STANLEY, Va., Feb. 4, 2015 /PRNewswire/ -- Pioneer Bankshares,
Inc., (OTC Bulletin Board: PNBI) parent company of Pioneer
Bank, reported unaudited consolidated net income of $2.173 million for the year ending December 31, 2014, as compared to net earnings in
2013 of $2.250 million.
Although income for 2014 declined slightly compared to the prior
year, this is third consecutive year the Company has had earnings
in excess of $2.0 million, which is
considered to be a successful accomplishment in light of the
ongoing economic challenges. Additionally, the Company's
subsidiary, Pioneer Bank, was listed among the top 25 Virginia
banks with regard to its financial performance and overall return
on assets for 2014, as well as being ranked the # 2 bank in
Virginia with regard to net
interest margin.
The Company's subsidiary, Pioneer Bank, continued to show
moderate growth throughout 2014, primary related to increased core
deposits and cash assets. Total deposits increased by approximately
$8.6 million with modest increases in
deposit balances distributed across the entire bank. This is
reflective of the bank's increased focus on developing deeper
customer relationships and providing additional convenience to our
depositors. The Bank's loan portfolio remained stable at
approximately $142 million, with a
continued focus on commercial, residential, and consumer loans, as
well as added services for our existing loan customers.
The Company's capital position remains above the regulatory
requirements and is classified as well-capitalized. As a
result of the strong capital position and on-going financial
performance, Pioneer Bankshares, Inc. increased its shareholder
dividend payments during 2014. The dividend payout for
2014 totaled $0.68 per share and
increased by 1.49% over the prior year. The 2014 dividend
payout also represents a 3.2% return to investors based on the
current market price of Pioneer Bankshares, Inc stock.
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.