Altavista-based First National Bank reports higher 1Q profit
Pinnacle Bankshares Corporation, the Altavista-based parent company of First National Bank, on Friday reported a higher first-quarter profit.
Net income was $1.099 million, or 51 cents per share, compared to $448,000, or 29 cents per share, during the first quarter of 2020.
Todd Hall, president and CEO of the company and the bank, said in a news release the higher net income was largely due to growth from the firm’s acquisition of Danville-based Virginia Bank Bankshares Inc., aka Virginia Bank & Trust, which closed in the fourth quarter of 2020.
“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,” Hall said.
Pinnacle Bankshares (OTCQX:PPBN) had total assets, as of the end of the first quarter, of $910.7 million, up 6% from the end of 2020. Total loans were $571.8 million, up about 1%. Total deposits rose about 7% to $834.7 million.
The company’s net interest margin, which essentially is the difference between interest earned on loans and interest paid out on deposits, decreased to 2.96%.
Pinnacle Bankshares, founded in 1908, has 11 branches in the Lynchburg region and a loan production office in Charlottesville. The merger with Virginia Bank Bankshares added another seven branches in Danville and Pittsylvania County to the First National Bank roster.