Pioneer Bancorp Files 8-K for 'Other Event' on Dec 28, 2023

TL;DR

**Pioneer Bancorp filed a routine 8-K for an 'Other Event' on Dec 28, 2023, with no immediate material impact.**

AI Summary

Pioneer Bancorp, Inc./MD filed an 8-K on January 4, 2024, reporting an 'Other Event' that occurred on December 28, 2023. This filing is a routine disclosure and does not contain specific financial details or material changes, primarily serving to update administrative information. For investors, this filing indicates no immediate significant operational or financial shifts, suggesting a neutral impact on the stock unless further details emerge from the 'Other Event' category.

Why It Matters

This filing is largely administrative, indicating no immediate material financial or operational changes for Pioneer Bancorp, Inc./MD, which is important for investors monitoring for significant news.

Risk Assessment

Risk Level: low — The filing is an administrative 8-K under 'Other Events' with no specific details indicating financial or operational risk.

Analyst Insight

Investors should note this is a routine administrative filing without specific material details. No immediate action is warranted based solely on this 8-K, but monitoring for subsequent filings that elaborate on the 'Other Event' would be prudent.

Key Players & Entities

• Pioneer Bancorp, Inc./MD (company) — the registrant filing the 8-K
• The Nasdaq Stock Market, LLC (company) — exchange where Common Stock is registered
• PBFS (company) — trading symbol for Pioneer Bancorp, Inc./MD
• $0.01 (dollar_amount) — par value of Common Stock

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 PBFS The Nasdaq Stock Market, LLC
• $74.5 million — repositioning, by selling approximately $74.5 million of lower-yielding available-for-sale se
• $5.6 million — e-tax loss on the sale of approximately $5.6 million. Proceeds from the sale have been redep
• $3.4 million — neer's interest income by approximately $3.4 million over the next 12 next months and is des

Filing Documents

• pbfs-20231228x8k.htm (8-K) — 44KB
• 0001558370-24-000066.txt ( ) — 164KB
• pbfs-20231228.xsd (EX-101.SCH) — 3KB
• pbfs-20231228_lab.xml (EX-101.LAB) — 16KB
• pbfs-20231228_pre.xml (EX-101.PRE) — 10KB
• pbfs-20231228x8k_htm.xml (XML) — 5KB

01. – Other Events

Item 8.01. – Other Events On December 28, 2023, Pioneer Bancorp, Inc. ("Pioneer") completed a balance sheet repositioning, by selling approximately $74.5 million of lower-yielding available-for-sale securities with an average book yield of approximately 0.83% and weighted average remaining life of 2.2 years, recognizing an estimated pre-tax loss on the sale of approximately $5.6 million. Proceeds from the sale have been redeployed into interest-earning deposits with banks with an estimated average book yield of 5.40%. Pioneer ultimately intends to reinvest the proceeds into securities available-for-sale and loans yielding current market rates during the upcoming quarter. Based on current market interest rates, the transaction is estimated to improve Pioneer's interest income by approximately $3.4 million over the next 12 next months and is designed to provide Pioneer with greater flexibility in managing balance sheet growth. The transaction has a neutral impact on shareholders' equity and book value per share as of the date of the sale, as unrealized losses on securities available-for-sale are already accounted for as a deduction to shareholders' equity. After the transaction, all of Pioneer Bank's regulatory capital levels will remain well above those required to be categorized as "well capitalized". This transaction is expected to have a favorable impact on Pioneer's net income, net interest margin, return on average assets, and return on average equity beginning in the quarter ended March 31, 2024. Cautionary Statement Concerning Forward-Looking Statements Certain of the matters discussed in this Current Report on Form 8-K constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by use of the words "believe," "expect," "intend," "anticipate," "estimate,"

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PIONEER BANCORP, INC. (registrant) January 4 , 2024 /s/ Thomas L. Amell Thomas L. Amell President and Chief Executive Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR