<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2000
Commission File Number: 000-23909
PINNACLE BANKSHARES CORPORATION
(Exact name of small business issuer as specified in its charter)
VIRGINIA 54-1832714
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
P.O. Box 29
Altavista, Virginia 24517
(Address of principal executive offices)
(804) 369-3000
(Issuer's telephone number, including area code)
Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes X No _________
---------
At October 10, 2000, 1,444,340 shares of Pinnacle Bankshares Corporation's
common stock, $3 par value, were outstanding.
Transitional small business disclosure format: Yes No X .
---- ----
<PAGE>
PINNACLE BANKSHARES CORPORATION
FORM 10-QSB
September 30, 2000
INDEX
Part I. FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Consolidated Balance Sheets as of September 30, 2000
and December 31, 1999 3
Consolidated Statements of Income and
Comprehensive Income for the three month periods
ended September 30, 2000 and 1999 4
Consolidated Statements of Income and
Comprehensive Income for the nine month periods
ended September 30, 2000 and 1999 5
Consolidated Statements of Cash Flows for the nine
month periods ended September 30, 2000 and 1999 6
Notes to Consolidated Financial Statements 7-10
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of
Operations 10-14
Part II. OTHER INFORMATION
Item 1. Legal Proceedings 15
Item 4. Submission of Matters to a Vote of
Security Holders 15
Item 6. Exhibits and Reports on Form 8-K 15
SIGNATURES 16
2
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
PINNACLE BANKSHARES CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands of dollars)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
Assets September 30, 2000 December 31,1999
(Unaudited) (Audited)
<S> <C>
Cash and cash equivalents: (note 2)
Cash and due from banks $3,680 $5,362
Federal funds sold 9,861 2,768
----------------------------------------
Total cash and cash equivalents 13,541 8,130
Securities (note 3):
Available-for-sale, at fair value 21,949 21,920
Held-to-maturity, at amortized cost 15,234 15,340
Federal Reserve Bank stock, at cost 75 75
Federal Home Loan Bank Stock, at cost 427 427
Loans, net (note 4) 116,708 100,737
Bank premises and equipment, net 4,428 4,084
Accrued income receivable 1,199 1,227
Other assets 2,963 2,016
----------------------------------------
Total assets $176,524 $153,956
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Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Demand 13,130 11,595
Savings and NOW accounts 48,663 43,770
Time 95,872 81,024
----------------------------------------
Total deposits 157,665 136,389
----------------------------------------
Note payable to Federal Home Loan Bank 725 800
Accrued interest payable 785 602
Other liabilities 675 575
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Total liabilities 159,850 138,366
----------------------------------------
Stockholders' equity:
Common stock, $3 par value. Authorized 3,000,000 shares,
issued and outstanding 1,444,340 shares in 2000 and
719,925 shares in 1999 4,333 2,160
Capital surplus 411 367
Retained earnings 12,179 13,460
Accumulated other comprehensive loss (249) (397)
----------------------------------------
Total stockholders' equity 16,674 15,590
----------------------------------------
Total liabilities and stockholders' equity $176,524 $153,956
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</TABLE>
See accompanying notes to unaudited consolidated financial statements.
