Pioneer Bancorp, Inc./MD
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
PBFS$18.35+0.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0001558370-25-010922
Item 2. - Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001104659-25-108497
Item 2. - Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 119 previous paragraphs and 120 current paragraphs.
59 unchanged; 54 reworded; 4 added; 2 removed; 4 previous and 3 current paragraphs rearranged.
Tables are not compared: 44 previous and 44 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
As we continue to execute on our business strategy, on October 28, 2025, the Company, through its subsidiary, Pioneer Financial Services, Inc., completed the acquisition of certain assets of Brown Financial Management Group, LLC a wealth management firm in the Capital Region of New York. The acquisition was made to expand the Company’s wealth management services activities and added $73 million of assets under management. The Company paid $480,000 in cash and recorded $720,000 in contingent consideration payable to acquire the assets.
Current report
million at September 30, 2025 from $94.9 million at December 31, 2024, and consumer loans increased by $1.1 million, or 6.6%, to $18.7 million at September 30, 2025 from $17.6 million at December 31, 2024.
Current report
Non-Interest Income. Non-interest income decreased $303,000, or 7.4%, to $3.8 million for the three months ended September 30, 2025 as compared to $4.1 million for the three months ended September 30, 2024. The decrease in noninterest income for the three months ended September 30, 2025 was primarily due to a $275,000 decrease in other noninterest income anda $165,000 net gain on the sale of available for sale securities during the three months ended September 30, 2024 as compared to no such gain for the three months ended September 30, 2025.
Current report
by $151.5 million from $1.78 billion for the nine months ended September 30, 2024 to $1.93 billion for the nine months ended September 30, 2025 primarily due to the increase in the average balance of loans.
Removed paragraphs (2)
Previous report
31, 2024, and home equity loans and lines of credit increased by $176,000, or 0.2%, to $95.1 million at June 30, 2025 from $94.9 million at December 31, 2024.
Previous report
Net Interest Income. Net interest income of $19.6 million for the three months ended June 30, 2025 increased $2.4 million, or 14.0%, compared to $17.2 million for the three months ended June 30, 2024 as net interest margin increased 20 basis points to 4.13% for the three months ended June 30, 2025 from 3.93% for the three months ended June
Reworded paragraphs (54)
Previous wording
Provision for Credit Losses. We charge provisions for credit losses to operations in order to maintain our allowance for credit losses on loans, securities held to maturity and unfunded commitments at a level that is considered reasonable and necessary to absorb expected credit losses inherent in the loan portfolio and securities held to maturity portfolio, as well as expected losses on commitments to grant loans that are expected to be advanced at the statements of condition date. Loans are charged against the allowance when management believes that the collectability of the principal loan amount is not probable. Recoveries on loans previously charged-off, if any, are credited to the allowance for credit losses when realized.
Current wording
Provision for Credit Losses. We charge provisions for credit losses to operations in order to maintain our allowance for credit losses on loans, securities held to maturity and unfunded commitments at a level that is considered reasonable and necessary to absorb expected credit losses inherent in the loan portfolio and securities held to maturity portfolio, as well as expected losses on commitments to grant loans that are expected to be advanced at the statements of
Previous wording
Professional fees include legal and other consulting expenses.
Current wording
Professional fees include legal fees and other consulting expenses.
Previous wording
Other general and administrative expenses include expenses for office supplies, postage, telephone, insurance and other miscellaneous operating expenses.
Current wording
Other general and administrative expenses include expenses for office supplies, postage, telephone, insurance, litigation-related expense, includes expenses related to legal proceedings, and other miscellaneous operating expenses.
Previous wording
Allowance for Credit Losses. The allowance for credit losses consists of the allowance for credit losses on loans, securities held to maturity and unfunded commitments. The measurement of Current Expected Credit Losses (“CECL”) on financial instruments requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses under the CECL approach is based on relevant information about past events, current conditions, macroeconomic variables (e.g., civilian unemployment and U.S. gross domestic product (“GDP”)), and reasonable and supportable forecasts from the Federal Open Market Committee (“FOMC”) that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. The Company then considers whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the period from which historical experience was used. Finally, the Company considers forecasts about future economic conditions that are reasonable and supportable. On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the estimated fair value of the collateral, as applicable. The allowance for credit losses on loans and securities held to maturity, as reported in our consolidated statements of condition, are adjusted by a provision for credit losses, which is recognized in earnings, and reduced by the charge-offs, net of recoveries. The allowance for credit losses on unfunded commitments represents the expected credit losses on off-balance sheet commitments such as unfunded commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments unconditionally cancellable by the Company. The allowance for credit losses on unfunded commitments is determined by estimating future draws and applying the expected loss rates on those draws and is included in other liabilities on the Company’s consolidated statements of condition.
Current wording
Allowance for Credit Losses. The allowance for credit losses consists of the allowance for credit losses on loans, securities held to maturity and unfunded commitments. The measurement of Current Expected Credit Losses (“CECL”) on financial instruments requires an estimate of the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses under the CECL approach is based on relevant information about past events, current conditions, macroeconomic variables (e.g., civilian unemployment and U.S. gross domestic product (“GDP”)), and reasonable and supportable forecasts from the Federal Open Market Committee (“FOMC”) that affect the collectability of the reported amounts. Historical loss experience is generally the starting point for estimating expected credit losses. The Company then considers whether the historical loss experience should be adjusted for asset-specific risk characteristics or current conditions at the reporting date that did not exist over the period from which historical experience was used. Finally, the Company considers forecasts about future economic conditions that are reasonable and supportable. On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the estimated fair value of the collateral, as applicable. The allowance for credit losses on loans and securities held to maturity, as reported in our consolidated statements of condition, are adjusted by a provision for credit losses, which is recognized in earnings, and reduced by the charge-offs, net of recoveries. The allowance for credit losses on unfunded commitments represents the expected credit losses on off-balance sheet commitments such as unfunded commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments unconditionally cancellable by the Company. The allowance for credit losses on unfunded
Previous wording
As a substantial percentage of our loan portfolio is collateralized by real estate, appraisals of the underlying value of property securing loans are critical in determining the amount of the allowance required for specific loans. Assumptions are instrumental in determining the value of properties. Overly optimistic assumptions or negative changes to assumptions could significantly affect the valuation of a property securing a loan and the related allowance determined. Management
Current wording
As a substantial percentage of our loan portfolio is collateralized by real estate, appraisals of the underlying value of property securing loans are critical in determining the amount of the allowance required for specific loans. Assumptions are instrumental in determining the value of properties. Overly optimistic assumptions or negative changes to assumptions could significantly affect the valuation of a property securing a loan and the related allowance determined. Management carefully reviews the assumptions supporting such appraisals to determine that the resulting values reasonably reflect amounts realizable on the related loans.
