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Pinnacle Bankshares Corporation (PPBN)

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Previous Close26.00
Open26.00
BidN/A x N/A
AskN/A x N/A
Day's Range26.00 - 26.00
52 Week Range18.01 - 26.89
Volume1
Avg. Volume655
Market Cap56.204M
Beta (5Y Monthly)0.67
PE Ratio (TTM)14.15
EPS (TTM)1.84
Earnings DateFeb 12, 2021
Forward Dividend & Yield0.56 (2.09%)
Ex-Dividend DateFeb 18, 2021
1y Target EstN/A
  • Pinnacle Bankshares Corporation Announces Cash Dividend and Elects Directors
    GlobeNewswire

    Pinnacle Bankshares Corporation Announces Cash Dividend and Elects Directors

    ALTAVISTA, Va., May 13, 2021 (GLOBE NEWSWIRE) -- Pinnacle Bankshares Corporation (“Pinnacle” or the “Company”) (OTCQX: PPBN), the one-bank holding company for First National Bank (the “Bank”), announced today that its Board of Directors declared a cash dividend of $0.14 per share on May 11, 2021, payable June 4, 2021, to shareholders of record as of May 21, 2021. The $0.14 per share cash dividend is equal to the dividend paid last quarter and marks the thirty-fifth consecutive quarter a dividend has been declared. Pinnacle previously released its first quarter 2021 earnings on April 30, 2021. “Pinnacle is pleased to maintain its quarterly cash dividend of $0.14 per share,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank. Mr. Hall further commented, “The Board and Management are committed to balancing this type of return on investment with retaining earnings to support growth of the Company, which hopefully will enhance our stock price.” In other news, at Pinnacle’s 2021 Annual Meeting of Shareholders held on May 11, 2021, George W. Davis, III was elected to the Board of Directors as a Class I director to serve until the 2022 Annual Meeting of Shareholders; Donald W. Merricks and Dr. Albert L. Payne were elected as Class II directors to serve until the 2023 Annual Meeting of Shareholders; and Connie C. Burnette, L. Frank King, Jr., Carroll E. Shelton, C. Bryan Stott, Michael E. Watson and James O. Watts, IV, Esq. were elected as Class III directors to serve until the 2024 Annual Meeting of Shareholders. Pinnacle Bankshares Corporation is a locally managed community banking organization based in Central Virginia. The one-bank holding company of First National Bank serves an area consisting primarily of all or portions of the Counties of Amherst, Bedford, Campbell and Pittsylvania, and the Cities of Charlottesville, Danville and Lynchburg. The Company has a total of eighteen branches with two located in the Town of Altavista in Campbell County, where the Bank was founded. Other branch locations include one branch in the Town of Amherst in Amherst County, two branches in Bedford County, three additional branches in Campbell County, four branches in the City of Danville, three branches in the City of Lynchburg, and three branches in Pittsylvania County. The Company also operates a loan production office located in Charlottesville. First National Bank is in its 113th year of operation. Cautionary Statement Regarding Forward-Looking Statements This press release may contain “forward-looking statements” within the meaning of federal securities laws that involve significant risks and uncertainties. Any statements contained herein that are not historical facts are forward-looking and are based on current assumptions and analysis by the Company. These forward-looking statements, including statements made in Mr. Hall’s quotes may include, but are not limited to, statements regarding the returns and capital accretion during future periods and future operating results and business 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, the effectiveness of management’s efforts to improve asset quality, returns, net interest margin and collections and control operating expenses, management’s efforts to minimize losses related to nonperforming loans, management’s efforts to lower our cost of funds, the Company’s branch expansions, cyber threats, attacks or similar events, the potential adverse effects of the ongoing COVID-19 Pandemic on local and national economies and markets and any governmental or societal responses thereto, the effect of steps taken by the Company in response to the COVID-19 Pandemic, the severity and duration of the pandemic, the impacts of tightening or loosening of governmental restrictions, the ability of the Company and the Bank to realize the anticipated benefits of the merger with Virginia Bank Bankshares, Inc., changes in: interest rates, general economic and