3
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PINNACLE BANKSHARES CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Unaudited)
(Amounts in thousands of dollars, except for per share amounts)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
Three Months Three Months
Ended Ended
September 30, 2000 September 30,1999
<S> <C>
Interest Income:
Interest and fees on loans $2,634 $2,213
Interest on securities:
U.S. Treasury 48 53
U.S. Government agencies 248 260
Corporate 79 70
States and political subdivisions (tax exempt) 155 154
Other 10 8
Interest on federal funds sold 107 53
---------------------------------------
Total interest income 3,281 2,811
---------------------------------------
Interest expense:
Interest on deposits:
Savings and NOW accounts 343 307
Time - other 1,025 902
Time - $100,000 and over 247 173
Other interest expense 35 13
---------------------------------------
Total interest expense 1,650 1,395
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Net interest income 1,631 1,416
Provision for loan losses 90 100
---------------------------------------
Net interest income after provision for loan losses 1,541 1,316
Noninterest income:
Service charges on deposit accounts 105 76
Net gain on calls and sales of securities 2 -
Other operating income 126 98
Commissions and fees 42 30
---------------------------------------
Total noninterest income 275 204
---------------------------------------
Noninterest expense:
Salaries and employee benefits 641 557
Occupancy expense 79 52
Furniture and equipment 106 93
Other operating expenses 389 320
---------------------------------------
Total noninterest expense 1,215 1,022
---------------------------------------
Income before income tax expense 601 498
Income tax expense 164 126
---------------------------------------
Net income 437 372
------------------------------------------------------------------------------------------------------------------------
Other comprehensive income (loss), net of income tax effect:
Net unrealized gains (losses) on securities available for sale 155 (95)
---------------------------------------
Comprehensive income $592 $277
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Net income per share (note 5):
Basic $0.30 $0.26
Diluted $0.30 $0.26
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</TABLE>
See accompanying notes to unaudited consolidated financial statements.
4
<PAGE>
PINNACLE BANKSHARES CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Unaudited)
(Amounts in thousands of dollars, except for per share amounts)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
Nine Months Nine Months
Ended Ended
September 30, 2000 September 30,1999
<S> <C>
Interest Income:
Interest and fees on loans $7,414 $6,393
Interest on securities:
U.S. Treasury 156 161
U.S. Government agencies 754 761
Corporate 232 213
States and political subdivisions (tax exempt) 465 461
Other 30 27
Interest on federal funds sold 156 251
---------------------------------------
Total interest income 9,207 8,267
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Interest expense:Interest on deposits:
Savings and NOW accounts 951 932
Time - other 2,799 2,680
Time - $100,000 and over 642 553
Other interest expense 70 40
---------------------------------------
4,462 4,205
---------------------------------------
Total interest expense
4,745 4,062
Net interest income
270 250
---------------------------------------
Provision for loan losses
4,475 3,812
Net interest income after provision for loan losses
Noninterest Service charges on deposit accounts 309 208
Net gain on calls and sales of securities 2 4
Other operating income 303 201
Commissions and fees 121 161
---------------------------------------
735 574
---------------------------------------
Total noninterest income
Noninterest Salaries and employee benefits 1,812 1,585
Occupancy expense 209 147
Furniture and equipment 311 253
Other operating expenses 1,112 893
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Total noninterest expense 3,444 2,878
Income before income tax expense 1,766 1,508
---------------------------------------
Income tax expense 474 384
---------------------------------------
Net income $1,292 $1,124
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Other comprehensive income (loss), net of income tax effect:
Net unrealized gains (losses) on securities available for sale 148 (460)
---------------------------------------
Comprehensive income $1,440 $664
Net income per share (note 5):
Basic $0.90 $0.78
Diluted $0.89 $0.77
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</TABLE>
See accompanying notes to unaudited consolidated financial statements.
