Pioneer Bancorp, Inc. Annual Report 2024

FY2024 Annual Report · Pioneer Bancorp, Inc.
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2024
Annual Report
investors.pioneerny.com



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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
FORM 10-K 
ց 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the Year Ended June 30, 2024 
OR 
տ 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the transition period from _____________ to _______________ 
Commission File Number: 001-38991 
Pioneer Bancorp, Inc. 
(Exact Name of Registrant as Specified in its Charter) 
 
 
 
Maryland 
    
83-4274253 
(State or other jurisdiction of incorporation 
 
(I.R.S. Employer Identification No.) 
or organization) 
 
  
 
 
 
652 Albany Shaker Road, Albany New York 
 
12211 
(Address of principal executive offices) 
 
(Zip code) 
 
(518) 730-3025 
(Registrant’s telephone number including area code) 
Securities registered pursuant to Section 12(b) of the Act: 
 
 
 
 
 
Title of each class 
     
Trading 
Symbol(s) 
     
Name of each exchange on which registered 
Common Stock, par value $0.01 
 
PBFS 
 
The Nasdaq Stock Market, LLC 
 
Securities registered pursuant to Section 12(g) of the Act: None 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes տ   No ց 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes տ   No ց 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file reports), and (2) has been subject to such filing 
requirements for the past 90 days. Yes ց   No տ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 
of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such 
files). Yes ց   No տ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or 
an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth 
company” in Rule 12b-2 of the Exchange Act. 
 
 
 
 
 
 
 
 
 
 
Large accelerated filer   տ  Accelerated filer   տ  Non-accelerated filer   ց  
Smaller reporting company   ց  
Emerging growth company    ց  
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any 
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. տ 
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal 
control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that 
prepared or issued its audit report. տ 
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in 
the filing reflect the correction of an error to previously issued financial statements. տ 
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation 
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). տ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes տ   No ց  
The aggregate value of the voting and non-voting common stock held by non-affiliates of the registrant, computed by reference to the closing price of 
the common stock of $10.01 as of December 31, 2023 was $108.1 million.  
As of September 20, 2024 there were 26,173,904 shares outstanding of the registrant’s common stock. 
DOCUMENTS INCORPORATED BY REFERENCE 
The registrant incorporates by reference its definitive Proxy Statement with respect to its 2024 Annual Meeting of Stockholders, to be filed with the 
Securities and Exchange Commission within 120 days following the end of its fiscal year, into (Part III) of this Annual Report on Form 10-K. 
 

2 
TABLE OF CONTENTS 
ITEM 1. Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
3
ITEM 1A. Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
34
ITEM 1B. Unresolved Staff Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
55
ITEM 1C. Cybersecurity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
55
ITEM 2. Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
57
ITEM 3.   Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
57
ITEM 4 
Mine Safety Disclosures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
57
ITEM 5  Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of  
Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
58
ITEM 6. [Reserved] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
59
ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . . . . .  
60
ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
74
ITEM 8. Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
74
ITEM 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure . . . . . . . . . . .  138
ITEM 9A. Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
138
ITEM 9B. Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
140
ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  140
ITEM 10. Directors, Executive Officers and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  140
ITEM 11. Executive Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  140
ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters . .  140
ITEM 13. Certain Relationships and Related Transactions, and Director Independence . . . . . . . . . . . . . . . . . . . . . . .  141
ITEM 14. Principal Accountant Fees and Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  141
ITEM 15. Exhibits and Financial Statement Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  142
ITEM 16. Form 10-K Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
143
 
 

3 
As used in this Annual Report on Form 10-K, “Pioneer” or the “Company” refers to Pioneer Bancorp, Inc., 
Pioneer Bank, National Association and its consolidated subsidiaries collectively, except where the context indicates the 
reference relates solely to the registrant Pioneer Bancorp, Inc. 
PART I 
ITEM 1. 
Business 
Forward Looking Statements  
This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of 
the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which can be identified by the use of 
words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect” or words of similar 
meaning, or future or conditional verbs, such as “will,” “would,” “should,” “could,” or “may.” A forward-looking 
statement is neither a prediction nor a guarantee of future events. Certain forward-looking statements are included in this 
Form 10-K, principally in the sections captioned “Business,” “Risk Factors,” and “Management's Discussion and Analysis 
of Financial Condition and Results of Operations.” These forward-looking statements include, but are not limited to: 
• 
statements of our goals, intentions and expectations; 
• 
statements regarding our business plans, prospects, growth and operating strategies; 
• 
statements regarding the quality of our loan and investment portfolios; and 
• 
estimates of our risks, contingencies and future costs and benefits. 
These forward-looking statements are based on the current beliefs and expectations of our management and are 
inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are 
beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business 
strategies and decisions that are subject to change. 
In addition, the factors described under the headings “Critical Accounting Policies and Estimates” in Part II,  
Item 7, and “Risk Factors” in Part I, Item 1A, as well as other possible factors not listed, could cause our actual results to 
differ materially from those expressed in forward-looking statements, including, without limitation, the following: 
• 
inflation and changes in market interest rates that reduce our margins and yields, reduce the fair value 
of financial instruments or reduce our volume of loan originations, or increase the level of defaults, 
losses and prepayments on loans we have made and make, whether held in our portfolio or sold in the 
secondary market; 
• 
risks related to the variety of litigation, investigations, and other proceedings described in the “Legal 
Proceedings” section of this report; 
• 
general economic conditions, either nationally or in our market area, that are worse than expected; 
• 
Certain events in the recent past involving the failure of financial institutions which have adversely 
affected market sentiment toward regional banks, which may result in decreased deposits and increased 
regulatory costs that could adversely affect our liquidity, our business, and the market price of our 
common stock; 
• 
competition within our market area that is stronger than expected; 

4 
• 
changes in the level and direction of loan delinquencies and charge-offs and changes in estimates of the 
adequacy of our allowance for credit losses; 
• 
our ability to access cost-effective funding; 
• 
fluctuations in real estate values and both residential and commercial real estate market conditions; 
• 
demand for loans and deposits in our market area; 
• 
changes in our partnership with a third-party mortgage banking company; 
• 
our ability to continue to implement our business strategies; 
• 
competition among depository and other financial institutions, as well as other non-traditional 
competitors; 
• 
adverse changes in the securities markets; 
• 
changes in laws or government regulations or policies affecting financial institutions, including changes 
in regulatory fees and capital requirements; 
• 
our ability to manage market risk, credit risk and operational risk; 
• 
our ability to enter new markets successfully and capitalize on growth opportunities; 
• 
the imposition of tariffs or other domestic or international governmental polices impacting the value of 
the products of our borrowers; 
• 
our ability to successfully integrate into our operations any assets, liabilities or systems we may acquire, 
as well as new management personnel or customers, and our ability to realize related revenue synergies 
and cost savings within expected time frames and any goodwill charges related thereto; 
• 
changes in consumer spending, borrowing and savings habits; 
• 
our ability to maintain our reputation; 
• 
our ability to prevent or mitigate fraudulent activity; 
• 
changes in our costs of legal expenses, including defending against significant litigation; 
• 
any future FDIC insurance premium increases, or special assessments, which may adversely affect our 
earnings; 
• 
fluctuations in the stock market, which may have a significant adverse effect on transaction fees, client 
activity and client investment portfolio gains and losses related to our wealth management business; 
• 
a breach in security of our information systems, including the occurrence of a cyber incident or a 
deficiency in cyber security; 
• 
political instability or civil unrest; 
• 
acts of war or terrorism or pandemics such as the recent COVID-19 pandemic; 

5 
• 
changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the 
Financial Accounting Standards Board (the “FASB”), the Securities and Exchange Commission (the 
“SEC”) or the Public Company Accounting Oversight Board; 
• 
our ability to attract and retain key employees; 
• 
our ability to evaluate the amount and timing of recognition of future tax assets and liabilities; 
• 
our compensation expense associated with equity benefits allocated or awarded to our employees; and 
• 
changes in the financial condition, results of operations or future prospects of issuers of securities that 
we own. 
Because of these and other uncertainties, our actual future results may be materially different from the results 
indicated by these forward-looking statements. We disclaim any obligation to revise or update any forward-looking 
statements contained in this Annual Report on Form 10-K to reflect future events or developments. 
Pioneer Bancorp, Inc. 
The Company is a Maryland corporation organized in March 2019 and operates principally through its wholly-
owned subsidiary, Pioneer Bank, National Association (the “Bank”). The Bank was first chartered in 1889 as a New York 
state chartered savings bank and following approval by the Office of the Comptroller of the Currency (the “OCC”) 
converted to a national bank on April 1, 2024. On July 17, 2019, the Company became the holding company for the Bank, 
when it closed its stock offering in connection with the completion of the reorganization of the Bank into the two-tier 
mutual holding company form of organization. The Company’s common stock is traded on the Nasdaq Capital Market 
under the symbol “PBFS.” 
As a result of the completed minority stock offering, the Company files interim, quarterly and annual reports with 
the SEC. The SEC maintains an Internet site (www.sec.gov) that contains reports, proxy and information statements and 
other information regarding issuers such as the Company that file electronically with the SEC. All filed SEC reports and 
interim filings can also be obtained from the Bank’s website (www.pioneerny.com), on the “Investor Relations” page, 
without charge. 
The executive offices of the Company are located at 652 Albany Shaker Road, Albany, New York 12211, and its 
telephone number is (518) 730-3025. The Company is subject to comprehensive regulation and examination by the Board 
of Governors of the Federal Reserve System (the “Federal Reserve Board”). 
Pioneer Bancorp, MHC 
Pioneer Bancorp, MHC was formed as a New York mutual holding company and will, for as long as it is in 
existence, own a majority of the outstanding shares of the Company’s common stock. 
Pioneer Bancorp, MHC’s principal assets are the common stock of the Company it received in the reorganization 
and offering and $100,000 in cash in initial capitalization. Presently, it is expected that the only business activity of Pioneer 
Bancorp, MHC will be to own a majority of the Company’s common stock. Pioneer Bancorp, MHC is authorized, however, 
to engage in any other business activities that are permissible for mutual holding companies under New York law, 
including investing in loans and securities. Pioneer Bancorp, MHC is subject to comprehensive regulation and examination 
by the Federal Reserve Board and is chartered by the New York State Department of Financial Services (the “NYSDFS”).  

6 
Pioneer Bank, National Association  
General 
The Bank operates 22 retail banking offices in Albany, Greene, Rensselaer, Saratoga, Schenectady and Warren 
Counties, as well as a wealth management office in Columbia County in New York. We attract deposits from the general 
public and municipalities and use those funds along with advances from the Federal Home Loan Bank of New York 
(“FHLBNY”) and funds generated from operations to originate commercial real estate loans, commercial and industrial 
loans, commercial construction loans and home equity loans and lines of credit and, to a lesser extent, consumer loans. 
Since January 2016, all of our residential mortgage loans have been purchases through our relationship with an unaffiliated 
mortgage banking company. We also invest in securities, which have historically consisted primarily of U.S. Government 
and agency obligations, municipal obligations and corporate debt securities. We offer a variety of deposit accounts, 
including demand accounts, savings accounts, money market accounts and certificate of deposit accounts. Municipal 
deposit banking services are provided through a limited purpose commercial bank subsidiary, Pioneer Commercial Bank. 
On September 16, 2024, the OCC approved the merger of Pioneer Commercial Bank with and into the Bank with the Bank 
as the resulting entity (the “Commercial Bank Merger”). The Commercial Bank Merger is expected to close on October 1, 
2024. Following the completion of the Commercial Bank Merger, the Bank will directly offer full municipal deposit 
banking services. The Bank also sells commercial and consumer insurance products and employee benefit products and 
services through Pioneer Insurance Agency, Inc., its insurance agency subsidiary formally known as Anchor Agency, Inc., 
and provides wealth management services through its subsidiary, Pioneer Financial Services, Inc. 
At June 30, 2024, we had consolidated total assets of $1.9 billion, total deposits of $1.6 billion and shareholders’ 
equity of $296.5 million. The Bank is subject to comprehensive regulation and examination by the OCC and by the Federal 
Deposit Insurance Corporation (the “FDIC”) as the Bank’s insurer of deposit accounts. Our website address is 
www.pioneerny.com. Information on this website is not and should not be considered a part of this Annual Report on 
Form 10-K. 
Primary Market Area and Customers  
Our primary market area encompasses Albany, Greene, Rensselaer, Saratoga, Schenectady and Warren Counties 
where our offices are located, and their contiguous counties, which are located in the Capital Region of New York (the 
“Capital Region”) and include the cities of Albany, the capital of New York, Schenectady and Troy. The Capital Region 
has a diversified economy and representative industries include educational services, technology and health care, along 
with a strong state government workforce. Large employers in the Capital Region include GE Vernova, Regeneron 
Pharmaceuticals, Inc., GlobalFoundries, Albany Med Health System, St. Peter’s Health Partners, Northeast Grocery Inc., 
Rensselaer Polytechnic Institute and the State of New York. 
The total population in our primary market area in 2024 is approximately 1.0 million, as estimated by Claritas, 
which provides demographic data based on U.S. Census and other data sources. Of the six counties in our market area, 
Saratoga County has the highest level of median household income, estimated at $92,464 in 2024 and projected to grow 
2.3% through 2029, and Greene County has the lowest median household income, estimated at $74,182 in 2024 and 
projected to grow 12.8% through 2029, compared to the 2024 estimated median household income of $80,617 and $75,781 
for New York and the United States as a whole, respectively. 
As of June 30, 2024, unemployment rates, according to the New York State Department of Labor, were 3.5% for 
Albany County, 3.7% for Greene County, 3.4% for Rensselaer County, 3.0% for Saratoga County, 3.7% for Schenectady 
County and 3.3% for Warren County. As of June 30, 2024, the unemployment rates for the United States, New York State 
and the Capital Region of New York were 4.3%, 4.3% and 3.4%, respectively. 
We believe that we have developed products and services that will meet the financial needs of our current and 
future customer base; however, we plan, and believe it is necessary, to expand the range of products and services that we 
offer to be more competitive in our market area. Our marketing strategies focus on the strength of our knowledge of local 
consumer and small business markets, as well as expanding relationships with current customers and reaching out to 
develop new, profitable business relationships. 
 

7 
Competition 
We face significant competition for deposits and loans. Our most direct competition for deposits has historically 
come from the numerous financial institutions operating in our market area (including other community banks and credit 
unions), many of which are significantly larger than we are and have greater resources. We also face competition for 
investors’ funds from other sources such as brokerage firms, money market funds and mutual funds, as well as securities, 
such as Treasury bills, offered by the Federal Government. Based on FDIC data, at June 30, 2024 (the latest date for which 
information is available), we had 4.16% of the FDIC insured deposit market share in Albany County among the  
21 institutions with offices in the county, 18.93% of the FDIC insured deposit market share in Rensselaer County among 
the 12 institutions with offices in the county, 3.34% of the FDIC insured deposit market share in Saratoga County among 
the 17 institutions with offices in the county, 1.08% of the FDIC insured deposit market share in Greene County among 
the seven institutions with offices in the county, 4.58% of the FDIC insured deposit market share in Schenectady County 
among the 13 institutions with offices in the county and 0.27% of the FDIC insured deposit market share in Warren County 
among the 10 institutions with offices in the county. In all six counties, either large regional banks (e.g., Key Bank, Citizens 
Bank, M&T Bank and TD Bank) and/or New York City money center banks (e.g. Bank of America and JP Morgan Chase) 
have a large presence.  
Our competition for loans comes primarily from the competitors referenced above and from other financial 
service providers, such as mortgage companies and mortgage brokers. Competition for loans also comes from the 
increasing number of non-depository financial service companies participating in the mortgage market, such as insurance 
companies, securities companies, financial technology companies, specialty finance firms and technology companies. 
We expect competition to remain intense in the future as a result of legislative, regulatory and technological 
changes and the continuing trend of consolidation in the financial services industry. Technological advances, for example, 
have lowered barriers to entry, allowed banks to expand their geographic reach by providing services over the internet and 
made it possible for non-depository institutions, including financial technology companies, to offer products and services 
that traditionally have been provided by banks. Competition for deposits and the origination of loans could limit our growth 
in the future. 
 
