Pioneer Bancorp(PBFS) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for the three months ended September 30, 2024 was $6.3 million, or $0.25 per share, compared to $3.4 million, or $0.14 per share for the same period in 2023, representing an increase of 85.3%[2] - Net interest income increased by $2.0 million, or 12.6%, to $17.9 million for the three months ended September 30, 2024, compared to $15.9 million for the same period in 2023[4] - Noninterest income rose to $4.1 million, an increase of $544,000, or 15.2%, compared to $3.6 million for the same period in 2023, driven by growth in insurance and wealth management services[10] - Net income for the period reached $6,308 thousand, compared to $3,419 thousand, marking a significant increase of approximately 84.5%[24] - Earnings per share (diluted) increased to $0.25 from $0.14, representing a growth of approximately 78.6%[24] Asset and Loan Growth - Net loans receivable increased by $55.7 million, or 4.1%, to $1.40 billion at September 30, 2024, primarily driven by growth in residential mortgage and commercial real estate loans[14] - Total assets rose to $2.01 billion, an increase of $119.2 million, or 6.3%, from $1.90 billion at June 30, 2024[13] - Total assets increased to $2,014,602 thousand from $1,895,404 thousand, representing a growth of approximately 6.3%[23] Deposit and Equity Changes - Deposits increased by $125.0 million, or 8.1%, to $1.68 billion at September 30, 2024, with significant growth in non-interest-bearing demand accounts[16] - Shareholders' equity increased by $7.3 million, or 2.5%, to $303.8 million at September 30, 2024, primarily due to net income and an increase in accumulated other comprehensive income[17] Asset Quality and Efficiency - Non-performing assets decreased to $5.4 million, or 0.27% of total assets, down from $9.2 million, or 0.49% at June 30, 2024, indicating improved asset quality[8] - Non-performing loans as a percentage of total loans decreased to 0.38% from 1.18%, showcasing improved asset quality[26] - The efficiency ratio improved to 66.72% from 74.01%, reflecting better cost management[26] - Return on average assets improved to 1.32% from 0.73%, indicating enhanced efficiency in asset utilization[26] Operational Changes - The number of full-time equivalent employees increased to 275 from 263, indicating growth in operational capacity[26] - The merger of Pioneer Commercial Bank with Pioneer Bank was completed on October 1, 2024, enhancing the bank's municipal deposit banking services[19] Risk Management - Provision for credit losses was $(870) thousand, compared to $750 thousand, suggesting a proactive approach to risk management[24] - Total capital to risk-weighted assets ratio remained stable at 19.45%, slightly down from 19.57%, indicating strong capital adequacy[26] Share Repurchase - The company repurchased 114,389 shares of its common stock at an average price of $10.46 per share during the quarter, with 1,078,108 shares remaining available for repurchase under the program[18]