STANLEY, Va., Aug. 11, 2016 /PRNewswire/ -- Pioneer Bankshares, Inc., (OTC Bulletin Board: PNBI) parent company of Pioneer Bank, reported unaudited consolidated net income for the six month period ending June 30, 2016 of $880,000 or $0.91 per share as compared to $1.008 million or $1.05 per share for the same period last year. The Company's earnings through June 30, 2016 show a decrease of $127,000 as compared to the same period in 2015. This change is primarily attributed to increased costs on deposits associated with volume increases, increased provision for loan loss expense for the current year as compared to reductions in the prior year, and certain non-recurring income items that occurred in the prior year.
The Company's subsidiary, Pioneer Bank, had net loan growth of $7.0 million or 4.67% during the first six months of 2016 and a total of $10.2 million in loan growth since June 30, 2015. The total loan portfolio as of June 30, 2016 was $156.7 million. The bank has also seen an increase in deposit balances during the first six months of 2016, resulting in total deposit growth of $5.1 million or 3.42%. The deposit increase as compared to June 30, 2015 reflects a total increase of $11.1 million bringing total deposit balances as of June 30, 2016 to $153.8 million. The Company's consolidated total assets as of June 30, 2016 were $194.8 million compared to $176.0 million as of June 30, 2015 and $182.5 million as of December 31, 2015.
The Company and its Bank subsidiary continue to maintain a strong capital position and are classified as well-capitalized with total consolidated capital of $25.4 million. The Company's total number of outstanding common shares as of June 30, 2016 was 968,042.
The Company has issued quarterly dividend payments to shareholders during the first two quarters of 2016 at $0.19 per quarter or $0.38 total year-to-date through June 30, 2016. These dividend payments represent an increase of 5.56% as compared to the dividend payments made through June 30, 2015. The dividend payments represents an annualized yield and return to investors of 3.29% 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.