Pioneer Bankshares, Inc. Announces 2013 Earnings

STANLEY, Va., March 12, 2014 /PRNewswire/ -- Pioneer Bankshares, Inc., (OTC Bulletin Board: PNBI) parent company of Pioneer Bank, reported net earnings of $2.250 million for the year-ended December 31, 2013, compared to $2.262 million for the same period last year.  This represents total earnings per share of $2.36 as of December 31, 2013 compared to $2.26 for the prior year.  The company is pleased to report this was the second consecutive year annual income exceeded $2.2 million.

The Company had net asset growth of $1.2 million during 2013.  Total loan growth for the year ending December 31, 2013 was $1.5 million, while deposits grew $2.2 million during the year. The Company's total capital was $22.00 million at December 31, 2013 and the institution remains in a well capitalized position under regulatory guidelines. The Company's book value as of December 31, 2013 was $22.97 per share, as compared to a book value of $21.45 per share as of December 31, 2012. 

During 2013 the bank successfully opened a new branch facility in Ruckersville, Virginia bringing the total number of operating offices to 7 for the company.  This new branch location has generated a large portion of the deposit growth for the bank during 2013.  The bank also continues to implement new and innovative technology services for its customer base.

Pioneer increased its dividend payout to shareholders for 2013 to $0.67 per share compared to $0.61 for the prior year.  This represents an increase of 9.84% over the prior year.

Pioneer Bankshares, Inc. is a one-bank holding company headquartered in Page County, Virginia.  The Company's main branch and corporate office are located in Stanley, Virginia, with other branch locations in Shenandoah, Luray, Harrisonburg, Stanardsville, Ruckersville, and Charlottesville, Virginia. The Bank also operates a small finance company known as Valley Finance Services, a Division of Pioneer Bank, which specializes in consumer and auto lending.   

Additional financial highlights are included in the table below.

 

FINANCIAL HIGHLIGHTS

(In thousands, except for per share information)

 




2013



2012


Results of Operations









Interest and dividend income


$

9,527



$

9,572


Interest expense



745




1,147











Net interest income



8,782




8,425


Provision for loan losses



551




470











Net interest income after provision for loan losses



8,231




7,955


Noninterest income



1,565




1,118


Noninterest expense



6,600




5,859











Income before income taxes



3,196




3,214


Income tax expense



946




952











Net Income


$

2,250



$

2,262














Financial Condition, At Year End









Assets


$

173,519



$

172,301


Deposits



134,553




132,399


Loans, net of allowance



140,483




138,707


Stockholders' Equity



21,978




20,421





Per Share Data









Net income per share, basic and diluted


$

2.36



$

2.26


Dividends per share



.67




.61


Book value per share



22.97




21.45





Performance Ratios









Return on average assets 1



1.30%




1.32%


Return on average equity 1



10.57%




10.92%


Dividend payout ratio



28.39%




26.83%


Average equity to average assets 1



12.27%




12.09%



1Ratios are based primarily on daily average balances

 

SOURCE Pioneer Bankshares, Inc.



RELATED LINKS
http://www.pioneerbks.com

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