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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

PIONEER BANCORP, INC.

(Exact Name of Company as Specified in its Charter)

Maryland

001-38991

83-4274253

(State of Other Jurisdiction of Incorporation)

(Commission File No.)

(I.R.S. Employer Identification No.)

652 Albany Shaker Road, Albany, New York 12211

(Address of Principal Executive Office) (Zip Code)

(518) 730-3025

(Issuer’s Telephone Number including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading
Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01

 

PBFS

 

The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES          NO   

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

YES         NO   

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.      

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES       NO   

As of May 10, 2024 there were 25,977,679 shares outstanding of the registrant’s common stock.

PIONEER BANCORP, INC.

INDEX

PART I - FINANCIAL INFORMATION

3

Item 1 – Consolidated Financial Statements-unaudited

3

Consolidated Statements of Condition

3

Consolidated Statements of Operations

4

Consolidated Statements of Comprehensive Income

5

Consolidated Statements of Changes in Shareholders’ Equity

6

Consolidated Statements of Cash Flows

7

Notes to Unaudited Consolidated Financial Statements

8

Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations

43

Item 3 – Quantitative and Qualitative Disclosures About Market Risk

64

Item 4 – Controls and Procedures

64

PART II – OTHER INFORMATION

65

Item 1 – Legal Proceedings

65

Item 1A – Risk Factors

65

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds

66

Item 3 – Defaults Upon Senior Securities

66

Item 4 – Mine Safety Disclosures

66

Item 5 – Other Information

66

Item 6 – Exhibits

66

2

PART I - FINANCIAL INFORMATION

Item 1 – Consolidated Financial Statements

PIONEER BANCORP, INC.

CONSOLIDATED STATEMENTS OF CONDITION (unaudited)

(in thousands, except share and per share amounts)

    

March 31, 

    

June 30, 

2024

2023

Assets

 

  

 

  

Cash and due from banks

$

38,518

$

33,584

Federal funds sold

 

1,196

 

2,167

Interest-earning deposits with banks

 

206,827

 

114,727

Cash and cash equivalents

 

246,541

 

150,478

Securities available for sale, at fair value

 

296,893

 

431,667

Securities held to maturity, net of allowance for credit losses of $238 at March 31, 2024 (fair value of $20,793 at March 31, 2024; and $21,744 at June 30, 2023)

 

23,317

 

23,949

Equity securities, at fair value

2,413

Federal Home Loan Bank of New York stock

 

1,421

 

1,196

Loans receivable

1,333,789

1,166,638

Allowance for credit losses

(21,600)

(22,469)

Net loans receivable

 

1,312,189

 

1,144,169

Accrued interest receivable

 

7,688

 

7,194

Premises and equipment, net

 

40,701

 

41,617

Bank-owned life insurance

 

16,105

 

16,322

Goodwill

 

10,879

 

8,799

Other intangible assets, net

 

3,083

 

2,096

Other assets

 

23,017

 

26,291

Total assets

$

1,981,834

$

1,856,191

Liabilities and Shareholders’ Equity

 

  

 

  

Liabilities

 

  

 

  

Deposits:

 

  

 

  

Non-interest bearing deposits

$

492,443

$

526,119

Interest bearing deposits

 

1,155,567

 

1,015,732

Total deposits

 

1,648,010

 

1,541,851

Mortgagors’ escrow deposits

 

5,983

 

7,888

Other liabilities

 

38,885

 

39,752

Total liabilities

 

1,692,878

 

1,589,491

Commitments and contingent liabilities – See Note 9

Shareholders’ Equity

 

  

 

  

Preferred stock ($0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding as of March 31, 2024 and June 30, 2023)

Common stock ($0.01 par value, 75,000,000 shares authorized, 25,977,679 shares issued and outstanding as of March 31, 2024 and June 30, 2023)

260

260

Additional paid in capital

113,383

113,543

Retained earnings

 

184,875

 

173,038

Unallocated common stock of Employee Stock Ownership Plan (“ESOP”)

 

(10,062)

 

(10,573)

Accumulated other comprehensive income (loss)

 

500

 

(9,568)

Total shareholders’ equity

 

288,956

 

266,700

Total liabilities and shareholders’ equity

$

1,981,834

$

1,856,191

See accompanying notes to unaudited consolidated financial statements.