5
<PAGE>
PINNACLE BANKSHARES CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Amounts in thousands of dollars)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
Nine Months Nine Months
Ended Ended
September 30, 2000 September 30,1999
<S> <C>
Cash flows from operating activities:
Net income $1,292 $1,124
Adjustments to reconcile net income to net cash provided
Depreciationiof bankvpremises and equipment 250 184
Amortization of core deposit premium 17 9
Amortization of net unearned fees (69) (98)
Net amortization (accretion) of premiums and
discounts on securities 8 24
Provision for loan losses 270 250
Provision for deferred income taxes 8 47
Net gain on calls and sales of securities (2) (4)
Net (increase) decrease in:
Accrued income receivable 28 47
Other assets (245) 7
Net increase (decrease) in:
Accrued interest payable 183 125
Other liabilities 100 28
-------------------------------------------
Net cash provided by operating activities 1,840 1,743
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Cash flows from investing activities:
Purchases of held-to-maturity securities (660) (2,875)
Purchases of available-for-sale securities (2,496) (6,496)
Proceeds from maturities and calls of held-to-maturity securities 750 2,637
Proceeds from paydowns and maturities of held-to-maturity
mortgage-backed securities 1 3
Proceeds from maturities and calls of available-for-sale
securities 2,101 2,267
Proceeds from paydowns and maturities of available-for-sale
mortgage-backed securities 597 1,629
Purchase of Federal Home Loan Bank stock - (18)
Purchase of loans (3,964) -
Purchase of loan participations (5,050) -
Net increase in loans (7,357) (9,359)
Recoveries on loans charged off 114 136
Purchases of bank premises and equipment (594) (1,294)
Proceeds from sale of foreclosed properties - 48
-------------------------------------------
Net cash used in investing activities (16,558) (13,322)
---------------------------------------------------------------------------------------------------------------------------
Cash flows from financing activites:
Deposits assumed, net of premium 22,975 -
Net increase in demand, savings and NOW deposits 3,451 3,039
Net increase in time deposits (5,866) 5,897
Dividends paid (411) (390)
Proceeds from issuance of common stock 25 32
Proceeds from issuance of stock options 30 -
Repayment of note payable to Federal Home Loan Bank (75) (75)
-------------------------------------------
Net cash provided by financing activities 20,129 8,503
---------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in cash and cash equivalents 5,411 (3,076)
Cash and cash equivalents, beginning of period 8,130 10,682
-------------------------------------------
Cash and cash equivalents, end of period $13,541 $7,606
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to unaudited consolidated financial statements.
6
<PAGE>
PINNACLE BANKSHARES CORPORATION AND SUBSIDIARY
Notes to Consolidated Financial Statements
September 30, 2000
(Unaudited)
(In thousands, except for share data)
(1) General
The consolidated financial statements include the accounts of Pinnacle
Bankshares Corporation ("Bankshares") and its wholly-owned subsidiary, The First
National Bank of Altavista (the "Bank"),(collectively the "Company"). All
material intercompany accounts and transactions have been eliminated. The
consolidated financial statements conform to generally accepted accounting
principles and to general banking industry practices. In the opinion of the
Company's management, the accompanying unaudited consolidated financial
statements contain all adjustments of a normal recurring nature, necessary to
present fairly the financial position as of September 30, 2000, the results of
operations for the three-month and nine-month periods ended September 30, 2000
and 1999, and cash flows for the nine-month periods ended September 30, 2000 and
1999.
These interim period consolidated financial statements and financial
information should be read in conjunction with the consolidated financial
statements and notes thereto included in Pinnacle Bankshares Corporation's 1999
Annual Report and additional information supplied in the 1999 Form 10-KSB.
The results of operations for the interim periods are not necessarily
indicative of the results to be expected for the full year ending December 31,
2000.
(2) Cash and Cash Equivalents
For purposes of reporting cash flows, cash and cash equivalents include
cash on hand, amounts due from banks, interest-bearing deposits, and federal
funds sold.
7
<PAGE>
(3) Securities
The amortized costs, gross unrealized gains, gross unrealized losses, and
fair values for securities at September 30, 2000, are shown in the table below.
As of September 30, 2000, securities with amortized costs of $872 and fair
values of $875 were pledged as collateral for public deposits.
(3) (Continued)
Gross Gross
Amortized Unrealized Unrealized Fair
Available-for-Sale: Costs Gains Losses Values
--------------------------------------------------------------------------------
U.S. Treasury securities
and obligations of U.S.
Government corporations
and agencies $15,456 15 (379) 15,092
Obligations of states and
political subdivisions 5,132 26 (28) 5,130
Mortgage-backed securities-
Government 1,690 8 (21) 1,677
Other securities 50 - - 50
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Totals $22,328 49 (428) 21,949
--------------------------------------------------------------------------------
Gross Gross
Amortized Unrealized Unrealized Fair
Held-to-Maturity: Costs Gains Losses Values
--------------------------------------------------------------------------------
U.S. Treasury securities
and obligations of U.S.
