It is often noticed that investors are quite easily drawn to stocks that may have gained momentum and for good reason too, considering the fact that such stocks can often end up delivering gains. One of the stocks to have gained momentum on Monday was that of Pinnacle Bankshares Corporation (OTCMKTS:PPBN) and it may well be the right time for investors to consider taking a closer look at it before the start of the trading day.
Trading Data
On Monday, PPBN stock moved up 1.26% to $20.10 with more than 1.2K shares, compared to its average volume of 316 shares. The stock moved within a range of $20.00 – 20.20 after opening trade at $20.
About Pinnacle Bankshares Corporation
The company is an entity that is involved in the community banking space in the Central Virginia region. Pinnacle Bankshares Corporation is the parent company of the First National Bank, which is focused on serving the counties of Pittsylvania, Amherst, Campbell, and Bedford. In addition to that, it also serves the cities of Lynchburg, Charlottesville, and Danville.
At this point in time, Pinnacle Bankshares Corporation boasts of a total of 18 branches. It should also be noted that First National Bank is a bank of long-standing and has been operating for as long as 114 years.
Pinnacle Bankshares Corporation Announces Record High 2nd Quarter/Mid-Year 2022 Earnings
As it happens, Pinnacle Bankshares Corporation was in the news on Monday after it announced its financial results for the second fiscal quarter as well as for the first half of the year 2022.
The company announced that it generated as much as $1892000 for the second quarter of 2022, which worked out to earnings of $0.87 per basic and diluted share. On the other hand, the net income for the six months ended on June 30, 2022, came in at $3283000 and that worked out to earnings per basic and diluted share of $1.51.
It should be noted that in the prior year period, the company had generated $1,056,000 in net income and earnings of $0.49 per basic and $0.48 diluted share in the second quarter of 2021. In the first six months of 2021, it had brought in a net income of $2,155,000, which worked out to $1 per basic share and $0.99 per diluted share. While it is true that the numbers published by Pinnacle Bankshares Corporation on Monday were unaudited, it should be noted that the net income generated by the company broke previous records.
Hence, it is going to be interesting to see if the Pinnacle Bankshares Corporation stock can manage to attract interest from investors over the course of the coming week or not. It may be a good idea for investors to perhaps add the stock to their watch lists and watch for further developments on a daily basis.
In the first half of the year 2022, Pinnacle Bankshares Corporation managed to generate a year-on-year rise of as much as 52% and that is a handsome rise in the larger scheme of things. The rise was brought about by the higher income in net interests and lower expenses towards noninterest overheads. It is now going to be interesting to see if the company can carry on in the same vein over the course of the coming quarters or not.