3

PIONEER BANCORP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except share and per share amounts)

For the Three Months Ended

For the Nine Months Ended

March 31, 

March 31, 

    

2024

    

2023

    

2024

    

2023

    

Interest and dividend income:

 

  

 

  

 

  

 

  

 

Loans

$

18,740

$

14,658

$

52,996

$

39,676

Securities

 

2,341

 

2,624

 

7,510

 

7,081

Interest-earning deposits with banks and other

 

2,034

 

1,497

 

4,252

 

5,192

Total interest and dividend income

 

23,115

 

18,779

 

64,758

 

51,949

Interest expense:

 

  

 

  

 

  

 

  

Deposits

 

5,536

 

1,049

 

14,578

 

2,087

Borrowings and other

 

248

 

214

 

865

 

538

Total interest expense

 

5,784

 

1,263

 

15,443

 

2,625

Net interest income

 

17,331

 

17,516

 

49,315

 

49,324

Provision for credit losses

 

80

 

 

1,950

 

(280)

Net interest income after provision for credit losses

 

17,251

 

17,516

 

47,365

 

49,604

Noninterest income:

 

  

 

  

 

  

 

  

Bank fees and service charges

 

1,501

 

1,398

 

4,445

 

4,437

Insurance and wealth management services

 

2,298

 

1,715

 

7,035

 

5,636

Net gain (loss) on equity securities

 

386

 

(59)

 

735

 

170

Net loss on securities available for sale transactions

(5,645)

Litigation-related income

5,950

Other

 

49

 

196

 

122

 

758

Total noninterest income

 

4,234

 

3,250

 

12,642

 

11,001

Noninterest expense:

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

7,387

 

7,068

 

21,768

 

20,881

Net occupancy and equipment

 

1,912

 

1,912

 

5,644

 

5,464

Data processing

 

1,065

 

1,143

 

3,569

 

3,256

Advertising and marketing

 

164

 

176

 

517

 

611

Insurance premiums

221

225

686

682

Federal Deposit Insurance Corporation insurance premiums

 

271

 

244

 

803

 

568

Professional fees

3,102

1,202

8,532

3,073

Other

 

1,307

 

1,128

 

4,109

 

3,936

Total noninterest expense

 

15,429

 

13,098

 

45,628

 

38,471

Income before income taxes

 

6,056

 

7,668

 

14,379

 

22,134

Income tax expense

 

1,337

 

1,644

 

3,049

 

4,693

Net income

$

4,719

$

6,024

$

11,330

$

17,441

Net earnings per common share:

Basic

$

0.19

$

0.24

$

0.45

$

0.69

Diluted

$

0.19

$

0.24

$

0.45

$

0.69

Weighted average shares outstanding – basic and diluted

25,220,299

25,169,382

25,213,934

25,163,018

See accompanying notes to unaudited consolidated financial statements.

4

PIONEER BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

(in thousands)

For the Three Months Ended

For the Nine Months Ended

March 31, 

March 31, 

    

2024

    

2023

    

2024

    

2023

    

Net income

$

4,719

$

6,024

$

11,330

$

17,441

Other comprehensive income (loss):

 

  

 

  

 

  

 

  

Unrealized gains (losses) on securities:

 

  

 

  

 

  

 

  

Unrealized holding gains (losses) arising during the period

 

433

 

5,377

 

7,987

 

(819)

Reclassification adjustment for losses included in net income

 

 

 

5,645

 

 

433

 

5,377

 

13,632

 

(819)

Tax expense (benefit)

 

114

 

1,406

 

3,564

 

(215)

 

319

 

3,971

 

10,068

 

(604)

Defined benefit plan:

 

  

 

  

 

  

 

  

Change in funded status of defined benefit plans

 

 

 

 

Reclassification adjustment for amortization of net actuarial gain

 

 

 

 

 

 

 

 

Tax expense

 

 

 

 

 

 

 

 

Total other comprehensive income (loss)

 

319

 

3,971

 

10,068

 

(604)

Comprehensive income

$

5,038

$

9,995

$

21,398

$

16,837

See accompanying notes to unaudited consolidated financial statements.