 

8 
Lending Activities 
General. Our principal lending activity has been originating commercial real estate loans (including multi-family 
real estate loans), commercial and industrial loans, commercial construction loans and home equity loans and lines of 
credit. Beginning in January 2016, we entered into a strategic partnership with Homestead Funding Corp. (the “Mortgage 
Banking Company”), an unaffiliated mortgage banking company, to outsource our residential mortgage loan originations, 
underwriting and closing processes. Through this partnership, we refer our customers to the Mortgage Banking Company 
and then we decide whether we want to purchase the residential mortgage loans originated by the Mortgage Banking 
Company for our portfolio. 
Our commercial lending efforts focus on the small-to-medium sized business market, targeting borrowers with 
outstanding loan balances that typically range between $500,000 to $10.0 million. We focus primarily on commercial real 
estate loans, commercial and industrial loans and commercial construction loans in our market area. As part of our 
commercial lending strategy, we plan to continue to use our commercial relationships to increase our commercial 
transactional deposit accounts. 
Loan Portfolio Composition. The following table sets forth the composition of our loan portfolio by type of loan 
at the dates indicated. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 
 
 
2024 
 
2023 
 
 
     
Amount      Percent      
Amount      Percent      
 
 
(Dollars in thousands) 
Commercial: 
  
 
    
    
 
    
    
Commercial real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 406,201   
29.7 %  $ 
 411,165   
 36.6 %  
Commercial and industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 101,207   
7.4 %    
 97,307   
 7.6 %  
Commercial construction(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 118,373   
8.7 %    
 92,714   
 8.0 %  
Residential mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 633,779   
46.4 %    
 463,196   
 38.3 %  
Home equity loans and lines of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 92,765   
6.8 %    
 85,477   
 7.3 %  
Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 13,545   
1.0 %    
 16,779   
 2.2 %  
Total loans receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
   1,365,870   
 100.0 %     1,166,638   
 100.0 %  
Allowance for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (21,801)  
   
  
 (22,469)  
   
Total loans receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$  1,344,069   
   
$  1,144,169   
   
 
(1) Represents amounts disbursed at June 30, 2024 and 2023. The undrawn amounts of the commercial construction loans 
totaled $52.7 million and $28.9 million at June 30, 2024 and 2023, respectively. 
 
 

9 
Contractual Maturities. The following table sets forth the contractual maturities of our total loan portfolio at 
June 30, 2024. Demand loans, loans having no stated repayment schedule or maturity, and overdraft loans are reported as 
being due in one year or less. The table presents contractual maturities and does not reflect repricing or the effect of 
prepayments. Actual maturities may differ. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 2024, amounts due in:  
 
 
One year 
 
More than one  
More than five  
More than 
 
 
 
 
     
or less 
     
to five years 
     
to 15 years 
     
15 years 
     
Total 
 
 
(In thousands) 
Commercial: 
  
 
    
 
    
 
    
 
    
 
  
Commercial real estate . . . . . . . . . . . . .   
$ 
 17,177  
$ 
 115,593  
$ 
 272,337  
$ 
 1,094  
$ 
 406,201 
Commercial and industrial . . . . . . . . . .   
 
 58,488  
 
 35,112  
 
 7,607  
 
 —  
 
 101,207 
Commercial construction (1) . . . . . . . . .   
 
 30,481  
 
 49,371  
 
 38,521  
 
 —  
 
 118,373 
Residential mortgages . . . . . . . . . . . . . . .   
  
 2,216  
  
 7,359  
  
 43,423  
  
 580,781  
  
 633,779 
Home equity loans and lines of credit . . .   
  
 84  
  
 3,227  
  
 27,300  
  
 62,154  
  
 92,765 
Consumer . . . . . . . . . . . . . . . . . . . . . . . .   
  
 10,658  
  
 2,395  
  
 399  
  
 93  
  
 13,545 
Total . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 119,104  
$ 
 213,057  
$ 
 389,587  
$ 
 644,122  
$  1,365,870 
 
(1) Includes commercial construction loans that convert to commercial real estate loans upon completion of the 
construction phase. 
The following table sets forth our fixed and adjustable-rate loans at June 30, 2024 that are contractually due after 
June 30, 2025. 
 
 
 
 
 
 
 
 
 
 
 
 
Due After June 30, 2025 
 
    
Fixed 
    Adjustable     
Total 
 
 
(In thousands) 
Commercial: 
   
     
     
  
Commercial real estate . . . . . . . . . . . . . . . .   $  48,528  $ 340,496  $  389,024 
Commercial and industrial . . . . . . . . . . . . .      24,154     18,565    
 42,719 
Commercial construction . . . . . . . . . . . . . .     
 3,970     83,922    
 87,892 
Residential mortgages . . . . . . . . . . . . . . . . . .      325,277     306,286     631,563 
Home equity loans and lines of credit . . . . .      60,264     32,417    
 92,681 
Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 2,887    
 —    
 2,887 
Total loans . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 465,080  $ 781,686  $ 1,246,766 
 
Commercial Real Estate Loans. At June 30, 2024, we had $406.2 million in commercial real estate loans, 
representing 29.7% of our total loan portfolio. Our commercial real estate loans are secured primarily by multi-family 
properties, office buildings, industrial facilities, retail facilities and other commercial properties, substantially all of which 
are located in our primary market area. At June 30, 2024, multi-family residential real estate loans, which are described 
below, totaled $107.9 million. Excluding multi-family loans, $93.5 million of our commercial real estate portfolio was 
owner occupied real estate and $204.8 million was secured by income producing, or non-owner occupied real estate. 

10 
The following table presents our commercial real estate loan portfolio by industry sector at June 30, 2024. 
 
 
 
 
 
 
 
 
 
     
At June 30, 2024 
 
 
Amount 
     
Percent 
 
 
(Dollars in thousands) 
Commercial real estate loans 
   
  
  
 
 Multi-family . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 
 107,887 
26.6 % 
 Owner occupied real estate 
  
 
    Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 41,686 
10.3 % 
    Office . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 20,920 
5.2 % 
    Mixed use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 12,676 
3.1 % 
    Accommodation and food service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 8,515 
2.1 % 
    Warehouse . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 4,388 
1.1 % 
    Other real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 5,327 
1.3 % 
     Total owner occupied real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 93,512 
23.1 % 
Non-owner occupied real estate 
  
 
     Retail  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 71,489 
17.6 % 
    Accommodation and food service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 49,310 
12.1 % 
    Office  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 35,057 
8.6 % 
    Warehouse . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 27,388 
6.7 % 
    Mixed use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 9,355 
2.3 % 
    Other real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 12,203 
3.0 % 
     Total non-owner occupied real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 204,802 
50.3 % 
      Total commercial real estate loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 
 406,201 
100.0 % 
 
We generally originate commercial real estate loans with maximum terms of 10 years based on a 20-year 
amortization schedule, and loan-to-value ratios of up to 80% (or 75% for non-owner occupied) of the appraised value of 
the property. Our typical commercial real estate loan has an adjustable rate which generally adjusts every five years that 
is indexed to the five-year FHLBNY amortizing advance indications, plus a margin, subject to an interest rate floor. All 
of our commercial real estate loans are subject to our underwriting procedures and guidelines, including requiring 
borrowers to generally have cash infusions of at least 10% of the loan amount or project cost and that properties with a 
loan in excess of $500,000 are subject to inspections to verify if appropriate maintenance is being performed.  
We consider a number of factors in originating commercial real estate loans. We evaluate the qualifications and 
financial condition of the borrower (including credit history), profitability and expertise, as well as the value and condition 
of the mortgaged property securing the loan. When evaluating the qualifications of the borrower, we consider the financial 
resources of the borrower, the borrower’s experience in owning or managing similar property and the borrower’s payment 
history with us and other financial institutions. In evaluating the property securing the loan, the factors we consider include 
the net operating income of the mortgaged property before debt service and depreciation, the debt service coverage ratio 
(the ratio of net operating income to debt service) to ensure that it is at least 120% of the monthly debt service and the 
ratio of the loan amount to the appraised value of the mortgaged property. Our commercial real estate loans are generally 
appraised by outside independent appraisers approved by the board of directors. Personal guarantees are often obtained 
from commercial real estate borrowers. The borrower’s financial information on such loans is monitored on an ongoing 
basis by requiring periodic financial statement updates. 
Loans secured by commercial real estate generally are larger than residential mortgage loans and involve greater 
credit risk. Commercial real estate loans often involve large loan balances to a single borrower or a group of related 
borrowers. Repayment of these loans depends to a large degree on the results of operations and management of the 
properties securing the loans or the businesses conducted on such property and may be affected to a greater extent by 
adverse conditions in the real estate market or the economy in general. As a result, the nature of these loans makes them 
more difficult for management to monitor and evaluate. 
 
 

11 
At June 30, 2024, multi-family real estate loans, which we consider a sub-category of commercial real estate 
loans, totaled $107.9 million, or 26.6% of our commercial real estate loan portfolio. Our multi-family real estate loans are 
generally secured by properties consisting of five to 100 rental units within our market area. We originate a variety of 
adjustable-rate multi-family residential real estate loans with terms and amortization periods generally of up to 25 years 
(or 30 years if the age of the collateral is less than 10 years old), which may include balloon payments. Interest rates and 
payments on our adjustable-rate loans adjust generally every five years and generally are indexed to the comparable 
FHLBNY amortizing advance indications, plus a margin. 
In underwriting multi-family residential real estate loans, we consider several factors, which include a debt service 
coverage ratio of at least 120%, the age and condition of the collateral, the financial resources and income level of the 
borrower and the borrower’s experience in owning or managing similar properties. Multi-family residential real estate 
loans have loan-to-value ratios of up to 80% of the appraised value of the property securing the loans. The borrower’s 
financial information on such loans is monitored on an ongoing basis by requiring periodic financial statement updates. 
If we foreclose on a multi-family real estate loan, the marketing and liquidation period to convert the real estate 
to cash can be a lengthy process with substantial holding costs. In addition, vacancies, deferred maintenance, repairs and 
market stigma can result in prospective buyers expecting sale price concessions to offset their real or perceived economic 
losses for the time it takes them to return the property to profitability. 
Commercial and Industrial Loans. We originate commercial loans and lines of credit to a variety of small and 
medium-sized businesses in our market area. These loans are generally secured by accounts receivable, inventory or other 
business assets, and we may support this collateral with liens on real property. At June 30, 2024, commercial and industrial 
loans totaled $101.2 million, or 7.4% of our total loan portfolio. Customers for these loans include professional businesses, 
family-owned businesses and not-for-profit businesses. As part of our relationship-driven focus, we generally require our 
commercial borrowers to maintain a deposit account with us, which improves our interest rate spread, margin and overall 
profitability. 
Commercial lending products include revolving lines of credit and term loans. Our commercial lines of credit are 
typically made with adjustable interest rates, indexed to either the Secured Overnight Financing Rate (“SOFR”) or The 
Wall Street Journal Prime Rate, plus a margin, and we can demand repayment of the borrowed amount due at any time. 
Term loans are generally made with fixed interest rates, indexed to the comparable FHLBNY amortizing advance 
indications, plus a margin, and are for terms up to 10 years. We focus our efforts on experienced, growing small- to 
medium-sized, privately-held companies with solid operating history and projected cash flow that operate in our market 
area. 
When making commercial and industrial loans, we consider the financial statements of the borrower, our lending 
history with the borrower, the debt service capabilities of the borrower, the projected cash flows of the business and the 
value of the collateral, accounts receivable, inventory and equipment. Depending on the collateral used to secure the loans, 
commercial and industrial loans are made in amounts generally of up to 75% of the value of the collateral securing the 
loan. We generally do not make unsecured commercial and industrial loans. Personal guarantees are often obtained from 
commercial and industrial borrowers. 
Commercial and industrial loans generally have greater credit risk than residential real estate loans. Unlike 
residential real estate loans, which generally are made on the basis of the borrower’s ability to make repayment from his 
or her employment or other income, and which are secured by real property whose value tends to be more easily 
ascertainable, commercial and industrial loans generally are made on the basis of the borrower’s ability to repay the loan 
from the cash flow of the borrower’s business. As a result, the availability of funds for the repayment of commercial and 
industrial loans may depend substantially on the success of the business itself. Further, any collateral securing the loans 
may depreciate over time, may be difficult to appraise and may fluctuate in value. We try to minimize these risks through 
our underwriting standards. 
Commercial Construction Loans. We originate loans primarily to established local developers to finance the 
construction of commercial and multi-family properties or to acquire land for development of commercial and multi-family 
properties and to fund infrastructure improvements. We also provide construction loans primarily to local developers for 

12 
the construction of one- to four-family residential developments. We also originate rehabilitation loans, enabling a 
borrower to partially or totally refurbish an existing structure, which are structured as construction loans and monitored in 
the same manner. At June 30, 2024, commercial construction loans totaled $118.4 million, or 8.7% of our total loan 
portfolio. Most of these loans are secured by properties located in our primary market area. We also had undrawn amounts 
on the commercial construction loans totaling $52.7 million at June 30, 2024. 
Our commercial construction loans are generally interest-only loans that provide for the payment of interest 
during the construction phase, which is usually 12 to 24 months. The interest rate is generally a variable rate based on an 
index rate, typically The Wall Street Journal Prime Rate or SOFR, plus a margin. At the end of the construction phase, the 
loan generally converts to a permanent commercial real estate mortgage loan, but in some cases it may be payable in full. 
However, our construction loans for the construction of one- to four-family residential developments do not convert to 
permanent residential real estate loans. Loans can be made with a maximum loan-to-value ratio of 75% of the appraised 
market value upon completion of the project. 
Before making a commitment to fund a commercial construction loan, we require an appraisal of the property by 
an independent licensed appraiser. The construction phase is carefully monitored to minimize our risk. All construction 
projects must be completed in accordance with approved plans and approved by the municipality in which they are located. 
Loan proceeds are disbursed incrementally as construction progresses and as inspections by our approved inspectors 
warrant. 
Residential Mortgage Lending. At June 30, 2024, $633.8 million, or 46.4%, of our total loan portfolio consisted 
of residential mortgage loans. Given our strategic partnership with the Mortgage Banking Company, we do not process 
this type of loan in-house; instead, residential mortgage loans are processed through the Mortgage Banking Company. The 
Bank has no ownership interest in, no common employees, and no common directors with the Mortgage Banking 
Company. The Mortgage Banking Company’s staff receives the loan referral from us and then handles the underwriting, 
processing and closing of the loan. Residential mortgage loans are funded by the Mortgage Banking Company, with an 
option for the Bank to purchase the loan upon funding. Through our relationship with the Mortgage Banking Company, 
we can assist applicants in obtaining financing from the Mortgage Banking Company, but we are not required to commit 
to purchase or portfolio any loan originated by the Mortgage Banking Company. The decision whether the Bank will 
acquire each loan is made at the time the borrower’s application is submitted to the Mortgage Banking Company and must 
generally comply with underwriting guidelines that we have approved. However, the Bank typically purchases such loans 
so long as they meet our underwriting standards. We also purchase residential mortgage loans from the Mortgage Banking 
Company to customers who were not referred to the Mortgage Banking Company by the Bank. 
For each purchased loan, we generally pay a fixed aggregate fee to the Mortgage Banking Company of 1.75% of 
the loan balance. This fixed aggregate fee is paid by us regardless of whether the loan was originated by the Mortgage 
Banking Company directly or was due to our customer referral. We receive no fee for referring a customer to the Mortgage 
Banking Company. For the year ended June 30, 2024, we purchased for our portfolio $207.3 million of loans originated 
through the Mortgage Banking Company. As part of purchasing the loans, we typically acquire the servicing rights to the 
loans in order to best assist the customer relationship. The purchased loans are acquired from the Mortgage Banking 
Company without recourse or any right against the Mortgage Banking Company to require the loans to be repurchased 
from us. The fixed aggregate fee we pay to acquire the loan and servicing rights are deferred as part of the loan balance 
and amortized over the contractual life of the loan under the interest method. 
We purchase for our portfolio both fixed-rate single-family mortgage loans, as well as adjustable-rate single-
family loans, with maturities up to 30 years. At June 30, 2024, our residential mortgage loans consisted of $327.3 million 
of fixed-rate loans and $306.5 million of adjustable-rate loans. Most of these one- to four-family residential properties are 
located in our primary market area and many are underwritten according to Fannie Mae guidelines. We refer to loans that 
conform to the Fannie Mae guidelines as “conforming loans.”  We also purchase for our portfolio loans above the 
maximum conforming loan limits as established by the Office of Federal Housing Enterprise Oversight, which at June 30, 
2024 was $766,550 for single-family homes in our market area. Loans that exceed that limit are considered “jumbo loans.” 
At June 30, 2024, we had $38.1 million in jumbo loans. 