Previous wording
Management of the Company considers the accounting policy relating to the allowance for credit losses to be a critical accounting estimate given the uncertainty in evaluating the level of the allowance required to cover management’s estimate of all expected credit losses over the expected contractual life of our loan portfolios. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain, including making significant estimates of current credit risks and trends using existing quantitative and qualitative information, and reasonable and supportable forecasts of future economic conditions, which may undergo frequent and material changes. Subsequent evaluations of the then-existing loan portfolios, in light of changes in economic conditions, new information regarding existing loans and other factors, may result in significant changes in the allowance for credit losses in those future periods. For example, changes to the FOMC’s forecasted civilian unemployment rate and year-over-year U.S. GDP growth could have a material impact on the model’s estimation of the allowance for credit losses on loans. An immediate increase of 100 basis points in the FOMC’s projected rate of civilian unemployment and a decrease of 100 basis points in the FOMC’s projected rate of U.S. GDP growth would increase the model’s total calculated allowance for credit losses on loans by $1.3 million, or 5.5%, as of June 30, 2025 assuming qualitative adjustments are kept at current levels. While management’s current evaluation of the allowance for credit losses indicates that the allowance is appropriate, the allowance may need to be increased under adversely different conditions or assumptions. Additionally, changes in those factors and inputs may not occur at the same rate and inputs may be directionally inconsistent, such that improvements in one factor may offset deterioration in others. Going forward, the impact of utilizing the CECL approach to calculate the allowance for credit losses will be significantly influenced by the composition, characteristics and quality of our loan portfolios, as well as the prevailing economic conditions and forecasts utilized. Material changes to these and other relevant factors may result in greater volatility to the allowance for credit losses, and therefore, greater volatility to our reported earnings.
Current wording
Management of the Company considers the accounting policy relating to the allowance for credit losses to be a critical accounting estimate given the uncertainty in evaluating the level of the allowance required to cover management’s estimate of all expected credit losses over the expected contractual life of our loan portfolios. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain, including making significant estimates of current credit risks and trends using existing quantitative and qualitative information, and reasonable and supportable forecasts of future economic conditions, which may undergo frequent and material changes. Subsequent evaluations of the then-existing loan portfolios, in light of changes in economic conditions, new information regarding existing loans and other factors, may result in significant changes in the allowance for credit losses in those future periods. For example, changes to the FOMC’s forecasted civilian unemployment rate and year-over-year U.S. GDP growth could have a material impact on the model’s estimation of the allowance for credit losses on loans. An immediate increase of 100 basis points in the FOMC’s projected rate of civilian unemployment and a decrease of 100 basis points in the FOMC’s projected rate of U.S. GDP growth would increase the model’s total calculated allowance for credit losses on loans by $1.4 million, or 5.7%, as of September 30, 2025 assuming qualitative adjustments are kept at current levels. While management’s current evaluation of the allowance for credit losses indicates that the allowance is appropriate, the allowance may need to be increased under adversely different conditions or assumptions. Additionally, changes in those factors and inputs may not occur at the same rate and inputs may be directionally inconsistent, such that improvements in one factor may offset deterioration in others. Going forward, the impact of utilizing the CECL approach to calculate the allowance for credit losses will be significantly influenced by the composition, characteristics and quality of our loan portfolios, as well as the prevailing economic conditions and forecasts utilized. Material changes to these and other relevant factors may result in greater volatility to the allowance for credit losses, and therefore, greater volatility to our reported earnings.
Previous wording
Total Assets. Total assets of $2.10 billion at June 30, 2025 increased $116.7 million, or 5.9%, from $1.98 billion at December 31, 2024. The increase was due primarily to an increase of $108.3 million, or 7.5%, in net loans receivable and an increase of $25.5 million, or 26.5%, in cash and cash equivalents, offset in part by a decrease of $33.3 million, or 10.4%, in securities available for sale.
Current wording
Total Assets. Total assets of $2.24 billion at September 30, 2025 increased $263.6 million, or 13.3%, from $1.98 billion at December 31, 2024. The increase was due primarily to an increase of $179.4 million, or 12.5%, in net loans receivable and an increase of $132.1 million, or 136.8%, in cash and cash equivalents, offset in part by a decrease of $67.0 million, or 20.8%, in securities available for sale.
Previous wording
Cash and Cash Equivalents. Total cash and cash equivalents of $122.1 million at June 30, 2025, increased $25.6 million, or 26.5%, from $96.5 million at December 31, 2024.
Current wording
Cash and Cash Equivalents. Total cash and cash equivalents of $228.6 million at September 30, 2025, increased $132.1 million, or 136.8%, from $96.5 million at December 31, 2024.
Previous wording
Securities Available for Sale. Total securities available for sale of $288.2 million at June 30, 2025 decreased $33.3 million, or 10.4%, from $321.5 million at December 31, 2024. The decrease was primarily due to maturities, paydowns and calls of $131.5 million, offset in part by purchases of $93.4 million of securities during the six months ended June 30, 2025.
Current wording
Securities Available for Sale. Total securities available for sale of $254.5 million at September 30, 2025 decreased $67.0 million, or 20.8%, from $321.5 million at December 31, 2024. The decrease was primarily due to maturities, paydowns and calls of $176.7 million, offset in part by purchases of $102.0 million of securities during the nine months ended September 30, 2025.
Previous wording
Securities Held to Maturity. Total securities held to maturity of $42.4 million at June 30, 2025 increased $17.0 million, or 67.0%, from $25.4 million at December 31, 2024. The increase was primarily due to purchases of $20.5 million, offset in part by maturities, paydowns and calls of $3.3 million during the six months ended June 30, 2025.
