STANLEY, Va., April 30, 2013 /PRNewswire/ -- Pioneer
Bankshares, Inc., (OTC Bulletin Board: PNBI) parent company
of Pioneer Bank, reported net earnings of $600,000 for the 1st quarter of 2013,
as compared to $593,000 for the same
period last year. This represents total earnings per
share for the 1st quarter of $0.63 and an earnings increase of 1.22% over the
prior year.
The Company had asset growth of $1.4
million during the 1st quarter of 2013 and is on
target to meet its loan growth goals for this year. Deposit
accounts have grown by approximately $3.5
million during the 1st quarter of 2013, with
approximately 9.72% of this deposit increase being attributed to
our new branch in Ruckersville,
VA.
The Company's capital position remains strong at $20.9 million as of March
31, 2013 and is considered to be above the regulatory
guidelines to be classified as a well capitalized
institution.
The Company's book value as of March 31,
2013 was $21.97 per share, as
compared to a book value of $21.45
per share as of December 31,
2012.
Pioneer also increased its dividend payout to shareholders for
the 1st quarter of 2013 as compared to the same period
last year. The dividend payout was increased from
$0.15 per share in the 1st
quarter of 2012 to $0.16 per share in
1st quarter of 2013. This represents an overall
increase of 6.67%.
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 know as Valley Finance Services, a
Division of Pioneer Bank, which specializes in consumer and auto
lending.
SOURCE Pioneer Bankshares, Inc.