5

PIONEER BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited)

(in thousands, except share amounts)

Additional

Unallocated

Accumulated Other

Total

Common Stock

Paid-in

Retained

Common

Comprehensive

Shareholders’

    

Shares

Amount

    

Capital

    

Earnings

    

Stock of ESOP

    

Loss

    

Equity

Balance as of July 1, 2022

25,977,679

$

260

$

113,713

$

151,090

(11,256)

$

(11,180)

$

242,627

Net income

5,234

5,234

Other comprehensive loss

 

 

 

(6,274)

 

(6,274)

ESOP shares committed to be released (12,729 shares)

 

 

(48)

170

122

Balance as of September 30, 2022

25,977,679

$

260

$

113,665

$

156,324

$

(11,086)

$

(17,454)

$

241,709

Net income

6,183

6,183

Other comprehensive income

 

 

 

1,699

 

1,699

ESOP shares committed to be released (12,729 shares)

(32)

171

139

Balance as of December 31, 2022

25,977,679

$

260

$

113,633

$

162,507

$

(10,915)

$

(15,755)

$

249,730

Net income

6,024

6,024

Other comprehensive income

 

 

 

3,971

 

3,971

ESOP shares committed to be released (12,729 shares)

(30)

170

140

Balance as of March 31, 2023

25,977,679

$

260

$

113,603

$

168,531

$

(10,745)

$

(11,784)

$

259,865

Additional

Unallocated

Accumulated Other

Total

Common Stock

Paid-in

Retained

Common

Comprehensive

Shareholders’

Shares

Amount

    

Capital

    

Earnings

    

Stock of ESOP

    

Income (Loss)

    

Equity

Balance as of July 1, 2023

25,977,679

$

260

$

113,543

$

173,038

(10,573)

$

(9,568)

$

266,700

Cumulative effect of change in accounting principle - Current Expected Credit Losses (1)

507

507

Net income

3,419

3,419

Other comprehensive income

 

 

 

1,028

 

1,028

ESOP shares committed to be released (12,729 shares)

(52)

169

117

Balance as of September 30, 2023

25,977,679

$

260

$

113,491

$

176,964

$

(10,404)

$

(8,540)

$

271,771

Net income

3,192

3,192

Other comprehensive income

 

 

 

8,721

 

8,721

ESOP shares committed to be released (12,729 shares)

(59)

171

112

Balance as of December 31, 2023

25,977,679

$

260

$

113,432

$

180,156

$

(10,233)

$

181

$

283,796

Net income

4,719

4,719

Other comprehensive income

 

 

 

319

 

319

ESOP shares committed to be released (12,729 shares)

(49)

171

122

Balance as of March 31, 2024

25,977,679

$

260

$

113,383

$

184,875

$

(10,062)

$

500

$

288,956

(1)Adoption of Accounting Standard Update 2016-13.

See accompanying notes to unaudited consolidated financial statements.

6

PIONEER BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

(in thousands)

For the Nine Months Ended

March 31, 

    

2024

    

2023

Cash flows from operating activities:

 

  

 

  

Net income

$

11,330

$

17,441

Adjustments to reconcile net income to net cash provided by operating activities:

 

  

 

  

Depreciation and amortization

 

1,955

 

2,044

Provision for credit losses

 

1,950

 

(280)

Net (accretion) amortization on securities

 

(1,328)

 

288

ESOP compensation

351

401

Loss (earnings) on bank-owned life insurance

 

217

 

(364)

Net gain on the sale of other real estate owned

 

(54)

 

Proceeds from sale of loans

 

92

 

100

Net loss on sale of loans

 

8

 

Net gain on equity securities

 

(735)

 

(170)

Net loss on securities available for sale transactions

5,645

Deferred tax expense

 

(565)

 

576

Increase in accrued interest receivable

 

(494)

 

(3,529)

(Increase) decrease in other assets

 

(1,396)

 

1,541

Decrease in other liabilities

 

(2,186)

 

(5,346)

Changes in operating leases

16

17

Net cash provided by operating activities

 

14,806

 

12,719

Cash flows from investing activities:

 

  

 

  

Proceeds from maturities, paydowns and calls of securities available for sale

 

99,954

 

104,417

Proceeds from sales of securities available for sale

 

74,462

 

Purchases of securities available for sale

 

(30,327)

 

(127,901)

Proceeds from maturities and paydowns of securities held to maturity

 

2,195

 

6,255

Purchases of securities held to maturity

 

(1,801)

 

(6,275)

Proceeds from sales of equity securities

3,149

Net purchases of FHLBNY stock

 

(225)

 

(48)

Net increase in loans receivable

 

(167,693)

 

(103,474)

Purchases of premises and equipment

 

(637)