Current wording
Securities Held to Maturity. Total securities held to maturity of $43.9 million at September 30, 2025 increased $18.5 million, or 72.8%, from $25.4 million at December 31, 2024. The increase was primarily due to purchases of $24.4 million, offset in part by maturities, paydowns and calls of $5.7 million during the nine months ended September 30, 2025.
Previous wording
Net Loans Receivable. Net loans receivable of $1.54 billion at June 30, 2025 increased $108.3 million, or 7.5%, from $1.43 billion at December 31, 2024. The increase in net loans receivable was primarily a result of growth in the residential mortgage loan portfolio which increased by $52.6 million, or 7.6%, to $742.2 million at June 30, 2025 from $689.6 million at December 31, 2024. Commercial construction loans increased by $32.3 million, or 24.7%, to $163.3 million at June 30, 2025 from $131.0 million at December 31, 2024, commercial real estate loans increased by $17.6 million, or 4.2%, to $432.4 million at June 30, 2025 from $414.8 million at December 31, 2024, commercial and industrial loans increased by $5.6 million, or 5.2%, to $114.1 million at June 30, 2025 from $108.5 million at December 31, 2024, consumer loans increased by $1.9 million, or 11.3%, to $19.5 million at June 30, 2025 from $17.6 million at December
Current wording
Net Loans Receivable. Net loans receivable of $1.61 billion at September 30, 2025 increased $179.4 million, or 12.5%, from $1.43 billion at December 31, 2024. The increase in net loans receivable was primarily a result of growth in the residential mortgage loan portfolio which increased by $74.1 million, or 10.7%, to $763.7 million at September 30, 2025 from $689.6 million at December 31, 2024. Commercial real estate loans increased by $55.0 million, or 13.2%, to $469.8 million at September 30, 2025 from $414.8 million at December 31, 2024, commercial construction loans increased by $32.5 million, or 24.8%, to $163.5 million at September 30, 2025 from $131.0 million at December 31, 2024, commercial and industrial loans increased by $16.8 million, or 15.5%, to $125.3 million at September 30, 2025 from $108.5 million at December 31, 2024, home equity loans and lines of credit increased by $2.7 million, or 2.8%, to $97.6
Previous wording
The increase in residential mortgage loans was primarily related to the Bank’s relationship with a third-party mortgage banking company which facilitated an increase in residential mortgage loan volume, despite the higher interest rate environment. The increase in commercial construction loans was due to funding of increased construction commitments. The increase in commercial real estate loans and commercial and industrial loans was due to loan funding outpacing loan payoffs. The increase in consumer loans was due to the purchase of $5.0 million in unsecured consumer loans during the six months ended June 30, 2025.
Current wording
The increase in residential mortgage loans was primarily related to the Bank’s relationship with a third-party mortgage banking company which facilitated an increase in residential mortgage loan volume, despite the higher interest rate environment. The increase in commercial real estate loans and commercial and industrial loans was due to loan funding outpacing loan payoffs. The increase in commercial construction loans was due to funding of increased construction commitments. The increase in consumer loans was due to the purchase of $5.0 million in unsecured consumer loans during the nine months ended September 30, 2025.
Previous wording
Deposits. Deposits of $1.74 billion at June 30, 2025 increased $155.7 million, or 9.8%, from $1.59 billion at December 31, 2024. By deposit category, certificates of deposit increased by $92.6 million, or 53.0%, to $267.4 million at June 30, 2025 from $174.8 million at December 31, 2024 (included in certificates of deposit were brokered deposits which increased by $82.9 million to $122.9 million at June 30, 2025 from $40.0 million at December 31, 2024), money market accounts increased by $53.4 million, or 9.6%, to $611.9 million at June 30, 2025 from $558.5 million at December 31, 2024, non-interest-bearing demand accounts increased by $16.6 million, or 3.7%, to $470.9 million at June 30, 2025 from $454.3 million at December 31, 2024, and savings accounts increased by $1.2 million, 0.4%, to $261.4 million at June 30, 2025 from $260.2 million at December 31, 2024, offset in part by a decrease in demand accounts of $8.1 million, or 5.9%, to $130.3 million at June 30, 2025 from $138.4 million at December 31, 2024.
Current wording
Deposits. Deposits of $1.90 billion at September 30, 2025 increased $308.8 million, or 19.5%, from $1.59 billion at December 31, 2024. By deposit category, non-interest-bearing demand accounts increased by $115.7 million, or 25.5%, to $570.0 million at September 30, 2025 from $454.3 million at December 31, 2024, certificates of deposit increased by $108.0 million, or 61.8%, to $282.8 million at September 30, 2025 from $174.8 million at December 31, 2024 (included in certificates of deposit were brokered deposits which increased by $89.8 million to $129.8 million at September 30, 2025 from $40.0 million at December 31, 2024), money market accounts increased by $90.9 million, or 16.3%, to $649.4 million at September 30, 2025 from $558.5 million at December 31, 2024, demand accounts increased by $2.7 million, or 1.9%, to $141.1 million at September 30, 2025 from $138.4 million at December 31, 2024, offset in part by a decrease in savings accounts of $8.5 million, or 3.2%, to $251.7 million at September 30, 2025 from $260.2 million at December 31, 2024.
Previous wording
The increase in certificates of deposit was primarily due to an increase in brokered deposits, and by a migration of funds from non-interest bearing demand, savings and other lower rate interest-bearing accounts. The increase in money market accounts was primarily due to a migration of funds from non-interest bearing demand, savings and other lower rate interest-bearing accounts. The increase in non-interest-bearing demand accounts was primarily related to growth in
Current wording
The increase in non-interest-bearing demand accounts was primarily related to growth in municipal deposits due to seasonality andgrowth in commercial deposits. The increase in certificates of deposit was primarily due to an increase in brokered deposits, and by a migration of funds from non-interest bearing demand, savings and other lower rate interest-bearing accounts. The increase in money market accounts was primarily due to a migration of funds from non-interest
Previous wording
commercial deposits. The decrease in demand accounts was primarily related to migration of funds to higher interest-bearing accounts.
