Pioneer Bankshares, Inc. Reports Unaudited Consolidated Earnings Results for the Six Month Ended June 30, 2017
August 01, 2017 at 02:00 pm EDT
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Pioneer Bankshares Inc. reported unaudited consolidated earnings results for the six month ended June 30, 2017. For the six months, the company reported net income of $1.154 million or $1.19 per share as compared to $880,000 or $0.91 per share through the second quarter of 2016. The company's earnings through June 30, 2017 resulted in an increase of $274,000 or 31%, as compared to the same period for 2016. The overall net increase in earnings is primarily attributed to decreases in general operational expenses, a reduction in the provision for loan loss funding and realized gains on securities transactions.
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. 
