For the three months ended March 31, 2008, net income was $282,000, compared with net income of $247,000 for the three months ended March 31, 2007. Net interest income for the three months ended March 31, 2008, was $1,646,000, compared with $1,576,000 in the same period last year.
Basic and diluted earnings per share for the three months ended March 31, 2008 were each $0.20 per share, compared to $0.17 each for the same period last year.
Mr. Nolen noted that net interest margin increased to 3.13% in the first quarter of 2008 from 3.00% in the fourth quarter of 2007 and 2.92% in the first quarter of 2007.
Mr. Nolen noted the provision for loan losses increased from $75,000 in the three months ended March 31, 2007 to $208,500 in the three months ended March 31, 2008. The substantial deterioration in the housing market adversely affected the Bank's residential construction loan portfolio and the non-owner occupied residential loan portfolio with increases in both non-performing loans and foreclosed real estate. Non-performing loans increased to .47% of loans at March 31, 2008 compared to .34% at December 31, 2007 and .41% at March 31, 2007. Non-performing assets increased to 1.29% of assets at March 31, 2008, compared to 1.25% as of December 31, 2007 and 0.30% at March 31, 2007.
At March 31, 2008, the Company's allowance for loan loses as a percent of total loans was 1.27%, compared to 1.22% at December 31, 2007. At March 31, 2008, the Company's allowance for loan losses as a percent of nonperforming loans was 268.38%, compared to 359.38% at December 31, 2007. Based on current real estate valuations, the Company believes its allowance for loan losses is adequate. If residential real estate values continue to decline, additional increases in the allowance may be necessary.
At March 31, 2008, total stockholders' equity and book value per share were $20,737,000 and $14.40 per share, respectively, compared to $20,934,000 and $14.30 per share, respectively, at December 31, 2007. Total assets at March 31, 2008, were $228,083,000, compared to total assets at December 31, 2007, of $235,945,000. Pinnacle's strong equity to assets ratio was 9.09% at March 31, 2008.
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 Bancshares, Inc.'s wholly owned subsidiary Pinnacle Bank has seven offices located in central and northwest Alabama.
PINNACLE BANCSHARES, INC. Unaudited Financial Highlights (In Thousands, except share and per share data) Three Months Ended March 31, ---------------------------------- 2008 2007 ---------------- ----------------- Net income $282,000 $247,000 Basic earnings per share $0.20 $0.17 Diluted earnings per share $0.20 $0.17 Performance ratios (annualized): Return on average assets 0.48% 0.42% Return on average equity 5.33% 5.07% Interest rate spread 3.12% 2.70% Net interest margin 3.13% 2.92% Operating cost to assets 2.61% 2.61% Weighted average basic shares Outstanding 1,440,135 1,467,538 Weighted average diluted shares Outstanding 1,441,478 1,470,623 Dividends per share $0.11 $0.11 Provision for loan losses $208,500 $75,000 March 31, 2008 December 31, 2007 ---------------- ----------------- Total assets $228,083,000 $235,945,000 Loans receivable, net $137,500,000 $130,580,000 Deposits $200,629,000 $201,801,000 Total stockholders' equity $20,737,000 $20,934,000 Book value per share $14.40 $14.30 Stockholders' equity to assets ratio 9.09% 8.87% Asset quality ratios: Nonperforming loans as a percent of total loans 0.47% 0.34% Nonperforming assets as a percent of total assets 1.29% 1.25% Allowance for loan losses as a percent of total loans 1.27% 1.22% Allowance for loan losses as a percent of nonperforming loans 268.38% 359.38%
