2006 Profits Up 18% at Pinnacle Bankshares.ALTAVISTA, Va. -- Pinnacle pinnacle (pĭn`ĭkəl), minor architectural motif of vertical tapering shape, usually crowning a pier, buttress, or gable. Although sometimes it appears in Renaissance design, as in the Certosa di Pavia, it is almost exclusively a medieval Bankshares Corporation (OTBB:PPBN), the one-bank holding company of The First National Bank of Altavista (quarterly consolidated results unaudited) reported today net income after taxes of $624,000 or $0.43 per basic share for the quarter ended June 30, 2006, and $1,200,000 or $0.82 per basic share for the six months ended June 30, 2006 compared to net income after taxes of $537,000 or $0.37 per basic share and $1,014,000 or $0.70 per basic share, respectively, for the same periods of 2005. Profitability as measured by the Company's return on average assets (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) was 1.02% for the six months ended June 30, 2006, compared to 0.91% for the same period of 2005. Another key indicator of performance, the return on average equity (ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. ) for the six months ended June 30, 2006 was 10.21%, compared to 9.05% for the six months ended June 30, 2005. The improvements in net income and profitability were primarily due to an improved net interest margin and a higher loan to deposit ratio that increased net interest income from $1,987,000 for the three months ended June 30, 2005 to $2,283,000 for the three months ended June 30, 2006 and from $3,867,000 for the six months ended June 30, 2005 to $4,449,000 for the same period of 2006. The net interest margin increased from 3.84% for the six months ended June 30, 2005 to 4.06% for the six months ended June 30, 2006. The loan to deposit ratio increased from 85.66% on June 30, 2005 to 89.16% on June 30, 2006. Noninterest income increased $41,000 or 3.46% for the six months ended June 30, 2006 compared to the same period of 2005. Noninterest income increased $29,000 or 4.55% when comparing the three months ended June 30, 2006 to the same period of 2005. The increases from 2005 were primarily due to an increase in commissions from investment sales during the first half of 2006. Noninterest expense increased $292,000 or 8.39%, for the six months ended June 30, 2006 compared to the same period of 2005. Noninterest expense increased $168,000 or 9.43% for the three months ended June 30, 2006 compared to the same period of 2005. The increase in noninterest expense when comparing these periods is primarily attributable to an increase in personnel and other expenses associated with new and expanded facilities. Total assets at June 30, 2006 were $240,012,000 up 2.79% from $233,490,000 at December 31, 2005. The principal components of the Company's assets at the end of the period were $191,753,000 in net loans and $26,148,000 in securities. During the six-month period ended June 30, 2006, net loans increased 5.78% or $10,485,000 from $181,268,000 at December 31, 2005. Total liabilities at June 30, 2006 were $216,232,000, up 2.83% from $210,278,000 at December 31, 2005, primarily as a result of an increase in savings and NOW accounts from December 31, 2005 of $3,624,000 or 5.60% and an increase in time deposits from December 31, 2005 of $2,015,000 or 1.64%. Total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. at June 30, 2006 was $23,780,000 including $19,182,000 in retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. and $365,000 of accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. other comprehensive losses, which represents net unrealized losses Unrealized Loss A loss that results from holding onto an asset rather than cashing it in and officially taking the loss. Notes: Let's say you own a stock that is down 50%, but you haven't sold it to realize the loss yet. This is said to be an unrealized loss. on available-for-sale securities. At December 31, 2005, total stockholders' equity was $23,212,000. Selected financial highlights are shown below. Pinnacle Bankshares Corporation is a locally managed community banking organization based in Central Virginia. The one-bank holding company of The First National Bank of Altavista serves an area consisting primarily of Campbell County
All except Franklin County, Idaho are likely named for Benjamin Franklin, a Founding Father of the United States. and the City of Lynchburg. The Company operates two branches in the Town of Altavista, two branches in Campbell County, one branch in the City of Lynchburg and a branch in Forest in Bedford County. A loan production office at Smith Mountain Lake Smith Mountain Lake is a large artificial lake southeast of Roanoke, Virginia, and southwest of Lynchburg, Virginia. Initial proposals were made in the late 1920s to dam the Roanoke River and the Blackwater River at the Smith Mountain gorge to generate electricity. in Moneta, Franklin County, Virginia Franklin County is a county located in the U.S. state — officially, "Commonwealth" — of Virginia. As of the 2000 census, the population was 47,286. Its county seat is Rocky Mount6. opened in May 2005. The Brookville branch previously located in a Kroger grocery store on Timberlake Road in the City of Lynchburg was relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. approximately 1.5 miles west to a new full service branch at 20865 Timberlake Road in Campbell County in May 2006 and now operates as the Timberlake branch. This press release may contain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of federal securities laws that involve significant risks and uncertainties. These statements are based on certain assumptions and analyses by the Company and may relate to the Company's future plans and performance. Although we believe our plans and expectations reflected in these forward-looking statements are reasonable, our ability to predict results or the actual effect of future plans or strategies is inherently uncertain, and we can give no assurance that these plans or expectations will be achieved. Factors that could cause actual results to differ materially from management's expectations include, but are not limited to, changes in: interest rates, general economic conditions, the legislative/regulatory climate, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. and the Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply. , the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. in our market area and accounting principles, policies and guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. . These risks and uncertainties should be considered in evaluating forward-looking statements contained herein, and you should not place undue reliance on such statements, which reflect our position as of the date of this release.
Pinnacle Bankshares Corporation
Selected Financial Highlights
(Unaudited)
(Amounts in thousands)
3 Months 3 Months 3 Months
Ended Ended Ended
6/30/2006 3/31/2006 6/30/2005
------------- ------------ ----------
Income Statement
Highlights
Net Interest Income $ 2,283 $ 2,166 $ 1,987
Provision for Loan Losses 81 65 82
Noninterest Income 666 561 637
Noninterest Expense 1,949 1,823 1,781
Net Income 624 576 537
Income Statement 6 Months Year 6 Months
Highlights Ended Ended Ended
6/30/2006 12/31/2005 6/30/2005
---------- ----------- ----------
Net Interest Income $ 4,449 $ 7,983 $ 3,867
Provision for Loan Losses 146 230 142
(including Overdraft Provision)
Noninterest Income 1,227 2,396 1,186
Noninterest Expense 3,772 7,166 3,480
Net Income 1,200 2,107 1,014
Balance Sheet
Highlights
6/30/2006 12/31/2005 6/30/2005
----------- -------------- ----------
Net Loans $ 191,753 $ 181,268 $ 166,870
Total Investments 26,148 29,261 32,963
Total Assets 240,012 233,490 219,507
Total Deposits 215,066 209,246 195,878
Stockholders' Equity 23,780 23,212 22,752
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