STANLEY, Va., April 30, 2013 /PRNewswire/ -- Pioneer Bankshares, Inc., (OTC Bulletin Board: PNBI) parent company of Pioneer Bank, reported net earnings of $600,000 for the 1st quarter of 2013, as compared to $593,000 for the same period last year. This represents total earnings per share for the 1st quarter of $0.63 and an earnings increase of 1.22% over the prior year.
The Company had asset growth of $1.4 million during the 1st quarter of 2013 and is on target to meet its loan growth goals for this year. Deposit accounts have grown by approximately $3.5 million during the 1st quarter of 2013, with approximately 9.72% of this deposit increase being attributed to our new branch in Ruckersville, VA.
The Company's capital position remains strong at $20.9 million as of March 31, 2013 and is considered to be above the regulatory guidelines to be classified as a well capitalized institution.
The Company's book value as of March 31, 2013 was $21.97 per share, as compared to a book value of $21.45 per share as of December 31, 2012.
Pioneer also increased its dividend payout to shareholders for the 1st quarter of 2013 as compared to the same period last year. The dividend payout was increased from $0.15 per share in the 1st quarter of 2012 to $0.16 per share in 1st quarter of 2013. This represents an overall increase of 6.67%.
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 know as Valley Finance Services, a Division of Pioneer Bank, which specializes in consumer and auto lending.
SOURCE Pioneer Bankshares, Inc.