Pioneer Bancorp Files 2024 Annual Report

TL;DR

Pioneer Bancorp filed its 2024 10-K. All good.

AI Summary

Pioneer Bancorp, Inc. filed its 10-K for the fiscal year ending June 30, 2024. The company, a savings institution, reported its financial performance and business operations. Key financial data and disclosures are detailed in this comprehensive annual report.

Why It Matters

This filing provides investors and stakeholders with a detailed overview of Pioneer Bancorp's financial health and strategic direction for the past fiscal year.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags.

Key Numbers

• 20240630 — Fiscal Year End (The end date of the reporting period.)
• 20240925 — Filing Date (The date the 10-K was submitted to the SEC.)

Key Players & Entities

• Pioneer Bancorp, Inc. (company) — Filer of the 10-K
• 0001769663 (company) — Central Index Key for Pioneer Bancorp, Inc.
• 20240630 (date) — Fiscal year end date
• 20240925 (date) — Filing date
• 6036 (dollar_amount) — Standard Industrial Classification code for Savings Institutions

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 PBFS The Nasdaq Stock Market, LLC
• $10.01 — he closing price of the common stock of $10.01 as of December 31, 2023 was $ 108.1 mil
• $100,000 — in the reorganization and offering and $100,000 in cash in initial capitalization. Pres
• $1.9 b — 24, we had consolidated total assets of $1.9 billion, total deposits of $1.6 billion a
• $1.6 billion — sets of $1.9 billion, total deposits of $1.6 billion and shareholders' equity of $296.5 mill
• $296.5 million — 1.6 billion and shareholders' equity of $296.5 million. The Bank is subject to comprehensive r
• $92,464 — f median household income, estimated at $92,464 in 2024 and projected to grow 2.3% thro
• $74,182 — t median household income, estimated at $74,182 in 2024 and projected to grow 12.8% thr
• $80,617 — 24 estimated median household income of $80,617 and $75,781 for New York and the United
• $75,781 — median household income of $80,617 and $75,781 for New York and the United States as a
• $500,000 — n balances that typically range between $500,000 to $10.0 million. We focus primarily on
• $10.0 million — hat typically range between $500,000 to $10.0 million. We focus primarily on commercial real
• $52.7 million — e commercial construction loans totaled $52.7 million and $28.9 million at June 3 0 , 2024 an
• $28.9 million — ruction loans totaled $52.7 million and $28.9 million at June 3 0 , 2024 and 2023 , respectiv
• $406.2 million — Estate Loans . At June 30, 2024, we had $406.2 million in commercial real estate loans, repres

Filing Documents

• pbfs-20240630x10k.htm (10-K) — 6141KB
• pbfs-20240630xex21.htm (EX-21) — 14KB
• pbfs-20240630xex23d1.htm (EX-23.1) — 3KB
• pbfs-20240630xex31d1.htm (EX-31.1) — 14KB
• pbfs-20240630xex31d2.htm (EX-31.2) — 14KB
• pbfs-20240630xex32.htm (EX-32) — 10KB
• pbfs-20240630xex97d1.htm (EX-97.1) — 34KB
• 0001558370-24-013020.txt ( ) — 28346KB
• pbfs-20240630.xsd (EX-101.SCH) — 116KB
• pbfs-20240630_cal.xml (EX-101.CAL) — 176KB
• pbfs-20240630_def.xml (EX-101.DEF) — 534KB
• pbfs-20240630_lab.xml (EX-101.LAB) — 1175KB
• pbfs-20240630_pre.xml (EX-101.PRE) — 946KB
• pbfs-20240630x10k_htm.xml (XML) — 7418KB

Business

Business 3 ITEM 1A.

Risk Factors

Risk Factors 34 ITEM 1B. Unresolved Staff Comments 55 ITEM 1C. Cybersecurity 55 ITEM 2.

Properties

Properties 57 ITEM 3.

Legal Proceedings

Legal Proceedings 57 ITEM 4 Mine Safety Disclosures 57 ITEM 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 58 ITEM 6. [Reserved] 59 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 60 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 74 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 74 ITEM 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 138 ITEM 9A.

Controls and Procedures

Controls and Procedures 138 ITEM 9B. Other Information 140 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 140 ITEM 10. Directors, Executive Officers and Corporate Governance 140 ITEM 11.

Executive Compensation

Executive Compensation 140 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 140 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 141 ITEM 14. Principal Accountant Fees and Services 141 ITEM 15. Exhibits and Financial Statement Schedules 142 ITEM 16. Form 10-K Summary 143 2 Table of Contents As used in this Annual Report on Form 10-K, "Pioneer" or the "Company" refers to Pioneer Bancorp, Inc., Pioneer Bank, National Association and its consolidated subsidiaries collectively, except where the context indicates the reference relates solely to the registrant Pioneer Bancorp, Inc. PART I

Forward Looking Statements

Forward Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "plan," "seek," "expect" or words of similar meaning, or future or conditional verbs, such as "will," "would," "should," "could," or "may." A forward-looking statement is neither a prediction nor a guarantee of future events. Certain forward-looking statements are included in this Form 10-K, principally in the sections captioned "Business," "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations." These forward-looking statements include, but are not limited to: estimates of our risks, contingencies and future costs and benefits. These forward-looking statements are based on the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. In addition, the factors described under the headings "Critical Accounting Policies and Estimates" in Part II, Item 7, and "Risk Factors" in Part I, Item 1A, as well as other possible factors not listed, could cause our actual results to differ materially from those expressed in forward-looking statements, including, without limitation, the following: inflation and changes in market interest rates that reduce our margins and yields, reduce the fair val

View Full Filing

View this 10-K filing on SEC EDGAR