Pioneer Bancorp(US:PBFS)2024-11-12 21:10Financial Performance - Net income for the three months ended September 30, 2024, was $6,308 thousand, compared to $3,419 thousand for the same period in 2023, reflecting an increase of 84.5%[6] - Comprehensive income for the three months ended September 30, 2024, was $8,006 thousand, compared to $4,447 thousand for the same period in 2023, reflecting an increase of 79.5%[7] - Net income for the three months ended September 30, 2024, was $6,308,000, compared to $3,419,000 for the same period in 2023, representing an increase of 84.4%[11] - Basic and diluted earnings per common share for the three months ended September 30, 2024, were both $0.25, compared to $0.14 for the same period in 2023[139] Asset and Liability Growth - Total assets increased to $2,014,602 thousand as of September 30, 2024, up from $1,895,404 thousand on June 30, 2024, representing an increase of 6.3%[5] - Total liabilities increased to $1,710,801 thousand as of September 30, 2024, from $1,598,876 thousand on June 30, 2024, an increase of 7.0%[5] - Total deposits grew to $1,675,280 thousand as of September 30, 2024, up from $1,550,252 thousand on June 30, 2024, marking an increase of 8.1%[5] - Total shareholders' equity increased to $296,528,000 as of July 1, 2024, up from $271,771,000 as of September 30, 2023, reflecting a growth of 9.1%[9] Income Components - Net interest income after provision for credit losses rose to $18,767 thousand for the three months ended September 30, 2024, compared to $15,140 thousand for the same period in 2023, an increase of 24.3%[6] - Noninterest income increased to $4,118 thousand for the three months ended September 30, 2024, compared to $3,574 thousand for the same period in 2023, a rise of 15.3%[6] - The company reported total noninterest income of $4,118,000 for the three months ended September 30, 2024, compared to $3,574,000 for the same period in 2023, representing an increase of 15.2%[137] Credit Loss Provisions - The provision for credit losses was $(870) thousand for the three months ended September 30, 2024, compared to $750 thousand for the same period in 2023, indicating a reduction in credit loss provisions[6] - The provision for credit losses for the three months ended September 30, 2024, was $(870,000), compared to $750,000 for the same period in 2023, indicating a shift in credit loss management[11] - The total allowance for credit losses, including off-balance sheet credit exposures, was $23,010 as of September 30, 2024[37] Loan Portfolio - As of September 30, 2024, net loans receivable totaled $1,399,725, an increase of 4.1% from $1,344,069 as of June 30, 2024[36] - Total commercial loans increased to $643,988, up 2.0% from $625,781 as of June 30, 2024[36] - Residential mortgages rose to $665,027, an increase of 4.9% from $633,779[36] - The allowance for credit losses on loans decreased to $21,238 from $21,801, reflecting a reduction of 2.6%[37] Securities and Investments - As of September 30, 2024, the total available for sale securities amounted to $263,934, with gross unrealized losses of $(1,857) and an estimated fair value of $262,533[23] - The estimated fair value of securities available for sale was $262,533,000, with $216,760,000 classified as Level 1 inputs[125] - The company does not intend to sell available for sale securities in an unrealized loss position, which are expected to recover as they approach maturity[29] Mergers and Acquisitions - The company completed the acquisition of assets from Hudson Financial LLC for $2,000,000 in cash and $1,500,000 in contingent consideration, aimed at expanding its wealth management services[21] - The company announced a merger of Pioneer Commercial Bank into Pioneer Bank, effective October 1, 2024, enhancing its municipal deposit banking services[12] Legal and Regulatory Matters - The estimated range of possible losses related to legal proceedings is $0 to $54.4 million as of September 30, 2024[82] - The bank's potential monetary exposure related to fraudulent activity with the Mann Entities was approximately $18.5 million, with a recognized charge of $2.5 million in the first fiscal quarter of 2020[87] - The New York State Department of Financial Services conducted investigations into the Bank's practices, which may lead to regulatory actions[112] Employee Compensation and Benefits - Stock-based compensation expense for the three months ended September 30, 2024, was $343,000, reflecting the company's commitment to employee incentives[11] - The net periodic pension cost for the three months ended September 30, 2024, was $(57,000), compared to $153,000 for the same period in 2023[68] - Total compensation expense recognized in connection with the ESOP for the three months ended September 30, 2024, was $138,000, up from $117,000 for the same period in 2023[71]