Pioneer Bankshares, Inc. Announces 2010 - 3rd Quarter Earnings
STANLEY, Va., Oct. 29 /PRNewswire-FirstCall/ -- Pioneer Bankshares, Inc. (OTC Bulletin Board: PNBI), parent company of Pioneer Bank, reported net earnings of $1.3 million for the period ending September 30, 2010, as compared to $935,000 for the same period of 2009. This represents an increase of 39.04%. Total earnings per share as of September 30, 2010 were $1.26 compared to $0.91 for the same period last year.
The Company had asset growth of approximately $6.2 million through September 30, 2010, with approximately $5.4 million being attributed to increased loan volume. Investments in securities available for sale increased by approximately $356,000 for the period ending September 30, 2010, as compared to total securities available for sale at December 31, 2009. Investments in interest bearing deposits also increased by $4.2 million for the period ending September 30, 2010, while investments in Federal Funds Sold decreased by $1.0 million for the same period compared to balances as of December 31, 2009.
The Company's deposit portfolio remains relatively stable at approximately $132.0 million as of September 30, 2010. The capital position of the Company remains above regulatory guidelines and is considered to be strong as of September 30, 2010 at $18.9 million, or 11.41% as a percentage of total assets.
The Company's book value as of September 30, 2010 was $18.35 per share, as compared to a book value of $17.40 per share as of December 31, 2009. This represents an increase of 5.46%. Shareholder dividend payments for the first three quarters of 2010 totaled $0.44 per share compared to $0.43 per share for the same period last year. This represents a year-to-date increase of 2.33% for the company's shareholders.
Management acknowledges 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 period ending September 30, 2010 is included below.
PIONEER BANKSHARES, INC. CONSOLIDATED BALANCE SHEETS (In Thousands of Dollars) |
|||||||
September 30, |
December 31, |
||||||
2010 |
2009 |
||||||
(Unaudited) |
(Audited) |
||||||
ASSETS |
|||||||
Cash and due from banks |
$ |
2,936 |
$ |
5,252 |
|||
Interest bearing deposits in banks |
10,934 |
6,724 |
|||||
Federal funds sold |
500 |
1,500 |
|||||
Securities available for sale, at fair value |
13,355 |
12,999 |
|||||
Restricted securities |
981 |
788 |
|||||
Loans receivable, net of allowance for loan losses of $2,291 and $1,945 respectively |
130,038 |
124,660 |
|||||
Premises and equipment, net |
3,407 |
3,582 |
|||||
Accrued interest receivable |
711 |
644 |
|||||
Other real estate owned |
250 |
352 |
|||||
Other assets |
2,979 |
3,402 |
|||||
Total Assets |
$ |
166,091 |
$ |
159,903 |
|||
LIABILITIES |
|||||||
Deposits |
|||||||
Noninterest bearing demand |
$ |
25,489 |
$ |
27,316 |
|||
Interest bearing |
|||||||
Demand |
20,066 |
17,381 |
|||||
Savings |
16,108 |
15,802 |
|||||
Time deposits over $100,000 |
25,457 |
21,934 |
|||||
Other time deposits |
44,534 |
49,581 |
|||||
Total Deposits |
131,654 |
132,014 |
|||||
Accrued expenses and other liabilities |
1,488 |
1,473 |
|||||
Borrowings |
14,000 |
8,500 |
|||||
Total Liabilities |
147,142 |
141,987 |
|||||
STOCKHOLDERS' EQUITY |
|||||||
Common stock; $.50 par value, authorized 5,000,000, 1,032,418 and 1,029,466 shares outstanding, respectively |
516 |
515 |
|||||
Retained earnings |
18,190 |
17,300 |
|||||
Accumulated other comprehensive loss, net |
243 |
101 |
|||||
Total Stockholders' Equity |
18,949 |
17,916 |
|||||
Total Liabilities and Stockholders' Equity |
$ |
166,091 |
$ |
159,903 |
|||
PIONEER BANKSHARES, INC. CONSOLIDATED STATEMENTS OF INCOME (In Thousands of Dollars, except share and per share data) (UNAUDITED) |
||||||
Nine Months Ended |
||||||
September 30, |
||||||
2010 |
2009 |
|||||
Interest and Dividend Income: |
||||||
Loans including fees |
$ |
6,585 |
$ |
6,501 |
||
Interest on securities - taxable |
151 |
317 |
||||
Interest on securities - nontaxable |
105 |
71 |
||||
Interest on deposits and federal funds sold |
111 |
149 |
||||
Dividends |
40 |
26 |
||||
Total Interest and Dividend Income |
6,992 |
7,064 |
||||
Interest Expense: |
||||||
Deposits |
1,293 |
2,020 |
||||
Long term debt |
80 |
176 |
||||
Total Interest Expense |
1,373 |
2,196 |
||||
Net Interest Income |
5,619 |
4,868 |
||||
Provision for loan losses |
645 |
710 |
||||
Net interest income after provision for loan losses |
4,974 |
4,158 |
||||
Noninterest Income: |
||||||
Service charges and fees |
652 |
723 |
||||
Other income |
234 |
138 |
||||
Gain (Loss) on security transactions |
(54) |
133 |
||||
Total Noninterest Income |
832 |
994 |
||||
Noninterest Expense: |
||||||
Salaries and benefits |
1,819 |
1,652 |
||||
Occupancy expenses |
276 |
260 |
||||
Equipment expenses |
351 |
431 |
||||
Other expenses |
1,456 |
1,450 |
||||
Total Noninterest Expenses |
3,902 |
3,793 |
||||
Income before Income Taxes |
1,904 |
1,359 |
||||
Income Tax Expense |
604 |
424 |
||||
Net Income |
$ |
1,300 |
$ |
935 |
||
Per Share Data |
||||||
Net income, basic and diluted |
$ |
1.26 |
$ |
0.91 |
||
Dividends |
$ |
0.44 |
$ |
0.43 |
||
Weighted Average Shares Outstanding, Basic and Diluted |
1,030,715 |
1,022,185 |
||||
SOURCE Pioneer Bankshares, Inc.
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