Attached files
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| 8-K - FORM 8-K - PIONEER BANKSHARES INC/VA | d386518d8k.htm |
Exhibit 99.1
PIONEER BANKSHARES, INC.
ANNOUNCES 2012 – 2nd QUARTER EARNINGS
FOR IMMEDIATE RELEASE:
For Inquiries Contact: Thomas R. Rosazza, President/CEO (540) 778-2294
Stanley, VA, July 26, 2012 — 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 |
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| 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 | ||||||
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| Total Assets |
$ | 171,697 | $ | 167,247 | ||||
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| LIABILITIES |
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| Deposits |
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| Noninterest bearing demand |
$ | 30,622 | $ | 29,210 | ||||
| Interest bearing |
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| 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 | ||||||
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| Total Deposits |
137,190 | 133,880 | ||||||
| Accrued expenses and other liabilities |
2,192 | 2,304 | ||||||
| Borrowings |
11,000 | 10,500 | ||||||
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| Total Liabilities |
150,382 | 146,684 | ||||||
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| STOCKHOLDERS’ EQUITY |
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| 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 | ||||||
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| Total Stockholders’ Equity |
21,315 | 20,563 | ||||||
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| Total Liabilities and Stockholders’ Equity |
$ | 171,697 | $ | 167,247 | ||||
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PIONEER BANKSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands of Dollars, except share and per share data)
(UNAUDITED)
| Six Months Ended June 30, |
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| 2012 | 2011 | |||||||
| Interest and Dividend Income: |
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| 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 | ||||||
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| Total Interest and Dividend Income |
4,740 | 4,611 | ||||||
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| Interest Expense: |
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| Deposits |
588 | 697 | ||||||
| Borrowings |
42 | 47 | ||||||
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| Total Interest Expense |
630 | 744 | ||||||
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| Net Interest Income |
4,110 | 3,867 | ||||||
| Provision for loan losses |
258 | 732 | ||||||
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| Net interest income after provision for loan losses |
3852 | 3,135 | ||||||
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| Noninterest Income: |
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| Service charges and fees |
477 | 438 | ||||||
| Other income |
104 | 71 | ||||||
| Gain on securities transactions |
29 | 109 | ||||||
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| Total Noninterest Income |
610 | 618 | ||||||
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| Noninterest Expense: |
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| Salaries and benefits |
1,363 | 1,320 | ||||||
| Occupancy expenses |
231 | 226 | ||||||
| Equipment expenses |
147 | 167 | ||||||
| Other expenses |
1,115 | 1,130 | ||||||
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| Total Noninterest Expenses |
2,856 | 2,843 | ||||||
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| Income before Income Taxes |
1,606 | 910 | ||||||
| Income Tax Expense |
514 | 287 | ||||||
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| Net Income |
$ | 1,092 | $ | 623 | ||||
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| Per Share Data |
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| Net income, basic and diluted |
$ | 1.05 | $ | 0.60 | ||||
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| Dividends |
$ | 0.30 | $ | 0.30 | ||||
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| Weighted Average Shares Outstanding, Basic and Diluted |
1,041,014 | 1,035,606 | ||||||
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