Current wording
bearing demand, savings and other lower rate interest-bearing accounts. The decrease in savings accounts was primarily related to migration of funds to higher interest-bearing accounts.
Previous wording
Uninsured deposits after exclusions represented 15.2% and 12.9% of total deposits as of June 30, 2025 and December 31, 2024, respectively. The Company believes that this presentation of uninsured deposits provides a more accurate view of deposits at risk as affiliate deposits are not customer facing and therefore are eliminated upon consolidation, and collateralized deposits are fully secured by investments and municipal letters of credit.
Current wording
Uninsured deposits after exclusions represented 14.5% and 12.9% of total deposits as of September 30, 2025 and December 31, 2024, respectively. The Company believes that this presentation of uninsured deposits provides a more accurate view of deposits at risk as affiliate deposits are not customer facing and therefore are eliminated upon consolidation, and collateralized deposits are fully secured by investments and municipal letters of credit.
Previous wording
Borrowings from Federal Home Loan Bank of New York (“FHLBNY”). There were no borrowings from FHLBNY at June 30, 2025, compared to $40.0 million at December 31, 2024. The decrease in borrowings from FHLBNY was due to the payoff of the borrowings during the six months ended June 30, 2025.
Current wording
Borrowings from Federal Home Loan Bank of New York (“FHLBNY”). There were no borrowings from FHLBNY at September 30, 2025, compared to $40.0 million at December 31, 2024. The decrease in borrowings from FHLBNY was due to the payoff of the borrowings during the nine months ended September 30, 2025.
Previous wording
Total Shareholders’ Equity. Total shareholders’ equity of $314.3 million at June 30, 2025 increased $9.7 million, or 3.2%, from $304.6 million at December 31, 2024 primarily as a result of net income of $12.2 million and an increase in accumulated other comprehensive income of $1.5 million, partially offset by the repurchase of common stock of $5.0 million during the six months ended June 30, 2025.
Current wording
Total Shareholders’ Equity. Total shareholders’ equity of $314.2 million at September 30, 2025 increased $9.6 million, or 3.2%, from $304.6 million at December 31, 2024 primarily as a result of net income of $16.5 million and an increase in accumulated other comprehensive income of $2.7 million, partially offset by the repurchase of common stock of $10.9 million during the nine months ended September 30, 2025.
Previous wording
General. Net income increased by $2.6 million to $6.5 million for the three months ended June 30, 2025 as compared to $3.9 million for the three months ended June 30, 2024. The increase was primarily due to an increase in net interest income of $2.4 million, an increase in non-interest income of $1.1 million, and a decrease in non-interest expense of $379,000, offset in part by an increase in the provision for credit losses of $800,000, and by an increase in income tax expense of $586,000.
Current wording
General. Net income decreased by $2.0 million to $4.3 million for the three months ended September 30, 2025 as compared to $6.3 million for the three months ended September 30, 2024. The decrease was primarily due to an increase in non-interest expense of $2.9 million, an increase in the provision for credit losses of $1.7 million, and a decrease in non-interest income of $303,000, offset in part by an increase in net interest income of $2.3 million and by a decrease in income tax expense of $609,000.
Previous wording
Interest and Dividend Income. Interest and dividend income increased $3.4 million, or 14.6%, to $27.0 million for the three months ended June 30, 2025, from $23.6 million for the three months ended June 30, 2024 due to increases in interest income on loans and interest income on securities, offset in part by a decrease in interest income on interest-earning deposits with banks and other. The increase was the result of a 31 basis points increase in the average yield on interest-earning assets to 5.72% for the three months ended June 30, 2025, from 5.41% for the three months ended June 30, 2024. The increase in the average yield on interest-earning assets was driven by market related increases in interest rates on new loans and on investment securities purchased. Average interest-earning assets increased by $144.9 million
Current wording
Interest and Dividend Income. Interest and dividend income increased $3.9 million, or 16.0%, to $28.3 million for the three months ended September 30, 2025, from $24.4 million for the three months ended September 30, 2024 due to increases in interest income on loans and interest income on securities, offset in part by a decrease in interest income on interest-earning deposits with banks and other. The increase was the result of a 22 basis points increase in the average yield on interest-earning assets to 5.86% for the three months ended September 30, 2025, from 5.64% for the three months ended September 30, 2024. The increase in the average yield on interest-earning assets was driven by market related increases in interest rates on new loans and on investment securities purchased. Average interest-earning assets increased
Previous wording
from $1.79 billion for the three months ended June 30, 2024 to $1.93 billion for the three months ended June 30, 2025 primarily due to the increase in the average balance of loans.
Current wording
by $205.7 million from $1.75 billion for the three months ended September 30, 2024 to $1.96 billion for the three months ended September 30, 2025 primarily due to the increase in the average balance of loans.
Previous wording
Interest income on loans increased $5.4 million, or 14.1%, to $43.5 million for the six months ended June 30, 2025 from $38.1 million for the six months ended June 30, 2024. Interest income on loans increased due to a $169.9 million increase in the average balance of loans to $1.49 billion for the six months ended June 30, 2025 from $1.32 billion for the six months ended June 30, 2024, coupled with a nine basis points increase in the average yield on loans to 5.97% for the six months ended June 30, 2025 from 5.88% for the six months ended June 30, 2024. The increase in the average balance of loans was principally due to purchases of residential mortgage loans. The increase in average yield on loans was primarily due to market related increases in interest rates on new loans.
Current wording
Interest income on loans increased $3.0 million, or 14.0%, to $23.9 million for the three months ended September 30, 2025 from $20.9 million for the three months ended September 30, 2024. Interest income on loans increased due to a $207.7 million increase in the average balance of loans to $1.59 billion for the three months ended September 30, 2025 from $1.38 billion for the three months ended September 30, 2024, offset in part by a six basis points decrease in the average yield on loans to 6.10% for the three months ended September 30, 2025 from 6.16% for the three months ended September 30, 2024. The increase in the average balance of loans was principally due to purchases of residential mortgage loans and increased originations of commercial real estate loans, commercial construction loans, and commercial and industrial loans. The decrease in average yield on loans was primarily dueto loans tied to variable short-term rates which decreased as compared to the same period in the prior year and market related decreases in interest rates on new loans as compared to the same period in the prior year.