13 
Our purchased loans generally adhere to the following guidelines: (1) the loan is an owner-occupied one- to four-
family residential mortgage loan; (2) the loan does not provide for negative amortization of principal, such as “Option 
Arm” loans, where the borrower can pay less than the interest owed on the loan, resulting in an increased principal balance 
during the life of the loan; (3) the loan is not an “interest only” mortgage loan; (4) the maximum loan term is 30 years; 
(5) the loan has a loan-to-value ratio up to a maximum of 90%, provided, however, that the loan-to-value ratio may exceed 
90% as long as the borrower obtains private mortgage insurance; and (6) the borrower has a maximum debt-to-income 
ratio of 45%. We may, at our discretion, decide not to purchase a loan based on the debt-to-income ratio of the borrower, 
the appraisal or any other information that is obtained in connection with the Mortgage Banking Company’s origination 
of the loan. We do not purchase any “subprime loans” (loans that are made with low down-payments to borrowers with 
weakened credit histories typically characterized by payment delinquencies, previous charge-offs, judgments, 
bankruptcies, or borrowers with questionable repayment capacity as evidenced by low credit scores or high debt-burden 
ratios) or Alt-A loans (loans having less than full documentation). 
Our purchased adjustable-rate residential real estate loans have interest rates that are fixed for an initial period 
ranging from one to ten years. After the initial fixed period, the interest rate on adjustable-rate residential real estate loans 
is generally reset every six or twelve months based upon a contractual spread or margin above the average yield on U.S. 
Treasury securities or SOFR, subject to periodic and lifetime limitations on interest rate changes. All of our adjustable-
rate residential real estate loans with initial fixed-rate periods of one, five, seven or ten years have initial and periodic caps 
of 2% to 5% on interest rate changes, with a current cap of 5% over the life of the loan. 
Home Equity Loans and Lines of Credit. We offer home equity loans and home equity lines of credit, both of 
which are secured by either first mortgages or second mortgages on owner occupied, one- to four-family residences. At 
June 30, 2024, outstanding home equity loans and equity lines of credit totaled $92.8 million, or 6.8% of total loans 
outstanding. At June 30, 2024, the unadvanced portion of home equity lines of credit totaled $67.5 million. 
The underwriting standards used for home equity loans and home equity lines of credit include a title review, the 
recordation of a lien, a determination of the applicant’s ability to satisfy existing debt obligations and payments on the 
proposed loan, and the value of the collateral securing the loan. The loan-to-value ratio for our home equity loans and our 
lines of credit is generally limited to 90% when combined with the first security lien, if applicable. Home equity loans are 
offered with fixed rates of interest and with terms of up to 20 years. Our home equity lines of credit generally have 25-year 
terms and adjustable rates of interest, subject to a contractual floor, which are indexed to The Wall Street Journal Prime 
Rate. 
Home equity loans and lines of credit secured by junior mortgages have greater risk than residential mortgage 
loans secured by first mortgages. At June 30, 2024, $41.0 million of our home equity loans and lines of credit were in a 
junior lien position, nearly all of which were second mortgages. We face the risk that the collateral will be insufficient to 
compensate us for loan losses and costs of foreclosure, after repayment of the senior mortgages, if applicable. When 
customers default on their loans, we attempt to foreclose on the property and resell the property as soon as possible to 
minimize foreclosure and carrying costs. However, the value of the collateral may not be sufficient to compensate us for 
the amount of the unpaid loan and we may be unsuccessful in recovering the remaining balance from those customers. 
Consumer Loans. We offer a limited range of consumer loans, principally to customers residing in our primary 
market area with other relationships with us and with acceptable credit ratings. Our consumer loans primarily consist of 
personal loans to the owners of certain commercial businesses who have commercial loans with us, and to a lesser extent, 
loans on automobiles and overdraft accounts. At June 30, 2024, consumer loans were $13.5 million, or 1.0% of our total 
loan portfolio. 
Consumer loans may entail greater risk than residential real estate loans, particularly in the case of consumer 
loans that are unsecured or secured by assets that depreciate rapidly, such as motor vehicles. Repossessed collateral for a 
defaulted consumer loan may not provide an adequate source of repayment for the outstanding loan and a small remaining 
deficiency often does not warrant further substantial collection efforts against the borrower. Consumer loan collections 
depend on the borrower’s continuing financial stability, and therefore are likely to be adversely affected by various factors, 
including job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, 
including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on such loans. 

14 
Originations, Purchases, Participations and Sales of Loans 
Lending activities are conducted by our loan personnel operating at our main and branch office locations. We 
also obtain referrals from existing or past customers and from accountants, real estate brokers, builders and attorneys. All 
loans that we originate, or purchase are underwritten pursuant to our policies and procedures, which incorporate Fannie 
Mae underwriting guidelines to the extent applicable for residential loans. We originate both adjustable-rate and fixed-rate 
loans. Our ability to originate fixed or adjustable-rate loans depends upon the relative customer demand for such loans, 
which is affected by current market interest rates as well as anticipated future market interest rates. Our loan origination 
and purchase activity has been and may continue to be adversely affected by the high interest rate environment, which 
typically results in decreased loan demand. 
We generally do not purchase whole loans from third parties other than the residential mortgage loans described 
above. However, we sell participations in loans to other financial institutions in which we generally act as the lead lender. 
Through our loan participations, we and the other participating lenders generally share ratably in cash flows and any gains 
or losses that may result from a borrower’s noncompliance with the contractual terms of the loan. We primarily participate 
in commercial real estate loans (including multi-family real estate loans), commercial and industrial loans and commercial 
construction loans. We also purchase participation interests in loans where we are not the lead lender. We underwrite our 
participation interest in the loans that we purchase according to our own underwriting criteria and procedures. At June 30, 
2024, the outstanding balances of our loan participations where we are not the lead lender totaled $56.3 million, of which 
$19.7 million were commercial or multi-family real estate loans, $34.4 million were construction loans and $2.2 million 
were commercial and industrial loans. 
Loan Approval Procedures and Authority 
Pursuant to Federal Law, the aggregate amount of loans that the Bank is permitted to make to any one borrower, 
or a group of related borrowers is generally limited to 15% of the Bank’s unimpaired capital and surplus (25% if the 
amount in excess of 15% is secured by “readily marketable collateral”). At June 30, 2024, based on the 15% limitation, 
the Bank’s loans-to-one-borrower limit was approximately $35.3 million. On the same date, the Bank had no borrower 
with outstanding balances in excess of this amount.  
Our lending is subject to written underwriting standards and origination procedures. Decisions on residential loan 
applications are made on the basis of detailed applications submitted by the prospective borrower, credit histories that we 
obtain, and property valuations (consistent with our appraisal policy) prepared by outside independent licensed appraisers 
approved by our board of directors as well as internal evaluations, where permitted by regulations. The loan applications 
are designed primarily to determine the borrower’s ability to repay the requested loan, and the more significant items on 
the application are verified through use of credit reports, bank statements and tax returns. 
Purchases of residential real estate loans up to $750,000 from the Mortgage Banking Company must be approved 
by one of the following officers: the President and Chief Executive Officer, Chief Credit Officer, Chief Financial Officer, 
Chief Administrative Officer or the Bank Operations Vice President. Purchases of residential real estate loans greater than 
$750,000 must be approved by our board loan committee, which is comprised of all of the members of the board of 
directors. 
For commercial loans, loans in excess of the commercial officers’ lending limits require approval from our staff 
loan committee, which is comprised of the President and Chief Executive Officer, Chief Credit Officer, Chief Financial 
Officer, Chief Banking Officer, Chief Strategy and Innovations Officer, Credit Administration Senior Vice President, and 
Commercial Senior Vice Presidents. The staff loan committee can approve individual loans of up to prescribed limits, 
depending on the type of the loan. Loans in excess of the staff loan committee’s loan approval authority require the 
approval of our board of directors. Specifically, commercial real estate loans in excess of $7.5 million, commercial lines 
of credit in excess of $4.0 million and commercial loans with a new customer relationship in excess of $3.0 million must 
be approved by our board of directors.  
Certain loans that involve policy exceptions and Regulation O loans (loans to directors or certain executive 
officers) must be approved by our board of directors. 

15 
We require title insurance on our mortgage loans as well as fire and extended coverage casualty insurance in 
amounts at least equal to the principal amount of the loan or the value of improvements on the property, depending on the 
type of loan. 
Delinquencies and Asset Quality 
Delinquency Procedures. System-generated late notices are mailed to a borrower after the late payment “grace 
period,” which is 15 days in the case of all loans secured by residential or commercial real estate and 15 days in the case 
of commercial and industrial and most consumer loans. A second notice will be mailed to a borrower if the loan remains 
past due after 30 days, and we attempt to contact the borrower and develop a plan of repayment. By the 90th day of 
delinquency, we will issue a pre-foreclosure notice that will require the borrower to bring the loan current within 30 days 
in order to avoid the beginning of foreclosure proceedings for loans secured by residential real estate. Commercial real 
estate, commercial and industrial, commercial construction and consumer loans are managed on a loan-by-loan basis. 
Decisions to send a demand notice are based on conversations with the borrower to address the delinquency issues. A 
report of all loans 30 days or more past due is provided to the board of directors monthly. 
Loans Past Due and Non-Performing Assets. Non-accrual loans are loans for which collectability is questionable 
and, therefore, interest on such loans will no longer be recognized on an accrual basis. All loans that become 90 days or 
more delinquent are placed on non-accrual status unless the loan is well secured and in the process of collection. When 
loans are placed on non-accrual status, unpaid accrued interest is fully reversed, and further income is recognized only to 
the extent received on a cash basis or cost recovery method. 
When we acquire real estate as a result of foreclosure, the real estate is classified as real estate owned. The real 
estate owned is recorded at the lower of carrying amount or fair market value, less estimated costs to sell. Any excess of 
the recorded value of the loan over the fair market value of the property is charged against the allowance for credit losses, 
or, if the existing allowance is inadequate, charged to expense in the current period. After acquisition, all costs incurred in 
maintaining the property are expensed. Costs relating to the development and improvement of the property, however, are 
capitalized to the extent of estimated fair value less estimated costs to sell. 
Delinquent Loans. The following table sets forth our loan delinquencies, including non-accrual loans, by type 
and amount at the dates indicated. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 
 
 
2024 
 
2023 
 
 
30ဩ59  
60ဩ89  
90 Days  
30ဩ59  
60ဩ89  
90 Days 
 
 
Days 
 
Days 
 
or More  
Days 
 
Days 
 
or More 
 
     Past Due      Past Due      Past Due      Past Due      Past Due      Past Due 
 
 
(In thousands) 
Commercial: 
   
     
     
     
     
     
  
Commercial real estate . . . . . . . . . . . . . . . . . . . . . . . . .  $ 
 2  $ 
 3  $ 
 4  $  4,798  $ 
 —  $  4,458 
Commercial and industrial . . . . . . . . . . . . . . . . . . . . . .    
 15    
 —    
 —    
 678    
 100    
 352 
Commercial construction . . . . . . . . . . . . . . . . . . . . . . .    
 —    
 —    
 —    
 —    
 —     3,237 
Residential mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 872    
 481    
 794     1,257     1,327    
 762 
Home equity loans and lines of credit . . . . . . . . . . . . . .    
 722    
 78    
 654     1,340    
 64    
 540 
Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 14    
 8    
 —    
 18    
 22    
 — 
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $  1,625  $  570  $  1,452  $  8,091  $  1,513  $  9,349 
 
Loans that were 30-59 days past due totaled $1.6 million at June 30, 2024, representing a decrease from  
$8.1 million at June 30, 2023; loans that were 60-89 days past due totaled $570,000 at June 30, 2024, representing a 
decrease from $1.5 million at June 30, 2023 and loans that were 90 days or more past due totaled $1.5 million at June 30, 
2024, representing a decrease from $9.4 million at June 30, 2023. The decrease in loans that were 30-59 days past due was 
primarily related to three commercial real estate loans totaling $4.8 million that were past due as of June 30, 2023, all of 
which were paid current during the year ended June 30, 2024. The decrease in loans that were 90 days or more past due 
was primarily related to one commercial real estate loan relationship, which included four loans totaling $4.1 million as 
of June 30, 2023 that were placed on non-accrual status, and all of which were paid current during the year ended June 30, 

16 
2024, and one commercial construction loan totaling $3.2 million that was matured as of June 30, 2023 and was extended 
during the year ended June 30, 2024. 
Non-Performing Assets. The table below sets forth the amounts and categories of our non-performing assets at 
the dates indicated. 
 
