Pioneer Bancorp IncMD
For the period ended Mar 31, 2024. Filed May 13, 2024.
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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.
Mar 31, 2024 · Filed May 13, 2024
PBFS$18.31-1.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(in thousands)
| | | | | | | |
|---|---|---|---|---|---|---|
| · · For the Nine Months Ended | ||||||
| · · March 31, | ||||||
| · 2024 · 2023 | ||||||
| · · · · · | ||||||
| Cash flows from operating activities: · · | ||||||
| Net income | | $11,330 | | $17,441 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | ||||
| Depreciation and amortization | | 1,955 | | 2,044 | ||
| Provision for credit losses | | 1,950 | | (280) | ||
| Net (accretion) amortization on securities | | (1,328) | | 288 | ||
| ESOP compensation | | | 351 | | | 401 |
| Loss (earnings) on bank-owned life insurance | | 217 | | (364) | ||
| Net gain on the sale of other real estate owned | | (54) | | — | ||
| Proceeds from sale of loans | | 92 | | 100 | ||
| Net loss on sale of loans | | 8 | | — | ||
| Net gain on equity securities | | (735) | | (170) | ||
| Net loss on securities available for sale transactions | | | 5,645 | | | — |
| Deferred tax expense | | (565) | | 576 | ||
| Increase in accrued interest receivable | | (494) | | (3,529) | ||
| (Increase) decrease in other assets | | (1,396) | | 1,541 | ||
| Decrease in other liabilities | | (2,186) | | (5,346) | ||
| Changes in operating leases | | | 16 | | | 17 |
| Net cash provided by operating activities | | 14,806 | | 12,719 | ||
| | | | | | | |
| Cash flows from investing activities: | | | ||||
| Proceeds from maturities, paydowns and calls of securities available for sale | | 99,954 | | 104,417 | ||
| Proceeds from sales of securities available for sale | | 74,462 | | — | ||
| Purchases of securities available for sale | | (30,327) | | (127,901) | ||
| Proceeds from maturities and paydowns of securities held to maturity | | 2,195 | | 6,255 | ||
| Purchases of securities held to maturity | | (1,801) | | (6,275) | ||
| Proceeds from sales of equity securities | | | 3,149 | | | — |
| Net purchases of FHLBNY stock | | (225) | | (48) | ||
| Net increase in loans receivable | | (167,693) | | (103,474) | ||
| Purchases of premises and equipment | | (637) | | (170) | ||
| Proceeds from bank-owned life insurance death benefit | | | — | | | 1,143 |
| Proceeds from sale of other real estate owned | | 106 | | — | ||
| Cash paid for acquisitions | | | (1,980) | | | — |
| Net cash used in investing activities | | (22,797) | | (126,053) | ||
| | | | | | | |
| Cash flows from financing activities: | | | ||||
| Net increase (decrease) in deposits | | 106,159 | | (115,718) | ||
| Net decrease in mortgagors’ escrow deposits | | (1,905) | | (1,127) | ||
| Payments on acquisition contingent consideration | | | (124) | | | (734) |
| Repayment of finance lease liability | | | (76) | | | (89) |
| Net cash provided by (used in) financing activities | | 104,054 | | (117,668) | ||
| | | | | | | |
| Net increase (decrease) in cash and cash equivalents | | 96,063 | | (231,002) | ||
| Cash and cash equivalents at beginning of period | | 150,478 | | 376,060 | ||
| Cash and cash equivalents at end of period | | $246,541 | | $145,058 | ||
| | | | | | | |
| Supplemental disclosure of cash flow information: | | | ||||
| Cash paid during the period for: | | | ||||
| Interest | | $15,422 | | $2,615 | ||
| Income taxes | | $3,000 | | $2,050 | ||
| Non-cash investing and financing activity: | | | ||||
| Loans transferred to other real estate owned | | $51 | | $— | ||
| Acquisition contingent consideration payable | | $1,499 | | $— | ||
| Right of use assets obtained in exchange for new finance lease liabilities | | $26 | | $— | ||
| Right of use assets obtained in exchange for new operating lease liabilities | | $199 | | $— | ||
| Adoption of lease accounting standard: | | | | | | |
| Right of use assets | | $— | | $6,535 | ||
| Lease liabilities | | $— | | $6,883 | ||
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