Previous wording
Interest income on securities increased $1.7 million, or 76.0%, to $3.9 million for the three months ended June 30, 2025 from $2.2 million for the three months ended June 30, 2024. Interest income on securities increased due to a $43.4 million increase in the average balance of securities to $352.9 million for the three months ended June 30, 2025 from $309.5 million for the three months ended June 30, 2024, and a 162 basis points increase in the average yield on securities to 4.56% for the three months ended June 30, 2025 from 2.94% for the three months ended June 30, 2024. The increase in the average balance and average yield of securities was primarily due to the purchases of new securities during the three months ended June 30, 2025 and the higher market interest rates for new securities that were purchased replacing maturities of lower yielding securities.
Current wording
Interest income on securities increased $1.6 million, or 75.1%, to $3.8 million for the three months ended September 30, 2025 from $2.2 million for the three months ended September 30, 2024. Interest income on securities increased due to a $34.8 million increase in the average balance of securities to $315.6 million for the three months ended September 30, 2025 from $280.8 million for the three months ended September 30, 2024, and a 176 basis points increase in the average yield on securities to 4.85% for the three months ended September 30, 2025 from 3.09% for the three months ended September 30, 2024. The increase in the average balance and average yield of securities was primarily due to the purchases of new securities during the nine months ended September 30, 2025 and the higher market interest rates for new securities that were purchased replacing maturities of lower yielding securities.
Previous wording
Interest income on interest-earning deposits with banks and other decreased $1.2 million to $732,000 for the three months ended June 30, 2025 from $1.9 million for the three months ended June 30, 2024. Interest income on interest-earning deposits with banks and other decreased due to a $78.7 million decrease in the average balances on interest-earning deposits with banks and other to $64.5 million for the three months ended June 30, 2025 from $143.2 million for the three months ended June 30, 2024, primarily due to an increase in the average balances of loans and securities, as well as a 92 basis points decrease in the average yield on interest-earning deposits with banks and other to 4.63% for the three months ended June 30, 2025 from 5.55% for the three months ended June 30, 2024 primarilydue to changes in market interest rates.
Current wording
Interest income on interest-earning deposits with banks and other decreased $649,000 to $635,000 for the three months ended September 30, 2025 from $1.3 million for the three months ended September 30, 2024. Interest income on interest-earning deposits with banks and other decreased due to a $36.9 million decrease in the average balances on interest-earning deposits with banks and other to $53.8 million for the three months ended September 30, 2025 from $90.7 million for the three months ended September 30, 2024, primarily due to an increase in the average balances of loans and securities, as well as a 97 basis points decrease in the average yield on interest-earning deposits with banks and other to 4.77% for the three months ended September 30, 2025 from 5.74% for the three months ended September 30, 2024 primarilydue to changes in market interest rates.
Previous wording
Interest Expense. Interest expense increased $1.0 million, or 16.3%, to $7.4 million for the three months ended June 30, 2025 from $6.4 million for the three months ended June 30, 2024 primarily as a result of an increase in interest expense on deposits. The increase was primarily due to a 14 basis points increase in the average cost of interest-bearing liabilities to 2.41% for the three months ended June 30, 2025 from 2.27% for the three months ended June 30, 2024, as well as a shift in the mix of interest-bearing liabilities to higher interest rate liability accounts.
Current wording
Interest Expense. Interest expense increased $1.6 million, or 24.7%, to $8.1 million for the three months ended September 30, 2025 from $6.5 million for the three months ended September 30, 2024 primarily as a result of an increase in interest expense on deposits and borrowings and other liablities. The increase was primarily due to a 16 basis points increase in the average cost of interest-bearing liabilities to 2.51% for the three months ended September 30, 2025 from 2.35% for the three months ended September 30, 2024, as well as a shift in the mix of interest-bearing liabilities to higher interest rate liability accounts.
Previous wording
Interest expense on interest-bearing deposits increased $750,000, or 12.3%, to $6.8 million for the three months ended June 30, 2025 from $6.1 million for the three months ended June 30, 2024. Interest expense on interest-bearing deposits increased primarily due to a 11 basis points increase in the average cost of interest-bearing deposits to 2.34% for the three months ended June 30, 2025 from 2.23% for the three months ended June 30, 2024, as well as a shift in the mix of interest-bearing deposits to higher interest rate deposit accounts and an increase in average interest-bearing deposits of $78.4 million to $1.19 billion for the three months ended June 30, 2025 from $1.11 billion for the three months ended June 30, 2024. The increase in the average cost of interest-bearing deposits wasdue primarily to the upward repricing of certain interest-bearing deposit accounts in response to changes in market interest rates, as well as a shift in the mix of deposits towards higher cost interest-bearing accounts. The increase in the average balance of interest-bearing deposits was due to higher average money market and certificates of deposit balances.
Current wording
Interest expense on interest-bearing deposits increased $752,000, or 12.0%, to $7.0 million for the three months ended September 30, 2025 from $6.3 million for the three months ended September 30, 2024. Interest expense on interest-bearing deposits increased primarily due to a five basis points increase in the average cost of interest-bearing deposits to 2.37% for the three months ended September 30, 2025 from 2.32% for the three months ended September 30, 2024, as well as a shift in the mix of interest-bearing deposits to higher interest rate deposit accounts and an increase in average interest-bearing deposits of $106.4 million to $1.19 billion for the three months ended September 30, 2025 from $1.08 billion for the three months ended September 30, 2024. The increase in the average cost of interest-bearing deposits wasdue primarily to a shift in the mix of deposits towards higher cost interest-bearing accounts. The increase in the average balance of interest-bearing deposits was due to higher average money market and certificates of deposit balances.
Previous wording
Interest expense on borrowings and other liabilities increased $288,000 to $554,000 for the three months ended June 30, 2025 from $266,000 for the three months ended June 30, 2024 due primarily to an increase in average borrowings and other liabilities of $27.0 million to $54.8 million for the three months ended June 30, 2025 from $27.8 million for the three months ended June 30, 2024 and an increase in the average cost of borrowings and other liabilities of 21 basis points to 4.11% for the three months ended June 30, 2025 from 3.90% for the three months ended June 30, 2024.
