Wed, Sep 25, 9:12 PM (86 days ago)
Pioneer Bancorp, Inc. reported a net income of $15.3 million for the fiscal year ending June 30, 2024, a decline of 30.5% from $21.9 million in 2023. This decrease was attributed to a $8.9 million rise in non-interest expenses and a $2.7 million increase in provisions for credit losses, despite a $2.2 million increase in non-interest income and a $1.0 million rise in net interest income. Total assets grew to $1.90 billion, reflecting a $199.9 million increase in net loans receivable, primarily in residential mortgages, which rose by 36.8%. Total deposits increased slightly to $1.55 billion, with notable growth in demand and money market accounts. The allowance for credit losses on loans decreased to $21.8 million from $22.5 million, representing 1.60% of total loans. The bank’s capital ratios remain strong, exceeding regulatory requirements. Key risks include economic downturns, interest rate fluctuations, and regulatory scrutiny, particularly concerning commercial real estate loans. Future strategies focus on enhancing customer relationships, diversifying products, and expanding wealth management services. The Company is also navigating recent legal proceedings related to fraudulent activities from a former business customer.