Pioneer Bankshares, Inc. Announces 3rd Quarter Earnings For 2015

STANLEY, Va., Nov. 2, 2015 /PRNewswire/ -- Pioneer Bankshares, Inc., (OTC Bulletin Board:  PNBI) parent company of Pioneer Bank, reported unaudited consolidated net income for the nine month period ending September 30, 2015 of $1.498 million or $1.56 per share compared to $1.488 million or $1.55 per share for the nine month period ending September 30, 2014.  The Company continues to maintain a solid profitability position in comparison to its peers and is pleased to report that its core earnings position remains strong. 

The Company and its Bank subsidiary continue to maintain a strong capital position and are classified as well-capitalized with total consolidated capital of $24.4 million.  The Company's total number of outstanding common shares as of September 30, 2015 was 963,890.  The Company issued dividends through September 30, 2015 totaling $0.54 per share, which represented an increase of 5.88% over the same period in the prior year.  These dividend payments represent an annualized return to investors of 3.13% based on the market price per share of PNBI stock as of the date of this release.

The Company had net loan growth of $6.1 million or 4.28% during the nine month period ending September 30, 2015 and also increased its demand and savings deposits by $6.9 million during the same period.  The Company's total loan portfolio as of September 30, 2015 was $148.5 million and total deposits were $144.8 million. The Company's consolidated total assets as of September 30, 2015 were $179.5 million. 

Pioneer Bank continues to enhance its products in an effort to provide more efficient service to our customers.   The recent implementation of additional mobile phone applications is an example of the bank's continued focus on convenience.

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.

Related Links

http://www.pioneerbks.com