STANLEY, Va., Feb. 23, 2016 /PRNewswire/ -- Pioneer Bankshares, Inc., (OTC Bulletin Board: PNBI) parent company of Pioneer Bank, reported unaudited consolidated net income of $2.058 million or $2.14 per share for the year ending December 31, 2015, as compared to net earnings in 2014 of $2.173 million or $2.27 per share. The earnings decrease for 2015 of 5.27% is primarily attributed to a reduced amount of non-recurring gains on securities and investments as compared to the prior year, as well as some general increases in various operating expenses.
The Company is pleased to report this is the fourth consecutive year earnings have exceeded the $2.0 million mark and it continues to maintain a well-capitalized position of $24.8 million. The Company's total number of outstanding common shares as of December 31, 2015 was 965,794. As a result of the strong capital position and on-going financial performance, Pioneer Bankshares, Inc. increased its shareholder dividend payments during 2015. The dividend payout for 2015 totaled $0.72 per share and increased by 5.88% over the prior year. The 2015 dividend payout also represents a 3.0% 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 2015 was 33.68%, as compared to 29.99% in 2014.
The Company's subsidiary, Pioneer Bank, had an increase in non-maturing deposits of approximately $12.0 million or 12.86% during 2015, which contributed to a reduction in the level of alternative funding and lower interest expense on deposit accounts. This is reflective of the bank's continued focus on developing deeper customer relationships and providing additional convenience services for our depositors. The Bank's loan portfolio increased by approximately $7.3 million or 5.11%, with a continued focus on commercial, residential, and consumer loans. The Bank's total loan portfolio as of December 31, 2015 was $149.7 million and total deposits were $149.2 million. Overall, the Company had net asset growth of approximately $6.0 million or 3.42% for the year ended December 31, 2015. The Company's consolidated total assets as of December 31, 2015 were $182.5 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.
SOURCE Pioneer Bankshares, Inc.