The Altavista-based parent company of First National Bank reported Wednesday a second-quarter profit of $1.368 million, or 89 cents per basic share and 87 cents per diluted share, up from a profit of $1.115 million, or 72 cents per basic and diluted share, during the same quarter last year.
Total assets for the parent company, Pinnacle Bankshares, at the end of the second quarter were $481.23 million, up from $470.61 million at the end of 2018. Total deposits were $432.8 million, up from $425.28 million at the end of 2018. Stockholder equity rose to $45.33 million.
“We are pleased to report the highest six month net income in Pinnacle’s history,” President and CEO Todd Hall said in a news release, which noted the company record-high six-month profit of $2.669 million.
“Growth of our interest earning assets, higher net interest margin and strong credit quality have contributed to solid financial results thus far in 2019.”
The company’s net interest margin — in general, the difference between interest a bank earns on loans and what it pays out on deposits — rose to 4.12%.
Pinnacle Bankshares paid a dividend of 14 cents per share June 7 to shareholders of record as of May 24. The dividend increased from the previous quarter’s dividend of 12.5 cents per share. Assuming a share price of $31, the company has a dividend yield of 1.8%.
Founded in 1908, First National Bank operates branches in Lynchburg and the counties of Amherst, Bedford, Campbell and Pittsylvania, including two in the town of Altavista. The company opened its 10th location in May in downtown Lynchburg.