Press Release - April 14, 2008 **FOR IMMEDIATE RELEASE**
For More Information
Contact: Robert B. Nolen, Jr.
President & CEO
Pinnacle Bancshares, Inc.
(205) 221-4111
PINNACLE BANCSHARES, INC.
ANNOUNCES STOCK REPURCHASE PROGRAM
Jasper, Alabama . . . Pinnacle Bancshares, Inc. (OTCBB:PCLB), the holding company for Pinnacle Bank, Jasper Alabama, announced today that the Company has repurchased 73,000 shares of common stock, or 100% of the shares authorized to be repurchased under the stock repurchase program announced in February, 2008. The Company also announced that it is commencing a new stock repurchase program to acquire up to 68,000 shares of common stock, or approximately 5% of the Company’s currently outstanding shares.
The repurchase program will be dependent upon market conditions, and there is no guarantee as to the exact number of shares to be repurchased by the Company. The repurchase program will occur over a period of up to two years beginning April 15, 2008, as a means of further enhancing stockholder value.
Robert B. Nolen, Jr., President and Chief Executive Officer of the Company, stated that acquisitions for the share repurchase program will be made from time to time at prevailing prices as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. The program may be modified, extended or discontinued at any time.
At December 31, 2007, the Company had total assets of $235.9 million and stockholders’ equity of $20.9 million. Pinnacle Bank operates seven offices located in central and northwest Alabama.
Press Release - March 24, 2008 **FOR IMMEDIATE RELEASE**
Contact: Robert B. Nolen, Jr.
President & CEO
Pinnacle Bancshares, Inc.
(205) 221-4111
PINNACLE BANCSHARES ANNOUNCES RESULTS FOR
FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2007
Jasper, Alabama (March 24, 2008) – Robert B. Nolen, Jr., President and Chief Executive Officer of Pinnacle Bancshares, Inc. (OTCBB:PCLB), today announced Pinnacle’s results of operations for the fourth quarter and year ended December 31, 2007.
For the year ended December 31, 2007, net income was $1,094,000, compared with net income of $1,351,000 in the prior year. Net interest income after the provision for loan losses for the year ended December 31, 2007, was $5,834,000, compared with $6,138,000 in the prior year.
For the three months ended December 31, 2007, net income was $57,000, compared with net income of $359,000 for the three months ended December 31, 2006. Net interest income after the provision for loan losses for the three months ended December 31, 2007, was $1,198,000, compared with $1,593,000 in the same period last year.
Basic and diluted earnings were each $0.75 per share for the year ended December 31, 2007. In 2006, basic and diluted earnings were $0.90 per share and $0.89 per share, respectively. For the three months ended December 31, 2007, basic and diluted earnings were each $0.04 per share. For the same period last year, basic and diluted earnings were each $0.24 per share.
“Despite an increasingly challenging operating environment, we believe that Pinnacle is well positioned for the future,” said Robert Nolen, President and Chief Executive Officer. “Our full energy is focused on managing Pinnacle’s operations and financial condition through this very difficult time.”
Net interest income in the fourth quarter ended December 31, 2007 increased to 3.08% as compared to 3.03% for the prior quarter.
Net loan charge-offs increased in the fourth quarter of 2007 to $298,000, or an annualized rate of .91% in 2007, compared to $142,000 and .44%, respectively, for the third quarter of 2007. The increase was related primarily to the housing down cycle in Pinnacle’s markets, including the Birmingham area.
Indicative of the more challenging credit environment, the fourth quarter’s loan loss provision totaled $504,000, or $206,000 above actual net charge-offs for the quarter. The total reserve for credit losses was 1.22% of net loans at December 31, 2007, as compared to 1.09% at September 30, 2007. At December 31, 2007, the Company’s allowance for loan losses as a percent of nonperforming loans was 359.38%, compared to 329.05% at December 31, 2006.
Total non-performing assets at December 31, 2007 were $2,956,000, or 1.25% of assets, compared to $629,000 or .27%, respectively, at December 31, 2006. Stress on the residential builder market largely drove the increase. Mr. Nolen observed that non-performing assets and net charge-off levels may continue upward in 2008 if the depressed housing market further evolves.
Pinnacle’s strong equity to asset ratio was 8.87% as of December 31, 2007, compared to 8.36% at December 31, 2006.
Press Release - February 15, 2008 **FOR IMMEDIATE RELEASE**
Contact: Robert B. Nolen, Jr.
President & CEO
Pinnacle Bancshares, Inc.
(205) 221-4111
pinnacle bancshares, inc. common stock
COMMENCES TRADING ON OTC BULLETIN BOARD
stock symbol changed to “PCLB”
JASPER, AL --(BUSINESS WIRE)—Feb. 15, 2008 – Pinnacle Bancshares, Inc. (OTCBB:PCLB), the holding company for Pinnacle Bank, Jasper, Alabama, announced that its common stock has commenced trading in the over-the-counter market on the OTC Bulletin Board under the symbol “PCLB”. Howe Barnes Hoefer & Arnett, Inc. has agreed to use its best efforts to make a market in the common stock, as long as the volume of trading and certain other market making considerations justify such activity.
At December 31, 2007, the Company had total assets of approximately $235.9 million and stockholders’ equity of approximately $21.0 million. Pinnacle Bank operates seven offices located in central and northern Alabama.
Press Release - February 14, 2008**FOR IMMEDIATE RELEASE**
Contact: Robert B. Nolen, Jr.
President & CEO
Pinnacle Bancshares, Inc.
