Pioneer Bankcorp, Inc (OTC Markets: PBKC), the holding company for First
Bank, today reported earnings for the three months ended March 31, 2025. Comparisons to 2024 noted below
are for the three months ending March 31, 2024.
The Company reported net income of $2.45 million or $2.17 per fully diluted common share, compared with
$1.89 million or $1.66 per fully diluted common share earned in 2024.
YTD loan yields increased from 5.67% to 5.88%, and net interest income increased from $5.91 million in 2024 to
$6.99 million in 2025. Income from investments increased from $1.31 million in 2024 to $1.50 million in 2025.
The net yield on average interest earning assets increased from 4.60% to 5.02%, 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 6.8% from $1.23 million in 2024 to $1.14 million in 2025 and non-interest
expenses increased 4.79% from $4.55 million in 2024 to $4.77 million in 2025.
The provision for loan losses increased slightly from $105 thousand in 2024 to $150 thousand in 2025, and the allowance
for credit losses was $7.73 million or 1.73 % of total loans as of March 31, 2025. 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 March 31, 2025, were $813.3 million, an increase of 12.7% from $721.5 million reported as of
March 31, 2024. Net loans increased to $438.9 million at March 31, 2025, compared to $421.5 million at March
31, 2024, a 4.1% increase. The investment portfolio decreased by 2.18% year over year and stood at $194.3
million at March 31, 2025. Total deposits were $735.3 million, an increase of 12.2% from $655.5 million. Liquidity
remains well above our policy minimums and our loan-to-deposit ratio was 60.4%.
"As Community Banking Month comes to a close, it is wonderful to show that a traditional community banking
model is still very much relevant in today’s world. These results are a testament to the hard work of our team,
who do an excellent job every day executing banking fundamentals and upholding our values. Our growth in
assets and deposits is organic and demonstrates the confidence our communities continue to have in First Bank.”
stated President & CEO Andrew Couse.
He continued, “Although there is a lot of uncertainty in the current climate, we do not anticipate any disruptions
this year. The increase in our loan provision is not the result of any deterioration in our loan portfolio. Rather it is
a case of ‘storing up grain when the harvest is plentiful’.”