STANLEY, Va., May 11, 2016 /PRNewswire/ -- Pioneer Bankshares, Inc., (OTC Bulletin Board: PNBI) parent company of Pioneer Bank, reported unaudited consolidated net income for the 1st quarter of 2016 of $419,000 or $0.43 per share as compared to $564,000 or $0.59 per share for the 1st quarter of 2015. The Company's 2016 1st quarter earnings resulted in a decrease of $145,000 as compared to the 1st quarter of 2015, which is primarily related to non-recurring income and reductions in the provision for loan loss that occurred in the prior year.
The Company's subsidiary, Pioneer Bank, had net loan growth of $4.4 million or 2.94% during the 1st quarter of 2016 and a total of $9.9 million in loan growth since the first quarter of 2015. The total loan portfolio as of March 31, 2016 was $154.1 million. The bank has also increased its core demand and other non-maturing deposits by $9.9 million or 10.4% since the first quarter of 2015. Total deposits for the Bank as of March 31, 2016 were $149.6 million. The Bank also secured additional low fixed-rate borrowings from the Federal Home Loan Bank of Atlanta in the amount of $7.5 million during the 1st quarter of 2016. These borrowings were obtained as a means of mitigating interest rate risk and matching funds for expected loan growth in 2016. The Company's consolidated total assets as of March 31, 2016 were $191.3 million compared to $176.6 million as of March 31, 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 $25.0 million. The Company's total number of outstanding common shares as of March 31, 2016 was 965,794.
The Company issued a 2016 1st quarter dividend payment of $0.19 per share, which represented an increase of 5.56% over the prior quarterly dividend payment. This dividend payment represents an annualized yield and return to investors of 3.34% based on the market price per share of PNBI stock as of the date of this release.
The Company is also pleased to once again be listed among the top 200 community banks in the U.S, as was noted in a recent publication by American Banker. This publication recognizes top performing financial institutions and ranks them on the basis of their ability to consistently produce a strong level of return on assets.
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.