Business
Pioneer Bankcorp announces 1st quarter earnings of $2.45 million or $2.17 per share.
Pioneer Bankcorp announces 1st quarter earnings of $2.45 million or $2.17 per share..
About this update from Pioneer Bankcorp Inc.
[{"type":"text","content":"Pioneer Bankcorp, Inc (OTC Markets: PBKC), the holding company for First\r\nBank, today reported earnings for the three months ended March 31, 2025. Comparisons to 2024 noted below\r\nare for the three months ending March 31, 2024.\r\nThe Company reported net income of $2.45 million or $2.17 per fully diluted common share, compared with\r\n$1.89 million or $1.66 per fully diluted common share earned in 2024.\r\nYTD loan yields increased from 5.67% to 5.88%, and net interest income increased from $5.91 million in 2024 to\r\n$6.99 million in 2025. Income from investments increased from $1.31 million in 2024 to $1.50 million in 2025.\r\nThe net yield on average interest earning assets increased from 4.60% to 5.02%, with the yield on earning\r\nassets increasing primarily due to higher rates on new loans, repricing of existing loans and lower\r\nyielding investments maturing and being replaced with current market yields.\r\nNon-interest income decreased 6.8% from $1.23 million in 2024 to $1.14 million in 2025 and non-interest\r\nexpenses increased 4.79% from $4.55 million in 2024 to $4.77 million in 2025.\r\nThe provision for loan losses increased slightly from $105 thousand in 2024 to $150 thousand in 2025, and the allowance\r\nfor credit losses was $7.73 million or 1.73 % of total loans as of March 31, 2025. The balance in the reserve for\r\nunfunded commitments required by CECL was $616,000 and non-performing assets were .00 % of total assets.\r\nTotal assets as of March 31, 2025, were $813.3 million, an increase of 12.7% from $721.5 million reported as of\r\nMarch 31, 2024. Net loans increased to $438.9 million at March 31, 2025, compared to $421.5 million at March\r\n31, 2024, a 4.1% increase. The investment portfolio decreased by 2.18% year over year and stood at $194.3\r\nmillion at March 31, 2025. Total deposits were $735.3 million, an increase of 12.2% from $655.5 million. Liquidity\r\nremains well above our policy minimums and our loan-to-deposit ratio was 60.4%.\r\n\"As Community Banking Month comes to a close, it is wonderful to show that a traditional community banking\r\nmodel is still very much relevant in today’s world. These results are a testament to the hard work of our team,\r\nwho do an excellent job every day executing banking fundamentals and upholding our values. Our growth in\r\nassets and deposits is organi...