 
 
 
 
 
 
 
 
 
At June 30, 
 
     
2024 
     
2023 
     
 
 
(Dollars in thousands) 
Non-accrual loans: 
   
        
       
Commercial real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$  3,180  
$  8,025  
Commercial and industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 9  
  
 650  
Commercial construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 —  
Residential mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 4,208  
  
 4,000  
Home equity loans and lines of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 1,648  
  
 1,560  
Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 —  
Total non-accrual loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 9,045  
   14,235  
 
 
  
 
  
 
Accruing loans past due 90 days or more: 
 
  
   
  
   
Commercial real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 4  
  
 174  
Commercial and industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 —  
Commercial construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 3,237  
Residential mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 120  
Home equity loans and lines of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 —  
Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 —  
Total accruing loans past due 90 days or more . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 4  
  
 3,531  
 
 
  
 
  
 
Real estate owned: 
 
  
   
  
   
Commercial real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 —  
Commercial and industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 —  
Commercial construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 —  
Residential mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 153  
  
 —  
Home equity loans and lines of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 —  
Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 —  
Total real estate owned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 153  
  
 —  
 
 
  
 
  
 
Total non-performing assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$  9,202  
$  17,766  
 
 
  
 
  
 
Total non-performing loans to total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 0.66 %    
 1.53 %  
Total non-performing assets to total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 0.49 %    
 0.96 %  
 
Total non-accrual loans decreased $5.2 million to $9.0 million at June 30, 2024 from $14.2 million at June 30, 
2023. The decrease in non-accrual loans was primarily related to one commercial real estate loan relationship that included 
seven loans totaling $7.7 million as of June 30, 2023, which as a result of payments received from the borrower decreased 
to four loans totaling $3.2 million as of June 30, 2024 that is secured by various multi-family properties. Total accruing 
loans past due 90 days or more decreased $3.5 million to $4,000 at June 30, 2024 from $3.5 million at June 30, 2023. The 
decrease in accruing loans past due 90 days or more was primarily related to one commercial construction loan totaling 
$3.2 million that was matured as of June 30, 2023 and was extended during the year ended June 30, 2024. 
Classified Assets. Federal regulations provide for the classification of loans and other assets, such as debt and 
equity securities considered to be of lesser quality, as “substandard,” “doubtful” or “loss.”  An asset is considered 
“substandard” if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral 
pledged, if any. “Substandard” assets include those characterized by the “distinct possibility” that the insured institution 
will sustain “some loss” if the deficiencies are not corrected. Assets classified as “doubtful” have all of the weaknesses 
inherent in those classified “substandard,” with the added characteristic that the weaknesses present make “collection or 
liquidation in full,” on the basis of currently existing facts, conditions, and values, “highly questionable and improbable.”  
Assets classified as “loss” are those considered “uncollectible” and of such little value that their continuance as assets 
without the establishment of a specific loss allowance is not warranted. Assets which do not currently expose the insured 
institution to sufficient risk to warrant classification in one of the aforementioned categories but possess weaknesses are 
designated as “special mention.” 

17 
When an insured institution classifies problem assets as either substandard or doubtful, it may establish general 
allowances in an amount deemed prudent by management to cover probable accrued losses. General allowances represent 
loss allowances which have been established to cover probable accrued losses associated with lending activities, but which, 
unlike specific allowances, have not been allocated to particular problem assets. When an insured institution classifies 
problem assets as “loss,” it is required either to establish a specific allowance for losses equal to 100% of that portion of 
the asset so classified or to charge-off such amount. An institution’s determination as to the classification of its assets and 
the amount of its valuation allowances is subject to review by the regulatory authorities, which may require the 
establishment of additional general or specific loss allowances. 
The following table sets forth our amounts of all classified loans and loans designated as special mention as of 
June 30, 2024 and 2023. The classified loans total at June 30, 2024 included $9.0 million of non-performing loans. 
 
 
 
 
 
 
 
 
 
At June 30, 
 
     
2024 
    
2023 
 
 
(In thousands) 
Classification of Loans: 
  
  
Substandard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 22,597  $ 69,117 
Doubtful . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 33    
 118 
Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 —    
 — 
Total Classified Loans . . . . . . . . . . . . . . . . . . . .   $ 22,630  $ 69,235 
Special Mention . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 14,666  $  3,591 
 
Total substandard loans decreased $46.5 million to $22.6 million at June 30, 2024 from $69.1 million at June 30, 
2023 primarily due to the upgrades of several commercial real estate loan relationships out of the substandard category 
and payoffs/paydowns on several commercial real estate loan relationships.  The upgrades were primarily related to the 
upgrade to the special mention category of one commercial real estate loan relationship for a $4.9 million loan secured by 
a senior housing facility, as well as the upgrade to the pass category of three commercial real estate loan relationships, a 
$16.5 million loan secured by a hotel, a $5.0 million loan relationship secured by a hotel/banquet facility, and a  
$3.1 million loan secured by a senior housing facility. The payoffs/paydowns were primarily related to the partial 
payoff/refinance and upgrade of a $8.1 million commercial real estate loan relationship, the payoff of a $1.8 million 
commercial real estate loan and $4.6 million in paydowns on a commercial real estate loan relationship secured by various 
multi-family properties. 
Total special mention loans increased $11.1 million to $14.7 million at June 30, 2024 from $3.6 million at 
June 30, 2023 primarily due to the upgrade from the substandard category to the special mention category of a $4.9 million 
commercial real estate loan relationship secured by a senior housing facility and the migration from the pass category to 
the special mention category of a $4.7 million commercial real estate loan relationship consisting of four loans secured by 
multiple office, warehouse and industrial properties.   
Allowance for Credit Losses on Loans  
Effective July 1, 2023, the measurement of Current Expected Credit Losses (“CECL”) on loans 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, and reasonable 
and supportable forecasts 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, as reported in our consolidated statements of condition, 
is adjusted by a provision for credit losses, which is recognized in earnings, and reduced by the charge-off of loans, net of 

18 
recoveries. All loan information presented as of June 30, 2023 or a prior date is presented in accordance with previously 
applicable GAAP (the incurred loss method). 
Determining the appropriateness of the allowance is complex and requires judgments by our management about 
the effect of matters that are inherently uncertain. Subsequent evaluations of the then-existing loan portfolios, in light of 
the factors then prevailing, may result in significant changes in the allowance for credit losses in those future periods. 
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. 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. 
In addition, bank regulators periodically review our allowance for credit losses on loans and as a result of such 
reviews, we may have to materially adjust our allowance for credit losses on loans or recognize further loan charge-offs.  

19 
The following table sets forth activity in our allowance for credit losses on loans and selected ratios for the years 
indicated. 
 
 
  
 
 
 
 
 
    At or for the Years Ended June 30, 
 
 
     
2024 
     
2023 
     
 
 
(Dollars in thousands) 
Allowance at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 
 22,469  
$  22,524  
Cumulative Effect Adjustment for the Adoption of ASC 326 . . . . . . . . . . . . . . . . . . .   
 (2,311) 
 
 —  
Provision for credit losses on loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 2,163  
  
 —  
 
  
 
 
  
 
Charge offs: 
   
   
  
   
Commercial real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 —  
  
 31  
Commercial and industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 345  
  
 10  
Commercial construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 —  
  
 —  
Residential mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 118  
  
 26  
Home equity loans and lines of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 12  
  
 8  
Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 135  
 
 158  
Total charge-offs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 610  
 
 233  
 
  
 
 
  
 
Recoveries: 
   
   
  
   
Commercial real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 —  
  
 —  
Commercial and industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 73  
  
 78  
Commercial construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 —  
  
 —  
Residential mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 —  
  
 66  
Home equity loans and lines of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 3  
  
 14  
Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 14  
  
 20  
Total recoveries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 90  
  
 178  
 
  
 
 
  
 
Net charge-offs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 520  
  
 55  
 
  
 
 
  
 
Allowance at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 
 21,801  
$  22,469  
 
  
 
 
  
 
Allowance to non-performing loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 240.92 %     
 126.41 %   
Allowance to total loans outstanding at the end of the year . . . . . . . . . . . . . . . . . . . . .    
 1.60 %     
 1.94 %   
Net charge-offs (recoveries) to average loans outstanding during the year 
  
 
 
 
  Commercial real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 — %     
 0.01 %   
  Commercial and industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 0.31 %     
 (0.07)%   
  Commercial construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 — %     
 — %   
Residential mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 0.02 %     
 (0.01)%   
  Home equity loans and lines of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 0.01 %     
 (0.01)%   
  Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 0.52 %    
 0.67 %   
  Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 0.04 %     
 0.01 %   
 
The allowance to total loans outstanding was 1.60% at June 30, 2024 compared to 1.94% at June 30, 2023. The 
decrease in the allowance to total loans outstanding was primarily due to the cumulative effect adjustment for the adoption 
of ASU 2016-13 as of July 1, 2023 and by improvements in asset quality. The allowance to non-performing loans was 
240.92% at June 30, 2024 compared to 126.41% at June 30, 2023. The increase in the allowance to non-performing loans 
was primarily due to the decrease in non-accrual loans and accruing loans past due 90 days or more as described in “Non-
Performing Assets”.  
 
 

20 
Allocation of Allowance for Credit Losses on Loans. The following table sets forth the allowance for credit 
losses on loans allocated by loan category and the percent of the allowance in each category to the total allocated allowance 
at the dates indicated. The allowance for credit losses on loans allocated to each category is not necessarily indicative of 
future losses in any particular category and does not restrict the use of the allowance to absorb losses in other categories. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 
 
 
2024 
 
2023 
 
 
      
 
     
Percent of      
 
      
 
     
Percent of      
 
     
 
 
 
 
Allowance  
Percent of  
 
 
 
Allowance  
Percent of  
 
 
Allowance 
 
in Category  
Loans in  
 
 
in Category  
Loans in  
 
 
for Credit 
 
to Total 
 
Each 
 
Allowance 
 
to Total 
 
Each 
 
 
 
Losses on 
 
Allocated  
Category to  
for Loan 
 
Allocated  
Category to  
 
     
Loans 
     
Allowance      Total Loans      
Losses 
     
Allowance      Total Loans      
 
 
(Dollars in thousands) 
Commercial: 
  
 
    
    
    
 
    
    
    
Commercial real estate . . . . . . . . . . . . . . . .   
$ 
 6,468   
 29.7 %   
 29.7 %   $ 
 9,274   
 41.3 %   
 36.6 %   
Commercial and industrial . . . . . . . . . . . . .   
  
 2,594   
 11.9 %   
 7.4 %     
 2,961   
 13.2 %   
 7.6 %   
Commercial construction . . . . . . . . . . . . . .   
  
 3,442   
 15.8 %   
 8.7 %     
 2,053   
 9.1 %   
 8.0 %   
Residential mortgages . . . . . . . . . . . . . . . . . .   
  
 7,706   
 35.3 %   
 46.4 %     
 6,222   
 27.7 %   
 38.3 %   
Home equity loans and lines of credit . . . . . .   
  
 1,244   
 5.7 %   
 6.8 %     
 1,470   
 6.5 %   
 7.3 %   
Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 347   
 1.6 %   
 1.0 %     
 489   
 2.2 %   
 2.2 %   
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 21,801   
 100.0 %   
 100.0 %   $ 
 22,469   
 100.0 %   
 100.0 %   
Investment Activities 
General. Our board of directors is responsible for approving and overseeing our investment policy. The 
investment policy is reviewed at least annually by the board of directors. This policy dictates that investment decisions be 
made based on the safety of the investment, liquidity requirements, potential returns and consistency with our interest rate 
risk management strategy. Authorized officers, as selected by the board of directors, oversee our investing activities and 
strategies. The authorized officers include our President and Chief Executive Officer, Chief Financial Officer, and Senior 
Vice President, Controller. 
Our investment policy authorizes us to invest in various types of investment securities and liquid assets, including 
U.S. Treasury obligations, securities of various government-sponsored enterprises, municipal securities, residential 
mortgage-backed securities and collateralized mortgage obligations, deposits at the FHLBNY, and corporate debt 
securities (limited to no more than 10% of total assets and no more than 15% of our capital in any single issuer). We do 
not engage in any investment hedging activities or trading activities, nor do we purchase any high-risk mortgage derivative 
products, corporate junk bonds, or certain types of structured notes. 
Debt securities investment accounting guidance requires that, at the time of purchase, we designate a debt security 
as held to maturity, available for sale, or trading, depending on our ability and intent. 
U.S. Governmental Securities. We maintain these investments, to the extent appropriate, for liquidity purposes, 
at zero risk weighting for capital purposes and as collateral for borrowings. At June 30, 2024, U.S. Government securities 
consisted of U.S. Treasury securities. 
Municipal Securities. We invest in fixed-rate investment grade bonds issued primarily by municipalities in the 
State of New York. 
Corporate Debt Securities. We invest in corporate debt securities issued primarily by companies in the financial 
sector. 
Other Debt Securities. We invest in fixed rate collateralized mortgage obligations (“CMOs”) issued by Ginnie 
Mae, Freddie Mac or Fannie Mae, mortgage-backed securities insured or guaranteed by Ginnie Mae, Freddie Mac or 
Fannie Mae and in other asset backed securities. 
Equity Securities. During the year ended June 30, 2024 the Bank sold its entire equity securities portfolio, which 
was done in conjunction with our conversion to a national bank. At June 30, 2023, equity securities were comprised of 

21 
common stock of companies in the energy, health care, information technology, consumer cyclicals, industrials, and utility 
sectors.  
The following table sets forth the amortized cost and estimated fair value of our securities portfolio (excluding 
Federal Home Loan Bank of New York and Federal Reserve Bank of New York common stock) at the dates indicated. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 
 
 
2024 
 
2023 
 
 Amortized 
Estimated  Amortized 
Estimated 
 
    
Cost 
    Fair Value    
Cost 
    Fair Value 
 
 
(In thousands) 
Securities available for sale: 
   
     
     
     
  
U.S. Government and agency obligations . . . . . . . . . . . . . . . . .  
$  247,479  $  243,549  $  396,464  $  377,729 
Municipal obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
   13,419     13,416     53,492     53,434 
Other debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
 
 212   
 444   
 261   
 504 
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
$  261,110  $  257,409  $  450,217  $  431,667 
 
   
   
   
   
Securities held to maturity: 
   
     
     
     
  
Corporate debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
$  22,000  $  19,157  $  20,000  $  17,951 
Municipal obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
 
 3,352   
 3,280   
 3,949   
 3,793 
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
$  25,352  $  22,437  $  23,949  $  21,744 
 
   
   
   
   
Equity Securities: 
   
   
   
   
Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
$ 
 —  $ 
 —  $ 
 1,040  $ 
 2,413 
 
Portfolio Maturities and Yields. The composition and maturities of the debt securities portfolio at June 30, 2024 
are summarized in the following table. Maturities are based on the final contractual payment dates, and do not reflect the 
effect of scheduled principal repayments, prepayments, or early redemptions that may occur.  
 
  
 
 
 
 
More than One Year  
More than Five Years  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
One Year or Less  
through Five Years  
through Ten Years  
More than Ten Years  
Total 
  
 
  
 
 Weighted 
 
 
 Weighted 
 
 
 Weighted 
 
 
 Weighted 
 
 
    
 
 Weighted  
 
 Amortized 
Average  
Amortized Average  
Amortized 
Average  
Amortized 
Average  
Amortized  
 
 Average   
 
    
Cost 
   
Yield     
Cost 
    Yield      
Cost 
    
Yield     
Cost 
   
Yield     
Cost 
    Fair Value    Yield   
 
 
(Dollars in thousands) 
  
Securities available for 
sale: 
   
    
    
 
    
    
 
    
    
 
    
    
 
     
    
   
U.S. Government and 
agency obligations . .   $  179,293   
 2.25 %  $  68,186   
 3.83 %  $ 
 —   
 — %  $ 
 —   
 — %  $  247,479  $  243,549   
 2.69 % 
Municipal  
obligations (1) . . . . .      13,419   
 5.69 %    
 —   
 — %    
 —   
 — %    
 —   
 — %     13,419    
 13,416   
 5.69 % 
Other debt securities . . .    
 —  
 — %   
 6  
 2.80 %   
 112  
 3.32 %   
 94  
 5.75 %   
 212   
 444  
 4.39 %  
Total . . . . . . . . . . . .   $  192,712   
 
$  68,192   
 
$ 
 112   
 
$ 
 94   
 
$  261,110  $  257,409   
 
 
   
  
 
  
  
 
  
  
 
  
 
 
  
   
  
 
Securities held to 
maturity: 
   
    
    
 
    
    
 
    
    
 
    
    
 
     
    
   
Corporate debt  
securities . . . . . . . . .   $ 
 —   
 — %  $ 
 —   
 — %  $  22,000   
 4.65 %  $ 
 —   
 — % $  22,000  $  19,157   
 4.65 % 
Municipal  
obligations (1) . . . . .    
 2,269  
 6.13 %  
 1,083  
 3.24 %  
 —  
 — %  
 —  
 — %  
 3,352   
 3,280  
 5.19 % 
Total . . . . . . . . . . . .   $ 
 2,269   
 
$ 
 1,083   
 
$  22,000   
 
$ 
 —   
 
$  25,352  $  22,437   
 
 
(1) The weighted average yields on municipal obligations are calculated on a tax equivalent basis. 
 
