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.

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