Government corporations
and agencies $ 1,675 - (33) 1,642
Obligations of states and
political subdivisions 13,557 47 (281) 13,323
Mortgage-backed securities-
Private 2 - - 2
--------------------------------------------------------------------------------
Totals $15,234 47 (314) 14,967
--------------------------------------------------------------------------------
8
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(4) Allowance for Loan Losses
Changes in the allowance for loan losses are as follows:
2000 1999
---- -----
Balance at January 1, $ 938 $ 877
Provision for loan losses 270 250
Loans charged off (269) (345)
Recoveries 114 136
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Balance at September 30, $1,053 $ 918
====== =====
(5) Net Income Per Share
Basic net income per share excludes dilution and is computed by dividing
income available to common stockholders by the weighted-average number of common
shares outstanding for the period. Diluted net income per share reflects the
potential dilution that could occur if securities or other contracts to issue
common stock were exercised or converted into common stock or resulted in the
issuance of common stock that then shared in the earnings of the entity.
The following is a reconciliation of the numerators and denominators of the
basic and diluted net income per share computations for the periods indicated:
Net Income Shares Per Share
Three Months Ended September 30, 2000 (Numerator) (Denominator) Amount
--------------------------------------- ----------- ------------- ---------
Basic net income per share $ 437 1,443,557 $0.30
=====
Effect of dilutive stock options - 3,797
------ ---------
Diluted net income per share $ 437 1,447,354 $0.30
====== ========= =====
Three Months Ended September 30, 1999
---------------------------------------
Basic net income per share $ 372 1,439,850 $0.26
=====
Effect of dilutive stock options - 6,282
------ ---------
Diluted net income per share $ 372 1,446,132 $0.26
====== ========= =====
9
<PAGE>
Net Income Shares Per Share
Nine Months Ended September 30, 2000 (Numerator) (Denominator) Amount
--------------------------------------- ---------- ------------ ---------
Basic net income per share $1,292 1,441,595 $0.90
=====
Effect of dilutive stock options - 4,920
------ ---------
Diluted net income per share $1,292 1,446,515 $0.89
====== ========= =====
Nine Months Ended September 30, 1999
------------------------------------
Basic net income per share $1,124 1,439,112 $0.78
=====
Effect of dilutive stock options - 6,182
------ --------- -----
Diluted net income per share $1,124 1,445,294 $0.78
====== ========= =====
(6) Stock Split
On May 19, 2000, the Board of Directors authorized a 2 for 1 stock split
effected in the form of a 100% stock dividend paid on June 16, 2000 to the
stockholders of record at the close of business on May 19, 2000 of the Company's
$3 par value common stock. As a result of the split 720,670 additional shares
were issued, and retained earnings were reduced by $2,162. All references in the
accompanying consolidated financial statements to the number of common shares
and per-share amounts for 1999 have been restated to reflect this stock split
effected in the form of a dividend.
(7) Acquisition of Branches
On May 5, 2000, the Company entered into a Purchase and Assumption
Agreement with One Valley Bank, Central Virginia, N.A. ("One Valley") under
which One Valley sold to the Company two branches in the Lynchburg, Virginia
area. Under this transaction, the Company purchased the assets, including loans
of approximately $4,000, and assumed the depository liabilities, approximating
$24,000, of the two branches and received cash approximating $19,000. In
addition, an intangible asset approximating $716 has been recognized which is
being amortized over a fifteen-year period using the straight-line method. This
transaction was consummated at the close of business on August 11, 2000.
10
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS(Amounts in 000's)
The following discussion supplements and provides information about the
major components of the results of operations and financial condition, liquidity
and capital resources of Pinnacle Bankshares Corporation and subsidiary (the
"Company"). This discussion and analysis should be read in conjunction with the
Company's Consolidated Financial Statements, and supplemental financial data.
OVERVIEW
Total assets at September 30, 2000 were $176,524, up 14.66% from $153,956
at December 31, 1999. The principal components of the Company's assets at the
end of the period were $37,183 in securities and $116,708 in net loans. During
the nine month period, net loans increased 15.85% or $15,971. The increase in
loans resulted from an approximate $5,000 purchase of a loan participation as
well as an approximate $4,000 purchase of loans in connection with the
acquisition of two branches. Both of these events occurred in the third quarter
of 2000. The Company's lending activities are a principal source of income.
