Pioneer Bankshares Reports Unaudited Consolidated Earnings Results for the Six Month Ended June 30, 2015
July 31, 2015
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Pioneer Bankshares Inc. reported unaudited consolidated net income for the six month period ending June 30, 2015 of $1.008 million or $1.05 per share compared to $1.073 million or $1.12 per share for the six month period ending June 30, 2014. The company's earnings through the second quarter of 2015 showed a decrease of 6.14% or $65,000 as compared to the prior year. This slight decline is primarily attributed to non-recurring securities gains that occurred in the prior year.
The company's core earnings, excluding non-recurring securities gains for the six month period ending June 30, 2015 resulted in an increase of $42,000 or 4.8% over 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.