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Pinnacle Bankshares Corporation Announces Record High 2nd Quarter/Mid-Year 2026 Earnings

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  • Pinnacle Bankshares Corporation reported second quarter 2026 net income of $6,453,000 ($2.97 per share), a 140% increase from the same period in 2025.
  • Year-to-date 2026 net income reached $9,514,000 ($4.36 per share), representing a 92% increase compared to the first half of 2025.
  • The 2026 income growth included a $3,752,000 pretax gain ($2,964,000 after tax) from the sale of First National Bank's ownership interest in Bearing Insurance, LLC.
  • Core net income (excluding the Bearing Sale) for the second quarter was $3,489,000, a 30% increase, while year-to-date core net income rose 32% to $6,550,000.
  • Net interest income increased 9.5% for the six months ended June 30, 2026, driven by higher earning asset volume \& an 11-basis point expansion in net interest margin to 4.16%.
  • Provision for credit losses increased to $307,000 for the first half of 2026, primarily due to loan growth.
  • Noninterest income surged 111% to $8,077,000 for the first half of 2026, with core noninterest income rising 13% excluding the Bearing Sale gain.
  • Noninterest expense increased only 1% to $17,374,000 for the six-month period, with salary increases partially offset by decreased subordinated debt expense.
  • Total assets grew 7% to $1.142 billion as of June 30, 2026, with loans increasing 1% to $749 million \& securities rising 23% to $188 million.
  • Total deposits increased 7% to $1.042 billion, contributing to a liquidity ratio of 36% (16% excluding available-for-sale securities).
  • The Bank's Total Risk-Based Capital Ratio increased to 13.76%, while the Leverage Ratio decreased slightly to 8.84% as of June 30, 2026.
  • Stock price reached $55.10 per share by the end of the quarter, a 21% increase from the prior period.
  • Return on average assets (ROA) improved to 1.74% for the six months ended June 30, 2026, while Return on average equity (ROE) reached 21.04%.
  • Asset quality remained strong with non-performing loans to total loans decreasing to 0.17% \& the allowance for credit losses covering 415% of non-performing loans.
  • The Board of Directors re-elected five Class II directors at the Annual Meeting held on May 12, 2026.
  • First National Bank is celebrating its 118th year of operation in 2026 with 19 branches serving central \& southern Virginia.