Current wording
Interest expense on borrowings and other liabilities increased $850,000 to $1.1 million for the three months ended September 30, 2025 from $212,000 for the three months ended September 30, 2024 due primarily to an increase in average borrowings and other liabilities of $76.3 million to $99.7 million for the three months ended September 30, 2025 from $23.4 million for the three months ended September 30, 2024 and an increase in the average cost of borrowings and other liabilities of 65 basis points to 4.29% for the three months ended September 30, 2025 from 3.64% for the three months ended September 30, 2024.
Previous wording
30, 2024, and due to an increase in net interest-earning assets of $39.6 million to $692.9 million for the three months ended June 30, 2025 from $653.3 million for the three months ended June 30, 2024. Net interest rate spread increased 18 basis points to 3.31% for the three months ended June 30, 2025 from 3.13% for the three months ended June 30, 2024.
Current wording
Net Interest Income. Net interest income of $20.2 million for the three months ended September 30, 2025 increased $2.3 million, or 12.9%, compared to $17.9 million for the three months ended September 30, 2024 as net interest margin increased four basis points to 4.16% for the three months ended September 30, 2025 from 4.12% for the three months ended September 30, 2024, and due to an increase in net interest-earning assets of $22.9 million to $668.2 million for the three months ended September 30, 2025 from $645.3 million for the three months ended September 30, 2024. Net interest rate spread increased six basis points to 3.35% for the three months ended September 30, 2025 from 3.29% for the three months ended September 30, 2024.
Previous wording
Provision for Credit Losses. The provision for credit losses was $1.6 million for the three months ended June 30, 2025, as compared to a provision for credit losses of $750,000 for the three months ended June 30, 2024. The increase in the provision for credit losses for the three months ended June 30, 2025 was primarily due to growth in the loan portfolio and changes in current economic conditions. Non-performing assets were $11.5 million, or 0.55% of total assets, at June 30, 2025, compared to $5.2 million, or 0.27% of total assets, at December 31, 2024 and $9.2 million, or 0.49% of total assets, at June 30, 2024. The allowance for credit losses on loans was $23.8 million at June 30, 2025, compared to $21.8 million at December 31, 2024 and June 30, 2024, representing 1.52%, 1.49% and 1.60% of total loans outstanding, respectively. Net charge-offs were $70,000 for the three months ended June 30, 2025, compared to net charge-offs of $129,000 for the three months ended June 30, 2024. Annualized net charge-offs were 0.02% of average loans for the three months ended June 30, 2025, compared to annualized net charge-offs of 0.04% of average loans for the three months ended June 30, 2024.
Current wording
Provision for Credit Losses. The provision for credit losses was $785,000 for the three months ended September 30, 2025, as compared to a credit to the provision for credit losses of $870,000 for the three months ended September 30, 2024. The increase in the provision for credit losses for the three months ended September 30, 2025 was primarily due to growth in the loan portfolio and changes in current economic conditions. Non-performing assets were $12.0 million, or 0.53% of total assets, at September 30, 2025, compared to $5.2 million, or 0.27% of total assets, at December 31, 2024 and $5.4 million, or 0.27% of total assets, at September 30, 2024. The allowance for credit losses on loans was $24.6 million at September 30, 2025, compared to $21.8 million at December 31, 2024 and $21.2 million at September 30, 2024, representing 1.50%, 1.49% and 1.49% of total loans outstanding, respectively. Net charge-offs were $4,000 for the three months ended September 30, 2025, compared to net recoveries of $134,000 for the three months ended September 30, 2024. Annualized net charge-offs were 0.00% of average loans for the three months ended September 30, 2025, compared to annualized net recoveries of 0.04% of average loans for the three months ended September 30, 2024.
Previous wording
Non-Interest Expense. Non-interest expense decreased $379,000, or 2.5%, to $14.7 million for the three months ended June 30, 2025 as compared to $15.1 million for the three months ended June 30, 2024. The decrease in noninterest expense for the three months ended June 30, 2025 was primarily due to a decrease in professional fees of $693,000 and a decrease in other expenses of $718,000, offset in part by an increase in salaries and employee benefits of $1.0 million. Professional fees decreased due to lower legal fees and expenses as compared to the prior-year period. Other expenses decreased due to a benefit for the other cost components of the net periodic pension and post-retirement benefits cost during the three months ended June 30, 2025. Salaries and employee benefits increased due to compensation expense from annual merit increases as well as due to share-based compensation costs recognized during the three months ended June 30, 2025 for the stock awards granted during the three months ended June 30, 2024.
Current wording
Non-Interest Expense. Non-interest expense increased $2.9 million, or 20.0%, to $17.6 million for the three months ended September 30, 2025 as compared to $14.7 million for the three months ended September 30, 2024. The increase in noninterest expense for the three months ended September 30, 2025 was primarily due to an increase in salaries and employee benefits of $890,000 and an increase in other expenses of $2.0 million. Salaries and employee benefits increased due to compensation expense from annual merit increases. Other expenses increased primarilydue to litigation-related expense (see Part II, Item 1 – “Legal Proceedings,” for details), offset in part by a benefit for the other cost components of the net periodic pension and post-retirement benefits cost during the three months ended September 30, 2025.
Previous wording
Income Tax Expense. Income tax expense increased $586,000 to $1.7 million for the three months ended June 30, 2025 as compared to $1.1 million for the three months ended June 30, 2024 primarily due to an increase in income before income taxes. Our effective tax rate was 20.7% for the three months ended June 30, 2025 compared to 21.9% for the three months ended June 30, 2024. The decrease in the effective tax rate for the three months ended June 30, 2025 was due to bank-owned life insurance income which is exempt from income tax expense as a result of a death benefit recognized during the three months ended June 30, 2025.
Current wording
Income Tax Expense. Income tax expense decreased $609,000 to $1.3 million for the three months ended September 30, 2025 as compared to $1.9 million for the three months ended September 30, 2024 primarily due to a decrease in income before income taxes. Our effective tax rate was 22.8% for the three months ended September 30, 2025 compared to 23.0% for the three months ended September 30, 2024.
