Business
Pioneer Bankcorp Announces 2024Year End Earnings of $9.04 million or $8.00 per share.
Pioneer Bankcorp Announces 2024Year End Earnings of $9.04 million or $8.00 per share..
About this update from Pioneer Bankcorp Inc.
[{"type":"text","content":"Pioneer Bankcorp, Inc (OTC Markets: PBKC), the holding company for First Bank, today reported earnings for the twelve months ended December 31, 2024. Comparisons to 2023 noted below are for the twelve months ending December 31, 2023.The Company reported net income of $9.04 million or $8.00 per fully diluted common share, compared with $7.4 million or $6.44 per fully diluted common share earned in 2023.YTD loan yields increased from 5.14% to 5.67%, and net interest income increased from $21.31 million in 2023 to $25.56 million in 2024. Income from investments increased from $4.15 million in 2023 to $5.49 million in 2024. The net yield on average interest earning assets increased from 3.09% to 3.64%, with the yield on earning assets increasing primarily due to higher rates on new loans, repricing of existing loans and lower yielding investments maturing and being replaced with current market yields.Non-interest income decreased 23.0% from $6.3 million in 2023 to $4.9 million in 2024 and non-interest expenses increased 3.1% from $17.5 million in 2023 to $18.1 million in 2024. The decrease in non-interest income is due to reclassifying fee income on off-balance sheet deposit programs and is reflected in a reduction to interest expense.The provision for loan losses increased slightly from $420 thousand in 2023 to $525 thousand in 2024, and the allowance for credit losses was $7.58 million or 1.70 % of total loans as of December 31, 2024. The balance in the reserve for unfunded commitments required by CECL was $616,000 and non-performing assets were .00 % of total assets.Total assets as of December 31, 2024, were $739.5 million, an increase of 4.9% from $704.7 million reported as of December 31, 2023. Net loans increased to $437.9 million at December 31, 2024, compared to $412.1 million at December 31, 2023, a 6.3% increase. The investment portfolio decreased by 6.6% year over year and stood at $181.0 million at December 31, 2024. Total deposits were $666.5 million, an increase of 4.0% from $640.9 million. Liquidity remains well above our policy minimums and our loan-to-deposit ratio was 66.5%.\"Congratulations to the First Bank team on an exceptional year. These results affirm the great work done by our team and the value of our community and relationship focused business model.” stated President & CEO Andrew Couse.He continued, ...