Pioneer Bancorp(PBFS) - 2025 Q2 - Quarterly Results

Financial Performance - Net income for the six months ended December 31, 2024 was $9.6 million, a 45.5% increase from $6.6 million for the same period in 2023[2] - Net interest income for the six months ended December 31, 2024 was $35.5 million, an increase of $3.5 million, or 10.9%, from $32.0 million for the same period in 2023[5] - Noninterest income for the six months ended December 31, 2024 was $8.8 million, a 4.8% increase from $8.4 million for the same period in 2023[13] - Noninterest expense for the six months ended December 31, 2024 was $31.6 million, an increase of $1.4 million, or 4.8%, from $30.2 million for the same period in 2023[14] - The effective tax rate increased to 22.6% for the six months ended December 31, 2024, compared to 20.6% for the same period in 2023[15] - The efficiency ratio for the six months ended December 31, 2024, was 71.47%, compared to 74.76% for the same period in 2023, indicating improved operational efficiency[27] Asset and Loan Growth - Total assets increased by $84.3 million, or 4.4%, to $1.98 billion at December 31, 2024, compared to $1.90 billion at June 30, 2024[16] - Net loans receivable rose by $90.5 million, or 6.7%, to $1.43 billion at December 31, 2024, driven by growth in residential mortgage loans[17] - Total assets rose to $1,979.73 million at December 31, 2024, up from $1,895.40 million at June 30, 2024[26] Deposits and Equity - Total deposits increased by $35.9 million, or 2.3%, to $1.59 billion at December 31, 2024, compared to $1.55 billion at June 30, 2024[19] - Shareholders' equity increased by $8.0 million, or 2.7%, to $304.6 million as of December 31, 2024, driven by net income of $9.6 million and an increase in accumulated other comprehensive income[20] Non-Performing Assets - Non-performing assets decreased to $5.2 million, or 0.27% of total assets, down from $9.2 million, or 0.49% of total assets, at June 30, 2024[10] - Non-performing loans as a percentage of total loans decreased to 0.36% as of December 31, 2024, down from 0.93% in the prior year[27] Capital and Stock Repurchase - The bank's Tier 1 capital to average assets ratio was 12.07% at December 31, 2024, exceeding the federal "well capitalized" standard[20] - Pioneer repurchased 287,389 shares of its common stock at an average price of $10.81 per share during the six months ended December 31, 2024, with 905,108 shares remaining available for repurchase[21] Employment Growth - The number of full-time equivalent employees increased to 272 as of December 31, 2024, compared to 262 a year earlier, reflecting growth in operations[27] Interest Income - Interest income increased by $7.2 million, or 17.3%, to $48.8 million for the six months ended December 31, 2024, compared to $41.6 million for the same period in 2023[7] - Interest income for the three months ended December 31, 2024, was $24.45 million, up from $21.49 million in the same period of 2023, representing a year-over-year increase of 9.1%[26]