Pioneer Bancorp(PBFS) - 2025 Q3 - Quarterly Results

Financial Performance - Net income for the first quarter of 2025 was $5.8 million, or $0.23 per share, compared to $4.7 million, or $0.19 per share for the same period in 2024, representing a 23.4% increase in net income year-over-year[2] - Net interest income for the quarter was $19.1 million, up $1.8 million, or 10.1%, from $17.3 million in the same quarter of 2024[6] - Net interest income rose to $19,083,000 for the three months ended March 31, 2025, compared to $17,331,000 for the same period in 2024, an increase of 10.1%[27] - Basic earnings per share increased to $0.23 in Q1 2025, up from $0.19 in Q1 2024, marking a growth of 21.1%[27] - Return on average assets improved to 1.14% in Q1 2025, compared to 0.98% in Q1 2024[28] - The efficiency ratio decreased to 63.97% in Q1 2025 from 71.55% in Q1 2024, indicating improved operational efficiency[28] Asset and Loan Growth - Total assets increased by $89.3 million, or 4.5%, to $2.07 billion at March 31, 2025, from $1.98 billion at December 31, 2024[18] - Net loans receivable rose by $52.6 million, or 3.7%, to $1.49 billion at March 31, 2025, primarily driven by growth in the residential mortgage loan portfolio[19] - Total assets increased to $2,068,985,000 as of March 31, 2025, from $1,979,730,000 as of December 31, 2024, representing a growth of 4.5%[27] - Total deposits rose to $1,721,647,000 as of March 31, 2025, compared to $1,586,183,000 as of December 31, 2024, an increase of 8.5%[27] - Deposits increased by $135.5 million, or 8.5%, to $1.72 billion at March 31, 2025, with significant growth in money market accounts and non-interest-bearing demand accounts[21] Credit Quality - Non-performing assets increased to $10.7 million, or 0.52% of total assets, at March 31, 2025, up from $5.2 million, or 0.27% of total assets, at December 31, 2024[10] - The provision for credit losses was $800,000 for the first quarter of 2025, significantly higher than $80,000 for the same period in 2024, reflecting changes in economic conditions and loan portfolio growth[13] - Non-performing loans as a percentage of total loans increased to 0.71% in Q1 2025 from 0.65% in Q1 2024[28] - The allowance for credit losses as a percentage of total loans decreased to 1.51% in Q1 2025 from 1.62% in Q1 2024[28] Shareholder Equity - Shareholders' equity increased by $6.1 million, or 2.0%, to $310.7 million at March 31, 2025, primarily due to net income and an increase in accumulated other comprehensive income[22] Other Financial Metrics - The average yield on interest-earning assets increased by 32 basis points to 5.62% for the three months ended March 31, 2025, compared to 5.30% for the same period in 2024[7] - The number of full-time equivalent employees increased slightly to 268 in Q1 2025 from 267 in Q1 2024, indicating stable workforce levels[28] - Noninterest income decreased by $509,000, or 12.0%, to $3.7 million for the three months ended March 31, 2025, compared to $4.2 million for the same period in 2024[14]