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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pinnacle Bancshares Inc (PK) | USOTC:PCLB | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 27.00 | 27.05 | 34.25 | 0.00 | 12:47:03 |
Robert B. Nolen, Jr., President and Chief Executive Officer of Pinnacle Bancshares, Inc. (OTCBB:PCLB), today announced Pinnacle’s results of operations for the first quarter ended March 31, 2014:
In the first quarter of 2014, Pinnacle’s net interest margin declined primarily due to lower loan volumes. The Company’s net interest margin was 3.40% for the three months March 31, 2014, compared to 3.64% for the three months ended March 31, 2013.
At March 31, 2014, Pinnacle’s allowance for loan losses as a percent of total loans was 1.63%, compared to 2.20% at March 31, 2013. The allowance for loan losses at March 31, 2013 contained specific reserves on impaired loans that were subsequently charged off during 2013. At March 31, 2014, the allowance for loan losses as a percent of nonperforming loans was 285%, compared to 287% at March 31, 2013. Based on current real estate valuations Pinnacle believes its allowance for loan losses is adequate.
Dividends of $.11 per share was paid to shareholders during the first quarter of 2014 while there was no dividend payment during the first quarter of 2013. Mr. Nolen reminded investors that, in December 2012, the Board of Directors declared and paid a special cash dividend of $0.11 per share on the Company’s common stock and thus there was no dividend payment during first quarter 2013. This dividend was in lieu of paying a regular quarterly cash dividend in the first quarter of 2014.
Despite the stabilization of the economy, Mr. Nolen cautioned investors that deterioration in local economic conditions in Pinnacle’s markets could drive losses beyond those which are provided for in the allowance for loan losses and result in a number of adverse consequences, including increases in loan delinquencies; increases in nonperforming assets; decreases in demand for Pinnacle’s products and services, which could affect Pinnacle’s liquidity position; and decreases in the value of the collateral securing Pinnacle’s loans, which could reduce customers’ borrowing power.
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 Unaudited Financial Highlights Three Months Ended March 31, 2014 2013 Net Income $ 464,000 $ 474,000 Weighted average basic shares outstanding 1,205,1281,205,128
Weighted average diluted shares outstanding 1,205,128 1,205,128 Dividend per share $ .11 $ 0 Provision for loan losses $ 35,000 $ 75,000 Basic and diluted earnings per share $ 0.39 $ 0.39 Performance Ratios: (annualized)Return on average assets
0.84
%
0.91 % Return on average equity 8.11 % 8.22 % Interest rate spread 3.31 % 3.63 % Net interest margin 3.40 % 3.64 % Operating cost to assets 2.76 % 2.79 % At March 31, 2014 2013 Total assets $ 224,962,000 $ 209,899,000 Loans receivable, net $ 90,216,000 $ 94,238,000 Deposits $ 197,103,000 $ 182,400,000 Total stockholders' equity $ 22,964,000 $ 23,077,000 Weighted average book value per share $ 19.06 $ 19.15 Total stockholders' equity to asset ratio 10.21 % 10.99 % Asset Quality Ratios: Nonperforming loans as a percent of total loans .57 % .77 % Nonperforming assets as a percent of total Loans .46 % .51 % Allowance for loan losses as a percent of total loans 1.63 % 2.20 %Allowance for loan losses as a percent of nonperforming loans
285.31 % 286.64 %PINNACLE BANCSHARES, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CONDITION
MARCH 31
2014 2013Assets
Cash and cash equivalents $ 1,519,703 $ 1,550,536 Interest bearing deposits in banks 3,048,098 6,971,953 Securities available for sale 113,447,004 90,567,004 Restricted equity securities 862,700 855,900 Loans held for sale 0 0 Loans 91,763,796 96,361,210 Less allowance for loan losses 1,547,983 2,123,428 Loans, net 90,215,813 94,237,782 Other real estate owned 509,947 331,019 Premises and equipment, net 5,583,443 5,930,396 Goodwill 306,488 306,488 Bank owned life insurance 7,896,886 7,550,376 Accrued interest receivable 953,882 915,092 Other assets 618,342 681,957 Total assets $ 224,962,306 $ 209,898,503Liabilities and Stockholders’ Equity
Deposits: Noninterest-bearing $ 46,755,152 $ 38,467,655 Interest-bearing 150,347,515 143,931,990 Total deposits 197,102,667 182,399,645 Repurchase agreements 402,487 208,847 Other borrowings 916,000 0 Subordinated debentures 3,093,000 3,093,000 Accrued interest payable 128,762 113,480 Other liabilities 355,440 1,006,164 Total liabilities 201,998,356 186,821,136 Stockholders’ equityCommon stock, $.01 par value, 2,400,000 shares authorized; 1,872,313 shares issued; 1,205,128 shares outstanding
