Pinnacle Bancshares, Inc. Reports Un-Audited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018
October 10, 2018 at 04:01 am IST
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Pinnacle Bancshares, Inc. reported un-audited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported net income of $650,136 or $0.62 per basic and diluted share compared to $600,816, or $0.58 per basic and diluted share, for the same period a year ago. Net interest income was $1,965,182 compared to $1,861,206 for the same period in 2017. The company reported total interest income of $2,129,623 compared to $1,999,581, income before income taxes of $787,047 compared to $787,433 a year ago. Weighted average book value per share as on September 30, 2018 was $24.73 compared to $24.93 as on September 30, 2017. Return on average assets was 1.18% compared to 1.06% and return on average equity 9.59% compared to 9.59% a year ago.
For the nine months, the company reported the company reported net income of $1,906,231 or $1.83 per basic and diluted share compared to $1,699,450, or $1.63 per basic and diluted share, for the same period a year ago. Net interest income was $5,750,613 compared to $5,438,826 for the same period in 2017. The company reported total interest income of $6,209,994 compared to $5,855,661, income before income taxes of $2,291,103 compared to $2,169,751 a year ago. Return on average assets was 1.14% compared to 1.01% and return on average equity 9.49% compared to 9.59% a year ago. Net cash provided by operating activities was $2,642,955 compared to $2,055,642 and purchase of premises and equipment was $374,812 compared to $858,939 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.