business conditions, including unemployment levels and slowdowns in economic growth, declining collateral values, especially real estate, the real estate market, the legislative/regulatory climate, including laws and regulations concerning taxes, banking, securities, insurance, and healthcare with which the Company and its subsidiaries must comply, including recent and potential legislative and regulatory changes in response to the COVID-19 Pandemic and the rules and regulations that may be promulgated thereunder, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System and any policies or programs implemented pursuant to the CARES Act, including the Paycheck Protection Program, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows and funding costs, competition, demand for financial services in our market area and accounting principles, policies and guidelines. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and you should not place undue reliance on such statements, which reflect our views as of the date of this release. CONTACT: Pinnacle Bankshares Corporation, Bryan M. Lemley, 434-477-5882 or bryanlemley@1stnatbk.com

  • Pinnacle Bankshares Corporation Announces First Quarter 2021 Earnings
    GlobeNewswire

    Pinnacle Bankshares Corporation Announces First Quarter 2021 Earnings

    ALTAVISTA, Va., April 30, 2021 (GLOBE NEWSWIRE) -- Net income for Pinnacle Bankshares Corporation (OTCQX:PPBN), the one-bank holding company (“Pinnacle” or the “Company”) for First National Bank (the “Bank”), was $1,099,000 or $0.51 per basic and diluted share for the quarter ended March 31, 2021 compared to net income of $448,000 or $0.29 per basic and diluted share for the same period of 2020. Quarterly consolidated results are unaudited. Net income generated during the first quarter of 2021 represents a $651,000 increase as compared to the same time period of the prior year, which was mainly driven by higher net interest income and higher noninterest income as the Company’s assets and customer base increased due to its merger with Virginia Bank Bankshares, Inc. (“Virginia Bank”) in the fourth quarter of 2020. These increases were partially offset by an increase in noninterest expense, which is also associated with the merger. Profitability as measured by the Company’s return on average assets (“ROA”) was 0.50% for the first quarter of 2021, which is a 13 basis points increase from the 0.37% produced in the first quarter of 2020. Correspondingly, return on average equity (“ROE”) also increased in the first quarter of 2021 to 7.53%, compared to 3.95% for the same time period of the prior year. “We are pleased with First Quarter 2021 net income as compared to the prior year, which was driven by asset growth resulting largely from our partnership with Virginia Bank,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank. Mr. Hall further commented, “Increased net interest income and noninterest income have outpaced higher noninterest expense associated with the merger, which we expect to level out in coming quarters. With the successful conversion of Virginia Bank’s core operating system in February, we are now focused on full integration and safely reopening branch lobbies to better serve our customers.” The Company’s net interest income was $5,987,000 for the quarter ended March 31, 2021, an increase of 45% as compared to net interest income of $4,130,000 for the quarter ended March 31, 2020. Interest income increased $1,696,000, or approximately 35%, due to increased loan and investment volume, while interest expense decreased $161,000, or 23%, despite higher deposit volume as cost to fund earning assets decreased 35 basis points to 0.26%. Yield on earning assets decreased 104 basis points to 3.22% as net interest margin decreased from 3.65% for the first quarter of 2020 to 2.96% for the first quarter of 2021. The provision for loan losses decreased $53,000 to $62,000 in the first quarter of 2021 as result of stable asset quality. The allowance for loan losses was $3,529,000 as of March 31, 2021, representing 0.62% of total loans outstanding. In comparison, the allowance for loan losses was $3,478,000 as of December 31, 2020, which was also 0.62% of total loans outstanding. The net credit mark on loans purchased from Virginia Bank as of March 31, 2021 was $2,805,000. The allowance for loan losses plus the net credit mark was $6,334,000, or 1.11%, of the Company’s total loans as of March 31, 2021. Non-performing loans to total loans decreased to 0.14% as of March 31, 2021, compared to 0.20% as of year-end 2020. Allowance