Business
Pioneer Bankcorp announces year to date earnings of $5.43 million or $4.81 per share.
Pioneer Bankcorp announces year to date earnings of $5.43 million or $4.81 per share..
About this update from Pioneer Bankcorp Inc.
[{"type":"text","content":"CLEWISTON, FL, July 22, 2025 – Pioneer Bankcorp,\r\n Inc (OTC Markets: PBKC),\r\n the holding company for First Bank, today reported earnings for the six months\r\n ended June 30, 2025. Comparisons to 2024 noted below are for the six months\r\n ending June 30, 2024.\r\n\r\n \r\n\r\nThe Company\r\n reported net income of $5.43 million or $4.81 per fully diluted common share,\r\n compared with $4.17 million or $3.69 per fully diluted common share earned in\r\n 2024. \r\n\r\n \r\n\r\nYTD loan yields\r\n increased from 5.55% to 5.94%, and net interest income increased from $12.18\r\n million in 2024 to $14.74 million in 2025. Income from investments increased from\r\n $2.61 millionin2024to$3.07 million in 2025.The net interest margin rose from 3.50% to\r\n 3.94%. This change reflects an increase in the yield on earning assets, which\r\n resulted from higher rates on new loans, adjustments to existing loan rates,\r\n and the replacement of lower yielding investments with those at current market\r\n yields.\r\n\r\n \r\n\r\nNon-interest income\r\n decreased 6.7% from $2.46 million in 2024 to $2.29 million in 2025 and\r\n non-interest expenses increased 6.3% from $8.96 million in 2024 to $9.52\r\n million in 2025. \r\n\r\n \r\n\r\nTheprovisionforloanlosses\r\n increased slightly from $225 thousand in 2024 to $375 thousand in 2025, andtheallowance\r\n for credit losses was $7.95 million or 1.67 % of total loans as of June 30,\r\n 2025. The balance in the reserve for unfunded commitments required by CECL was\r\n $616,000 and non-performing assets were .00 % of total assets.\r\n\r\n \r\n\r\nTotal assets as of June\r\n 30, 2025, were $799.7 million, an increase of 9.9% from $727.4 million reported\r\n as of June 30, 2024. Net loans increasedto$467.7millionat June 30, 2025,comparedto$423.7 millionat June\r\n 30, 2024,a 10.4%increase. The investment portfolio increased\r\n by 3.3% year over year and stood at $197.9 million at June 30, 2025. Total\r\n deposits were $719.5 million, an increase of 9.2% from $659.1 million.\r\n Liquidity remains strong and well above our policy minimums, and our loan-to-deposit\r\n ratio was 65.7%.\r\n\r\n \r\n\r\nAndrew Couse,\r\n President & CEO, stated, \"The financial results for the first half of\r\n 2025 demonstrate substantial growth in net income, primarily driven b...