Pioneer Bankshares, Inc. Announces 2013 -- 2nd Quarter YTD Earnings

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 2^nd quarter of 2013 as compared to the prior quarter.  The dividend payout was increased to $0.17 per share in the 2^nd quarter of 2013 compared to $0.16 per share in 1^st 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.

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