coverage of non-performing loans was 457% as of the end of the quarter compared to 366% as of year-end 2020. Management views the allowance balance as being sufficient to offset potential future losses associated with problem loans. Noninterest income for the quarter ended March 31, 2021 increased $598,000, or 45%, to $1,938,000 from $1,340,000 for the quarter ended March 31, 2020. The increase was mainly due to a $206,000 increase in loan fee income due mainly to the origination of Paycheck Protection Program loans, a $144,000 increase in ATM and debit card interchange fees primarily due to the additional customers and accounts from Virginia Bank, a $121,000 increase in fees generated from sales of mortgage loans and a $65,000 increase in income derived from the Bank’s investment in Bankers Insurance, LLC. Noninterest expense for the quarter ended March 31, 2021 increased $1,701,000, or approximately 35%, to $6,523,000 from $4,822,000 for the quarter ended March 31, 2020. The increase is attributed to the growth of the Company, including the merger with Virginia Bank, and was driven by a $1,151,000 increase in salaries and benefits, a $305,000 increase in occupancy expense and $294,000 in merger related expenses. Total assets as of March 31, 2021 were $910,708,000, up 6% from $860,514,000 as of December 31, 2020. The principal components of the Company’s assets as of March 31, 2021 were $571,757,000 in total loans, $235,980 in cash and cash equivalents and $64,007,000 in securities. During the first quarter of 2021, total loans increased approximately 1%, or $7,441,000, from $564,316,000 as of December 31, 2020, while securities increased approximately 37%, or $17,266,000, from $46,741,000. Cash and cash equivalents increased 12%, or $24,916,000, from $211,064,000 in the first quarter of 2021 due to growth of deposits. Total liabilities as of March 31, 2021 were $852,346,000, up $50,162,000, or 6%, from $802,184,000 as of December 31, 2020 as deposits increased 7%, or $53,331,000 to $834,667,000 in the first quarter of 2021. First National Bank continues to experience strong deposit growth as a result of federal government stimulus in response to the pandemic, an overall “flight to safety” by depositors and relationships moved to the Bank from larger national financial institutions. Total stockholders’ equity as of March 31, 2021 was $58,362,000 and consisted primarily of $45,335,000 in retained earnings. In comparison, as of December 31, 2020 total stockholders’ equity was $58,330,000. Both the Company and Bank remain “well capitalized” per all regulatory definitions. First National Bank opened it eighteenth branch on March 18, 2021 located at 18077 Graves Mill Road, Forest, VA in front of the Graves Mill Plaza. Additionally, the Bank reopened the majority of its branch lobbies on April 20, 2021, while still following numerous COVID-19 protocols. All branch lobbies are expected to be open by May 25, 2021. As a reminder, the Pinnacle Bankshares Corporation Annual Meeting of Shareholders will be held at 10:00 Eastern Time on Tuesday, May 11, 2021, at Virginia Technical Institute located at 201 Ogden Road, Altavista VA 24517. Pinnacle Bankshares Corporation is a locally managed community banking organization based in Central Virginia. The one-bank holding company of First National Bank serves an area consisting primarily of all or portions of the Counties of Amherst, Bedford, Campbell and Pittsylvania, and the Cities of Charlottesville, Danville and Lynchburg. The Company has a total of eighteen branches with two located in the Town of Altavista in Campbell County, where the Bank was founded. Other branch locations include one branch in the Town of Amherst in Amherst County, two branches in Bedford County, three additional branches in Campbell County, four branches in the City of Danville, three branches in the City of Lynchburg, and three branches in Pittsylvania County. The Company also operates a loan production office located in Charlottesville. First National Bank is in its 114th year of operation. This press release may contain “forward-looking statements” within the meaning of federal securities laws that involve significant risks and uncertainties. Any statements contained herein that are not historical facts are forward-looking and are based on current assumptions and analysis by the Company. These forward-looking statements, including statements made in Mr. Hall’s quotes may include, but are not limited to, statements regarding the credit quality of our asset portfolio in future periods, the expected losses of nonperforming loans in future periods, returns and capital accretion during future periods, our cost of funds, the maintenance of our net interest margin, future operating results and business performance, our growth initiatives, results of the Company’s merger with Virginia Bank, and the potential effects of the COVID-19 Pandemic and related impacts on the Company’s financial condition and results of operations. 