Pioneer Bankshares, Inc. Announces 2010 - 1st Quarter Earnings
STANLEY, Va., April 22 /PRNewswire-FirstCall/ -- Pioneer Bankshares, Inc. (OTC Bulletin Board: PNBI), parent company of Pioneer Bank, reported net earnings of $371,000 for the first quarter of 2010, as compared to $417,000 for the first quarter of 2009. Total earnings per share for the quarter ended March 31, 2010 were $0.36 compared to $0.41 for the first quarter of 2009. Core earnings, excluding non-recurring gains on securities on a tax equivalent basis from the prior year, have shown an increase of approximately $42,000 or 12.66%. Core earnings per share as of March 31, 2010 were $0.36 compared to $0.32 for the same period last year.
The Company had asset growth of approximately $8.3 million during the first quarter of 2010. Investments in securities available for sale increased by $1.1 million for the period ending March 31, 2010, as compared to total securities available for sale at December 31, 2009. Investments in interest bearing deposits increased by $9.9 million for the first quarter of 2010 and investments in Federal Funds Sold decreased by approximately $600,000 for the period ending March 31, 2010, as compared to balances as of December 31, 2009.
The Company's loan portfolio increased by approximately $1.6 million or 1.29% during the first quarter of 2010. The deposit portfolio increased by $4.7 million or 3.53% during the same period, with the majority of this growth being in demand deposit accounts. The Company's capital position as of March 31, 2010 was approximately $18.2 million, or 10.8% as a percentage of total assets.
The Company's book value as of March 31, 2010 was $17.65 per share, as compared to a book value of $17.40 per share as of December 31, 2009. This represents an increase of 1.44%. Shareholder dividend payments for the first quarter of 2010 were $0.15 per share, and were the same as the dividend amount paid for the first quarter of 2009.
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 headquartered in Page County, Virginia. It owns and operates Pioneer Bank with six banking locations. The Company's main branch and corporate office is located in Stanley, Virginia, with other branch locations in Shenandoah, Luray, Harrisonburg, Stanardsville, and Charlottesville, Virginia.
Additional financial information for the quarter ending March 31, 2010 is included below.
PIONEER BANKSHARES, INC. CONSOLIDATED BALANCE SHEETS (In Thousands of Dollars) |
|||
March 31, 2010 (Unaudited) |
December 31, 2009 (Audited) |
||
ASSETS |
|||
Cash and due from banks |
$2,087 |
$5,252 |
|
Interest bearing deposits in banks |
16,575 |
6,724 |
|
Federal funds sold |
900 |
1,500 |
|
Securities available for sale, at fair value |
14,057 |
12,999 |
|
Restricted securities |
891 |
788 |
|
Loans receivable, net of allowance for loan losses of $2,266 and $1,945 respectively |
|||
126,270 |
124,660 |
||
Premises and equipment, net |
3,508 |
3,582 |
|
Accrued interest receivable |
621 |
644 |
|
Other real estate owned |
300 |
352 |
|
Other assets |
3,034 |
3,402 |
|
Total Assets |
$168,243 |
$159,903 |
|
LIABILITIES |
|||
Deposits |
|||
Noninterest bearing demand |
$26,532 |
$27,316 |
|
Interest bearing |
|||
Demand |
21,978 |
17,381 |
|
Savings |
16,272 |
15,802 |
|
Time deposits over $100,000 |
27,198 |
21,934 |
|
Other time deposits |
44,694 |
49,581 |
|
Total Deposits |
136,674 |
132,014 |
|
Accrued expenses and other liabilities |
1,402 |
1,473 |
|
Long term debt |
12,000 |
8,500 |
|
Total Liabilities |
150,076 |
141,987 |
|
STOCKHOLDERS' EQUITY |
|||
Common stock; $.50 par value, authorized 5,000,000, outstanding 1,029,466 shares |
|||
515 |
515 |
||
Retained earnings |
17,516 |
17,300 |
|
Accumulated other comprehensive loss, net |
136 |
101 |
|
Total Stockholders' Equity |
18,167 |
17,916 |
|
Total Liabilities and Stockholders' Equity |
$168,243 |
$159,903 |
|
PIONEER BANKSHARES, INC. CONSOLIDATED STATEMENTS OF INCOME (In Thousands of Dollars, except share and per share data) (UNAUDITED) |
|||
Three Months Ended |
|||
March 31, |
|||
2010 |
2009 |
||
Interest and Dividend Income: |
|||
Loans including fees |
$2,181 |
$2,159 |
|
Interest on securities - taxable |
52 |
147 |
|
Interest on securities - nontaxable |
35 |
9 |
|
Interest on deposits and federal funds sold |
32 |
55 |
|
Dividends |
13 |
- - |
|
Total Interest and Dividend Income |
2,313 |
2,370 |
|
Interest Expense: |
|||
Deposits |
469 |
748 |
|
Long term debt |
6 |
63 |
|
Total Interest Expense |
475 |
811 |
|
Net Interest Income |
1,838 |
1,559 |
|
Provision for loan losses |
376 |
175 |
|
Net interest income after provision |
|||
for loan losses |
1,462 |
1,384 |
|
Noninterest Income: |
|||
Service charges and fees |
210 |
223 |
|
Other income |
108 |
53 |
|
Gain on security transactions |
- - |
133 |
|
Total Noninterest Income |
318 |
409 |
|
Noninterest Expense: |
|||
Salaries and benefits |
572 |
554 |
|
Occupancy expenses |
100 |
95 |
|
Equipment expenses |
124 |
145 |
|
Other expenses |
442 |
376 |
|
Total Noninterest Expenses |
1,238 |
1,170 |
|
Income before Income Taxes |
542 |
623 |
|
Income Tax Expense |
171 |
206 |
|
Net Income |
$371 |
$417 |
|
Per Share Data |
|||
Net income, basic and diluted |
$0.36 |
$0.41 |
|
Core earnings, basic and diluted |
$0.36 |
$0.32 |
|
Dividends |
$0.15 |
$0.15 |
|
Weighted Average Shares Outstanding, Basic and Diluted |
1,029,466 |
1,020,581 |
|
SOURCE Pioneer Bankshares, Inc.
Share this article