18,723 18,723 Additional paid-in capital 8,923,223 8,923,223 Treasury stock, at cost (667,185 shares) (7,974,814 ) (7,974,814 ) Retained earnings 21,769,870 20,367,280 Accumulated other comprehensive income, net of tax 226,948 1,742,955 Total stockholders’ equity 22,963,950 23,077,367 Total liabilities and stockholders’ equity $ 224,962,306 $ 209,898,503PINNACLE BANCSHARES, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended March 31, 2014 and 2013
2014 2013 Interest income Loans, including fees $ 1,124,393 $ 1,260,785 Taxable securities 484,180 400,270 Nontaxable securities 272,878 245,720 Other interest 4,648 4,664 Total interest income 1,886,099 1,911,439 Interest expense Deposits 123,143 145,959 Borrowings and repurchase agreements 2,105 1,643 Subordinated debentures 24,949 25,159 Total interest expense 150,197 172,761 Net interest income 1,735,902 1,738,678 Provision for loan losses 35,000 75,000 Net interest income after provision for loan losses 1,700,902 1,663,678 Other income Fees and service charges on deposit accounts 254,837 250,106 Servicing fee income, net 7,766 8,937 Bank owned life insurance 87,272 86,413 Net gain on sales of other real estate owned 17,361 0 Net gain on loans held for sale 21,048 21,473 Total other income 388,284 366,929 Other expenses Salaries and employee benefits 747,646 658,652 Occupancy expenses 258,451 250,583 Marketing and professional expenses 102,447 120,323 Net loss on sales of other real estate owned 0 7,959 Other operating expenses 435,321 421,125 Total other expenses 1,543,865 1,458,642 Income before income taxes 545,321 571,965 Income tax expense 81,567 98,875 Net income $ 463,754 $ 473,090 Basic and diluted earnings per share $ 0.39 $ 0.39 Cash dividends per share $ 0.11 $ 0.00 Weighted-average basic and diluted shares outstanding 1,205,128 1,205,128PINNACLE BANCSHARES, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Three Months Ended March 31, 2014 and 2013
Accumulated Additional Other Total Common Stock Paid-in Treasury RetainedComprehensive
Stockholders’ Shares Par Value Capital Stock Earnings Income (loss) Equity Balance, December 31, 2012 1,872,313 $ 18,723 $ 8,923,223 $ (7,974,814 ) $ 19,894,190 $ 1,908,903 $ 22,770,225 Net income - - - - 473,090 - 473,090 Other comprehensive loss - - - - - (165,948 ) $ (165,948 )Balance, March 31, 2013
1,872,313
18,723
$
8,923,223
$(7,974,814
)
$20,367,280
$1,742,955
$23,077,367
Balance, December 31, 2013 1,872,313 $ 18,723 $ 8,923,223 $ (7,974,814 ) $ 21,438,680 $ (517,010 ) $ 21,888,802 Net income - - - - 463,754 - 463,754Cash dividends declared, $0.11 per share
- - - - (132,564 ) - (132,564 ) Other comprehensive income - - - - - 743,958 743,958 Balance, March 31, 2014 1,872,313 $ 18,723 $ 8,923,223 $ (7,974,814 ) $ 21,769,870 $ 226,948 $ 22,963,950PINNACLE BANCSHARES, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2014 and 2013
2014 2013 OPERATING ACTIVITIES Net income $ 463,754 $ 473,090Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 106,483 120,750 Provision for loan losses 35,000 75,000 Net amortization of securities 115,268 106,252 Bank owned life insurance (87,272 ) (86,413 ) Gain on sale of loans held for sale (21,048 ) (21,473 ) (Gain) loss on sale and write down of real estate owned (17,361 ) 7,959 Net proceeds from sales of loans held for sale 21,048 417,274 Increase (decrease) in accrued interest receivable 12,127 (13,308 ) Increase in accrued interest payable 11,873 3,169 Net other operating activities (323,828 ) (57,618 ) Net cash provided by operating activities 316,044 1,024,682 INVESTING ACTIVITIES Net loan repayments 1,875,774 1,649,974 Net increase (decrease) in interest-bearing deposits in banks 230,044 (4,737,071 ) Purchase of securities available for sale (11,334,799 ) (3,880,000 Proceeds from maturing or callable securities available for sale 5,086,229 4,632,460 Net redemption of restricted equity securities 87,700 138,900 Purchase of premises and equipment (50,550 ) (11,935 ) Proceeds from sales of other real estate owned 12,577 24,764 Net cash used in investing activities (4,093,205 ) (2,182,908 ) FINANCING ACTIVITIES Net increase in deposits 8,091,534 5,085,740 Net decrease in other borrowings (2,984,000 ) (3,800,000 ) Increase (decrease) in repurchase agreements (1,319,746 ) 90,054 Payments of cash dividends (132,564 ) 0 Net cash provided by financing activities 3,655,224 1,375,794 Net increase (decrease) in cash and cash equivalents (121,757 ) 217,568 Cash and cash equivalents at beginning of year 1,641,460 1,332,968 Cash and cash equivalents at end of year $ 1,519,703 $ 1,550,536 SUPPLEMENTAL DISCLOSURE Cash paid during the year for: Interest $ 138,324 $ 169,593 Taxes $ 78,540 $ 6,000 OTHER NONCASH TRANSACTIONSOther real estate owned acquired in settlement of loans
$ 52,223 $ 0
Pinnacle Bancshares, Inc.Robert B. Nolen, Jr., 205-221-4111President and ChiefExecutive Officer
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