2014

Pioneer Bankshares, Inc. Announces 2012 - 2nd Quarter Earnings

STANLEY, Va., July 26, 2012 /PRNewswire/ -- Pioneer Bankshares, Inc., (OTC Bulletin Board:   PNBI) parent company of Pioneer Bank, reported net earnings of $1.1 million for the six month period ending June 30, 2012, as compared to $623,000 for the same period last year.  Total earnings per share for the period ended June 30, 2012 were $1.05 compared to $0.60 for the same period in 2011, which represents an increase of 75.00%. 

The Company had asset growth of approximately $4.5 million and deposit growth of $3.3 million during the six month period ending June 30, 2012.   The Company's loan portfolio has increased approximately $2.0 million or 1.47% during the first half of 2012.  The Company's capital position as of June 30, 2012 was $21.3 million, or 12.4% as a percentage of total assets. 

Management recognizes that prevailing economic conditions may have the potential to adversely impact the Company's operational results, including future earnings, liquidity, and capital resources.  Management continually monitors economic factors in an effort to promptly identify specific trends that could have a direct material effect on the Company.

Pioneer Bankshares Inc. is a one bank holding company located in Page County Virginia. The Company owns and operates Pioneer Bank with six banking locations.   The main office is located in Stanley, with other branch offices located in Shenandoah, Luray, Harrisonburg, Stanardsville and Charlottesville, all in Virginia.   The Bank also has a small consumer loan finance operation known as Valley Finance Services, a Division of Pioneer Bank, which operates within the Harrisonburg branch facility.

Additional financial information for the period ending June 30, 2012 is included below.

PIONEER BANKSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In Thousands of Dollars)






June 30,


December 31,


2012


2011


(Unaudited)


(Audited)

ASSETS








Cash and due from banks

$ 5,988


$ 3,360

Interest bearing deposits in banks

9,369


6,788

Federal funds sold

800


1,200

Securities available for sale, at fair value

10,244


11,989

Restricted securities

820


891

Loans receivable, net of allowance for loan losses
  of $2,440 and $2,429 respectively

135,245


133,286

Premises and equipment, net

4,129


4,127

Accrued interest receivable

787


727

Other real estate owned

564


1,095

Other assets

3,751


3,784





        Total Assets

$ 171,697


$ 167,247









LIABILITIES








Deposits




    Noninterest bearing demand

$ 30,622


$ 29,210

    Interest bearing




            Demand

28,452


27,718

            Savings

13,226


12,037

            Time deposits over $100,000

25,659


22,601

            Other time deposits

39,231


42,314





        Total Deposits

137,190


133,880





Accrued expenses and other liabilities

2,192


2,304

Borrowings

11,000


10,500





        Total Liabilities

150,382


146,684





STOCKHOLDERS' EQUITY








Common stock; $.50 par value, authorized 5,000,000,
  outstanding 1,039,845 and 1,041,373 shares as of June 30, 2012
  and December 30, 2011, respectively

520


521

Retained earnings

20,526


19,783

Accumulated other comprehensive income, net

269


259





        Total Stockholders' Equity

21,315


20,563





        Total Liabilities and Stockholders' Equity

$ 171,697


$ 167,247

 


PIONEER BANKSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands of Dollars, except share and per share data)

(UNAUDITED)


Six Months Ended


June 30,


2012


2011

Interest and Dividend Income:




    Loans including fees

$ 4,562


$ 4,421

    Interest on securities - taxable

45


45

    Interest on securities - nontaxable

55


60

    Interest on deposits and federal funds sold

36


57

    Dividends

42


28

    Total Interest and Dividend Income

4,740


4,611





Interest Expense:




    Deposits

588


697

    Borrowings

42


47

    Total Interest Expense

630


744





Net Interest Income

4,110


3,867

Provision for loan losses

258


732





Net interest income after provision
  for loan losses

3,852


3,135





Noninterest Income:




    Service charges and fees

477


438

    Other income

104


71

    Gain on securities transactions

29


109

    Total Noninterest Income

610


618





Noninterest Expense:




    Salaries and benefits

1,363


1,320

    Occupancy expenses

231


226

    Equipment expenses

147


167

    Other expenses

1,115


1,130

    Total Noninterest Expenses

2,856


2,843





Income before Income Taxes

1,606


910

Income Tax Expense

514


287





Net Income

$ 1,092


$ 623





Per Share Data




    Net income, basic and diluted

$ 1.05


$ 0.60

    Dividends

$ 0.30


$ 0.30





Weighted Average Shares Outstanding, Basic and Diluted

1,041,014


1,035,606

 


 

SOURCE Pioneer Bankshares, Inc.



RELATED LINKS
http://www.pioneerbks.com

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