Pinnacle Bancshares Q1 Earnings: Deposits Up 4.95%, Net Income Rises

Pinnacle Bancshares Announces Results for First Quarter Ended March 31, 2025

Rhea-AI Impact

(No impact)

Rhea-AI Sentiment

(Very Negative)

Tags

earnings

04/23/2025 - 04:15 PM

JASPER, Ala.--(BUSINESS WIRE)-- Robert B. Nolen, Jr., President and Chief Executive Officer of Pinnacle Bancshares, Inc. (OTCBB: PCLB), today announced the Company鈥檚 results of operations for the first quarter ended March 31, 2025:

For the three months ended March 31, 2025, Pinnacle鈥檚 basic/diluted earnings per share was $1.13 as compared to $1.06 per share for the three months ended March 31, 2024. Net income for the three months ended March 31, 2025 was $1,018,000 as compared to $964,000 for the three months ended March 31, 2024.
For the three months ended March 31, 2025, return on average assets was 1.16%, compared to 1.14% for the three months ended March 31, 2024.

The Company鈥檚 net interest margin was 3.33% for the three months March 31, 2025, compared to 3.11% for the three months ended March 31, 2024.

At March 31, 2025, the Company鈥檚 allowance for loan losses as a percent of total loans was 1.65%, compared to 1.78% at December 31, 2024. There were no nonperforming assets at March 31, 2025 as well as at December 31, 2024.

Pinnacle Bank was classified as 鈥渨ell capitalized鈥� at March 31, 2025. All capital ratios are significantly higher than the requirements for a well-capitalized institution. As of March 31, 2025, the Bank鈥檚 common equity Tier 1 capital and Tier 1 risk-based capital ratios were each 18.86% and its total capital ratio and Tier 1 leverage was 19.89% and 10.96%, respectively.

Dividends of $.27 per share were paid to shareholders during the first quarter of 2025 as well as the first quarter 2024.

Management believes that the Company has sufficient liquidity through its low loan to deposit ratio at March 31, 2025, as well as available funding from outside sources. Our net funding availability, as a percentage of our franchise funding, is 98.63% as compared to our established minimal limit of 25%. In addition, the Bank provides access to additional FDIC insurance coverage for accounts that would otherwise exceed deposit insurance coverage.

The Company鈥檚 total deposits as of March 31, 2025 increased $15.8 million (4.95%) as compared to December 31, 2024.

Effects of Inflation

Inflation caused a substantial rise in interest rates during 2023 and 2022 which has had a negative effect in the securities market. As a result of rising interest rates since 2022, the Company has recorded an accumulated other comprehensive loss on securities available for sale of approximately $26.1 million as of March 31, 2025 as compared to $28.7 million as of December 31, 2024. Although these unrealized losses recorded as of March 31, 2025 and December 31, 2024 were significant, management does not anticipate these losses to be other than temporary as these unrealized losses do not currently appear related to any credit deterioration within the portfolio but from higher interest rates. In addition, these losses do not impact our regulatory capital ratios.

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. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company鈥檚 expectations. Certain tabular presentations may not reconcile because of rounding.

Pinnacle Bancshares, Inc.鈥檚 wholly owned subsidiary Pinnacle Bank has seven offices located in central and northwest Alabama.

