First National Bank's parent reports 1Q profit, sets opening date for downtown Lynchburg branch
View full story in the News & Advance.
The parent company of First National Bank, based in Altavista, reported Tuesday a first-quarter profit of $1.301 million, or 84 cents per basic and diluted share, up from a profit of $1.072 million, or 70 cents per basic and 69 cents per diluted share, during the same quarter last year.
Pinnacle Bankshares said in a news release it was the highest first-quarter net income in the company's history. It was the second-highest profit of any quarter in the company's history, behind only its fourth-quarter profit last year of $1.34 million.
Among the reasons for its success, the bank company cited higher net interest income due to increased loans and investments plus higher yields on its earning assets. The company also pointed to higher noninterest income, mainly from an increase in fees generated from the sale of mortgage loans.