Previous wording
Comparison of Operating Results for the Six Months Ended June 30, 2025 and June 30, 2024
Current wording
Comparison of Operating Results for the Nine Months Ended September 30, 2025 and September 30, 2024
Previous wording
General. Net income increased by $3.6 million to $12.2 million for the six months ended June 30, 2025 as compared to $8.6 million for the six months ended June 30, 2024. The increase was primarily due to an increase in net interest income of $4.2 million, an increase in non-interest income of $609,000, and a decrease in non-interest expense of $1.2 million, offset in part by an increase in the provision for credit losses of $1.5 million, and by an increase in income tax expense of $903,000.
Current wording
General. Net income increased by $1.5 million to $16.5 million for the nine months ended September 30, 2025 as compared to $15.0 million for the nine months ended September 30, 2024. The increase was primarily due to an increase in net interest income of $3.6 million, and an increase in non-interest income of $306,000, offset in part by an increase in the provision for credit losses of $3.2 million, an increase in non-interest expense of $1.7 million, and by an increase in income tax expense of $294,000.
Previous wording
Interest and Dividend Income. Interest and dividend income increased $6.2 million, or 13.2%, to $52.9 million for the six months ended June 30, 2025, from $46.7 million for the six months ended June 30, 2024 due to increases in interest income on loans and interest income on securities, offset in part by a decrease in interest income on interest-earning deposits with banks and other. The increase was the result of a 32 basis points increase in the average yield on interest-earning assets to 5.63% for the six months ended June 30, 2025, from 5.31% for the six months ended June 30, 2024. The
Current wording
Interest and Dividend Income. Interest and dividend income increased $10.0 million, or 14.2%, to $81.1 million for the nine months ended September 30, 2025, from $71.1 million for the nine months ended September 30, 2024 due to increases in interest income on loans and interest income on securities, offset in part by a decrease in interest income on interest-earning deposits with banks and other. The increase was the result of a 29 basis points increase in the average yield on interest-earning assets to 5.66% for the nine months ended September 30, 2025, from 5.37% for the nine months ended September 30, 2024. The increase in the average yield on interest-earning assets was driven by market related increases in interest rates on new loans and on investment securities purchased. Average interest-earning assets increased
Previous wording
Interest income on loans increased $2.9 million, or 15.2%, to $22.3 million for the three months ended June 30, 2025 from $19.4 million for the three months ended June 30, 2024. Interest income on loans increased due to a $180.3 million increase in the average balance of loans to $1.52 billion for the three months ended June 30, 2025 from $1.34 billion for the three months ended June 30, 2024, coupled with a seven basis points increase in the average yield on loans to 6.04% for the three months ended June 30, 2025 from 5.97% for the three months ended June 30, 2024. The increase in the average balance of loans was principally due to purchases of residential mortgage loans. The increase in average yield on loans was primarily due to market related increases in interest rates on new loans.
Current wording
Interest income on loans increased $8.3 million, or 14.1%, to $67.4 million for the nine months ended September 30, 2025 from $59.1 million for the nine months ended September 30, 2024. Interest income on loans increased due to a $181.4 million increase in the average balance of loans to $1.52 billion for the nine months ended September 30, 2025 from $1.34 billion for the nine months ended September 30, 2024, coupled with a three basis points increase in the average yield on loans to 5.95% for the nine months ended September 30, 2025 from 5.92% for the nine months ended September 30, 2024. The increase in the average balance of loans was principally due to purchases of residential mortgage loans and increased originations of commercial real estate loans, commercial construction loans, and commercial and industrial loans. The increase in average yield on loans was primarily due to market related increases in interest rates on new loans.
Previous wording
Interest income on securities increased $3.1 million, or 68.6%, to $7.7 million for the six months ended June 30, 2025 from $4.6 million for the six months ended June 30, 2024. Interest income on securities increased due to a $30.6 million increase in the average balance of securities to $355.0 million for the six months ended June 30, 2025 from $324.4 million for the six months ended June 30, 2024, and a 158 basis points increase in the average yield on securities to 4.44% for the six months ended June 30, 2025 from 2.86% for the six months ended June 30, 2024. The increase in the average balance and average yield of securities was primarily due to the purchases of new securities during the six months ended June 30, 2025 and the higher market interest rates for new securities that were purchased replacing maturities of lower yielding securities.
Current wording
Interest income on securities increased $4.8 million, or 70.7%, to $11.5 million for the nine months ended September 30, 2025 from $6.7 million for the nine months ended September 30, 2024. Interest income on securities increased due to a $31.8 million increase in the average balance of securities to $341.8 million for the nine months ended September 30, 2025 from $310.0 million for the nine months ended September 30, 2024, and a 161 basis points increase in the average yield on securities to 4.53% for the nine months ended September 30, 2025 from 2.92% for the nine months ended September 30, 2024. The increase in the average balance and average yield of securities was primarily due to the purchases of new securities during the nine months ended September 30, 2025 and the higher market interest rates for new securities that were purchased replacing maturities of lower yielding securities.
Previous wording
Interest income on interest-earning deposits with banks and other decreased $2.4 million to $1.6 million for the six months ended June 30, 2025 from $4.0 million for the six months ended June 30, 2024. Interest income on interest-earning deposits with banks and other decreased due to a $74.1 million decrease in the average balances on interest-earning deposits with banks and other to $72.2 million for the six months ended June 30, 2025 from $146.3 million for the six months ended June 30, 2024, primarily due to an increase in the average balances of loans and securities, as well as a 93 basis points decrease in the average yield on interest-earning deposits with banks and other to 4.60% for the six months ended June 30, 2025 from 5.53% for the six months ended June 30, 2024 primarilydue to changes in market interest rates.
Current wording
Interest income on interest-earning deposits with banks and other decreased $3.0 million to $2.3 million for the nine months ended September 30, 2025 from $5.3 million for the nine months ended September 30, 2024. Interest income on interest-earning deposits with banks and other decreased due to a $61.7 million decrease in the average balances on interest-earning deposits with banks and other to $66.0 million for the nine months ended September 30, 2025 from $127.7 million for the nine months ended September 30, 2024, primarily due to an increase in the average balances of loans and securities, as well as a 92 basis points decrease in the average yield on interest-earning deposits with banks and other to 4.61% for the nine months ended September 30, 2025 from 5.53% for the nine months ended September 30, 2024 primarilydue to changes in market interest rates.