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, the effectiveness of management’s efforts to improve asset quality, returns, net interest margin and collections and control operating expenses, management’s efforts to minimize losses related to nonperforming loans, management’s efforts to lower our cost of funds, the Company’s branch expansions, cyber threats, attacks or similar events, the potential adverse effects of the ongoing COVID-19 Pandemic on local and national economies and markets and any governmental or societal responses thereto, the effect of steps taken by the Company in response to the COVID-19 Pandemic, the severity and duration of the pandemic, the impacts of tightening or loosening of governmental restrictions, the ability of the Company and the Bank to realize the anticipated benefits of the merger with Virginia Bank, changes in: interest rates, general economic and business conditions, including unemployment levels and slowdowns in economic growth, declining collateral values, especially real estate, the real estate market, the legislative/regulatory climate, including laws and regulations concerning taxes, banking, securities, insurance, and healthcare with which the Company and its subsidiaries must comply, including recent and potential legislative and regulatory changes in response to the COVID-19 Pandemic such as the CARES Act and the rules and regulations that may be promulgated thereunder, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System and any policies or programs implemented pursuant to the CARES Act, including PPP, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows and funding costs, competition, demand for financial services in our market area and accounting principles, policies and guidelines. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and you should not place undue reliance on such statements, which reflect our views as of the date of this release. Selected financial highlights are shown below. Pinnacle Bankshares CorporationSelected Financial Highlights(3/31/2021 and 3/31/2020 results unaudited, 12/31/2020 results audited)(In thousands, except ratios, share and per share data) 3 Months Ended3 Months Ended 3 Months EndedIncome Statement Highlights3/31/202112/31/20203/31/2020Interest Income$6,525$6,309$4,829Interest Expense538603699Net Interest Income5,9875,7064,130Provision for Loan Losses62(5)115Noninterest Income1,9384,8261,340Noninterest Expense6,5238,3104,822Net Income1,0991,487448Earnings Per Share (Basic)0.510.760.29Earnings Per Share (Diluted)0.510.760.29 Balance Sheet Highlights3/31/202112/31/20203/31/2020Cash and Cash Equivalents$235,980$211,064$42,250Total Loans571,757564,316385,644Total Securities64,00746,74148,917Total Assets910,708860,514502,817Total Deposits834,667781,336450,422Total Liabilities852,346802,184457,538Stockholders' Equity58,36258,33045,279Shares Outstanding2,158,3792,158,3791,557,098 Ratios and Stock Price3/31/202112/31/20203/31/2020Gross Loan-to-Deposit Ratio68.50%72.22%85.62%Net Interest Margin (Year-to-date)2.96%3.34%3.65%Liquidity (Liquid assets to liabilities)36.96%34.12%18.35%Efficiency Ratio82.21%83.52%88.09%Return on Average Assets (ROA)0.50%0.52%0.37%Return on Average Equity (ROE)7.53%6.36%3.95%Leverage Ratio (Bank)7.75%8.92%9.61%Tier 1 Risk-based Capital Ratio (Bank)11.90%11.84%11.62%Total Capital Ratio (Bank)12.55%12.48%12.47%Stock Price$25.76$23.00$23.00Book Value$27.04$27.03$29.08 Asset Quality Highlights3/31/202112/31/20203/31/2020Nonaccruing Loans$772$891$1,499Loans 90 Days or More Past Due and Accruing059162Total Nonperforming Loans7729501,661Troubled Debt Restructures Accruing1,6771,714190Total Impaired Loans2,4492,6641,851Other Real Estate Owned (OREO) (Foreclosed Assets)51951947Total Nonperforming Assets1,2911,4691,708Nonperforming Loans to Total Loans0.14%0.17%0.43%Nonperforming Assets to Total Assets0.14%0.17%0.34%Allowance for Loan Losses$3,529$3,478$3,433Allowance for Loans Losses to Total Loans0.62%0.62%0.89%Allowance for Loan Losses Plus Net Credit Mark to Total Loans (1)1.11%1.14%NAAllowance for Loan Losses to Nonperforming Loans457.12%366.11%206.68% CONTACT: Pinnacle Bankshares Corporation, Bryan M. Lemley, 434-477-5882 or bryanlemley@1stnatbk.com (1) This is a non-GAAP measure calculated by dividing the sum of the allowance for loan losses of $3,529 plus the net credit mark of $2,805 by total loans $571,757 which equals 1.11%