 

22 
Sources of Funds 
General. Deposits have traditionally been our primary source of funds for our lending and investment activities. 
We also use borrowings, primarily FHLBNY advances, to supplement cash flows, as needed. In addition, funds are derived 
from scheduled loan payments, investment maturities, loan sales, loan prepayments, retained earnings and income on 
interest earning assets. While scheduled loan payments and income on interest earning assets are relatively stable sources 
of funds, deposit inflows and outflows can vary widely and are influenced by prevailing interest rates, market conditions 
and levels of competition. 
Deposit Accounts. The substantial majority of our deposits are from depositors who reside in our primary market 
area. We access deposit customers by offering a broad selection of deposit instruments for individuals, businesses and 
municipalities. We generally request commercial business borrowers to maintain their primary deposit accounts with us. 
Our policy permits us to access brokered deposits if additional liquidity is necessary and, as of June 30, 2024, we had 
brokered deposits outstanding of $39.3 million in the certificates of deposit category. At June 30, 2024, we held  
$440.3 million in municipal deposits, which represented 28.4% of our deposits. We have developed a program for the 
retention and management of municipal deposits. These deposits are from local government entities such as towns, cities, 
school districts and other municipalities. We generally solicit their operating and savings accounts and not time-based 
deposits. Municipal deposit accounts are collateralized by eligible government and government agency securities and 
municipal obligations, and by FHLBNY letters of credit. We believe that municipal deposits provide a low cost and stable 
source of funds and we intend to continue to solicit these types of funds. 
Deposit account terms vary according to the minimum balance required, the time period that funds must remain 
on deposit, and the interest rate, among other factors. In determining the terms of our deposit accounts, we consider the 
rates offered by our competition, our liquidity needs, profitability, and customer preferences and concerns. We generally 
review our deposit pricing on a monthly basis and continually review our deposit mix. Our deposit pricing strategy has 
generally been to offer competitive rates, but generally not the highest rates offered in the market, and to periodically offer 
special rates to attract deposits of a specific type or with a specific term. 
The flow of deposits is influenced significantly by general economic conditions, changes in money market and 
other prevailing interest rates and competition. We believe the variety of deposit accounts we offer allows us to be 
competitive in obtaining funds and responding to changes in consumer demand. Based on experience, we believe that our 
deposits are relatively stable. However, the ability to attract and maintain deposits and the rates paid on these deposits, has 
been and will continue to be significantly affected by market conditions. See the section entitled “Risks Related to 
Liquidity” for more information. 
The following table sets forth the distribution of total deposits by account type at the dates indicated. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 
 
 
2024 
 
2023 
  
 
      
 
     
 
     Average       
 
     
 
     Average 
  
 
 
Amount 
 
Percent 
 
Rate 
 
Amount 
 
Percent 
 
Rate 
  
 
 
(Dollars in thousands) 
Non-interest-bearing demand accounts . . . . . . . .   
$ 
 445,328   
 28.7 %   
 —  
$ 
 526,119   
 34.1 %  
 —  
Demand accounts . . . . . . . . . . . . . . . . . . . . . . .   
  
 157,962   
 10.2 %   
 1.88 %    
 138,817   
 9.0 %  
 1.28 %  
Savings accounts . . . . . . . . . . . . . . . . . . . . . . . .   
  
 266,274   
 17.2 %   
 0.07 %    
 297,003   
 19.3 %  
 0.05 %  
Money market accounts . . . . . . . . . . . . . . . . . . .   
  
 513,658   
 33.1 %   
 2.63 %    
 462,935   
 30.0 %  
 1.90 %  
Certificates of deposit . . . . . . . . . . . . . . . . . . . .   
  
 167,030   
 10.8 %   
 3.49 %    
 116,977   
 7.6 %  
 3.14 %  
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$  1,550,252   
 100.0 %   
 1.95 %   $  1,541,851   
 100.0 %  
 0.93 %  
 
 
 

23 
The following table sets forth the distribution of total deposits by depositor type as of the dates indicated. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 
 
     
2024 
     
2023 
 
 
Amount 
    
Percent 
 
Amount 
    
Percent 
 
 
 
(Dollars in thousands) 
Retail deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 768,396   
 49.6 %   $ 
 736,560   
 47.8 %   
Business deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 302,251   
 19.5 %    
 336,673   
 21.8 %   
Municipal deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 440,277   
 28.4 %    
 432,082   
 28.0 %   
Brokered deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 39,328   
 2.5 %    
 36,536   
 2.4 %   
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 1,550,252   
 100.0 %   $ 
 1,541,851   
 100.0 %   
 
Uninsured deposits represents the portion of deposit accounts that exceed FDIC insurance limits. The Company 
calculates its uninsured deposit balances based on the same methodologies and assumptions used for regulatory reporting 
requirements, which includes collateralized deposits.  
The following table estimates uninsured deposits after certain exclusions:  
 
 
 
 
 
 
 
 
 
     
At  June 30,  
 
 
2024 
     
2023 
Uninsured deposits, per regulatory requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 
 695,526  
$ 
 688,148 
Less: Affiliate deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 44,699  
 
 44,346 
Collateralized deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 423,470 
 
 
 415,442 
Uninsured deposits, after exclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 
 227,357  
$ 
 228,360 
 
Uninsured deposits after exclusions represents 14.7% and 14.8% of total deposits as of June 30, 2024 and 2023, 
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 credits.   
As of June 30, 2024, the aggregate amount of all our certificates of deposit in amounts greater than or equal to 
$250,000 (the FDIC insurance limit) was approximately $16.5 million. The following table sets forth the maturity of these 
certificates as of June 30, 2024. 
 
 
 
 
 
    
At 
 
 June 30, 2024 
 
 (In thousands) 
Maturity Period: 
   
  
Three months or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 
 2,530 
Over three through six months . . . . . . . . . . . . . . . . . . . . .    
 6,422 
Over six through twelve months . . . . . . . . . . . . . . . . . . . .    
 7,516 
Over twelve months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 — 
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 
 16,468 
 
Borrowings. Our borrowings consist of advances from the FHLBNY. As of June 30, 2024, the Company pledged 
approximately $605.8 million of residential mortgage, home equity and commercial loans as collateral for borrowings and 
stand-by letters of credit at the FHLBNY. At June 30, 2024, the maximum amount of funding available from the FHLBNY 
was $497.2 million, of which none was utilized for borrowings and $200.0 million was utilized for irrevocable stand-by 
letters of credit issued to secure municipal deposits, resulting in $297.2 million of available borrowing capacity. 
 
 

24 
Subsidiaries 
Pioneer Commercial Bank. Pioneer Commercial Bank is a New York-chartered limited-purpose commercial 
bank wholly owned by the Bank. The Bank incorporated Pioneer Commercial Bank in October 2004 in order to be able to 
accept municipal deposits. New York State law prohibits a savings bank from soliciting and servicing public funds 
(deposits of counties, cities, towns, school districts, etc.). Prior to our conversion to a national bank, the limited-purpose 
commercial bank subsidiary enabled us to establish banking relationships with municipalities and other public entities 
throughout our market area. On September 16, 2024, the OCC approved the Commercial Bank Merger. The Commercial 
Bank Merger is expected to close on October 1, 2024. Following the completion of the Commercial Bank Merger, the 
Bank will directly offer full municipal deposit banking services. At June 30, 2024, Pioneer Commercial Bank had  
$494.0 million in assets, consisting primarily of cash and municipal obligations. All disclosures in this Annual Report on 
Form 10-K relating to the Bank are consolidated to include the activities of Pioneer Commercial Bank. 
Pioneer Insurance Agency, Inc. Pioneer Insurance Agency, Inc. is a full-service insurance agency offering 
personal and commercial insurance, including homeowners, automobile and comprehensive business insurance, and works 
with major national insurance companies as well as specialty markets. Pioneer Insurance Agency, Inc. also offers employee 
benefits products and consulting services under the name Pioneer Benefits Consulting, including group health, dental, 
disability and life insurance products and defined contribution and defined benefit administration and human resource 
management services. Pioneer Insurance Agency, Inc. operates from the Bank’s headquarters in Albany, New York. 
Expansion into the insurance and employee benefit services business has enabled the Bank to evolve from a traditional 
depository institution into a full-service financial services organization. All disclosures in this Annual Report on 
Form 10-K relating to the Bank are consolidated to include the activities of Pioneer Insurance Agency, Inc. 
Pioneer Financial Services, Inc. Pioneer Financial Services, Inc., a New York corporation and wholly owned 
subsidiary of the Bank, provides wealth management services to the Bank’s customers in partnership with LPL Financial, 
a registered broker dealer. The Bank incorporated Pioneer Financial Services, Inc. in 1997. It had $1.13 billion of assets 
under management at June 30, 2024. Pioneer Financial Services, Inc. operates from the Bank’s headquarters in Albany, 
New York under the name Pioneer Wealth Management, and has licensed representatives available in our branch offices. 
Wealth management services provided by Pioneer Financial Services, Inc. to customers include investment advice, 
retirement income planning, estate planning, business succession and employer retirement planning. All disclosures in this 
Annual Report on Form 10-K relating to the Bank are consolidated to include the activities of Pioneer Financial 
Services, Inc. 
Personnel 
As of June 30, 2024, we had 253 full-time employees and 36 part-time employees. Our employees are not 
represented by any collective bargaining group. Management believes that we have good working relations with our 
employees. 
SUPERVISION AND REGULATION 
General 
The Bank is a national bank, regulated and supervised primarily by the OCC. The Bank is also subject to 
regulation by the FDIC in more limited circumstances because the Bank’s deposits are insured by the FDIC. The Bank is  
also a member of the FHLBNY. This regulatory and supervisory structure establishes a comprehensive framework of the 
activities in which a depository institution may engage and is intended primarily for the protection of the FDIC’s Deposit 
Insurance Fund, depositors and the banking system. Under this system of federal regulation, depository institutions are 
periodically examined to ensure that they satisfy applicable standards with respect to their capital adequacy, asset quality, 
management, earnings, liquidity and sensitivity to market interest rates. The OCC examines the Bank and prepares reports 
for the consideration of its board of directors on identified deficiencies, if any. After completing an examination, the OCC 
issues a report of examination and assigns a rating (known as an institution’s CAMELS rating). Under federal law and 
regulation, an institution may not disclose the contents of its reports of examination or its CAMELS ratings to the public. 
The regulatory structure also gives the regulatory authorities extensive discretion in connection with their supervisory and 

25 
enforcement activities and examination policies, including policies regarding classifying assets and establishing an 
adequate allowance for credit losses on loans for regulatory purposes. The Bank must obtain regulatory approval from the 
OCC before entering into certain transactions, including mergers with, or acquisitions of, other financial institutions. 
As a New York-chartered mutual holding company, Pioneer Bancorp, MHC is regulated and subject to 
examination by the Federal Reserve Board while the NYSDFS is its chartering authority. As a bank holding company, the 
Company is also regulated and subject to examination by, and required to comply with the rules and regulations of the 
Federal Reserve Board. The Company also is subject to the rules and regulations of the SEC under the federal securities 
laws. 
Set forth below is a brief description of material regulatory requirements that are applicable to the Bank, the 
Company and Pioneer Bancorp, MHC. The description is limited to certain material aspects of certain statutes and 
regulations that are addressed, and is not intended to be a complete list or description of such statutes and regulations and 
their effects on the Bank, the Company and Pioneer Bancorp, MHC. See Item 1a – Risk Factors – “Risks Related to Legal, 
Regulatory, Fraud and Compliance Matters.” 
Federal Bank Regulation 
Enforcement. The OCC has primary enforcement responsibility over national banks. This includes authority to 
bring enforcement actions against the Bank, its directors, officers and employees and all “institution-affiliated parties,” a 
term that includes certain stockholders, as well as attorneys, appraisers and accountants who knowingly or recklessly 
participate in specified misconduct which causes or is likely to cause financial loss or a significant adverse effect on an 
insured institution. Formal enforcement action may range from the issuance of a capital directive or cease and desist order 
to the removal of officers and/or directors, receivership, conservatorship or the termination of deposit insurance. Civil 
monetary penalties can be assessed for a wide range of violations of laws and regulations, unsafe and unsound practices 
and certain other actions.  The maximum penalties that can be assessed are generally based on the type and severity of the 
violation, unsafe and unsound practice or other action, and are adjusted annually for inflation.  The FDIC has authority to 
recommend to the OCC that an enforcement action be taken with respect to a particular insured bank. If action is not taken 
by the OCC, the FDIC has authority to take action under specified circumstances. 
Business Activities. As a national bank, the Bank derives its lending and investment powers from the National 
Bank Act, as amended, and the regulations of the OCC. Under these laws and regulations, the Bank may invest in mortgage 
loans secured by residential and nonresidential real estate, commercial business and consumer loans and leases, certain 
types of securities and certain other loans and assets. Unlike federal savings banks, national banks are not generally limited 
to a specified percentage of assets on various types of lending. The Bank may also establish subsidiaries that engage in 
activities permitted for the Bank as well as certain other activities. 
Capital Requirements. Under OCC regulations, the Bank is subject to a comprehensive capital framework for 
U.S. banking organizations that was effective January 2015 (the Basel III capital rules). 
The capital standards require the maintenance of common equity Tier 1 capital, Tier 1 capital and total capital to 
risk-weighted assets ratios of at least 4.5%, 6% and 8%, respectively, and a leverage ratio of at least 4% Tier 1 capital. 
Common equity Tier 1 capital is generally defined as common stockholders’ equity and retained earnings. Tier 1 capital 
is generally defined as common equity Tier 1 and Additional Tier 1 capital. Additional Tier 1 capital generally includes 
certain noncumulative perpetual preferred stock and related surplus and minority interests in equity accounts of 
consolidated subsidiaries. Total capital includes Tier 1 capital (common equity Tier 1 capital plus Additional Tier 1 capital) 
and Tier 2 capital. Tier 2 capital is comprised of capital instruments and related surplus meeting specified requirements, 
and may include cumulative preferred stock and long-term perpetual preferred stock, mandatory convertible securities, 
intermediate preferred stock and subordinated debt. Also included in Tier 2 capital is the allowance for credit losses on 
loans limited to a maximum of 1.25% of risk-weighted assets and, for institutions that have exercised an opt-out election 
regarding the treatment of Accumulated Other Comprehensive Income (“AOCI”), up to 45% of net unrealized gains on 
available-for-sale securities with readily determinable fair market values. Institutions that have not exercised the AOCI 
opt-out have AOCI incorporated into common equity Tier 1 capital (including unrealized gains and losses on available-

