Pioneer Bankshares Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017
April 27, 2017 at 11:59 am EDT
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Pioneer Bankshares Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported net income of $636,000 or $0.66 per share as compared to $419,000 or $0.43 per share for the first quarter of 2016. The Company's first quarter earnings for 2017 resulted in an increase of $217,000 or 52%, as compared to the first quarter earnings for 2016. The overall net increase in earnings is primarily attributed to realized gains on securities transactions, decreases in operational expenses and a reduction in the provision for loan loss funding.
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. 