  • Pinnacle Bankshares Corporation Announces Fourth Quarter and 2020 Earnings
    GlobeNewswire

    Pinnacle Bankshares Corporation Announces Fourth Quarter and 2020 Earnings

    ALTAVISTA, Va., Feb. 12, 2021 (GLOBE NEWSWIRE) -- Net income for Pinnacle Bankshares Corporation (OTCQX:PPBN), the one-bank holding company (“Pinnacle” or the “Company”) for First National Bank (“First National” or the “Bank”), was $1,805,000, or $0.92 per basic and diluted share, for the quarter ended December 31, 2020, and $3,380,000, or $2.04 per basic and $2.036 per diluted share, for the year ended December 31, 2020. Net income was $684,000, or $0.44 per basic and diluted share, and $4,396,000, or $2.84 per basic share and $2.82 per diluted share, respectively, for the same periods of 2019. Consolidated results for the fourth quarters of 2020 and 2019 and the full year 2020 are unaudited. Profitability as measured by the Company’s return on average assets (“ROA”) decreased to 0.58% for the year ended December 31, 2020, as compared to 0.92% generated during 2019. Correspondingly, return on average equity (“ROE”) for 2020 decreased to 6.99%, compared to 9.86% for the prior year. The $3,380,000 in net income generated during 2020 represents a $1,016,000, or 23%, decrease as compared to the prior year, which was mainly driven by higher noninterest expense. The increase in noninterest expense was primarily due to $2,889,000 in expenses associated with the Company’s merger with Virginia Bank Bankshares, Inc. (“Virginia Bank”), which closed on October 30, 2020, as well as higher salaries and employee benefits related to strategic growth initiatives to include the Bank’s Downtown Lynchburg Branch and its Charlottesville Loan Production Office. Net income of $1,805,000 generated during the fourth quarter of 2020 represents a $1,121,000, or 164%, increase as compared to the fourth quarter of 2019, due to a bargain purchase gain recognized from the merger with Virginia Bank of $2,694,000 that was recorded in the fourth quarter of 2020. This was partially offset by $1,780,000 in expenses recognized during the fourth quarter of 2020 associated with the merger. “We are pleased to have completed our merger with Virginia Bank during 2020 and absorbed most of the related transaction expenses. Pinnacle’s operating performance for the year, which includes two months as a combined company with Virginia Bank, was in line with expectations despite the impacts of the COVID-19 pandemic,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank. Mr. Hall further commented, “We are now focused on integration of personnel and operating systems in order to better serve our clients. We are excited about our position across the Danville, Lynchburg and Charlottesville markets and the opportunities for future growth and enhanced shareholder returns.” For the year ended December 31, 2020, the Company produced $18,269,000 in net interest income, which represents a $593,000, or 3%, increase as compared to the $17,676,000 generated in 2019. Interest income increased $549,000, or approximately 3%, due to higher loan volume in the fourth quarter as a result of the merger with Virginia Bank, while interest expense decreased $43,000, or approximately 2%, due mainly to a decrease in the cost of deposits caused by lower interest rates. As a result of a 78 basis points decrease in yield on average earning assets and a 12 basis points decrease in the cost to fund earning assets, the Company’s net interest margin decreased to 3.34% for 2020 as compared to 4.00% for 2019. The Company produced $5,706,000 in net interest income for the fourth quarter of 2020, which represents a $1,355,000, or 31%, increase as compared to the $4,351,000 generated in the fourth quarter of 2019. Interest income increased $1,231,000, or approximately 24%, while interest expense decreased $124,000, or approximately 17%, which, as previously referenced, was due to higher loan volume as a result of the merger with Virginia Bank and a decrease in the cost of deposits caused by lower interest rates. The Company’s provision for loan losses was $252,000 for 2020 representing an $89,000, or 55%, increase as compared to $163,000 for 2019. The Company’s provision for loan losses for 2020 included the impact of qualitative adjustments to the Company’s