(205) 221-4111
pinnacle bancshares, inc. common stock to bevoluntarily delisted from american stock exchange
PINNACLE BANCSHARES, INC. ALSO ANNOUNCES
STOCK REPURCHASE PROGRAM
JASPER, AL --(BUSINESS WIRE)—Feb. 14, 2008 – Pinnacle Bancshares, Inc. (Amex:PLE), the holding company for Pinnacle Bank, Jasper, Alabama, announced today that its common stock will be voluntarily withdrawn from listing on the American Stock Exchange effective prior to the opening of trading on Friday, February 15, 2008. Pinnacle Bancshares also announced today that it is commencing a stock repurchase program to acquire up to 73,000 of the Company’s outstanding shares.
Voluntary Delisting
Pinnacle Bancshares previously announced that it would seek voluntary withdrawal of its common stock from listing with the American Stock Exchange, the principal exchange on which shares of its common stock are traded. Subsequent to delisting, the Company’s common stock is expected to commence trading in the over-the-counter market on the OTC Bulletin Board. Howe Barnes Hoefer & Arnett, Inc. has agreed to use its best efforts to make a market in the common stock, as long as the volume of trading and certain other market making considerations justify such activity.
The Board of Directors will consider terminating the Company’s reports to the Securities and Exchange Commission. The Company will continue to voluntarily submit annual, quarterly and other periodic reports under the Securities Exchange Act of 1934 until a determination regarding termination of the Company’s reports is made.
Stock Repurchase Program
Pinnacle Bancshares also announced today that it is commencing a stock repurchase program to acquire up to 73,000 shares of common stock, or approximately 5% of the Company’s currently outstanding shares. The repurchase program will be dependent upon market conditions, and there is no guarantee as to the exact number of shares to be repurchased by the Company.
Robert B. Nolen, Jr., President and Chief Executive Officer of the Company, stated that the Board of Directors considers the Company’s common stock to be an attractive investment. According to Mr. Nolen, stock repurchases by the Company generally would be effected through open market purchases, although he did not rule out the possibility of unsolicited negotiated transactions or other types of repurchases. It is expected that a reduction in the amount of the Company’s outstanding common stock would have the effect increasing the Company’s per share earnings and book value.
At December 31, 2007, the Company had total assets of approximately $235.9 million and stockholders’ equity of approximately $21.0 million. Pinnacle Bank operates seven offices located in central and northern Alabama.
Press Release - January 25, 2008
Contact: Robert B. Nolen, Jr., President and CEO
Pinnacle Bancshares, Inc.
(205) 221-4111
Pinnacle Bancshares, Inc. to Voluntarily Delist Common Stock from American Stock Exchange
Jasper, AL –(BUSINESS WIRE)—Jan. 25, 2008 – Pinnacle Bancshares, Inc. (AMEX: PLE) announced today that it will voluntarily withdraw its common stock from listing on the American Stock Exchange (“AMEX”). In approving this action, the Board of Directors considered several factors, including the number of shareholders, the costs associated with remaining as a listed company and the trading volume of the Company’s shares.
After withdrawal of its common stock from listing on the AMEX, the Company currently expects that the shares will be quoted on the OTC Bulletin Board.
Pinnacle Bancshares, Inc. is a bank holding company headquartered in Jasper, Alabama. Its wholly-owned subsidiary, Pinnacle Bank, has approximately $240 million in assets and operates seven offices in central and northwest Alabama.
The Company wants to provide stockholders and investors with meaningful and useful information. Therefore, this press release may contain forward-looking information, including statements regarding the anticipated trading of the Company’s shares on the OTC Bulletin Board. These forward looking statements are subject to risks and uncertainties which could cause actual events or performance to differ materially from those expressed in these statements. Readers are encouraged to read the Company’s Annual Report on Form 10-KSB and its other reports filed with the SEC for a more complete description of these factors. The Company assumes no obligation to update the information contained in this press release.
About Us
Pinnacle Bank was founded in 1935 as First Federal Savings and Loan Association of Jasper. Through these sixty-five plus years, there have been many changes --- moving into larger facilities, branching out into other communities, the merger of an adjoining county institution and the conversion from a mutual institution to a stock bank. Pinnacle Bancshares, Inc. is a bank holding company for Pinnacle Bank; an Alabama chartered commercial bank that maintains six branches in Jasper, Haleyville, Sumiton, Vestavia and Trussville, Alabama. (The common stock of the company is traded on the American Stock Exchange under the symbol “PLE”.)
In the beginning, Pinnacle Bank has offered its customers the best in financial products and services. That commitment to value and service remains as strong today as in 1935. What has changed since 1935 is the range of products that Pinnacle Bank offers.
Pinnacle Bank is committed to providing un-equaled service and up to date technological advantages and products to our customers. Our integrated in-house data system enables us to provide our customers with up to the minute account information, access to Telephone Banking, Check Imaging, Internet Banking, and Bill Payor Services and fast accurate answers to questions. We offer a full range of products for individual, business and commercial accounts.
Pinnacle Bank is not a “mega” bank. We are a community bank, rooted in the people and needs of each community in which we operate. We are small enough to remember your name and appreciate your patronage. But, though small, we are able to provide you with products and services as sophisticated and technologically advanced as the large and impersonal mega banks. Our offices operate under the direction of local executives who are active in their communities, and have local decision-making authority. What that means to you, the customer, is to sit down and talk with the person who has the authority to help you with your banking needs whether in person or via e-mail using our Internet Banking Product.
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