Business
Pioneer Bancorp : Reports First Quarter 2025 Results Net Income of $5.8 Million
Pioneer Bancorp : Reports First Quarter 2025 Results Net Income of $5.8
About this update from Pioneer Bancorp, Inc.
[{"type":"text","content":"\n \n 652 Albany Shaker Road, Albany, NY 12211 News Release\n FOR IMMEDIATE RELEASE:\n \n \n \n Pioneer Bancorp, Inc. Reports First Quarter 2025 Results Net Income of $5.8 Million\n \n \n Albany, N.Y. - April 30, 2025 - Pioneer Bancorp, Inc. (\"Pioneer\") (NASDAQ: PBFS), a leading financial institution in New York's Capital Region, today reported the results for the three months ended March 31, 2025.\n \n \n \n Net income for the three months ended March 31, 2025 was $5.8 million, or $0.23 per basic and diluted share, as compared to $4.7 million, or $0.19 per basic and diluted share for the three months ended March 31, 2024.\n \n \n Highlights\n \n \n Net loans receivable of $1.49 billion at March 31, 2025 was up $52.6 million, or 3.7%, from December 31, 2024.\n \n \n Deposits of $1.72 billion at March 31, 2025 were up $135.5 million, or 8.5%, from December 31, 2024.\n \n \n Net interest income of $19.1 million for the three months ended March 31, 2025 was up $1.8 million or 10.1%, from the three months ended March 31, 2024.\n \n \n Net interest margin of 4.12% for the three months ended March 31, 2025 was up 16 basis points from the three months ended March 31, 2024.\n \n \n Thomas Amell, President and CEO, said, \"Our financial results for the first quarter of 2025 reflect Pioneer's consistent focus on our relationship-based model of creating client advocacy through highly engaged employees. We experienced positive momentum for the quarter with growth in net interest income and margin, reflecting an increased loan portfolio, growth in our diversified deposit base, and prudently managed funding costs. At the same time, we continued to make progress in diversifying products and services, with 13% of revenue generated by noninterest income sources for the quarter, further executing on our strategy of being 'More Than a Bank'. As we move forward, our strategic focus remains on delivering long-term value for our stockholders while serving the varied needs of our clients, employees, and communities.\"\n \n \n \n Total assets were $2.07 billion at March 31, 2025, primarily consisting of $1.49 billion of net loans receivable, $311.0 million of securities available for sale and $139.6 million of cash and cash equivalents. Deposits totaled $1.72 billion at March 31, 2025, and the deposit base was well diversified across customer segment...