allowance for loan losses required due to the COVID-19 pandemic. Provision for loan losses for the fourth quarter of 2020 was ($5,000) compared to $12,000 for the fourth quarter of 2019. The allowance for loan losses was $3,478,000 as of December 31, 2020, which represented 0.62% of total loans outstanding. In comparison, the allowance for loan losses was $3,472,000, or 0.88%, of total loans outstanding as of December 31, 2019. The net credit mark on loans acquired from Virginia Bank as of December 31, 2020 was $2,952,000. The allowance for loan loss plus the net credit mark was $6,430,000, or 1.14%, of the Company’s total loans as of December 31, 2020. Loans with deferred payments due to impacts of the pandemic totaled $38,000, or less than 1%, of the total loan portfolio as of December 31, 2020 compared to $2,794,000 as of September 30, 2020. These loans were principally comprised of loans that received short-term payment deferrals pursuant to guidance from the federal banking regulators and relief contained in the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). There was no additional provision for loan losses for these loans during the fourth quarter. Non-performing loans to total loans decreased to 0.17% as of December 31, 2020 compared to 0.29% as of year-end 2019. Allowance coverage of non-performing loans as of December 31, 2020 increased to 366% from 306% as of year-end 2019. Management views the allowance balance as of December 31, 2020 as being sufficient to offset potential future losses associated with problem loans. Noninterest income increased $4,049,000, or approximately 88%, in 2020 to $8,672,000 from $4,623,000 in 2019. This improvement was mainly driven by the $2,694,000 bargain purchase gain related to the merger with Virginia Bank recorded in the fourth quarter of 2020 and a $386,000 increase in fees generated from sales of mortgage loans. Revenue from Bank Owned Life Insurance (BOLI) increased $253,000 in 2020. The Company also experienced a $249,000 increase in loan fees primarily associated with the origination of $28,208,000 in Paycheck Protection Program (PPP) loans authorized by the CARES Act and guaranteed by the Small Business Administration. Other increases in net income included a $148,000 increase in debit card interchange income, a $90,000 increase in income derived from the Bank’s investment in Bankers Insurance, LLC, and a $90,000 increase in commissions on sales of investments and insurance. Noninterest income for the fourth quarter of 2020 increased $3,611,000, or approximately 297%, to $4,826,000 from $1,215,000 for the fourth quarter of 2019 due mainly to the bargain purchase gain and a $261,000 BOLI insurance benefit payment. Additionally, fees from sales of mortgage loans also increased by $201,000, loan fees increased by $156,000 due to PPP loans and overall growth of the loan portfolio, and a debit card income increased by $52,000. Noninterest expense increased $5,741,000, or approximately 34%, in 2020 to $22,513,000 from $16,772,000 in 2019. The increase is primarily attributed to $2,889,000 in merger expenses primarily consisting of legal, accounting, investment banking and contract termination fees. The Company also experienced a $1,167,000 increase in salaries and benefits and a $496,000 increase in furniture, equipment and occupancy expenses due to growth of the Company during 2020. Noninterest expense for the fourth quarter of 2020 increased $3,533,000, or approximately 74%, to $8,310,000 from $4,777,000 for the fourth quarter of 2019 due primarily to $1,780,000 in expenses associated with the Company’s merger with Virginia Bank. The Company also experienced a $640,000 increase in salaries and benefits and a $289,000 increase in furniture, equipment and occupancy expenses due to the growth of the Company during the quarter. Total assets as of December 31, 2020 were $860,832,000, up $360,302,000, or 72%, from $500,530,000 as of December 31, 2019. The principal components of the Company’s assets as of December 31, 2020 were $564,316,000 in total loans, $46,741,000 in securities and $211,064,000 in cash and cash equivalents. During 2020, cash and cash equivalents increased $178,161,000, or 542%, from $32,903,000 as of December 31, 2019 due mainly to an influx of deposits discussed below, the liquidation of Virginia Bank’s securities portfolio, which is in the process of being reinvested, and additional liquidity resulting from the merger with Virginia Bank. Total loans increased $170,796,000, or 43%, from $393,520,000 as of December 31, 2019, primarily due