CONDENSED FINANCIAL STATEMENTS OF PIONEER BANCORP, INC. (Tables)

12 Months Ended

Jun. 30, 2022

CONDENSED FINANCIAL STATEMENTS OF PIONEER BANCORP, INC.

Schedule of condensed statement of financial condition

Pioneer Bancorp, Inc.
Condensed Statements of Financial Condition
As of June 30, 2022 and 2021
(in thousands)
	2022		2021
ASSETS
Cash and cash equivalents	$	43,848	$	42,801
Investment in subsidiary		186,005		181,279
Loan receivable		11,912		12,431
Other assets		905		1,311
Total assets	$	242,670	$	237,822
LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities	$	43	$	—
Total shareholders' equity		242,627		237,822
Total liabilities and shareholders' equity	$	242,670	$	237,822

Schedule of condensed statement of operations

Pioneer Bancorp, Inc.
Condensed Statements of Operations
For the Years Ended June 30, 2022 and 2021
(in thousands)
	2022		2021
INCOME
Interest-earning assets	$	438	$	550
Total income		438		550
OPERATING EXPENSES:
Other		194		238
Total operating expenses		194		238
Income before tax expense and equity in undistributed net income of subsidiary		244		312
Income tax expense		64		81
Income before equity in undistributed net income of subsidiary		180		231
Equity in undistributed net income of subsidiary		10,099		846
Net income	$	10,279	$	1,077

Schedule of condensed statement of cash flow

Pioneer Bancorp, Inc.
Condensed Statements of Cash Flow
For the Years Ended June 30, 2022 and 2021
(in thousands)
	2022		2021
Cash flow from operating activities:
Net income	$	10,279	$	1,077
Adjustments to reconcile net income to cash provided by operating activities:
Undistributed income of subsidiary		(10,098)		(846)
Net decrease in other assets		406		641
Net increase (decrease) in other liabilities		43		(36)
Net cash provided by operating activities		630		836
Cash flow from investing activities:
Decrease in loan receivable		519		432
Net cash provided by investing activities		519		432
Cash flow from financing activities:
Other		(102)		(148)
Net cash used by financing activities		(102)		(148)
Net increase in cash and cash equivalents		1,047		1,120
Cash and cash equivalents at beginning of year		42,801		41,681
Cash and cash equivalents at end of year	$	43,848	$	42,801