STANLEY, Va., July 30, 2015 /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, 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.
The Company and its Bank subsidiary continue to maintain a strong capital position and are classified as well-capitalized with total consolidated capital of $24.2 million. The Company's total number of outstanding common shares as of June 30, 2015 was 963,890. The Company issued dividends for the 1st half of 2015 totaling $0.36 per share, which represented an increase of 5.88% over the same period in the prior year. These dividend payments represent an annualized return to investors of 3.25% based on the market price per share of PNBI stock as of the date of this release.
The Company had net loan growth of $4.1 million or 2.89% during the 1st half of 2015 and also increased its core demand and savings deposits by $3.9 million during the 1st half of 2015. The Company's total loan portfolio as of June 30, 2015 was $146.5 million and total deposits were $142.7 million. The Company's consolidated total assets as of June 30, 2015 were $176.0 million. The Company's overall asset quality is considered to be strong with the level of net loan charge offs related to nonperforming assets being only 0.07% of total loans for the 1st half of 2015.
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.
SOURCE Pioneer Bankshares, Inc.