Pioneer Bancorp, Inc. reported a net income of $5.8 million for the three months ended March 31, 2025, marking an increase of $1.1 million, or 23.2%, compared to $4.7 million for the same period in 2024. This growth was primarily driven by a rise in net interest income, which increased by $1.8 million to $19.1 million, alongside a reduction in non-interest expenses by $838,000. The company's total interest and dividend income rose to $25.8 million, an 11.8% increase from $23.1 million in the prior year, attributed to higher interest income from loans and securities.
Total assets for Pioneer Bancorp increased by $89.3 million, or 4.5%, to $2.07 billion as of March 31, 2025, compared to $1.98 billion at the end of 2024. This growth was primarily fueled by a $52.6 million increase in net loans receivable, which reached $1.49 billion, and a $43.1 million rise in cash and cash equivalents. The bank's loan portfolio saw significant contributions from residential mortgages, which grew by $30.8 million, and commercial construction loans, which increased by $11.9 million.
In terms of operational metrics, total deposits rose by $135.5 million, or 8.5%, to $1.72 billion, with notable increases in money market accounts and non-interest-bearing demand accounts. The bank's non-performing loans increased to $10.7 million, representing 0.52% of total assets, up from $5.2 million, or 0.27%, at the end of 2024. The allowance for credit losses on loans was reported at $22.8 million, reflecting a provision for credit losses of $800,000 during the quarter, compared to $80,000 in the same period last year.
Pioneer Bancorp continues to focus on its strategic initiatives, including enhancing client relationships and expanding its product offerings. The company remains committed to maintaining a strong liquidity position, with cash and cash equivalents totaling $139.6 million as of March 31, 2025. Looking ahead, the bank anticipates continued growth in its loan portfolio and deposit base, while managing credit risk and maintaining compliance with regulatory capital requirements.
About Pioneer Bancorp, Inc./MD
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.