Pioneer Bancorp, Inc. reported significant financial growth for the three months ended September 30, 2024, compared to the same period in 2023. Total assets increased to $2.01 billion, reflecting a rise of $119.2 million (6.3%) from $1.90 billion as of June 30, 2024. Net loans receivable also saw a notable increase, rising by $55.7 million (4.1%) to $1.40 billion. Cash and cash equivalents surged by $59.8 million (36.2%) to $225.0 million.

The company’s total interest and dividend income for the quarter reached $24.4 million, up $4.2 million (21.0%) from $20.2 million in the prior year. Net interest income increased by $2.0 million (12.6%) to $17.9 million, driven by a higher average yield on loans, which rose to 6.16% from 5.70%. The average balance of loans increased by $203.8 million to $1.38 billion, attributed to purchases of residential mortgage loans.

Net income for the quarter was $6.3 million, a substantial increase of $2.9 million from $3.4 million in the same period last year. Basic and diluted earnings per share improved to $0.25, up from $0.14. The company’s non-interest income also grew, reaching $4.1 million, an increase of $544,000 (15.2%) compared to the previous year.

Pioneer Bancorp's total deposits rose to $1.68 billion, an increase of $125.0 million (8.1%) from $1.55 billion at the end of June 2024. This growth was primarily driven by an increase in non-interest-bearing demand deposits, which rose by $92.6 million (20.8%) to $537.9 million, and money market accounts, which increased by $37.6 million (7.3%) to $551.3 million.

Strategically, the merger of Pioneer Commercial Bank into Pioneer Bank was approved on September 16, 2024, and finalized on October 1, 2024. This merger allows Pioneer Bank to offer full municipal deposit banking services, enhancing its service offerings. Additionally, the company announced a change in its fiscal year-end from June 30 to December 31, effective October 18, 2024.

The allowance for credit losses on loans was $21.2 million as of September 30, 2024, slightly up from $21.1 million a year earlier, representing 1.49% of total loans. Non-performing assets decreased to $5.4 million (0.27% of total assets) from $14.4 million (0.73% of total assets) in the previous year, indicating improved asset quality.

Overall, Pioneer Bancorp, Inc. demonstrated robust financial performance and strategic growth initiatives during the quarter, positioning itself favorably for future developments.