Pioneer Bankshares, Inc. Announces 2017 1st Quarter Earnings

STANLEY, Va., April 27, 2017

The Company's subsidiary, Pioneer Bank, had loan growth of $2.3 million or 1.45% during the 1^st quarter of 2017 and a total of $9.0 million in loan growth as compared to the first quarter of 2016.  The total loan portfolio as of March 31, 2017 was $163.1 million.  The bank has also increased its deposits by $3.6 million during the 1^st quarter of 2017, with a total of $12.9 million or 8.64% in deposit growth since the first quarter of 2016.  Total deposits for the period ending March 31, 2017 were $162.5 million.  The Company's consolidated total assets as of March 31, 2017 were $198.3 million compared to $191.3 million as of March 31, 2016 and $194.9 million as of December 31, 2016.

The Company and its Bank subsidiary continue to maintain a strong capital position and are classified as well-capitalized with total consolidated capital of $26.4 million.  The Company's total number of outstanding common shares as of March 31, 2017 were 969,911. 

The Company issued a 2017 1^st quarter dividend payment of $0.20 per share, which represented an increase of 5.26% over the prior quarterly dividend payment.  This dividend payment represents an annualized yield and return to investors of 3.35% based on the market price per share of PNBI stock as of the date of this release.

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.