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.