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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.

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Pioneer Bancorp, Inc.

Condensed Statements of Condition

(in thousands)

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As of December 31,

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As of June 30,

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​

2024

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2024

​

2023

Assets

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​

​

​

​

​

​

​

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Cash and cash equivalents

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$

44,052

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$

44,699

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$

44,685

Investment in subsidiary

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250,267

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​

240,319

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​

209,901

Loan receivable

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​

10,596

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10,983

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​

11,376

Other assets

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6

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538

​

​

738

Total assets

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$

304,921

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$

296,539

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$

266,700

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Liabilities and Shareholders’ Equity

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Total liabilities

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$

368

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$

11

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$

—

 Total shareholders’ equity

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304,553

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296,528

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266,700

 Total liabilities and shareholders’ equity

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$

304,921

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$

296,539

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$

266,700

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Pioneer Bancorp, Inc.

Condensed Statements of Operations

(in thousands)

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For the Six Months Ended

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For the Fiscal Years Ended

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December 31,

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June 30,

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2024

    

2023

    

2024

    

2023

Income

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Interest-earning assets

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$

941

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$

444

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$

930

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$

655

Total income

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941

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444

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930

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655

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Operating Expenses

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Other

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130

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116

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192

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182

Total operating expenses

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130

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116

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192

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182

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Income before tax expense and equity in undistributed net income of subsidiary

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811

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328

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738

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473

Income tax expense

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217

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88

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198

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126

Income before equity in undistributed net income of subsidiary

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​

594

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240

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540

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347

Equity in undistributed net income of subsidiary

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9,006

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6,371

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14,720

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21,601

Net income

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$

9,600

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$

6,611

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$

15,260

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$

21,948

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Pioneer Bancorp, Inc.

Condensed Statements of Cash Flow

(in thousands)

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For the Six Months Ended

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For the Fiscal Years Ended

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December 31,

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June 30,

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2024

    

2023

    

2024

    

2023

Cash flow from operating activities:

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Net income

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$

9,600

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$

6,611

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$

15,260

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$

21,948

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Adjustments to reconcile net income to cash provided by operating activities:

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Undistributed income of subsidiary

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(9,006)

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(6,371)

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(14,720)

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(21,601)

Net decrease in other assets

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532

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367

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200

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167

Net increase (decrease) in other liabilities

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357

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184

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11

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(43)

Net cash provided by operating activities

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1,483

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791

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751

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471

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Cash flow from investing activities:

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Decrease in loan receivable

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387

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393

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393

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536

Net cash provided by investing activities

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387

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393

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393

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536

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Cash flow from financing activities:

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Repurchase of common stock

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(3,146)

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—

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(1,075)

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—

Other

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629

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(113)

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(55)

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(170)

 Net cash used in financing activities

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(2,517)

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(113)

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(1,130)

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(170)

Net (decrease) increase in cash and cash equivalents

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(647)

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1,071

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14

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837

Cash and cash equivalents at beginning of year

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44,699

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44,685

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44,685

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43,848

Cash and cash equivalents at end of year

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$

44,052

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$

45,756

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$

44,699

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$

44,685

​