Pioneer Bankshares, Inc. Reports Unaudited Consolidated Earnings Results for the Six Month Period Ending June 30, 2016
August 11, 2016 at 02:00 pm EDT
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Pioneer Bankshares Inc. reported unaudited consolidated earnings results for the six month period ending June 30, 2016. For the period, the company reported net income of $880,000 or $0.91 per share as compared to $1.008 million or $1.05 per share for the same period last year. The company's earnings through June 30, 2016 show a decrease of $127,000 as compared to the same period in 2015. This change is primarily attributed to increased costs on deposits associated with volume increases, increased provision for loan loss expense for the current year as compared to reductions in the prior year, and certain non-recurring income items that occurred in the prior 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. 
