The bank reported a 92% jump in net income for Q2, driven by a one-time asset sale and core earnings growth.
Pinnacle Bankshares posted Q2 GAAP earnings per share of $2.97 and revenue of $17.26M. Net income surged 92% year-over-year to $9,514,000, boosted by a Bearing Sale, lifting return on assets to 1.74%.
Excluding the sale, core net income climbed 32% to $6,550,000. The results reflect stronger operational performance amid a favorable financial environment.
No immediate market reaction was disclosed in the release.