26 
for-sale-securities). The Bank exercised the opt-out election regarding the treatment of AOCI. Calculation of all types of 
regulatory capital is subject to deductions and adjustments specified in the regulations. 
In determining the amount of risk-weighted assets for purposes of calculating risk-based capital ratios, a bank’s 
assets, including certain off-balance sheet assets (e.g., recourse obligations, direct credit substitutes, residual interests), are 
multiplied by a risk weight factor assigned by the regulations based on perceived risks inherent in the type of asset. Higher 
levels of capital are required for asset categories believed to present greater risk. For example, a risk weight of 0% is 
assigned to cash and U.S. government securities, a risk weight of 50% is generally assigned to prudently underwritten first 
lien residential mortgage loans, a risk weight of 100% is assigned to commercial and consumer loans, a risk weight of 
150% is assigned to certain past due loans and a risk weight of between 0% to 600% is assigned to permissible equity 
interests, depending on certain specified factors. 
In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions 
and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” 
consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet its 
minimum risk-based capital requirements.  
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 
than $10 billion a “community bank leverage ratio” (the ratio of a bank’s tier 1 capital to average total consolidated assets) 
of 9% that qualifying institutions may elect to use in lieu of the generally applicable leverage and risk-based capital 
requirements under Basel III. If an election to use the community bank leverage ratio capital framework is made, a 
qualifying bank with less than $10 billion in assets with capital exceeding the specified community bank leverage ratio is 
considered compliant with all applicable regulatory capital and leverage requirements, including the requirement to be 
“well capitalized.” As of June 30, 2024 the Bank had not elected to be subject to the alternative community bank leverage 
ratio framework. 
The OCC also has authority to establish individual minimum capital requirements in appropriate cases upon 
determination that an institution’s capital level is, or is likely to become, inadequate in light of the particular circumstances. 
At June 30, 2024, the Bank exceeded each of its capital requirements. 
Standards for Safety and Soundness. As required by statute, the federal banking agencies have adopted final 
regulations and Interagency Guidelines Establishing Standards for Safety and Soundness. The federal banking agencies 
use the guidelines that set forth the safety and soundness standards to identify and address problems at insured depository 
institutions before capital becomes impaired. The guidelines address internal controls and information systems, internal 
audit systems, credit underwriting, loan documentation, interest rate exposure, asset growth, asset quality, earnings and 
compensation, fees and benefits. The agencies have also established standards for safeguarding customer information. If 
the OCC determines that a national bank fails to meet any standard prescribed by the guidelines, the agency may require 
the institution to submit to the agency an acceptable plan to achieve compliance with the standard and take other 
appropriate action. 
Loans-to-One-Borrower. A national bank generally may not make a loan or extend credit to a single or related 
group of borrowers in excess of 15% of unimpaired capital and surplus. An additional amount may be loaned, equal to 
10% of unimpaired capital and surplus, if the loan is secured by readily marketable collateral, which generally does not 
include real estate. As of June 30, 2024, the Bank was in compliance with the loan-to-one-borrower limitations. 
Dividends. Federal law and OCC regulations govern cash dividends by a national bank. A national bank is 
authorized to pay such dividends from undivided profits but must receive prior OCC approval if the total amount of 
dividends (including the proposed dividend) exceeds its net income in that year and the prior two years less dividends 
previously paid. A national bank may not pay a dividend if the dividend does not comply with applicable regulatory capital 
requirements, and the Bank may be further limited in payment of cash dividends if it does not maintain the capital 
conservation buffer described previously. 

27 
Prompt Corrective Regulatory Action. Federal law requires, among other things, that federal bank regulatory 
authorities take “prompt corrective action” with respect to banks that do not meet minimum capital requirements. For these 
purposes, the law establishes five capital categories: well capitalized, adequately capitalized, undercapitalized, 
significantly undercapitalized and critically undercapitalized. 
The OCC has adopted regulations to implement the prompt corrective action framework under the Basel III capital 
rules. An institution is classified as “well capitalized” if it has a total risk-based capital ratio of 10.0% or greater, a Tier 1 
risk-based capital ratio of 8.0% or greater, a leverage ratio of 5.0% or greater and a common equity Tier 1 capital ratio of 
6.5% or greater. An institution is classified as “adequately capitalized” if it has a total risk-based capital ratio of 8.0% or 
greater, a Tier 1 risk-based capital ratio of 6.0% or greater, a leverage ratio of 4.0% or greater and a common equity  
Tier 1 capital ratio of 4.5% or greater. An institution is classified as “undercapitalized” if it has a total risk-based capital 
ratio of less than 8.0%, a Tier 1 risk-based capital ratio of less than 6.0%, a leverage ratio of less than 4.0% or a common 
equity Tier 1 capital ratio of less than 4.5%. An institution is classified as “significantly undercapitalized” if it has a total 
risk-based capital ratio of less than 6.0%, a Tier 1 risk-based capital ratio of less than 4.0%, a leverage ratio of less than 
3.0% or a common equity Tier 1 capital ratio of less than 3.0%. An institution is classified as “critically undercapitalized” 
if it has a ratio of tangible equity (as defined in the regulations) to total assets equal to or less than 2.0%. At June 30, 2024, 
the Bank was classified as a “well capitalized” institution. 
At each successive lower capital category, a national bank is subject to more restrictions and prohibitions, 
including restrictions on growth, interest rates paid on deposits, payment of dividends, and acceptance of brokered 
deposits. Furthermore, if a national bank is classified in one of the undercapitalized categories, it is required to submit a 
capital restoration plan to the OCC, and its holding company, if applicable, must guarantee the performance of that plan. 
Based upon its capital levels, a national bank that is classified as well capitalized, adequately capitalized, or 
undercapitalized may be treated as though it were in the next lower capital category if the OCC, after notice and opportunity 
for hearing, determines that an unsafe or unsound condition, or an unsafe or unsound practice, warrants such treatment. 
An undercapitalized national bank’s compliance with a capital restoration plan is required to be guaranteed by any 
company that controls the undercapitalized institution in an amount equal to the lesser of 5.0% of the institution’s total 
assets when deemed undercapitalized or the amount necessary to achieve the status of adequately capitalized. If an 
“undercapitalized” national bank fails to submit an acceptable plan, it is treated as if it is “significantly undercapitalized.” 
“Significantly undercapitalized” national banks must comply with one or more of a number of additional restrictions, 
including an order by the OCC to sell sufficient voting stock to become adequately capitalized, requirements to reduce 
total assets, cease receipt of deposits from correspondent banks or dismiss directors or officers, and limitations on interest 
rates paid on deposits, compensation of executive officers and capital distributions by the parent holding company. 
“Critically undercapitalized” institutions are subject to additional measures including, subject to a narrow exception, the 
appointment of a receiver or conservator within 270 days after it is determined to be critically undercapitalized. 
Transactions with Affiliates and Regulation W of the Federal Reserve Board. Transactions between banks and 
their affiliates are governed by federal law. Generally, Section 23A of the Federal Reserve Act and the Federal Reserve 
Board’s Regulation W limit the extent to which a bank or its subsidiaries may engage in “covered transactions” with any 
one affiliate in an amount no more than 10.0% of the bank’s capital stock and surplus, and with all transactions with all 
affiliates in an amount no more than 20.0% of the bank’s capital stock and surplus. The term “covered transaction” includes 
making loans to, purchasing assets from, and issuing guarantees to, an affiliate, and other similar transactions. In addition, 
loans or other extensions of credit by a bank to an affiliate are required to be collateralized according to the requirements 
set forth in Section 23A of the Federal Reserve Act. Section 23B applies to “covered transactions” as well as to certain 
other transactions and requires that all such transactions be on terms substantially the same, or at least as favorable, to the 
institution or subsidiary as those provided to a non-affiliate. Section 23B transactions also include the bank’s providing 
services and selling assets to an affiliate.  
Extensions of Credit to Insiders and Regulation O of the Federal Reserve Board. Sections 22(g) and (h) of the 
Federal Reserve Act, and the Federal Reserve Board’s implementing regulation, Regulation O, place restrictions on loans 
to a bank’s and its affiliates’ insiders, i.e., executive officers, directors and principal stockholders, and those individuals’ 
related interests. Under Section 22(h) of the Federal Reserve Act, loans to a director, an executive officer and to a greater 
than 10.0% stockholder of a financial institution, and to these persons’ related interests, together with all other outstanding 
loans to such persons and related interests, may not exceed specified limits. Section 22(h) of the Federal Reserve Act also 

28 
requires that loans to directors, executive officers and principal stockholders be made on terms substantially the same as, 
and following credit underwriting procedures that are not less stringent than, those prevailing at the time for comparable 
transactions with unaffiliated persons, and also requires approval by the majority of the board of directors for certain loans. 
In addition, the aggregate amount of extensions of credit by a financial institution to insiders cannot exceed the institution’s 
unimpaired capital and unimpaired surplus. Section 22(g) of the Federal Reserve Act places additional restrictions on loans 
to executive officers. 
Federal Insurance of Deposit Accounts. The Bank is a member of the Deposit Insurance Fund, which is 
administered by the FDIC. Deposit accounts in the Bank are insured up to a maximum of $250,000 for each separately 
insured depositor. Insurance of deposits may be terminated by the FDIC upon a finding that the institution has engaged in 
unsafe or unsound practices, is in an unsafe or unsound condition to continue operations or has violated any applicable 
law, regulation, order or regulatory condition imposed in writing. We do not know of any practice, condition or violation 
that might lead to termination of the Bank’s deposit insurance.  
The FDIC assesses insured depository institutions to maintain the Deposit Insurance Fund. Under the FDIC’s 
risk-based assessment system, institutions deemed less risky pay lower assessments. Assessments for institutions with less 
than $10 billion of assets, such as the Bank, are based on financial measures and supervisory ratings derived from statistical 
modeling estimating the probability of an institution’s failure within three years.  
The FDIC has authority to increase insurance assessments and increased initial base deposit insurance assessment 
rates by two basis points beginning in the first quarterly assessment period of 2023. As a result, effective January 1, 2023, 
assessment rates for institutions of the Bank’s size ranged from 2.5 to 32 basis points. Any significant future increase in 
insurance premiums may have an adverse effect on the operating expenses and results of operations of the Bank. The Bank 
cannot predict what its insurance assessment rates will be in the future. 
Privacy Regulations. Federal regulations generally require that the Bank disclose its privacy policy, including 
identifying with whom it shares a customer’s “non-public personal information,” to customers at the time of establishing 
the customer relationship and annually thereafter when the information in the privacy notice has changed since the 
customer received the previous notice. In addition, the Bank is required to provide its customers with the ability to “opt-
out” of having their personal information shared with unaffiliated third parties, and to not disclose account numbers or 
access codes to non-affiliated third parties for marketing purposes. 
Community Reinvestment Act. All national banks have a responsibility under the Community Reinvestment Act 
(“CRA”) and related federal regulations to help meet the credit needs of their communities, including low- and moderate-
income neighborhoods. In connection with its examination of a national bank, the OCC is required to evaluate and rate the 
bank’s record of compliance with the CRA. A national bank’s failure to comply with the provisions of the CRA could, at 
a minimum, result in regulatory restrictions on certain of its activities such as branching or mergers. The Bank’s latest 
CRA rating in September 2023 was “Outstanding.”  
On October 24, 2023, the OCC, the Federal Reserve Board, and the FDIC issued a final rule to strengthen and 
modernize the CRA regulations.  Under the final rule, banks with assets of at least $600 million as of December 31 in both 
of the prior two calendar years and less than $2 billion as of December 31 in either of the prior two calendar years will be 
an “intermediate bank.” The agencies will evaluate intermediate banks under the Retail Lending Test and either the current 
community development test, referred to in the final rule as the Intermediate Bank Community Development Test, or, at 
the bank’s option, the Community Development Financing Test.  The applicability date for the majority of the provisions 
in the CRA regulations is January 1, 2026, and additional requirements will be applicable on January 1, 2027. 
Consumer Protection and Fair Lending Regulations. The Bank is subject to a variety of federal statutes and 
regulations that are intended to protect consumers and prohibit discrimination in the granting of credit. These statutes and 
regulations provide for a range of sanctions for non-compliance with their terms, including imposition of administrative 
fines and remedial orders, and referral to the Attorney General for prosecution of a civil action for actual and punitive 
damages and injunctive relief.  

29 
Cybersecurity. Banking organizations are required to notify their primary federal regulator as soon as possible 
and no later than 36 hours of determining that a “computer-security incident” that arises to the level of a “notification 
incident” has occurred. A notification incident is a “computer-security incident” that has materially disrupted or degraded, 
or is reasonably likely to materially disrupt or degrade, the banking organization’s ability to deliver services to a material 
portion of its customer base, jeopardize the viability of key operations of the banking organization, or impact the stability 
of the financial sector. Bank service providers are also required to notify any affected bank to or on behalf of which the 
service provider provides services “as soon as possible” after determining that it has experienced an incident that materially 
disrupts or degrades, or is reasonably likely to materially disrupt or degrade, covered services provided to such bank for 
four or more hours. 
The USA PATRIOT Act and the Bank Secrecy Act. The USA PATRIOT Act and the Bank Secrecy Act and 
their implementing regulations require financial institutions to develop programs to assist U.S. government agencies in 
detecting and preventing money-laundering and terrorist financing activities and to report suspicious activities. The USA 
PATRIOT Act also gives the federal government powers to address terrorist threats through enhanced domestic security 
measures, expanded surveillance powers, increased information sharing and broadened anti-money laundering 
requirements. The federal banking agencies are required to take into consideration the effectiveness of controls designed 
to combat money laundering activities in determining whether to approve a merger or other acquisition application of a 
member institution. Accordingly, if we engage in a merger or other acquisition, our controls designed to combat money 
laundering would be considered as part of the application process. In addition, non-compliance with these laws and their 
implementing regulations could result in fines, penalties and other enforcement measures. We have developed policies, 
procedures and systems designed to comply with these laws and regulations. 
Federal Home Loan Bank System 
The Bank is a member of the Federal Home Loan Bank System, which consists of 11 regional Federal Home 
Loan Banks. The Federal Home Loan Banks provide a central credit facility primarily for member institutions. The Bank, 
as a member of the Federal Home Loan Bank of New York, is required to acquire and hold shares of capital stock in the 
Federal Home Loan Bank of New York. The Bank was in compliance with this requirement at June 30, 2024. 
Holding Company Regulation 
Federal Holding Company Regulation. Pioneer Bancorp, MHC and the Company are bank holding companies 
registered with the Federal Reserve Board and subject to regulations, examination, supervision and reporting requirements 
applicable to bank holding companies. In addition, the Federal Reserve Board has enforcement authority over Pioneer 
Bancorp, MHC and the Company and their non-bank subsidiaries. Among other things, this authority permits the Federal 
Reserve Board to restrict or prohibit activities that are determined to be a serious risk to the subsidiary bank. The Federal 
Reserve Board must generally approve the acquisition of additional banks or savings associations by bank holding 
companies. 
A bank holding company is generally prohibited from engaging in non-banking activities, or acquiring direct or 
indirect control of more than 5% of the voting securities of any company engaged in non-banking activities. One of the 
principal exceptions to this prohibition is for activities the Federal Reserve Board determines to be so closely related to 
banking or managing or controlling banks as to be a proper incident thereto. Some of the principal activities that the Federal 
Reserve Board has determined by regulation to be so closely related to banking are: (1) making or servicing loans; 
(2) performing certain data processing services; (3) providing discount brokerage services; (4) acting as fiduciary, 
investment or financial advisor; (5) leasing personal or real property; (6) making investments in corporations or projects 
designed primarily to promote community welfare; and (7) acquiring a savings and loan association whose direct and 
indirect activities are limited to those permitted for bank holding companies. 
The Gramm-Leach-Bliley Act of 1999 authorizes a bank holding company that meets specified conditions, 
including that its depository institution subsidiaries are “well capitalized” and “well managed,” to opt to become a 
“financial holding company.” A “financial holding company” may engage in a broader array of financial activities than 
permitted a typical bank holding company. Such activities can include insurance underwriting and investment banking. 
As of June 30, 2024, Pioneer Bancorp, MHC and the Company were not “financial holding companies.” 