Total liabilities at September 30, 2000 were $159,850, up from $138,366 at
December 31, 1999, with an increase in deposits of $21,276 or 15.60%. Deposits
increased as a result of the acquisition of two branches during the quarter that
resulted in an approximate $24 million of deposits being assumed. The Company's
deposits are provided by individuals and businesses located within the
communities served.
Total stockholders' equity at September 30, 2000 was $16,674 consisting of
$12,179 in retained earnings and $249 of net unrealized losses on securities
available for sale. At December 31, 1999, total shareholder's equity was
$15,590.
The Company had net income of $1,292 for the nine months ended September
30, 2000, compared with net income of $1,124 for the comparable period in 1999,
an increase of 14.95%. The Company had net income of $437 for the three months
ended September 30, 2000, compared with net income of $372 for the comparable
period in 1999, an increase of 17.47%. The results of operations for the nine
month period ended September 30, 2000 are not necessarily indicative of the
results to be expected for the full year ending December 31, 2000.
11
<PAGE>
Profitability as measured by the Company's return on average assets (ROA)
was 1.09% for the nine months ended September 30, 2000, up from 1.00% for the
same period of 1999. Another key indicator of performance, the return on
average equity (ROE) for the nine months ended September 30, 2000 was 10.74%,
compared to 9.80% for the nine months ended September 30, 1999.
NET INTEREST INCOME
Net interest income represents the principal source of earnings for the
Company. Changes in the volume and mix of interest-earning assets and interest-
bearing liabilities, as well as their respective rates and yields, have a
significant impact on the level of net interest income.
The net interest margin increased from 4.14% for the nine months ended
September 30, 1999, to 4.48% for the nine months ended September 30, 2000. Net
interest income was $4,745 for the nine months ended September 30, 2000 and is
attributable to interest income from loans and securities exceeding the cost
associated with interest paid on deposits.
Interest expense on deposits increased 6.11% in the third quarter of 2000
over the third quarter of 1999. Interest income on loans and securities
increased 11.37% in the third quarter of 2000 over the third quarter of 1999.
Interest and fees on loans was $7,414 for the nine month period ended September
30, 2000, up from $6,393 at September 30, 1999.
NON-INTEREST INCOME
Non-interest income increased $161 or 28.05% for the nine month period
ended September 30, 2000 over the same period of 1999. Non-interest income
increased $71, or 34.80% when comparing the three months ended September 30,
2000 to the same period of 1999. The Company's principal sources of non-
interest income are service charges and fees on deposit accounts, particularly
transaction accounts, and fees from loans. Finance charges on the Business
Manager Receivables Financing Program was another source of the increase. Fees
from this program increased $78 for the nine months ended September 30, 2000
compared to the same period in 1999.
12
<PAGE>
NON-INTEREST EXPENSE
Non-interest expense increased $566 or 19.67%, for the nine month period
ended September 30, 2000 over the same period of 1999. An increase of $193 or
18.88% is reflected when comparing the three month period ended September 30,
2000 to the same period of 1999. The increase in non-interest expense when
comparing the two periods is attributed to the effect of overall growth of the
Company on personnel expenses, fixed asset costs associated with bank premises
additions and other operating expenses. The new Airport Branch facility, which
opened in late June, 1999, and the new Old Forest Road and Timberlake Plaza
facilities, which were acquired in August 2000, also contributed to the current
year's expense increase.
