Pioneer Bankshares, Inc. Releases 2016 Earnings
STANLEY, Va., Feb. 23, 2017 /PRNewswire/ -- Pioneer Bankshares, Inc., (OTC Bulletin Board: PNBI) parent company of Pioneer Bank, reported unaudited consolidated net income of $1.623 million or $1.68 per share for the year ending December 31, 2016, as compared to net earnings in 2015 of $2.058 million or $2.14 per share. The earnings decrease for 2016 of $435,000 is primarily attributed to non-recurring net losses on equity investments compared to gains in the prior year, as well as some general increases in operating expenses and increased provision for loan losses during the year.
The Company is pleased to report that it continues to maintain a well-capitalized position of $26.0 million. The Company's total number of outstanding common shares as of December 31, 2016 was 969,911. As a result of the strong capital position and stable financial performance, Pioneer Bankshares, Inc. increased its shareholder dividend payments during 2016. The dividend payout for 2016 totaled $0.76 per share and increased by 5.56% over the prior year. The 2016 dividend payout also represents a 3.30% return to investors based on the current market price of Pioneer Bankshares, Inc stock. Additionally, the Company's total dividend payout ratio as a percentage of earnings for common equity shareholders in 2016 was 45.33%, as compared to 33.68% in 2015.
The Company's subsidiary, Pioneer Bank, had loan growth of $11.1 million or 7.41% during 2016, with the increase being primarily in the commercial and residential real estate loan categories. The Bank also had deposit growth of $10.3 million or 6.93%. The Bank's total loan portfolio as of December 31, 2016 was $160.8 million and total deposits were $159.5 million. Overall, the Company had net asset growth of approximately $12.4 million or 6.80% for the year ended December 31, 2016. The Company's consolidated total assets as of December 31, 2016 were $195.0 million.
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.
This press release may contain "forward-looking statements" as defined by federal securities laws, which may involve significant risks and uncertainties. These statements address issues that involve risks, uncertainties, estimates and assumptions made by management, and actual results could differ materially from the results contemplated by these forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects include, but are not limited to, changes in: interest rates, general economic conditions, legislative and regulatory policies, and a variety of other matters. Other risk factors are detailed from time to time in our Securities and Exchange Commission filings. Readers should consider these risks and uncertainties in evaluating forward-looking statements and should not place undue reliance on such statements. We undertake no obligation to update these statements following the date of this press release.
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SOURCE Pioneer Bankshares, Inc.
