Pioneer Bancorp Inc 2024年度报告

Transition Period Report investors.pioneerny.com Dear Fellow Stockholders, The last six months have been marked by continued transformation and progress toward our strategic initiatives, including ourstrategy of being “More Than a Bank.” Despite ongoing challenges and uncertainty in the broader economic landscape, we continueto achieve significant milestones and deliver solid financial performance. At the heart of our success is our distinctive business strategy to operate as a diversified financial institution focused on ourrelationship-based model of creating customer advocacy through our highly engaged employees, which we believe drives growththrough new customer acquisition, deepened existing customer relationships, and further market penetration. I am proud to share these accomplishments with you: Financial Strength We were pleased to report Pioneer’s results for the six months ended December 31, 2024, with net income of $9.6 million, as wetransitioned our fiscal year end from June 30 to December 31. We experienced positive momentum for the period with growth in netinterest income and noninterest income. Net interest income was $35.5 million and noninterest income was $8.8 million for the sixmonths ended December 31, 2024. We benefited from solid loan growth coupled with growth in our diversified deposit base during the six months ended December 31,2024. Net loans receivable of $1.43 billion at December 31, 2024 was up 6.7% from June 30, 2024. Deposits totaled $1.59 billionat December 31, 2024 and were up 2.3% from June 30, 2024. We also remained focused on growing noninterest income through ourdiversified products and services, and generated 15% of our revenues from noninterest income sources for the six months endedDecember 31, 2024. We remain committed to maintaining a strong liquidity position and our earnings for the six months ended December 31, 2024allowed us to continue to build capital, while returning value to our stockholders through our stock repurchase program. Totalshareholders’ equity was $304.6 million at December 31, 2024. Strategic Focus Driving Growth We have continued to thrive through our focused approach to executing on key elements of our business strategy, includingstrategically growing through deepening customer relationships, maintaining an appropriate balance in the overall loan portfolio,diversifying our products and services to increase noninterest income, working to increase our share of lower-cost core deposits,evaluating opportunities for selective acquisitions, and our ongoing focus on our commitment to an engaged workforce. Commitment to Our Customers and Communities At Pioneer, we remain committed to delivering exceptional service in both our digital and physical channels. Our investments intechnology and branch renovations help ensure that our customers can access secure, efficient, and convenient financial solutions.Moreover, our community initiatives continue to flourish. Over the past year, our employees have contributed significantly tovolunteer efforts and our financial contributions to local non-profits through Pioneer’s Charitable Foundation have made a tangibleimpact on the communities we serve. Celebrating Milestones This past year marked the fifth anniversary of our listing on the Nasdaq Stock Market. This milestone is a testament to the hard workof our dedicated team and the trust our stakeholders have placed in us. Our listing on the Nasdaq Stock Market reflects ourcommitment to transparency, innovation, and sustainable growth. Looking Ahead As we look forward, our focus remains on driving long-term value for our stockholders, customers, and employees. We will continueto invest in initiatives that promote employee engagement, customer advocacy, and community development as we pursue financialsuccess. The progress we have made this year reinforces our commitment to meeting the diverse needs of our stakeholders. Thank you for your continued trust and support as we moveAll Together Forward. Sincerely, Thomas L. AmellPresident and Chief Executive Officer UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-KTտANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the Year Ended_______ORցTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from July 1, 2024 to December 31, 2024Commission File Number:001-38991Pioneer Bancorp, Inc.(Exact Name of Registrant as Specified in its Charter)Maryland83-4274253(State or other jurisdiction of incorporation(I.R.S. Employer Identification No.)or organization)652 Albany Shaker Road, Albany New York12211(Address of principal executive offices)(Zip code)(518) 730-3025(Registrant’s telephone number including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the A