Previous wording
Interest Expense. Interest expense increased $2.1 million, or 16.6%, to $14.2 million for the six months ended June 30, 2025 from $12.1 million for the six months ended June 30, 2024 primarily as a result of an increase in interest expense on deposits. The increase was primarily due to a 17 basis points increase in the average cost of interest-bearing liabilities to 2.35% for the six months ended June 30, 2025 from 2.18% for the six months ended June 30, 2024, as well as a shift in the mix of interest-bearing liabilities to higher interest rate liability accounts.
Current wording
Interest Expense. Interest expense increased $3.6 million, or 19.4%, to $22.2 million for the nine months ended September 30, 2025 from $18.6 million for the nine months ended September 30, 2024 primarily as a result of an increase in interest expense on deposits. The increase was primarily due to a 17 basis points increase in the average cost of interest-bearing liabilities to 2.40% for the nine months ended September 30, 2025 from 2.23% for the nine months ended September 30, 2024, as well as a shift in the mix of interest-bearing liabilities to higher interest rate liability accounts.
Previous wording
Interest expense on interest-bearing deposits increased $1.7 million, or 14.0%, to $13.3 million for the six months ended June 30, 2025 from $11.6 million for the six months ended June 30, 2024. Interest expense on interest-bearing deposits increased primarily due to a 15 basis points increase in the average cost of interest-bearing deposits to 2.29% for the six months ended June 30, 2025 from 2.14% for the six months ended June 30, 2024, as well as a shift in the mix of interest-bearing deposits to higher interest rate deposit accounts and an increase in average interest-bearing deposits of $76.6 million to $1.18 billion for the six months ended June 30, 2025 from $1.10 billion for the six months ended June 30, 2024. The increase in the average cost of interest-bearing deposits wasdue primarily to the upward repricing of certain interest-bearing deposit accounts in response to changes in market interest rates, as well as a shift in the mix of deposits towards higher cost interest-bearing accounts. The increase in the average balance of interest-bearing deposits was due to higher average money market and certificates of deposit balances.
Current wording
Interest expense on interest-bearing deposits increased $2.4 million, or 13.3%, to $20.3 million for the nine months ended September 30, 2025 from $17.9 million for the nine months ended September 30, 2024. Interest expense on interest-bearing deposits increased primarily due to a 11 basis points increase in the average cost of interest-bearing deposits to 2.30% for the nine months ended September 30, 2025 from 2.19% for the nine months ended September 30, 2024, as well as a shift in the mix of interest-bearing deposits to higher interest rate deposit accounts and an increase in average interest-bearing deposits of $85.7 million to $1.18 billion for the nine months ended September 30, 2025 from $1.09 billion for the nine months ended September 30, 2024. The increase in the average cost of interest-bearing deposits wasdue primarily to a shift in the mix of deposits towards higher cost interest-bearing accounts. The increase in the average balance of interest-bearing deposits was due to higher average money market and certificates of deposit balances.
Previous wording
Interest expense on borrowings and other liabilities increased $387,000 to $901,000 for the six months ended June 30, 2025 from $514,000 for the six months ended June 30, 2024 due primarily to an increase in average borrowings and other liabilities of $19.8 million to $44.8 million for the six months ended June 30, 2025 from $25.0 million for the six months ended June 30, 2024, offset in part by a decrease in the average cost of borrowings and other liabilities of eight basis points to 4.10% for the six months ended June 30, 2025 from 4.18% for the six months ended June 30, 2024.
Current wording
Interest expense on borrowings and other liabilities increased $1.2 million to $2.0 million for the nine months ended September 30, 2025 from $726,000 for the nine months ended September 30, 2024 due primarily to an increase in average borrowings and other liabilities of $38.8 million to $63.3 million for the nine months ended September 30, 2025 from $24.5 million for the nine months ended September 30, 2024, and an increase in the average cost of borrowings and other liabilities of 19 basis points to 4.17% for the nine months ended September 30, 2025 from 3.98% for the nine months ended September 30, 2024.
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Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
condition date. Loans are charged against the allowance when management believes that the collectability of the principal loan amount is not probable. Recoveries on loans previously charged-off, if any, are credited to the allowance for credit losses when realized.
Current report — wording carried from elsewhere
commitments is determined by estimating future draws and applying the expected loss rates on those draws and is included in other liabilities on the Company’s consolidated statements of condition.
Current report — wording carried from elsewhere
The federal banking agencies, including the OCC, issued a rule pursuant to The Economic Growth Regulatory Relief and Consumer Protection Act of 2018 (the “Regulatory Relief Act”) to establish for institutions with assets of less
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
carefully reviews the assumptions supporting such appraisals to determine that the resulting values reasonably reflect amounts realizable on the related loans.
Previous report — wording carried elsewhere
Non-Interest Income. Non-interest income increased $1.1 million, or 30.3%, to $4.8 million for the three months ended June 30, 2025 as compared to $3.7 million for the three months ended June 30, 2024. The increase in noninterest income for the three months ended June 30, 2025 was primarily due to a $706,000 increase in other noninterest income and a $235,000 increase in insurance and wealth management services income. The increase in other noninterest income for the three months ended June 30, 2025 was primarily due to $550,000 ofbank-owned life insurance income as a result of a death benefit. The increase in insurance and wealth management services income for the three months ended June 30, 2025 was primarily as a result of organic growth and positive market performance related to our wealth management services.
Previous report — wording carried elsewhere
increase in the average yield on interest-earning assets was driven by market related increases in interest rates on new loans and on investment securities purchased. Average interest-earning assets increased by $126.5 million from $1.79 billion for the six months ended June 30, 2024 to $1.92 billion for the six months ended June 30, 2025 primarily due to the increase in the average balance of loans.
Previous report — wording carried elsewhere
balance, as well as the ability to borrow from the Federal Reserve Bank of New York through the discount window lending program, and access to the reciprocal and brokered deposit markets. We cannot predict the impact of the events described in “Part II, Item 1 – Legal Proceedings” may have on our Liquidity and Capital Resources beyond the quarter ended June 30, 2025.