CORRECTED-Pinnacle Bancshares Q2 net income edges up

Corrects Net Income unit to mln from bln in KD table

Overview

• U.S. community bank's Q2 net income and EPS rose modestly yr/yr

• Company recorded $268,000 loss on securities sale, reinvested in higher-yielding assets

• Q2 net interest margin improved to 3.20% from 3.13% yr/yr

Outlook

• Company did not provide specific guidance for future quarters or the full year

Result Drivers

• SECURITIES SALE LOSS - Co recorded $268,000 loss on sale of securities, proceeds reinvested in higher-yielding, shorter-duration assets

• INTEREST RATE IMPACT - Co said rising interest rates led to unrealized losses in securities portfolio, but does not expect these to be permanent

Company press release: ID:nBw1dZSvZa

Key Details

Reuters Recommended Reads

• July 22 - United Bancshares Q2 net income drops on one-time securities loss

• July 21 - Bar Harbor Q2 profit rises as securities losses ease

• July 23 - Glacier Bancorp Q2 profit jumps on higher net interest income, wider margin

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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.)