Pioneer Bankshares, Inc. (PNBI) Posts Positive Q2 Earnings

QualityStocks would like to highlight Pioneer Bankshares, Inc. (OTCBB: PNBI) a one bank holding company located in Page County Virginia. The Company owns and operates Pioneer Bank with six banking locations in Virgnia.

In the company’s news Friday,

Pioneer Bankshares Inc. posted its financial results for the period ended June 30, 2010, reporting increases across the board despite overall burdensome economic conditions. Company management acknowledged the potential threat to its operational results and said it continually monitors economic risks to identify and thwart specific trends that could negatively affect operations.

The parent company of Pioneer Bank reported net earnings of $784,000 for the period ended June 30, 2010, up 8.59 percent as compared to the $722,000 reported in the same period of 2009. Total earnings per share as of June 30, 2010 were $0.76 compared to $0.71 for the same period the year prior.

Pioneer Bankshares grew assets by approximately $6.1 million during the first six months of 2010; investments in securities available for sale increased by approximately $900,000 for the period ended June 30, 2010 as compared to total available securities for sale at December 31, 2009.

The company reported that investments in interest-bearing deposits grew by $4.7 million for the period ended June 30, 2010; investments in Federal Funds Sold decreased by approximately $1.3 million for the period ended June 30, 2010, as compared to balances as of December 31, 2009.

The company increased its loan portfolio by approximately $3.6 million, or 2.89 percent, during the first six months of 2010; deposit portfolio increased by $3.3 million, or 2.53 percent, during the same period. The growth is primarily attributed to interest-bearing demand deposit accounts.

The company said its capital position remains solid at $18.4 million as of June 30, 2010, reflecting 11.09 percent of total assets.

Pioneer Bankshares’ book value as of June 30, 2010 increased 2.47 percent to $17.83 per share compared to a book value of $17.40 per share as of December 31, 2009.

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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.