30 
Capital. The Federal Reserve Board must establish for all bank holding companies minimum consolidated capital 
requirements that are as stringent as those required for their insured depository subsidiaries. Pursuant to the Regulatory 
Relief Act, bank holding companies with less than $3.0 billion in consolidated assets generally are not subject to the capital 
requirements unless otherwise advised by the Federal Reserve Board. 
Source of Strength Doctrine. The “source of strength doctrine” requires bank holding companies to provide 
assistance to their subsidiary depository institutions in the event the subsidiary depository institutions experience financial 
difficulty. The Federal Reserve Board has issued regulations requiring that all bank holding companies serve as a source 
of financial and managerial strength to their subsidiary depository institutions. 
Dividends and Stock Repurchases. A bank holding company is generally required to give the Federal Reserve 
Board prior written notice of any purchase or redemption of then outstanding equity securities if the gross consideration 
for the purchase or redemption, when combined with the net consideration paid for all such purchases or redemptions 
during the preceding 12 months, is equal to 10% or more of the company’s consolidated net worth. The Federal Reserve 
Board may disapprove such a purchase or redemption if it determines that the proposal would constitute an unsafe and 
unsound practice, or would violate any law, regulation, Federal Reserve Board order or directive, or any condition imposed 
by, or written agreement with, the Federal Reserve Board. There is an exception to this approval requirement for well-
capitalized bank holding companies that meet certain other conditions. 
The Federal Reserve Board has issued a policy statement regarding capital distributions, including dividends, by 
bank holding companies. In general, the policy provides that dividends should be paid only from current earnings and only 
if the prospective rate of earnings retention by the bank holding company appears consistent with the organization’s capital 
needs, asset quality and overall financial condition. The policy also requires that a bank holding company serve as a source 
of financial strength to its subsidiary banks by standing ready to use available resources to provide adequate capital funds 
to those banks during periods of financial stress or adversity, and by maintaining the financial flexibility and capital-raising 
capacity to obtain additional resources for assisting its subsidiary banks where necessary. Additionally, under the prompt 
corrective action laws, the ability of a bank holding company to pay dividends may be restricted if a subsidiary bank 
becomes undercapitalized. These regulatory policies could affect the ability of the Company to pay dividends or otherwise 
engage in capital distributions. 
Waivers of Dividends by Pioneer Bancorp, MHC. The Company may pay dividends on its common stock to 
public stockholders. If it does, it is also required to pay the same dividends per share to Pioneer Bancorp, MHC, unless 
Pioneer Bancorp, MHC elects to waive the receipt of dividends. Pioneer Bancorp, MHC must receive the prior approval 
of the Federal Reserve Board before it may waive the receipt of any dividends from the Company. However, current 
Federal Reserve Board policy prohibits a mutual holding company that is regulated as a bank holding company, such as 
Pioneer Bancorp, MHC, from waiving the receipt of dividends paid by its subsidiary holding company. Moreover, the 
Federal Reserve Board has issued an interim final rule applicable to federally-chartered mutual holding companies, stating 
that it will not object to dividend waivers under certain circumstances, provided (1) the mutual holding company’s 
members have approved the dividend waivers by a majority of eligible votes, (2) each officer or trustee of the mutual 
holding company and mid-tier stock holding company, and any tax-qualified or non-tax qualified stock benefit plan in 
which such individual participates that holds any shares of stock to which the waiver would apply waives the right to 
receive any dividends declared, or the dividend waivers are approved by a majority of the entire board of trustees of the 
mutual holding company with any officer or trustee of the mutual holding company having any direct or indirect ownership 
interest in the common stock of the subsidiary mid-tier holding company abstaining from the board of directors vote, and 
(3) any dividends waived by the mutual holding company are considered in determining an appropriate exchange ratio in 
the event of a conversion of the mutual holding company to stock form. 
Because of the foregoing Federal Reserve Board restrictions on the ability of a mutual holding company, such as 
Pioneer Bancorp, MHC, to waive the receipt of dividends declared by its subsidiary mid-tier stock holding company, it is 
unlikely that Pioneer Bancorp, MHC will be able to waive the receipt of any dividends declared by the Company. 
Therefore, unless Federal Reserve Board regulations or policy change by allowing Pioneer Bancorp, MHC to waive the 
receipt of dividends declared by the Company without diluting minority stockholders, it is unlikely that the Company will 
pay any dividends. 

31 
Possible Conversion of Pioneer Bancorp, MHC to Stock Form. In the future, Pioneer Bancorp, MHC may 
convert from the mutual to capital stock form of ownership, in a transaction commonly referred to as a “second-step 
conversion.” In a second-step conversion, depositors of the Bank would have subscription rights to purchase common 
stock of the fully-converted company and the public stockholders of the Company would be entitled to exchange their 
shares of common stock for an equal percentage of shares of the fully-converted company, subject to adjustment if required 
by the Federal Reserve Board, to reflect any dividends waived by Pioneer Bancorp, MHC or assets owned by Pioneer 
Bancorp, MHC. 
The board of trustees of Pioneer Bancorp, MHC has no current plans to undertake a second-step conversion 
transaction. Any second-step conversion transaction would require the approval of holders of a majority of the outstanding 
shares of the Company’s common stock (excluding shares held by Pioneer Bancorp, MHC) and the approval of depositors 
of the Bank. Stockholders will not be able to force a second-step conversion without the consent of Pioneer Bancorp, MHC 
since a second-step conversion also requires the approval of a majority of all of the outstanding common stock of the 
Company, which can only be achieved if Pioneer Bancorp, MHC votes to approve the second-step conversion. 
Acquisition. Federal laws and regulations provide that no person (including a company) may acquire direct or 
indirect control of a bank holding company, such as the Company, or a bank without the prior non-objection or approval 
of the Federal Reserve Board and/or the OCC pursuant to the Change in Bank Control Act and its implementing 
regulations. Control, as defined under the applicable regulations, means the power, directly or indirectly, to direct the 
management or policies of the company or to vote 25% or more of any class of voting securities of the company. 
Acquisition of 10% or more of any class of a bank holding company’s voting securities constitutes a rebuttable 
presumption of control under certain circumstances, including where, as is the case with the Company, the issuer has 
registered securities under Section 12 of the Securities Exchange Act of 1934.  
Any company that seeks to acquire “control” within the meaning of the Bank Holding Company Act, and the 
Federal Reserve Board regulations issued thereunder, must receive the prior approval of the Federal Reserve Board under 
that Act and, upon the acquisition, becomes a “bank holding company” subject to registration, examination and regulation 
by the Federal Reserve Board. 
Federal Securities Laws 
The Company’s common stock is registered with the SEC. The Company is subject to the information, proxy 
solicitation, insider trading restrictions and other requirements under the Securities Exchange Act of 1934. 
The registration under the Securities Act of 1933 of shares of common stock issued in the offering does not cover 
the resale of those shares. Shares of common stock purchased by persons who are not affiliates of the Company may be 
resold without registration. Shares purchased by an affiliate of the Company will be subject to the resale restrictions of 
Rule 144 under the Securities Act of 1933. If the Company meets the current public information requirements of Rule 144 
under the Securities Act of 1933, each affiliate that complies with the other conditions of Rule 144, including those that 
require the affiliate’s sale to be aggregated with those of other persons, would be able to sell in the public market, without 
registration, a number of shares not to exceed, in any three-month period, the greater of 1% of the outstanding shares of 
the Company, or the average weekly volume of trading in the shares during the preceding four calendar weeks. 
Emerging Growth Company Status. Under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), 
a company with total annual gross revenues of less than $1.235 billion during its most recently completed fiscal year 
qualifies as an “emerging growth company.” The Company qualifies as an emerging growth company under the JOBS 
Act. 
An “emerging growth company” may choose not to hold stockholder votes to approve annual executive 
compensation (more frequently referred to as “say-on-pay” votes), executive compensation payable in connection with a 
merger (more frequently referred to as “say-on-golden parachute” votes) or disclose pay vs. performance information. An 
emerging growth company also is not subject to the requirement that its auditors attest to the effectiveness of the company’s 
internal control over financial reporting, and can provide scaled disclosure regarding executive compensation. Finally, an 
emerging growth company may elect to comply with new or amended accounting pronouncements in the same manner as 

32 
a private company, but must make such election when the company is first required to file a registration statement. Such 
an election is irrevocable during the period a company is an emerging growth company. The Company has elected to 
comply with new or amended accounting pronouncements in the same manner as a private company. 
A company loses emerging growth company status on the earlier of: (1) the last day of the fiscal year of the 
company during which it had total annual gross revenues of $1.235 billion or more; (2) the last day of the fiscal year of 
the issuer following the fifth anniversary of the date of the first sale of common equity securities of the company pursuant 
to an effective registration statement under the Securities Act of 1933; (3) the date on which such company has, during the 
previous three-year period, issued more than $1.0 billion in non-convertible debt; or (4) the date on which such company 
is deemed to be a “large accelerated filer” under Securities and Exchange Commission regulations (generally, a “large 
accelerated filer” is defined as a corporation with at least $700 million of voting and non-voting equity held by non-
affiliates). 
Sarbanes-Oxley Act of 2002. The Sarbanes-Oxley Act is intended to improve corporate responsibility, provide 
for enhanced penalties for accounting and auditing improprieties at publicly traded companies and protect investors by 
improving the accuracy and reliability of corporate disclosures pursuant to the securities laws. The Company has policies, 
procedures and systems designed to comply with this Act and its implementing regulations, and the Company will review 
and document such policies, procedures and systems to ensure continued compliance. 
Incentive Compensation. In October 2022, the SEC adopted a final rule implementing the incentive-based 
compensation recovery (“clawback”) provisions of the Dodd-Frank Act. The final rule directs national securities 
exchanges and associations, including Nasdaq, to require listed companies to develop and implement clawback policies 
to recover erroneously awarded incentive-based compensation from current or former executive officers in the event of 
a required accounting restatement due to material noncompliance with any financial reporting requirement under the 
securities laws, and to disclose their clawback policies and any actions taken under these policies. On June 9, 2023, the 
SEC approved the Nasdaq proposed clawback listing standards, including the amendments that delayed the effective date 
of the rules to October 2, 2023. Each listed issuer, including the Company, was required to adopt a clawback policy 
within 60 days after the effective date, or December 1, 2023. The Company met the requirement. 
TAXATION 
Federal Taxation 
General. The Company and subsidiaries are subject to federal income taxation in the same general manner as 
other corporations, with some exceptions discussed below. The following discussion of federal taxation is intended only 
to summarize material federal income tax matters and is not a comprehensive description of the tax rules applicable to the 
Company and the Bank. 
Method of Accounting. For federal income tax purposes, the Company currently reports its income and expenses 
on the accrual method of accounting and uses a tax year ending December 31 for filing its federal income tax returns. 
Net Operating Loss Carryovers. Effective with the passage of the Tax Cuts and Jobs Act, net operating loss 
carrybacks are no longer permitted, and net operating losses are allowed to be carried forward indefinitely. Net operating 
loss carryforwards arising from tax years beginning after January 1, 2018 are limited to offset a maximum of 80% of a 
future year’s taxable income.  
Capital Loss Carryovers. Generally, a financial institution may carry back capital losses to the preceding three 
taxable years and forward to the succeeding five taxable years. Any capital loss carryback or carryover is treated as a short-
term capital loss for the year to which it is carried. As such, it is grouped with any other capital losses for the year to which 
carried and is used to offset any capital gains. Any loss remaining after the five year carryover period that has not been 
deducted is no longer deductible. At June 30, 2024, the Bank had no capital loss carryovers. 
Corporate Dividends. We may generally exclude from our income 100% of dividends received from the Bank as 
a member of the same affiliated group of corporations. 

33 
Audit of Tax Returns. The Company’s federal income tax returns and New York State income tax returns have 
not been audited in the last three years. 
State Taxation 
Taxable income is apportioned to New York State based on the location of the taxpayer’s customers, with special 
rules for income from certain financial transactions. The location of the taxpayer’s offices and branches are not relevant 
to the determination of income apportioned to New York State. The statutory tax rate is currently 6.5% if New York State 
business income is less than $5.0 million, or 7.25% if New York State business income exceeds $5.0 million. An alternative 
tax on apportioned capital, capped at $5.0 million for a tax year, is imposed to the extent that it exceeds the tax on 
apportioned income. The New York State alternative tax rate is 0.1875% for tax years 2021-2024. Qualified community 
banks and thrift institutions that maintain a qualified loan portfolio are entitled to a specially computed modification that 
reduces the income taxable to New York State. 
 
 

34 
ITEM 1A. 
Risk Factors 
Risk Factors Summary 
An investment in our common stock involves substantial risks and uncertainties. Stockholders should carefully 
consider all of the information in this section. The most significant risks include the following: 
Risks Related to Changes in Macroeconomic Conditions, Interest Rates and Inflation 
• 
Our business may be adversely affected by economic downturns in our market area and the national economy. 
• 
Changes in interest rates may reduce our profits. 
• 
Inflation can have an adverse impact on our business and on our customers.  
• 
Certain events involving the failure of financial institutions may adversely affect our business, and the market price 
of our common stock. 
• 
Lawmakers’ failure to address the federal debt ceiling in a timely manner, downgrades of the U.S. credit rating and 
uncertain credit and financial market conditions may affect the stability of securities issued or guaranteed by the 
federal government, which may affect the valuation or liquidity of our investment securities portfolio and increase 
future borrowing costs. 
• 
Changes in market conditions, changes in discount rates, changes in mortality assumptions or lower returns on assets 
may increase required contributions to, and costs associated with, our tax-qualified defined benefit plan in future 
periods. 
Risks Related to Lending 
• 
We have a significant number of loans secured by real estate, and a downturn in the local real estate market could 
negatively impact our profitability. 
• 
Our loan portfolio consists of a high percentage of loans secured by commercial real estate. These loans carry a greater 
credit risk than loans secured by one- to four-family properties. 
• 
A portion of our loan portfolio is comprised of commercial and industrial loans secured by accounts receivable, 
inventory, equipment or other business assets, the deterioration in value of which could increase the potential for 
future losses. 
• 
We make and hold in our portfolio commercial construction loans, which are considered to have greater credit risk 
than residential loans made by financial institutions. 
• 
Our allowance for credit losses on loans may not be sufficient to absorb losses in our loan portfolio. 
• 
If our non-performing assets increase, our earnings will be adversely affected. 
• 
A portion of our loan portfolio consists of loan participations secured by properties outside our market area. Loan 
participations may have a higher risk of loss than loans we originate because we are not the lead lender and we have 
limited control over credit monitoring. 
Risks Related to Legal, Regulatory, Fraud and Compliance Matters 
• 
We are subject to fraud and compliance risk. 
• 
We are a defendant in a variety of litigation and other actions, which may have a material adverse effect on our 
financial condition and results of operations. 
• 
We are subject to sanctions and other negative actions if regulatory agencies with supervisory authority over us 
determine that we failed to comply with applicable laws and regulations. 
• 
Conversion to a national bank subjects the Bank to new and potentially heightened examination and reporting 
requirements that may increase our costs of operations and compliance. 
• 
Non-compliance with the USA PATRIOT Act, Bank Secrecy Act, or other laws and regulations will subject us to 
fines or sanctions. 
• 
We are subject to the Community Reinvestment Act (“CRA”) and fair lending laws, and failure to comply with these 
laws could lead to material penalties. 
• 
The level of our commercial real estate loan portfolio subjects us to additional regulatory scrutiny. 

