Altavista-based bank posts lower net income for 3Q but higher year-to-date

Pinnacle-Bankshares-CorporationNews release: Net income for Pinnacle Bankshares Corporation, the one-bank holding company for First National Bank, was $567,000 or $0.37 per basic and diluted share for the quarter ended September 30, 2015, and $1,733,000 or $1.14 per basic share and $1.13 per diluted share for the nine months ended September 30, 2015.  Net income was $601,000 or $0.40 per basic and $0.39 per diluted share and $1,682,000 or $1.11 per basic share and $1.10 per diluted share, respectively, for the same periods of 2014.  Consolidated results for the quarter and nine month periods are unaudited. Net income generated during the third quarter of 2015 represents a 6% decrease as compared to the third quarter of 2014.  This decline was due to an increase in non-interest expenses primarily associated with growth initiatives.  On a year to date basis net income through nine months increased 3% as compared to the same time period of the previous year, which was driven by higher noninterest income derived from the sale of mortgage loans, investment commissions and services charges and fees on deposit accounts.

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