STANLEY, Va., July 26, 2013 /PRNewswire/ -- Pioneer
Bankshares, Inc., (OTC Bulletin Board: PNBI) parent company of
Pioneer Bank, reported net earnings of $1.223 million as of June
30, 2013, compared to $1.092
million for the same period last year. This
represents total earnings per share of $1.29 and an earnings increase of 12.0% over the
prior year.
The Company had net asset growth of $1.5
million during the first six months of 2013. Loan
volume has remained stable, while deposits have grown by
$3.7 million since December 31, 2012. The Company's total
capital was $21.1 million at
June 30, 2013 and the institution
remains in a well capitalized position under regulatory guidelines.
The Company's book value as of June 30,
2013 was $22.15 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 2nd quarter of 2013 as compared to the prior
quarter. The dividend payout was increased to $0.17 per share in the 2nd quarter of
2013 compared to $0.16 per share in
1st quarter of 2013. This represents a quarterly
increase of 6.25%.
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.