Pioneer Bankshares, Inc Announces Consolidated Unaudited Earnings Results for the Year Ending December 31, 2016
February 23, 2017 at 06:23 pm EST
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Pioneer Bankshares Inc. announced consolidated unaudited earnings results for the year ending December 31, 2016. For the year, the company reported net income of $1.623 million or $1.68 per share for the year ending December 31, 2016, as compared to net earnings in 2015 of $2.058 million or $2.14 per share. The earnings decrease for 2016 of $435,000 is primarily attributed to non-recurring net losses on equity investments compared to gains in the prior year, as well as some general increases in
operating expenses and increased provision for loan losses during the year.
Pioneer Bankshares, Inc. is the one-bank holding company of Pioneer Bank, Inc. (the Bank). The Bank is engaged in the general commercial banking business, primarily serving the counties of Page, Greene, Rockingham, and Albemarle, Virginia. The Bank offers a full range of banking and related financial services focused primarily towards serving individual consumers, small to medium size commercial businesses, and the professional community. The Bank provides individual consumers, professionals and small and medium-sized commercial businesses in its market area with responsive and technologically advanced banking services. The Bank operates a small finance company known as Valley Finance Services, a Division of Pioneer Bank, which specializes in consumer and dealer auto lending. The Bank strives to serve the banking needs of its customers while developing personal, hometown relationships. The Bank also operates a small Business Banking Center in Harrisonburg, VA.
PIONEER BANKSHARES, INC. 
