Pinnacle Bancshares Q3 profit rises, net interest margin improves

Overview

• US community bank's Q3 net income and EPS rose yr/yr

• Company's Q3 net interest margin increased to 3.26% from 3.20% last year

• Nine-month results included a loss on sale of securities, offset by purchase of higher-yielding assets

Outlook

• Company did not provide specific guidance for future quarters or the full year in its press release

Result Drivers

• NET INTEREST MARGIN - Co said Q3 net interest margin rose to 3.26% from 3.20% last yr, reflecting higher yields on loans and securities

• INCOME TAX CREDITS - Amortization of solar income tax credits reduced income tax expense by $62,000 in Q3, with no comparable benefit last yr

Company press release:

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)