to the addition of approximately $154,000,000 in loans acquired through the merger with Virginia Bank, which included $13,503,000 in PPP loans. Additionally, the Company originated $28,208,000 in PPP loans in 2020. Outstanding balances on PPP loans originated by the Company and Virginia Bank as of December 31, 2020 were $26,456,000. Securities increased $1,783,000, or 4%, from $44,958,000 as of December 31, 2019. Total liabilities as of December 31, 2020 were $800,156,000, up $345,071,000, or 76%, from $455,085,000 as of December 31, 2019. The increase in liabilities was driven by overall deposit growth of $331,053,000 consisting of a $166,308,000, or 68%, increase in savings and NOW accounts, a $139,607,000, or 126%, increase in demand deposits and a $25,138,000, or 26%, increase in time deposits since the prior year-end. Approximately $212,000,000 of the deposit growth in 2020 resulted from new accounts acquired through the merger. Additional deposit growth in 2020 was the result of federal government stimulus in response to the pandemic, an overall “flight to safety” by depositors and relationships that moved to the Bank as a result of branch closures in the Bank’s markets served by larger national financial institutions. Total stockholders’ equity as of December 31, 2020 was $60,676,000 and consisted primarily of $44,827,000 in retained earnings. In comparison, as of December 31, 2019, total stockholders’ equity was $45,445,000. We believe both the Company and Bank remain “well capitalized” per all regulatory definitions. As previously announced in a press release issued on November 2, 2020, the merger between the Pinnacle and Virginia Bank was closed on October 30, 2020. Conversion of Virginia Bank’s operational systems to First National’s operational system is scheduled to be completed by February 15, 2021. In closing, Mr. Hall commented, “It is remarkable what Pinnacle accomplished during 2020 when you consider the challenges created by COVID-19 and its impacts on the economy and our mode of operation. Our success and current position are directly attributed to the commitment and dedication of our outstanding employees.” _____________________________ Pinnacle Bankshares Corporation is a locally managed community banking organization based in Central Virginia. The one-bank holding company of First National Bank serves an area consisting primarily of all or portions of the Counties of Campbell, Pittsylvania, Bedford, Amherst, and the Cities of Lynchburg, Danville and Charlottesville. The Company has a total of seventeen branches with two located in the Town of Altavista in Campbell County, where the Bank was founded. Other branch locations include three additional branches in Campbell County, one branch in the Town of Amherst in Amherst County, three branches in the City of Lynchburg and one branch in Bedford County. Seven additional branches were acquired through the merger with Virginia Bank, including four in the City of Danville and three in Pittsylvania County. The Company also operates a loan production office located in Charlottesville. The Company plans to open its eighteenth branch at the Graves Mill Plaza in Forest in the first quarter of 2021. First National Bank is in its 113th year of operation. This press release may contain “forward-looking statements” within the meaning of federal securities laws that involve significant risks and uncertainties. Any statements contained herein that are not historical facts are forward-looking and are based on current assumptions and analysis by the Company. These forward-looking statements, including statements made in Mr. Hall’s quotes may include, but are not limited to, statements regarding the credit quality of our asset portfolio in future periods, the expected losses of nonperforming loans in future periods, returns and capital accretion during future periods, our cost of funds, the maintenance of our net interest margin, future operating results and business performance, our growth initiatives, results of the Company’s merger with Virginia Bank, and the potential effects of the COVID-19 Pandemic and related impacts on the Company’s financial condition and results of operations. 