First National Bank's parent company posts record quarterly, annual profits

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February 06, 2019

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The Altavista-based parent company of First National Bank on Monday reported a fourth-quarter profit of $1.34 million, or 87 cents per basic share and 86 cents per diluted share, up from a profit of $328,000, or 22 cents per basic and 21 cents per diluted share, during the same quarter a year ago.

Pinnacle Bankshares said in a news release this marked the highest fourth-quarter net income in its history, and its 2018 net income of $4.16 million was the highest annual income in its history.

The bank company credited higher net interest income due to growth in investments and loans, plus lower income taxes as a result of the Tax Cuts and Jobs Act of 2017, as among the factors in its success.