Pinnacle Bankshares Corporation, Altavista-based parent company of First National Bank, reported higher first-quarter earnings on Friday.
Net income was $ 1.099 million, or 51 cents per share, compared to $ 448,000, or 29 cents per share, for the first quarter of 2020.
Todd Hall, president and CEO of the company and the bank, said in a press release that the higher net income was mainly due to growth from the acquisition of Virginia Bank Bankshares Inc., based in Danville, also known as Virginia Bank & Trust the fourth quarter of 2020 was closed.
“With the successful transition of Virginia Bank’s core operating system in February, we are now focused on fully integrating and safely reopening branch lobbies to better serve our customers,” said Hall.
Pinnacle Bankshares (OTCQX: PPBN) had total assets of $ 910.7 million at the end of the first quarter, an increase of 6% from the end of 2020. Total loans were $ 571.8 million, an increase of approximately 1%. Total deposits increased approximately 7% to $ 834.7 million.
The company’s net interest margin, which is essentially the difference between the interest on loans and the interest on deposits, decreased to 2.96%.
Founded in 1908, Pinnacle Bankshares has 11 offices in the Lynchburg area and a loan production office in Charlottesville. The merger with Virginia Bank Bankshares added seven more branches in Danville and Pittsylvania Counties to the First National Bank’s list.