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, the effectiveness of management’s efforts to improve asset quality, returns, net interest margin and collections and control operating expenses, management’s efforts to minimize losses related to nonperforming loans, management’s efforts to lower our cost of funds, the Company’s branch expansions, cyber threats, attacks or similar events, the potential adverse effects of the ongoing COVID-19 Pandemic on local and national economies and markets and any governmental or societal responses thereto, the effect of steps taken by the Company in response to the COVID-19 Pandemic, the severity and duration of the pandemic, the impacts of tightening or loosening of governmental restrictions, the ability of the Company and the Bank to realize the anticipated benefits of the merger with Virginia Bank, changes in: interest rates, general economic and business conditions, including unemployment levels and slowdowns in economic growth, declining collateral values, especially real estate, the real estate market, the legislative/regulatory climate, including laws and regulations concerning taxes, banking, securities, insurance, and healthcare with which the Company and its subsidiaries must comply, including recent and potential legislative and regulatory changes in response to the COVID-19 Pandemic such as the CARES Act and the rules and regulations that may be promulgated thereunder, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System and any policies or programs implemented pursuant to the CARES Act, including PPP, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows and funding costs, competition, demand for financial services in our market area and accounting principles, policies and guidelines. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and you should not place undue reliance on such statements, which reflect our views as of the date of this release. Selected financial highlights are shown below. Pinnacle Bankshares CorporationSelected Financial Highlights(12/31/2020, 9/30/2020 and 12/31/2019 results unaudited)(In thousands, except ratios, share and per share data) 3 Months Ended 3 Months Ended 3 Months Ended Income Statement Highlights12/31/2020 09/30/2020 12/31/2019 Interest Income$6,309 $4,853 $5,078 Interest Expense 603 594 727 Net Interest Income 5,706 4,259 4,351 Provision for Loan Losses (5) 31 12 Noninterest Income 4,826 1,307 1,215 Noninterest Expense 8,310 4,962 4,777 Net Income 1,805 460 684 Earnings Per Share (Basic) 0.92 0.29 0.44 Earnings Per Share (Diluted) 0.92 0.29 0.44 Year Ended Year Ended Year Ended Income Statement Highlights12/31/2020 12/31/2019 12/31/2018 Interest Income$20,789 $20,239 $18,270 Interest Expense 2,520 2,563 1,888 Net Interest Income 18,269 17,676 16,382 Provision for Loan Losses 252 163 607 Noninterest Income 8,672 4,623 4,202 Noninterest Expense 22,513 16,772 14,928 Net Income 3,380 4,396 4,160 Earnings Per Share (Basic) 2.04 2.84 2.71 Earnings Per Share (Diluted) 2.03 2.82 2.68 Balance Sheet Highlights12/31/2020 12/31/2019 12/31/2018 Cash and Cash Equivalents$211,064 $32,903 $15,717 Total Loans 564,316 393,520 376,066 Total Securities 46,741 44,958 49,826 Total Assets 860,832 500,530 470,611 Total Deposits 781,336 450,283 431,340 Total Liabilities 800,156 455,085 425,278 Stockholders' Equity 60,676 45,445 42,111 Shares Outstanding 2,158,379 1,551,339 1,540,054 Ratios and Stock Price12/31/2020 12/31/2019 12/31/2018 Gross Loan-to-Deposit Ratio 72.22% 87.39% 88.38% Net Interest Margin (Year-to-date) 3.34% 4.00% 3.83% Liquidity 34.12% 15.77% 13.63% Efficiency Ratio 83.52% 75.22% 72.56% Return on Average Assets (ROA) 0.58% 0.92% 0.90% Return on Average Equity (ROE) 6.99% 9.86% 10.33% Leverage Ratio (Bank) 9.23% 9.67% 9.15% Tier 1 Capital Ratio (Bank) 12.25% 11.48% 11.14% Total Capital Ratio (Bank) 12.89% 12.36% 12.04% Stock Price$23.00 $31.77 $27.45 Book Value$28.11 $29.29 $27.34 Asset Quality Highlights 12/31/2020 12/31/2019 12/31/2018 Nonaccruing Loans$891 $1,135 $839 Loans 90 Days or More Past Due and Accruing 59 0 80 Total Nonperforming Loans 950 1,135 919 Troubled Debt Restructures Accruing 1,714 123 267 Total Impaired Loans 2,664 1,258 1,186 Other Real Estate Owned (OREO) (Foreclosed Assets) 519 666 627 Total Nonperforming Assets 1,469 1,801 1,546 Nonperforming Loans to Total Loans 0.17% 0.29% 0.24% Nonperforming Assets to Total Assets 0.17% 0.36% 0.33% Allowance for Loan Losses$3,478 $3,472 $3,372 Allowance for Loan Losses to Total Loans 0.62% 0.88% 0.90% Allowance for Loan Losses Plus Net Credit Mark to Total Loans (1) 1.14% NA NA Allowance for Loan Losses to Nonperforming Loans 366.06% 306.03% 366.87% (1) This is a non-GAAP measure calculated by dividing the sum of the allowance for loan losses of $3,478 plus the net credit mark of $2,952 by total loans $564,316 which equals 1.14% CONTACT: Pinnacle Bankshares Corporation, Bryan M. Lemley, 434-477-5882 or bryanlemley@1stnatbk.com