STANLEY, Va., April 27, 2017 /PRNewswire/ -- Pioneer Bankshares, Inc., (OTC Bulletin Board: PNBI) parent company of Pioneer Bank, reported unaudited consolidated net income for the 1st quarter of 2017 of $636,000 or $0.66 per share as compared to $419,000 or $0.43 per share for the 1st quarter of 2016. The Company's 1st quarter earnings for 2017 resulted in an increase of $217,000 or 52%, as compared to the 1st 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.
The Company's subsidiary, Pioneer Bank, had loan growth of $2.3 million or 1.45% during the 1st 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 1st 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 1st 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.