FINANCIAL INFORMATION PINNACLE BANCSHARES, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION March 31, December 31, 2008 2007 ------------- ------------- ASSETS: Cash and cash equivalents $5,691,356 $4,783,834 Interest-bearing deposits in other banks 5,285,911 1,421,488 Securities available-for-sale 60,704,457 79,529,600 FHLB stock 469,200 725,900 First National Bankers Bancshares stock 525,000 525,000 Loans held for sale 322,808 252,466 Loans receivable, net of allowances for loan losses of $1,774,404 and $1,610,078 respectively 137,499,841 130,579,585 Real estate owned, net 2,290,956 2,507,116 Premises and equipment, net 7,064,620 7,122,109 Goodwill 306,488 306,488 Bank owned life insurance 5,839,981 5,750,390 Accrued interest receivable 1,386,625 1,520,343 Other assets 695,664 920,244 ------------- ------------- Total assets $228,082,907 $235,944,563 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY: Deposits $200,629,438 $201,800,884 Subordinated debt 3,093,000 3,093,000 Borrowed Funds 1,000,000 6,850,000 Official checks outstanding 708,625 1,378,574 Accrued interest payable 1,174,417 1,272,655 Other liabilities 740,586 615,768 ------------- ------------- Total liabilities 207,346,066 215,010,881 ------------- ------------- STOCKHOLDERS' EQUITY: Common stock, par value $.01 per share; 2,400,000 authorized; 1,872,313 issued at March 31, 2008 and December 31, 2007, respectively; 1,390,681 and 1,462,359 outstanding at March 31, 2008 and December 31, 2007, respectively 18,723 18,723 Additional paid-in capital 8,923,223 8,923,223 Treasury shares, at cost (481,632 and 409,954 shares outstanding at March 31, 2008 and December 31, 2007, respectively) (6,122,292) (5,317,798) Retained earnings 17,681,333 17,554,085 Accumulated other comprehensive loss, net of tax 235,854 (244.551) ------------- ------------- Total stockholders' equity 20,736,841 20,933,682 ------------- ------------- Total liabilities and stockholders' equity $228,082,907 $235,944,563 ============= ============= See accompanying notes to these condensed consolidated financial statements.
PINNACLE BANCSHARES, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2008 2007 ----------- ----------- INTEREST REVENUE: Interest on loans $2,493,638 $2,401,580 Interest and dividends on securities 810,464 1,011,676 Other interest 15,925 101,587 ----------- ----------- 3,320,027 3,514,843 INTEREST EXPENSE: Interest on deposits 1,565,425 1,873,352 Interest on subordinated debt 56,069 65,352 Interest on borrowed funds 52,840 0 ----------- ----------- 1,674,334 1,938,704 ----------- ----------- NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES 1,645,693 1,576,139 PROVISION FOR LOAN LOSSES 208,500 75,000 ----------- ----------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 1,437,193 1,501,139 ----------- ----------- NONINTEREST INCOME: Fees and service charges on deposit accounts 221,216 198,053 Service fee income 26,310 30,954 Fees and charges on loans 81,399 30,428 Bank owned life insurance 89,591 84,288 Net gain (loss) on sale or write-down of: Securities available for sale 13,432 0 Loans held for sale 30,705 53,108 Real estate owned 17,150 (16,888) ----------- ----------- 479,803 379,943 ----------- ----------- NONINTEREST EXPENSE: Compensation and benefits 831,306 871,480 Occupancy 302,247 283,707 Marketing and professional 99,107 112,095 Other 286,459 267,228 ----------- ----------- 1,519,119 1,534,510 ----------- ----------- INCOME BEFORE INCOME TAXES 397,877 346,572 INCOME TAX EXPENSE 116,153 99,079 ----------- ----------- NET INCOME $281,724 $247,493 =========== =========== Basic earnings per share $0.20 $0.17 Diluted earnings per share $0.20 $0.17 Cash dividends per share $0.11 $0.11 Weighted average basic shares outstanding 1,440,135 1,464,538 Weighted average diluted shares outstanding 1,441,478 1,470,623
PINNACLE BANCSHARES, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007 Additional Common Stock Paid-in Treasury ----------------- Shares Amount Capital Stock ------------------------------------------ BALANCE, December 31, 2006 1,872,313 $18,723 $8,923,223 $(5,285,739) Comprehensive income: Net income 0 0 0 0 Change in fair value of securities available- for-sale, net of tax 0 0 0 0 Comprehensive income Cash dividends declared ($.11 per share) 0 0 0 0 ------------------------------------------ BALANCE, March 31, 2007 1,872,313 $18,723 $8,923,223 $(5,285,739) ========================================== BALANCE, December 31, 2007 1,872,313 $18,723 $8,923,223 $(5,317,798) Comprehensive loss: Net income 0 0 0 0 Change in fair value of securities available- for-sale, net of tax 0 0 0 0 Comprehensive income Cash dividends declared ($.11 per share) 0 0 0 0 Repurchase 71,678 shares of common stock 0 0 0 (804,494) ------------------------------------------ BALANCE March 31, 2008 1,872,313 $18,723 $8,923,223 $(6,122,292) ========================================== Accumulated Other Total Retained Comprehensive Stockholders' Earnings (Loss) Income Equity ------------------------------------------ BALANCE, December 31, 2006 $17,103,780 $(1,354,450) $19,405,537 Comprehensive income: Net income 247,493 0 247,493 Change in fair value of securities available-for- sale, net of tax 0 229,786 229,786 ------------- Comprehensive income 477,279 Cash dividends declared ($.11 per share) (161,099) 0 (161,099) ------------------------------------------ BALANCE, March 31, 2007 $17,190,174 $(1,124,664) $19,721,717 ========================================== BALANCE, December 31, 2007 $17,554,085 $(244,551) $20,933,682 Comprehensive loss: Net income 281,724 0 281,724 Change in fair value of securities available-for- sale, net of tax 0 480,405 480,405 ------------- Comprehensive income 762,129 Cash dividends declared ($.11 per share) (154,476) 0 (154,476) Repurchase 71,678 shares of common stock 0 0 (804,494) ------------------------------------------ BALANCE March 31, 2008 $17,681,333 $235,854 $20,736,841 ==========================================
PINNACLE BANCSHARES, INC, UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Three Months Ended March 31, -------------------------- 2008 2007 ------------- ------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net income $281,724 $247,493 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 115,367 125,230 Provision for loan losses 208,500 75,000 Amortization , net (98,289) 87,609 Increase in cash surrender value of Bank owned life insurance (89,591) (84,288) Net (gain) loss on sale or write-down of: Securities available for sale (13,432) 0 Loans held for sale (30,705) (53,108) Real estate owned (17,150) 16,888 Proceeds from sale of loans 4,952,787 5,746,328 Loans originated for sale (4,992,424) (5,138,170) Decrease in accrued interest receivable 133,718 79,239 Decrease (increase) in other assets 225,081 (6,800) Decrease (increase) in accrued interest payable (98,238) 34,215 Increase in other liabilities (169,624) (61,033) ------------- ------------ Net cash provided operating activities 407,724 1,068,603 ------------- ------------ CASH FLOWS FROM INVESTING ACTIVITIES: Net loan (originations) repayments (7,097,320) (5,503,105) Net change in interest bearing deposits in other banks (3,864,423) (668,071) Purchase of securities available-for-sale (19,686,043) (7,164,010) Proceeds from maturing, called and payments received on securities available-for-sale 39,361,349 1,876,189 Proceeds from sale of Federal Home Loan Bank stock 1,129,500 22,700 Purchase of Federal Home Loan Bank stock (872,800) 0 Purchase of premises and equipment (57,878) (35,319) Proceeds from sales or capital expenditures related to real estate owned 237,778 49,041 ------------- ------------ Net (provided by) cash used in investing activities 9,150,163 (11,422,575) ------------- ------------ CASH FLOWS FROM FINANCING ACTIVITIES: Net increase in passbook, NOW and money market deposit accounts 1,589,455 3,375,877 Proceeds from sales of time deposits 3,237,871 13,058,919 Payments on maturing time deposits (5,998,772) (5,983,665) Decrease in borrowed funds (5,850,000) 0 Decrease (increase) in official checks outstanding (669,949) 134,341 Repurchase of common stock (804,494) 0 Payments of cash dividends (154,476) (161,099) ------------- ------------ Net cash (used in) provided by financing activities (8,650,365) 10,424,373 ------------- ------------ NET INCREASE IN CASH AND CASH EQUIVALENTS 907,522 70,401 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 4,783,834 4,206,018 ------------- ------------ CASH AND CASH EQUIVALENTS AT END OF PERIOD $5,691,356 $4,276,419 ============= ============ SUPPLEMENTAL DISCLOSURES: Cash payments for interest on deposits, borrowed funds, and subordinated debentures $1,772,342 $1,904,489 Cash payments for income taxes 33,000 0 Real estate acquired through foreclosure 4,468 105,183
SOURCE: Pinnacle Bancshares
Pinnacle Bancshares, Inc. Robert B. Nolen, Jr. President and Chief Executive Officer 205-221-4111
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