PBFS Shareholder/Stockholder Letter Transcript:
2024
Transition Period Report
investors.pioneerny.com
Dear Fellow Stockholders,
The last six months have been marked by continued transformation and progress toward our strategic initiatives, including our
strategy of being More Than a Bank. Despite ongoing challenges and uncertainty in the broader economic landscape, we continue
to achieve significant milestones and deliver solid financial performance.
At the heart of our success is our distinctive business strategy to operate as a diversified financial institution focused on our
relationship-based model of creating customer advocacy through our highly engaged employees, which we believe drives growth
through new customer acquisition, deepened existing customer relationships, and further market penetration.
I am proud to share these accomplishments with you:
Financial Strength
We were pleased to report Pioneer s results for the six months ended December 31, 2024, with net income of $9.6 million, as we
transitioned our fiscal year end from June 30 to December 31. We experienced positive momentum for the period with growth in net
interest income and noninterest income. Net interest income was $35.5 million and noninterest income was $8.8 million for the six
months ended December 31, 2024.
We benefited from solid loan growth coupled with growth in our diversified deposit base during the six months ended December 31,
2024. Net loans receivable of $1.43 billion at December 31, 2024 was up 6.7% from June 30, 2024. Deposits totaled $1.59 billion
at December 31, 2024 and were up 2.3% from June 30, 2024. We also remained focused on growing noninterest income through our
diversified products and services, and generated 15% of our revenues from noninterest income sources for the six months ended
December 31, 2024.
We remain committed to maintaining a strong liquidity position and our earnings for the six months ended December 31, 2024
allowed us to continue to build capital, while returning value to our stockholders through our stock repurchase program. Total
shareholders equity was $304.6 million at December 31, 2024.
Strategic Focus Driving Growth
We have continued to thrive through our focused approach to executing on key elements of our business strategy, including
strategically growing through deepening customer relationships, maintaining an appropriate balance in the overall loan portfolio,
diversifying our products and services to increase noninterest income, working to increase our share of lower-cost core deposits,
evaluating opportunities for selective acquisitions, and our ongoing focus on our commitment to an engaged workforce.
Commitment to Our Customers and Communities
At Pioneer, we remain committed to delivering exceptional service in both our digital and physical channels. Our investments in
technology and branch renovations help ensure that our customers can access secure, efficient, and convenient financial solutions.
Moreover, our community initiatives continue to flourish. Over the past year, our employees have contributed significantly to
volunteer efforts and our financial contributions to local non-profits through Pioneer s Charitable Foundation have made a tangible
impact on the communities we serve.
Celebrating Milestones
This past year marked the fifth anniversary of our listing on the Nasdaq Stock Market. This milestone is a testament to the hard work
of our dedicated team and the trust our stakeholders have placed in us. Our listing on the Nasdaq Stock Market reflects our
commitment to transparency, innovation, and sustainable growth.
Looking Ahead
As we look forward, our focus remains on driving long-term value for our stockholders, customers, and employees. We will continue
to invest in initiatives that promote employee engagement, customer advocacy, and community development as we pursue financial
success. The progress we have made this year reinforces our commitment to meeting the diverse needs of our stakeholders.
Thank you for your continued trust and support as we move All Together Forward.
Sincerely,
Thomas L. Amell
President and Chief Executive Officer
4/11/2025 Letter Continued (Full PDF)