PINNACLE BANCSHARES, INC. AND SUBSIDIARY
听 UNAUDITED FINANCIAL HIGHLIGHTS
听	Three Months Ended March 31,
听	2025			2024
Net Income	$	1,018,000	听	$	964,000	听
Weighted average basic shares outstanding	听	902,414	听	听	909,534	听
Weighted average diluted shares outstanding	听	902,414	听	听	909,534	听
Dividend per share	$	.27	听	$	.27	听
Provision for loan losses	$	-	听	$	-	听
Basic and diluted earnings per share	$	1.13	听	$	1.06	听
Performance Ratios: (annualized)	听	听		听	听
Return on average assets	听	1.16	%	听	1.14	%
Return on average equity	听	9.70	%	听	9.85	%
Interest rate spread	听	2.83	%	听	2.58	%
Net interest margin	听	3.33	%	听	3.11	%
Operating cost to assets	听	2.21	%	听	2.19	%
听	听	听		听	听
听	听	听		(Audited)
听	March 31, 2025			December 31, 2024
Total assets	$	360,125,000	听	$	346,514,000	听
Loans receivable, net	$	135,433,000	听	$	129,437,000	听
Deposits	$	333,928,000	听	$	318,169,000	听
Brokered CD鈥檚 included in deposits	$	14,938,000	听	$	14,917,000	听
Total stockholders鈥� equity	$	17,024,000	听	$	13,861,000	听
Book value per share	$	18.91	听	$	15.30	听
Book value per share (excluding OCI)	$	47.43	听	$	46.48	听
Total average stockholders' equity to asset ratio (excluding OCI)	听	11.98	%	听	11.80	%
Asset Quality Ratios:	听	听		听	听
Nonperforming loans as a percent of total loans	听	.00	%	听	.00	%
Nonperforming assets as a percent of total loans	听	.00	%	听	.00	%
Allowance for loan losses as a percent of total loans	听	1.65	%	听	1.78	%

PINNACLE BANCSHARES, INC. AND SUBSIDIARY
听 CONDENSED CONSOLIDATED STATEMENTS OF CONDITION 听
听	(Unaudited)			(Audited)
听	March 31,			December 31,
听	2025			2024
Assets	听	听		听	听
Cash and cash equivalents	$	2,519,182	听	$	2,406,608	听
Interest bearing deposits in banks	听	22,058,758	听	听	17,830,073	听
Securities available for sale	听	168,119,506	听	听	163,442,222	听
Restricted equity securities	听	957,000	听	听	954,300	听
听	听	听		听	听
Loans	听	137,710,120	听	听	131,789,490	听
Less allowance for loan losses	听	2,277,118	听	听	2,352,415	听
Loans, net	听	135,433,002	听	听	129,437,075	听
听	听	听		听	听
Premises and equipment, net	听	8,084,097	听	听	8,198,615	听
Operating right-of-use lease assets	听	249,616	听	听	260,248	听
Goodwill	听	306,488	听	听	306,488	听
Bank owned life insurance	听	11,141,714	听	听	11,024,493	听
Accrued interest receivable	听	1,614,794	听	听	2,107,432	听
Deferred tax assets, net	听	8,841,293	听	听	9,608,246	听
Other assets	听	799,972	听	听	938,828	听
听	听	听		听	听
Total assets	$	360,125,422	听	$	346,514,628	听
听	听	听		听	听
Liabilities and 厂迟辞肠办丑辞濒诲别谤蝉鈥� Equity	听	听		听	听
Deposits:	听	听		听	听
Noninterest-bearing	$	95,433,784	听	$	90,389,786	听
Interest-bearing	听	238,493,893	听	听	227,779,259	听
Total deposits	听	333,927,677	听	听	318,169,045	听
听	听	听		听	听
Subordinated debentures	听	3,093,000	听	听	3,093,000	听
Other borrowings	听	4,000,000	听	听	9,000,000	听
Accrued interest payable	听	556,809	听	听	874,774	听
Operating lease liabilities	听	249,616	听	听	260,248	听
Other liabilities	听	1,274,559	听	听	1,256,189	听
Total liabilities	听	343,101,661	听	听	332,653,256	听
听	听	听		听	听
厂迟辞肠办丑辞濒诲别谤蝉鈥� equity	听	听		听	听
Common stock, $.01 par value, 2,400,000 shares authorized;	听	听		听	听
1,872,313 shares issued; 900,336 and 905,786 shares outstanding, respectively	听	18,723	听	听	18,723	听
Additional paid-in capital	听	8,923,223	听	听	8,923,223	听
Treasury stock, at cost (971,977 and 966,527 shares at cost, respectively)	听	(15,866,469	)	听	(15,698,015	)
Retained earnings	听	49,631,954	听	听	48,857,057	听
Accumulated other comprehensive loss, net of tax	听	(25,683,670	)	听	(28,239,616	)
Total stockholders鈥� equity	听	17,023,761	听	听	13,861,372	听
听	听	听		听	听
Total liabilities and stockholders鈥� equity	$	360,125,422	听	$	346,514,628	听

