CONDENSED FINANCIAL STATEMENTS OF PIONEER BANCORP, INC.

6 Months Ended

Dec. 31, 2024

CONDENSED FINANCIAL STATEMENTS OF PIONEER BANCORP, INC.

CONDENSED FINANCIAL STATEMENTS OF PIONEER BANCORP, INC.

21.     CONDENSED FINANCIAL STATEMENTS OF PIONEER BANCORP, INC.

The following condensed financial statements summarize the financial position and the results of operations and cash flows of Pioneer Bancorp, Inc. as of and for the dates indicated.

Pioneer Bancorp, Inc.
Condensed Statements of Condition
(in thousands)
	As of December 31,		As of June 30,
	2024		2024		2023
Assets
Cash and cash equivalents	$	44,052	$	44,699	$	44,685
Investment in subsidiary		250,267		240,319		209,901
Loan receivable		10,596		10,983		11,376
Other assets		6		538		738
Total assets	$	304,921	$	296,539	$	266,700
Liabilities and Shareholders’ Equity
Total liabilities	$	368	$	11	$	—
Total shareholders’ equity		304,553		296,528		266,700
Total liabilities and shareholders’ equity	$	304,921	$	296,539	$	266,700

Pioneer Bancorp, Inc.
Condensed Statements of Operations
(in thousands)
	For the Six Months Ended				For the Fiscal Years Ended
	December 31,				June 30,
	2024		2023		2024		2023
Income
Interest-earning assets	$	941	$	444	$	930	$	655
Total income		941		444		930		655
Operating Expenses
Other		130		116		192		182
Total operating expenses		130		116		192		182
Income before tax expense and equity in undistributed net income of subsidiary		811		328		738		473
Income tax expense		217		88		198		126
Income before equity in undistributed net income of subsidiary		594		240		540		347
Equity in undistributed net income of subsidiary		9,006		6,371		14,720		21,601
Net income	$	9,600	$	6,611	$	15,260	$	21,948

Pioneer Bancorp, Inc.
Condensed Statements of Cash Flow
(in thousands)
	For the Six Months Ended				For the Fiscal Years Ended
	December 31,				June 30,
	2024		2023		2024		2023
Cash flow from operating activities:
Net income	$	9,600	$	6,611	$	15,260	$	21,948
Adjustments to reconcile net income to cash provided by operating activities:
Undistributed income of subsidiary		(9,006)		(6,371)		(14,720)		(21,601)
Net decrease in other assets		532		367		200		167
Net increase (decrease) in other liabilities		357		184		11		(43)
Net cash provided by operating activities		1,483		791		751		471
Cash flow from investing activities:
Decrease in loan receivable		387		393		393		536
Net cash provided by investing activities		387		393		393		536
Cash flow from financing activities:
Repurchase of common stock		(3,146)		—		(1,075)		—
Other		629		(113)		(55)		(170)
Net cash used in financing activities		(2,517)		(113)		(1,130)		(170)
Net (decrease) increase in cash and cash equivalents		(647)		1,071		14		837
Cash and cash equivalents at beginning of year		44,699		44,685		44,685		43,848
Cash and cash equivalents at end of year	$	44,052	$	45,756	$	44,699	$	44,685