STANLEY, Va., May 4, 2015 /PRNewswire/ -- Pioneer Bankshares,
Inc. (OTC Bulletin Board: PNBI), parent company of Pioneer Bank,
reported unaudited consolidated net income for the 1st
quarter of 2015 of $564,262, or
$0.59 per share. The first
quarter earnings for 2015 resulted in a 54% increase as compared to
the same period for the prior year. The current year increase
in earnings is attributed to numerous factors including an increase
in interest income on loans, an increase in other non-interest
income, a reduction in interest expense on deposits, a reduction in
provision for loan loss expense, and various reductions in general
operating expenses.
The Company's subsidiary, Pioneer Bank, had net loan growth of
$1.8 million or 1.25% during the
1st quarter of 2015 with a total loan portfolio balance
as of March 31, 2015 of $144.2 million. The bank also
increased its core demand and savings deposits by $2.6 million during the 1st quarter of
2015 and retained a relatively stable balance in time deposits,
bringing the combined deposit total for the institution to
approximately $143.0
million. The company's consolidated total assets
as of March 31, 2015 were
$176.6 million compared to
$174.8 million as of March 31, 2014 and $176.4
million as of December 31,
2014.
The Company and its Bank subsidiary continue to maintain a
strong capital position and are classified as well-capitalized with
total consolidated capital of $24.0
million. The Company's total number of outstanding
common shares as of March 31, 2015
was 961,522. The Company issued a 2015 1st quarter
dividend payment of $0.18 per share,
which represented an increase of 5.88% over the prior quarterly
dividend payment. This dividend payment represents an
annualized return to investors of 3.26% based on the market price
per share of PNBI stock as of the date of this release.
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.
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SOURCE Pioneer Bankshares, Inc.