STANLEY, Va., Feb. 28, 2011 /PRNewswire/ -- Pioneer Bankshares, Inc., (OTC Bulletin Board: PNBI.OB) parent company of Pioneer Bank, reported net earnings of $1.9 million for the year ending December 31, 2010, as compared to $1.2 million for 2009. This represents an increase of approximately 51%. Total earnings per share as of December 31, 2010 were $1.80 compared to $1.20 for the prior year.
According to Company records, net income for 2010 is the highest in the history of the institution. The increase in earnings of approximately $631,000 during 2010 is primarily the result of management's proactive approach related to deposit and loan pricing in the current economic environment and assertive actions relating to problem loan identification and oversight.
The Company had asset growth of approximately $8.3 million during 2010, with approximately $6.1 million being attributed to increased loan volume. Investments in securities available for sale decreased by approximately $1.8 million for the period ending December 31, 2010, as compared to total securities available for sale at December 31, 2009. Investments in interest bearing deposits increased by $3.9 million for the period ending December 31, 2010, while investments in Federal Funds Sold increased by approximately $1.1 million for the same period compared to balances as of December 31, 2009. The Company's deposit portfolio increased by approximately $3.9 million during 2010, as compared to total deposits as of December 31, 2009. The Company's total capital was $19.4 million as of December 31, 2010 and remains above the established regulatory guidelines to be considered a well capitalized institution. The capital to asset ratio as of December 31, 2010 was 11.53% as compared to 11.20% as of December 31, 2009.
The Company's book value as of December 31, 2010 was $18.73 per share, as compared to a book value of $17.40 per share as of December 31, 2009. This represents an increase of 7.64%. Shareholder dividend payments for 2010 totaled $0.58 per share compared to $0.57 per share for the prior year. This represents a 1.75% increase for the company's shareholders.
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.
SOURCE Pioneer Bankshares, Inc.