ALLOWANCE AND PROVISION FOR LOAN LOSSES
A provision for loan losses of $270 was expensed in the first nine months
of 2000 in recognition of management's estimate of risks inherent with lending
activities. Among other factors, management considers the Company's historical
loss experience, the size and composition of the loan portfolio, the value and
adequacy of collateral and guarantors, non-performing credits, and current and
anticipated economic conditions. There are additional risks of future loan
losses that cannot be precisely quantified or attributed to particular loans or
classes of loans. Since those risks include general economic trends as well as
conditions affecting individual borrowers, the allowance for loan losses is an
estimate. The allowance is also subject to regulatory examinations and
determination as to adequacy, which may take into account such factors as the
methodology used to calculate the allowance. The allowance for loan losses was
$1,053 as of September 30, 2000, and represents approximately .89% of total
loans outstanding. Management believes the allowance was adequate as of
September 30, 2000. Management evaluates the reasonableness of the allowance
for loan losses on a quarterly basis and adjusts the provision as deemed
necessary.
NON-PERFORMING ASSETS AND IMPAIRED LOANS
Nonperforming assets, which consist of nonaccrual loans and foreclosed
properties, were $106 at September 30, 2000 and $48 December 31, 1999. There
were no foreclosed properties as of September 30, 2000 nor as of December 31,
1999. Nonaccrual loans were $106 at September 30, 2000 and $48 at December 31,
1999. Loans are generally placed in nonaccrual status when the collection of
principal and interest is 90 days or more past due, unless the obligation is
both well-secured and in the process of collection. Impaired loans equaled
nonaccrual loans at September 30, 2000.
13
<PAGE>
LIQUIDITY
Liquidity represents an institution's ability to meet present and future
financial obligations through either the sale or maturity of existing assets or
the acquisition of additional funds from alternative funding sources. The
Company's liquidity is provided by cash and due from banks, federal funds sold,
investments available for sale, managing investment maturities, interest-earning
deposits in other financial institutions and loan repayments. The Company's
ability to obtain deposits and purchase funds at favorable rates also affects it
liquidity. As a result of the Company's management of liquid assets and the
ability to generate liquidity through alternative funding sources, management
believes that the bank maintains overall liquidity that is sufficient to satisfy
its depositors' requirements and to meet customers' credit needs. The Company's
ratio of liquid assets to deposits and short-term borrowings was 12.33% as of
September 30, 2000 as compared to 22.03% as of December 31, 1999. Additional
sources of liquidity available to the Company include its capacity to borrow
additional funds through correspondent banks. The Company derives cash flows
from its operating, investing, and financing activities. Cash flows of the
Company are primarily used to fund loans and securities and are provided by the
deposits and borrowings of the Company.
CAPITAL
The Company's financial position at September 30, 2000 reflects liquidity
and capital levels currently adequate to fund anticipated future business
expansion. Capital ratios are well in excess of required regulatory minimums
for a well-capitalized institution. The assessment of capital adequacy depends
on a number of factors such as asset quality, liquidity, earnings performance,
and changing competitive conditions and economic forces. The adequacy of the
Company's capital is reviewed by management on an ongoing basis. Management
seeks to maintain a capital structure that will assure an adequate level of
capital to support anticipated asset growth and to absorb potential losses.
14
<PAGE>
Stockholders' equity reached $16,674 at the end of the third quarter of
2000 compared to $15,590 at December 31, 1999. The leverage ratio consists of
Tier I capital divided by quarterly average assets. At September 30, 2000, the
Company's leverage ratio was 10.23% compared to 10.47% at December 31, 1999.
Each of these exceeds the required minimum leverage ratio of 4%.
15
<PAGE>
PART II - OTHER INFORMATION
Item 1 - LEGAL PROCEEDINGS
There are no material pending legal proceedings to which the Company is a
party or of which the property of the Company is subject.
Item 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
Item 6 - EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27-Financial Data Schedule
(b) Reports on Form 8-K
None
16
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
PINNACLE BANKSHARES CORPORATION
NOVEMBER 7, 2000 /s/ Robert H. Gilliam, Jr.
---------------------- ------------------------------------
Date Robert H. Gilliam, Jr., President and
Chief Executive Officer
NOVEMBER 7, 2000 /s/ Bryan M. Lemley
---------------------- --------------------------------
Date Bryan M. Lemley, Secretary,
Treasurer and Chief Financial Officer
17