Pinnacle Bankshares : Balance Sheet and Income Statement

PINNACLE BANKSHARES CORPORATION AND SUBSIDIARY	PINNACLE BANKSHARES CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS	CONDENSED CONSOLIDATED STATEMENTS OF INCOME
June 30, 2022 and December 31, 2021	Three and Six Months Ended June 30, 2022 and 2021
(In thousands of dollars, except share data)	(In thousands of dollars, except per share data)
	(Unaudited)

Assets		6/30/2022		12/31/2021
		(Unaudited)		(Audited)			Three Months		Three Months		Six Months		Six Months
Cash and cash equivalents:							Ended		Ended		Ended		Ended
Cash and due from banks	$	106,637	$	298,595			June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Certificates of deposits		250		250
Securities:					Interest income:
Available-for-sale, at fair value		249,347		120,709	Interest and fees on loans	$	6,199	$	6,270	$	12,047	$	12,522
Held-to-maturity, at amortized cost		-		-	Interest on securities:
Federal Reserve Bank stock, at cost		870		860	U.S. Treasury
Federal Home Loan Bank stock, at cost		530		430	U.S. Government agencies		919		166		1,205		305
Loans, net		588,015		548,076	States and political subdivisions (taxable)		134		84		267		122
Bank premises and equipment, net		22,168		22,609	States and political subdivisions (tax-exempt)		60		46		106		96
Accrued interest receivable		2,553		1,679	Other		289		84		395		130
Bank owned life insurance		16,744		16,578	Interest on federal funds sold		1		-		1		-
Goodwill		539		539
Core deposit intangible		1,333		1,413	Total interest income		7,602		6,650		14,021		13,175
Other real estate owned		-		-
Other assets		7,342		4,125	Interest expense:
					Interest on deposits:
Total assets	$	996,328	$	1,015,863	Savings and NOW accounts		40		158		77		339
					Time - under $250,000		145		208		306		450
Liabilities and Stockholders' Equity					Time - $250,000 and over		95		123		192		238
Liabilities:					Total interest expense		280		489		575		1,027
Deposits
Demand	$	318,797	$	341,202	Net interest income		7,322		6,161		13,446		12,148
Savings and NOW accounts		498,662		482,994
Time		107,953		113,883	Provision for loan losses and unfunded commitments		13		23		36		85
Total deposits		925,412		938,079
					Net interest income after provision for loan losses		7,309		6,138		13,410		12,063
Subordinated notes payable		8,000		8,000
Other long-term borrowings		2,000		2,000	Noninterest income:
Accrued interest payable		130		152	Service charges on deposit accounts		827		743		1,728		1,315
Other liabilities		6,585		5,265	Mortgage loan fees		154		429		386		714
					Commissions and fees		218		187		420		366
Total liabilities		942,127		953,496	Service charges on loan accounts		132		153		254		457
					Other operating income		334		297		870		895
Stockholders' equity:
Common stock, $3 par value. Authorized 3,000,000 shares,					Total noninterest income		1,665		1,809		3,658		3,747
issued and outstanding 2,179,325 shares in 2022 and
2,170,311 shares in 2021		6,403		6,388	Noninterest expense:
Capital surplus		11,588		11,480	Salaries and employee benefits		3,519		3,617		6,901		7,104
Retained earnings		50,374		47,700	Occupancy expense		398		396		800		801
Accumulated other comprehensive loss, net		(14,164)		(3,201)	Furniture and equipment expense		399		551		829		1,014
Total stockholders' equity		54,201		62,367	Office supplies and printing		61		84		147		192
					Federal deposit insurance premiums		156		133		308		205
Commitments, contingencies and other matters					Capital stock tax		129		109		254		228
					Advertising expense		50		57		102		119
Total liabilities and stockholders' equity	$	996,328	$	1,015,863	Legal expense		37		65		42		215
					Core system expense		606		434		1,256		844
					Other operating expenses		1,239		1,184		2,283		2,431
					Total noninterest expense		6,594		6,630		12,922		13,153
					Income before income tax expense		2,380		1,317		4,146		2,657
					Income tax expense		488		261		863		502
					Net income	$	1,892	$	1,056	$	3,283	$	2,155
					Basic net income per share	$	0.87	$	0.49	$	1.51	$	1.00
					Diluted net income per share	$	0.87	$	0.48	$	1.51	$	0.99