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.
