Pioneer Bancorp(PBFS) - 2024 Q4 - Annual Results

Financial Performance - Net income for the fiscal year ended June 30, 2024, was $15.3 million, or $0.61 per share, down from $21.9 million, or $0.87 per share for the previous year[1] - Net income for Q4 FY2024 was $3,930,000, down from $4,507,000 in Q4 FY2023, a decrease of about 12.8%[21] - Return on average assets for Q4 FY2024 was 0.82%, down from 0.99% in Q4 FY2023[22] - The efficiency ratio for Q4 FY2024 was 72.33%, compared to 69.01% in Q4 FY2023, indicating a decline in operational efficiency[22] Asset and Loan Growth - Net loans receivable increased by $199.9 million, or 17.5%, to $1.34 billion at June 30, 2024, compared to $1.14 billion at June 30, 2023[1] - Total assets increased by $39.2 million, or 2.1%, to $1.90 billion at June 30, 2024, from $1.86 billion at June 30, 2023[13] - Total assets increased to $1,895,404,000 in 2024 from $1,856,191,000 in 2023, representing a growth of approximately 2.1%[20] - Net loans receivable rose to $1,344,069,000 in 2024, up from $1,144,169,000 in 2023, indicating an increase of about 17.4%[20] Income and Expense Analysis - Noninterest income rose by $2.2 million, or 15.4%, to $16.3 million for the fiscal year ended June 30, 2024, driven by litigation settlement income and increased insurance and wealth management services income[10] - Interest income increased by $17.3 million, or 24.3%, to $88.3 million for the fiscal year ended June 30, 2024, primarily due to higher variable rate loan yields[3] - Interest income for Q4 FY2024 was $23,559,000, compared to $19,084,000 in Q4 FY2023, reflecting a year-over-year increase of approximately 23.0%[21] - Interest expense surged by $16.3 million to $21.8 million for the fiscal year ended June 30, 2024, reflecting a higher average cost of interest-bearing liabilities[4] Credit Quality - Non-performing assets decreased to $9.2 million, or 0.49% of total assets, from $17.7 million, or 0.96% of total assets, year-over-year[8] - The provision for credit losses was $2.7 million for the fiscal year ended June 30, 2024, compared to no provision for the previous year, reflecting growth in the loan portfolio[9] Equity and Deposits - Shareholders' equity increased by $29.8 million, or 11.2%, to $296.5 million at June 30, 2024, primarily due to net income and a decrease in accumulated other comprehensive loss[16] - Deposits increased by $8.4 million, or 0.5%, to $1.55 billion at June 30, 2024, with significant growth in demand and money market accounts[15] Stock Repurchase Program - Pioneer adopted a stock repurchase program for up to approximately 5% of its outstanding common stock, equating to 1,298,883 shares[17] - In Q4 FY2024, Pioneer purchased 106,386 shares at an average price of $9.97 per share, leaving 1,192,497 shares available for repurchase as of June 30, 2024[17] Workforce and Operations - The number of full-time equivalent employees increased to 270 in 2024 from 256 in 2023, representing a growth of approximately 5.5%[22] - Pioneer Bank operates 23 offices in the Capital Region of New York State, up from 22 offices in the previous year[22]