Pioneer Bankshares, Inc. Announces 2015 1st Quarter Earnings

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 1^st 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 1^st 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 1^st 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 1^st 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.   

SOURCE Pioneer Bankshares, Inc.