Pioneer Bancorp(PBFS) - 2024 Q3 - Quarterly Results

Financial Performance - Net income for Q3 FY2024 was $4.7 million, or $0.19 per share, down from $6.0 million, or $0.24 per share in Q3 FY2023[2] - Noninterest income for Q3 FY2024 was $4.2 million, up $984,000, or 30.3%, from $3.3 million in Q3 FY2023[15] - Interest income increased by $4.3 million, or 23.1%, to $23.1 million for Q3 FY2024, driven by rising market interest rates[7] - Interest income for the three months ended March 31, 2024, was $23,115,000, a 23.8% increase compared to $18,779,000 for the same period in 2023[27] - Net income for the three months ended March 31, 2024, was $4,719,000, a decrease of 21.7% from $6,024,000 in the prior year[27] - Return on average assets decreased to 0.98% for the three months ended March 31, 2024, down from 1.29% in the same period last year[28] Asset and Loan Growth - Total assets increased to $1.98 billion, a rise of $125.6 million, or 6.8%, from $1.86 billion at June 30, 2023[18] - Net loans receivable reached $1.31 billion, up $168.0 million, or 14.7%, from $1.14 billion at June 30, 2023[19] - Total assets increased to $1,981,834,000 as of March 31, 2024, up from $1,856,191,000 on June 30, 2023, representing a growth of approximately 6.7%[27] - Net loans receivable rose to $1,312,189,000, an increase of 14.7% from $1,144,169,000 year-over-year[27] Deposits and Equity - Deposits totaled $1.65 billion, an increase of $106.2 million, or 6.9%, from $1.54 billion at June 30, 2023[21] - Shareholders' equity increased to $289.0 million, up $22.3 million, or 8.3%, from $266.7 million at June 30, 2023[22] Non-Performing Assets and Credit Quality - Non-performing assets decreased to $8.7 million, or 0.44% of total assets, compared to $17.7 million, or 0.96% at June 30, 2023[12] - The allowance for credit losses as a percentage of total loans was 1.62% as of March 31, 2024, down from 2.00% in the prior year[28] Expenses and Efficiency - Interest expense rose to $5.8 million for Q3 FY2024, an increase of $4.5 million from $1.3 million in Q3 FY2023[8] - Non-interest expenses increased to $15,429,000 for the three months ended March 31, 2024, compared to $13,098,000 in the prior year, reflecting a rise of 17.8%[27] - The efficiency ratio worsened to 71.55% for the three months ended March 31, 2024, compared to 63.06% in the same period last year[28] Market Expansion - The number of offices increased to 23, up from 22 in the previous year, indicating continued market expansion[28] Capital Ratios - Pioneer Bank's total capital to risk-weighted assets ratio was 19.82% for the nine months ended March 31, 2024, slightly down from 20.07% in the previous year[28] Interest Margin - The net interest margin was 3.96% for Q3 FY2024, down 18 basis points from 4.14% in Q3 FY2023[9]