PINNACLE BANCSHARES, INC. AND SUBSIDIARY
听 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended March 31, 2025 and 2024
听	2025		听	2024
Interest income	听	听	听	听	听
Loans, including fees	$	2,290,246	听	$	2,026,371
Taxable securities	听	1,334,545	听	听	1,296,269
Nontaxable securities	听	34,935	听	听	40,019
Other interest	听	234,740	听	听	308,824
Total interest income	听	3,894,466	听	听	3,671,483
听	听	听	听	听	听
Interest expense	听	听	听	听	听
Deposits	听	923,669	听	听	760,947
Subordinated debentures	听	39,050	听	听	39,050
Other borrowings	听	62,345	听	听	178,803
Total interest expense	听	1,025,064	听	听	978,800
听	听	听	听	听	听
Net interest income	听	2,869,402	听	听	2,962,683
Provision for loan losses	听	-	听	听	-
Net interest income after provision for loan losses	听	2,869,402	听	听	2,962,683
	听	听	听	听	听
Other income	听	听	听	听	听
Fees and service charges on deposit accounts	听	388,643	听	听	424,843
Servicing fee income, net	听	-	听	听	743
Bank owned life insurance	听	117,221	听	听	103,672
Mortgage fee income	听	-	听	听	2,131
Total other income	听	505,864	听	听	531,389
听	听	听	听	听	听
Other expenses	听	听	听	听	听
Salaries and employee benefits	听	1,208,948	听	听	1,137,415
Occupancy expenses	听	314,092	听	听	312,671
Marketing and professional expenses	听	55,498	听	听	74,863
Other operating expenses	听	504,932	听	听	479,823
Total other expenses	听	2,083,470	听	听	2,004,772
听	听	听	听	听	听
Income before income taxes	听	1,291,796	听	听	1,219,300
听	听	听	听	听	听
Income tax expense	听	273,809	听	听	255,730
听	听	听	听	听	听
Net income	$	1,017,987	听	$	963,570
听	听	听	听	听	听
Basic and diluted earnings per share	$	1.13	听	$	1.06
听	听	听	听	听	听
Cash dividends per share	$	0.27	听	$	0.27
Weighted-average basic and diluted shares outstanding	听	902,414			909,534

PINNACLE BANCSHARES, INC.

AND SUBSIDIARY

听

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS鈥� EQUITY

Three Months Ended March 31, 2025 and 2024

听

Accumulated

听

Additional

听

Other

听

Total

听

Common Stock

听

Paid-in

听

Treasury

听

Retained

听

Comprehensive

听

厂迟辞肠办丑辞濒诲别谤蝉鈥�

听

Shares

听

Par Value

听

Capital

听

Stock

听

Earnings

听

Loss

听

Equity

听

Balance, December 31, 2023

1,872,313

听

18,723

听

8,923,223

听

(15,588,799

)

听

45,772,256

听

(26,338,862

)

听

12,786,541

听

Net income

听

963,570

听

963,570

听

Cash dividends declared,

听

$0.27 per share

听

(245,574

)

听

(245,574

)

Other comprehensive loss

听

(1,378,571

)

听

(1,378,571

)

Balance, March 31, 2024

1,872,313

听

18,723

听

8,923,223

听

(15,588,799

)

听

46,490,252

听

(27,717,433

)

听

12,125,966

听

Balance, December 31, 2024

1,872,313

听

18,723

听

8,923,223

听

(15,698,015

)

听

48,857,057

听

(28,239,616

)

