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Pinnacle Bancshares 2007 earnings down

Pinnacle Bancshares has reported a net income of $1.09 million for the year ended December 31, 2007, compared to a net income of $1.35 million in fiscal 2006.

Net interest income after the provision for loan losses for the year was $5.83 million as against the net interest income of $6.14 million in 2006.

For the fourth quarter ended December 31, 2007, net income decreased to $57,000 from a net income of $359,000 recorded in the comparable quarter of 2006. Net interest income after the provision for loan losses for the period was $1.2 million compared with $1.6 million posted for the same period in 2006.

Robert Nolen, president and CEO of Pinnacle Bancshares, said: Despite an increasingly challenging operating environment, we believe that Pinnacle is well positioned for the future. Our full energy is focused on managing Pinnacle’s operations and financial condition through this very difficult time.