage Losses to Nonperforming Loans 310.25 % 255.41 % 362.74 %

CONTACT: Pinnacle Bankshares Company, Bryan M. Lemley, 434-477-5882 or [email protected]

(1) This can be a non-GAAP measure calculated by way of dividing the sum of the allowance for mortgage losses of $3,723 plus the web credit score mark of $1,623 by way of general loans $592,209 which equals 0.90% for six/30/2022. For December 31, 2021, the allowance for mortgage losses of $3,663 used to be added to the credit score mark of $1,829 and divided by way of general loans of $552,236 which equals 0.99%. For June 30, 2021, the allowance for mortgage losses of $3,551 used to be added to the credit score marker of $2,747 and divided by way of the totals loans of $554,101 which equals 1.14%

2022-07-25 | OTCQX:PPBN | Press Unencumber

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