听

13,861,372

听

Net income

听

1,017,987

听

1,017,987

听

Purchase of treasury stock

听

(168,454

)

听

(168,454

)

Cash dividends declared,

听

$0.27 per share

听

(243,090

)

听

(243,090

)

Other comprehensive income

听

2,555,946

听

2,555,946

听

Balance, March 31, 2025

1,872,313

听

18,723

听

8,923,223

听

(15,866,469

)

听

49,631,954

听

(25,683,670

)

听

17,023,761

听

PINNACLE BANCSHARES, INC. AND SUBSIDIARY
听 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2025 and 2024
听	2025			听	2024
OPERATING ACTIVITIES	听	听		听	听	听
Net income	$	1,017,987	听	听	$	963,570	听
Adjustments to reconcile net income to net cash	听	听		听	听	听
provided by operating activities:	听	听		听	听	听
Depreciation	听	123,701	听	听	听	128,826	听
Net amortization of securities	听	38,140	听	听	听	50,376	听
Bank owned life insurance	听	(117,221	)	听	听	(103,672	)
Decrease in accrued interest receivable	听	492,638	听	听	听	574,435	听
Decrease in accrued interest payable	听	(317,965	)	听	听	(527,736	)
Net other operating activities	听	(50,614	)	听	听	31,716	听
Net cash provided by operating activities	听	1,186,666	听	听	听	1,117,515	听
INVESTING ACTIVITIES	听	听		听	听	听
Net (increase) decrease in loans	听	(5,995,927	)	听	听	3,199,779	听
Net increase in interest-bearing deposits in banks	听	(4,228,685	)	听	听	(3,306,813	)
Purchase of securities available for sale	听	(3,000,000	)	听	听	-	听
Proceeds from maturing or callable securities available for sale	听	1,815,315	听	听	听	1,399,125	听
Net purchase of restricted equity securities	听	(2,700	)	听	听	(6,900	)
Purchase of premises and equipment	听	(9,183	)	听	听	(194,533	)
Net cash provided by (used in) investing activities	听	(11,421,180	)	听	听	1,090,658	听
听	听	听		听	听	听
FINANCING ACTIVITIES	听	听		听	听	听
Net increase (decrease) in deposits	听	15,758,632	听	听	听	(2,174,979	)
Repayment of other borrowings	听	(5,000,000	)听	听	听	-	听
Purchase of treasury stock	听	(168,454	)	听		-	听
Payment of cash dividends	听	(243,090	)	听	听	(245,574	)
Net cash provided by (used in) financing activities	听	10,347,088	听	听	听	(2,420,553	)
听	听	听		听	听	听
Net increase (decrease) in cash and cash equivalents	听	112,574	听	听	听	(212,380	)
听	听	听		听	听	听
Cash and cash equivalents at beginning of year	听	2,406,608	听	听	听	2,190,793	听
听	听	听		听	听	听
Cash and cash equivalents at end of year	$	2,519,182	听	听	$	1,978,413	听
听	听	听		听	听	听
SUPPLEMENTAL DISCLOSURE	听	听		听	听	听
Cash paid during the year for:	听	听		听	听	听
Interest	$	1,343,029	听	听	$	1,506,536	听
Taxes	$	-	听	听	$	-	听
OTHER NONCASH TRANSACTIONS	听	听		听	听	听
AG真人官方 estate acquired through foreclosure	$	-			$	-听	听

听

View source version on businesswire.com:

Joe B. Adams, III

Chief Financial Officer

(205) 221-8866

Source: Pinnacle Bancshares, Inc.

AG真人官方

Pinnacle Bancshares Announces Results for First Quarter Ended March 31, 2025

OTC:PCLB

PCLB Rankings

PCLB Latest News

PCLB Stock Data

Pinnacle Bancshares Announces Results for First Quarter Ended March 31, 2025

OTC:PCLB

PCLB Rankings

PCLB Latest News

PCLB Stock Data

Related Articles