Pinnacle Bancshares, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 31, 2023 at 06:00 pm IST
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Pinnacle Bancshares, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 2.79 million compared to USD 2.86 million a year ago. Net income was USD 1.17 million compared to USD 1.17 million a year ago. Basic earnings per share from continuing operations was USD 1.29 compared to USD 1.28 a year ago.
For the nine months, net interest income was USD 8.68 million compared to USD 8.43 million a year ago. Net income was USD 3.5 million compared to USD 3.49 million a year ago. Basic earnings per share from continuing operations was USD 3.85 compared to USD 3.67 a year ago.
Pinnacle Bancshares, Inc. is a bank holding company whose principal activity is the ownership and management of its wholly owned subsidiary, Pinnacle Bank. The Bank is primarily in the business of obtaining funds in the form of various savings, demand deposit, and time deposit products and investing those funds in mortgage, consumer, and commercial loans. The Bank operates in seven offices in the central and northwest portions of Alabama and originates its loans in this market area. The Company offers various types of real estate loan products, including commercial real estate mortgage loans, loans for real estate construction and development, residential mortgage loans and other real estate mortgage loans. Its commercial non-real estate loan portfolio segment includes commercial, financial, agricultural and municipal tax-free loans. The Companyâs consumer loan portfolio segment includes direct consumer installment loans, overdrafts, and other revolving credit loans.