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• 
We are subject to environmental liability risk associated with lending activities. 
• 
Climate change and related legislative and regulatory initiatives may materially affect our business and results of 
operations. 
• 
Increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with 
respect to our environmental, social and governance practices may impose additional costs on us or expose us to new 
or additional risks. 
Risks Relating to Accounting Matters 
• 
Changes in management’s estimates and assumptions may have a material impact on our consolidated financial 
statements and our financial condition or operating results. 
• 
Changes in accounting standards could affect reported earnings. 
• 
The cost of additional finance and accounting systems, procedures and controls in order to satisfy our public company 
reporting requirements has increased and will continue to increase our expenses. 
Risks Related to Liquidity 
• 
A lack of liquidity could adversely affect our financial condition and results of operations. 
• 
Municipal deposits are price sensitive and could result in an increase in interest expense or funding fluctuations. 
Risks Related to Our Insurance and Wealth Management Businesses 
• 
Conditions in insurance markets could adversely affect our earnings. 
• 
Involvement in wealth management creates risks associated with the industry. 
• 
We may not be able to attract and retain wealth management clients. 
Risks Related to Our Securities Portfolio 
• 
Changes in the valuation of our securities portfolio may reduce our profits and our capital levels. 
Risks Related to Competition  
• 
Strong competition within our market area may reduce our profits and slow growth. 
Risks Related to Operations 
• 
We use a third party to originate residential mortgage loans. 
• 
Our business strategy involves moderate growth, and our financial condition and results of operations may be 
adversely affected if we fail to grow or fail to manage our growth effectively. 
• 
We continually encounter technological changes and the failure to understand and adapt to these changes could hurt 
our business. 
• 
We are subject to stringent capital requirements, which may adversely impact our return on equity, require us to raise 
additional capital, or restrict us from paying dividends or repurchasing shares. 
• 
Our success depends on attracting and retaining certain key personnel. 
• 
Systems failures or breaches of our network security could subject us to increased operating costs as well as litigation 
and other liabilities. 
• 
Our risk management framework may not be effective in mitigating risk and reducing the potential for significant 
losses. 
• 
We are a community financial institution and our ability to maintain our reputation is critical to the success of our 
business and the failure to do so may materially adversely affect our performance. 
• 
Severe weather, acts of terrorism, geopolitical and other external events could impact our ability to conduct business. 

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Risks Relating to Ownership of Our Common Stock 
• 
Pioneer Bancorp, MHC’s majority control of our common stock will enable it to exercise voting control over most 
matters put to a vote of stockholders and will prevent stockholders from forcing a sale or a second-step conversion 
transaction you may find advantageous. 
• 
Our common stock is not heavily traded, and the stock price may fluctuate significantly. 
• 
Federal Reserve Board regulations and policy effectively prohibit Pioneer Bancorp, MHC from waiving the receipt 
of dividends, which will likely preclude us from paying any dividends on our common stock. 
• 
Various factors may make takeover attempts more difficult to achieve. 
• 
We are an emerging growth company, and if we elect to comply only with the reduced reporting and disclosure 
requirements applicable to emerging growth companies, our common stock may be less attractive to investors. 
 
Risks Related to Changes in Macroeconomic Conditions, Interest Rates and Inflation 
Our business may be adversely affected by economic downturns in our market area and the national economy. 
Unlike larger financial institutions that are more geographically diversified, our profitability depends primarily 
on the general economic conditions in our primary market area, the Capital Region of New York and surrounding markets. 
Local economic conditions have a significant impact on our residential real estate, commercial real estate, construction, 
commercial and industrial and consumer lending, including, the ability of borrowers to repay these loans and the value of 
the collateral securing these loans. 
Economic conditions in our primary market continue to be impacted by the inflationary and high interest rate 
environment. Any further deterioration in economic conditions could result in the following consequences, any of which 
could have a material adverse effect on our business, financial condition, liquidity and results of operations: 
• 
continued decreases in deposits may impact our liquidity; 
• 
demand for our products and services may decrease; 
• 
loan delinquencies, problem assets and foreclosures may increase; 
• 
collateral for loans, especially real estate, may decline in value, thereby reducing customers’ future 
borrowing power, and reducing the value of assets and collateral associated with existing loans; 
• 
the value of our securities portfolio may decrease; and 
• 
the net worth and liquidity of loan guarantors may decrease, thereby impairing their ability to honor 
commitments made to us. 
Moreover, a significant decline in general economic conditions, caused by inflation, unemployment, recession, 
acts of terrorism, civil unrest, natural disasters, an outbreak of hostilities or other international or domestic calamities or 
other factors beyond our control could negatively impact our primary marketplace and could negatively affect our financial 
performance.  
 
 

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Changes in interest rates may reduce our profits. 
Our profitability, like that of most financial institutions, depends to a large extent upon our net interest income, 
which is the difference between our interest income on interest-earning assets, such as loans and securities, and our interest 
expense on interest-bearing liabilities, such as deposits and borrowed funds. Accordingly, our results of operations depend 
largely on movements in market interest rates and our ability to manage our interest-rate-sensitive assets and liabilities in 
response to these movements. Factors such as inflation, recession and instability in financial markets, among other factors 
beyond our control, may affect interest rates. 
During 2022 and 2023, the Federal Reserve Board in order to combat high inflation increased the Fed Funds 
target range multiple times to its current target range of 5.25% to 5.50% as of June 30, 2024. The current consensus is that 
rates will likely be decreased during the second half of calendar 2024 and 2025. Decreases in interest rates can result in 
increased prepayments of loans and mortgage-related securities, as borrowers refinance to reduce their borrowing costs. 
Under these circumstances, we are subject to reinvestment risk as we may have to reinvest such loan or securities 
prepayments into lower-yielding assets, which may also negatively impact our income. Conversely, increases in interest 
rates can result in interest rates on our deposits increasing faster than the interest rates we receive on our loans and 
investments, causing our interest rate spread to decrease, which would have a negative effect on our net interest income 
and profitability. Furthermore, increases in interest rates may adversely affect the ability of borrowers to make loan 
repayments on adjustable-rate loans, as the interest owed on such loans would increase as interest rates increase.  
If interest rates do decrease, we expect that our net portfolio value of equity would increase. Net portfolio value 
of equity represents the present value of the expected cash flows from our assets less the present value of the expected 
cash flows arising from our liabilities, adjusted for the value of off-balance sheet contracts. At June 30, 2024 and assuming 
a 200 basis points decrease in market interest rates, we estimate that our net portfolio value would increase by  
$52.2 million, or 16.9%. Additionally, at June 30, 2024, and assuming a 200 basis points increase in market interest rates, 
we estimate that our net portfolio value would decrease by $72.1 million, or 23.4%. 
Any substantial, unexpected or prolonged change in market interest rates could have a material adverse effect on 
our financial condition, liquidity and results of operations. While we pursue an asset/liability strategy designed to mitigate 
our risk from changes in interest rates, changes in interest rates can still have a material adverse effect on our financial 
condition, liquidity and results of operations. Changes in interest rates also may negatively affect our ability to originate 
real estate loans, the value of our assets and our ability to realize gains from the sale of our assets, all of which ultimately 
affect our earnings. Also, our interest rate risk modeling techniques are based on management’s predictions, assumptions, 
and estimates, and there can be no assurance that our risk modeling will accurately predict or capture the impact of actual 
interest rate changes on our balance sheet or projected operating results. 
Inflation can have an adverse impact on our business and on our customers.  
Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as 
inflation decreases the value of money. As a result of sustained inflationary pressures, the Federal Reserve Board has 
increased the federal funds rate to a target range of 5.25% to 5.50% as of June 30, 2024. The Federal Reserve Board also 
plans to continue to reduce the size of its balance sheet in 2024, although at a slower pace than it did in 2023. To the extent 
these interventions do not mitigate the volatility and uncertainty related to inflation and the effects of inflation, or to the 
extent conditions otherwise worsen, we could experience adverse effects on our business, financial condition, and results 
of operations. As inflation increases, the value of our investment securities, particularly those with longer maturities, would 
decrease, although this effect can be less pronounced for floating rate instruments. In addition, inflation increases the cost 
of goods and services we use in our business operations, such as electricity and other utilities, which increases our 
noninterest expenses. Furthermore, our customers are also affected by inflation and the rising costs of goods and services 
used in their households and businesses, which could have a negative impact on their ability to repay their loans with us.  

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Certain events involving the failure of financial institutions may adversely affect our business, and the market price 
of our common stock. 
The bank failures of Silicon Valley Bank and Signature Bank in March 2023 and First Republic Bank in 
May 2023 have generated significant market volatility among publicly traded bank holding companies and, in particular, 
regional banks. Developments and events in the financial services industry, including the large-scale deposit withdrawals 
over a short period of time at Silicon Valley Bank, Signature Bank and First Republic Bank that resulted in the failure of 
those institutions have resulted in decreased confidence in banks among depositors, other counterparties and investors, as 
well as significant disruption, volatility and reduced valuations of equity and other securities of banks in the capital 
markets. As a result, customers may choose to maintain deposits with larger financial institutions or invest in higher 
yielding short-term fixed income securities, all of which could materially adversely impact our liquidity, cost of funding, 
loan funding capacity, net interest margin, capital and results of operations. These events have occurred against the 
backdrop of a rapidly rising interest rate environment which, among other things, has resulted in unrealized losses in longer 
duration securities and loans held by banks, more competition for bank deposits and may increase the risk of a potential 
recession. These events and developments could materially and adversely impact our business or financial condition, 
including through potential liquidity pressures, reduced net interest margins, and potential increased credit losses. 
Notwithstanding our management’s belief that our liquidity and capitalization are sufficient to meet our requirements and 
applicable regulatory standards, large deposit outflows could materially and adversely affect our financial condition and 
results of operations.  
These rapid bank failures have also highlighted risks associated with advances in technology that increase the 
speed at which information, concerns and rumors can spread through traditional and new media, and increase the speed at 
which deposits can be moved from bank to bank or outside the banking system, heightening liquidity concerns of 
traditional banks. While regulators and large banks have taken steps designed to increase liquidity at regional banks and 
strengthen depositor confidence in the broader banking industry, there can be no guarantee that these steps will stabilize 
the financial services industry and financial markets. These events may also result in increased regulatory scrutiny, changes 
to laws or regulations governing banks and bank holding companies or result in the impositions of restrictions through 
supervisory or enforcement activities, including higher capital requirements, which could have a material adverse impact 
on our business. The cost of resolving these failures may prompt the FDIC to increase its assessment rates, to require 
prepayments in FDIC insurance premiums or to issue additional special assessments that apply to all financial institutions, 
to the extent that they result in increased deposit insurance costs, would reduce our profitability.  
Lawmakers’ failure to address the federal debt ceiling in a timely manner, downgrades of the U.S. credit rating 
and uncertain credit and financial market conditions may affect the stability of securities issued or guaranteed by 
the federal government, which may affect the valuation or liquidity of our investment securities portfolio and 
increase future borrowing costs. 
As a result of uncertain political, credit and financial market conditions, including the potential consequences of 
the federal government defaulting on its obligations for a period of time due to federal debt ceiling limitations or other 
unresolved political issues, investments in financial instruments issued or guaranteed by the federal government pose credit 
default and liquidity risks. Given that future deterioration in the U.S. credit and financial markets is a possibility, no 
assurance can be made that losses or significant deterioration in the fair value of our U.S. government issued or guaranteed 
investments will not occur. At June 30, 2024, we had approximately $243.5 million invested in U.S. government and 
agency obligations. The 2024 downgrade by Fitch Rating Services to the U.S. credit rating could affect the stability of 
securities issued or guaranteed by the federal government and the valuation or liquidity of our portfolio of such investment 
securities, and could result in our counterparties requiring additional collateral for our borrowings. Further, instability in 
the U.S. political, credit and financial market conditions may increase our future borrowing costs.  

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Changes in market conditions, changes in discount rates, changes in mortality assumptions or lower returns on 
assets may increase required contributions to, and costs associated with, our tax-qualified defined benefit plan in 
future periods. 
The funded status and benefit obligations of our tax-qualified defined benefit plan (“pension plan”) are dependent 
upon many factors, including returns on invested assets, certain market interest rates, and the discount rates and mortality 
assumptions used to determine pension obligations. The pension plan liability is calculated based on various actuarial 
assumptions, including mortality expectations, discount rates and expected long-term rates of return on plan assets. 
Unfavorable returns on plan assets could materially change the amount of required plan funding, which would reduce the 
cash available for our operations. In addition, a decrease in the discount rate and/or changes in the mortality assumptions 
used to determine pension obligations could increase the estimated value of our pension obligations, which would require 
us to increase the amounts of future contributions to the plan, thereby reducing our equity and our costs associated with 
the plan may substantially increase in future periods. 
Risks Related to Lending 
We have a significant number of loans secured by real estate, and a downturn in the local real estate market could 
negatively impact our profitability. 
At June 30, 2024, approximately $1.3 billion, or 91.6%, of our total loan portfolio was secured by real estate, 
most of which is located in our primary lending market, the Capital Region of New York and surrounding markets. 
Declines in real estate values in the Capital Region of New York and surrounding markets as a result of unemployment, 
inflation, changes in tax laws, a recession or other factors outside our control could significantly impair the value of the 
collateral securing our loans and our ability to sell the collateral upon foreclosure for an amount necessary to satisfy the 
borrower’s obligations to us. This could require increasing our allowance for credit losses on loans to address the decrease 
in the value of the real estate securing our loans, which could have a material adverse effect on our business, financial 
condition, results of operations and growth prospects. 
Our loan portfolio consists of a high percentage of loans secured by commercial real estate. These loans carry a 
greater credit risk than loans secured by one- to four-family properties. 
Our loan portfolio includes commercial real estate loans, primarily loans secured by multi-family properties, 
office buildings, industrial facilities, retail facilities and other commercial properties. At June 30, 2024, our commercial 
real estate loans totaled $406.2 million, or 29.7%, of our total loan portfolio. Our commercial real estate loans expose us 
to greater risk of nonpayment and loss than residential mortgage loans because repayment of the loans often depends on 
the successful operation and income stream of the borrower’s business. Continued uncertainty or weakness in economic 
conditions may impair a borrower's business operations and lead to existing lease turnover. Vacancy rates for retail, office 
and industrial space may increase, which could result in rents falling. The combination of these factors could result in 
deterioration in the fundamentals underlying the commercial real estate market and the deterioration in value of some of 
our loans, especially in industries that have been particularly adversely impacted by long-term work-from-home 
arrangements, including retail stores, hotels and office buildings, for example. Any such deterioration could adversely 
affect the ability of our borrowers to repay the amounts due under their loans. If we foreclose on these loans, our holding 
period for the collateral typically is longer than for a one- to four-family residential property because there are fewer 
potential purchasers of the collateral. In addition, commercial real estate loans typically involve larger loan balances to 
single borrowers or groups of related borrowers compared to residential mortgage loans. Accordingly, charge-offs on 
commercial real estate loans may be larger on a per loan basis than those incurred with our residential or consumer loan 
portfolios. An unexpected adverse development on one or more of these types of loans can expose us to a significantly 
greater risk of loss compared to an adverse development with respect to a residential mortgage loan. In addition, the 
physical condition of non-owner occupied properties may be below that of owner-occupied properties due to lax property 
maintenance standards, which have a negative impact on the value of the collateral properties. As our commercial real 
estate loans increase, the corresponding risks and potential for losses from these loans may also increase, which would 
adversely affect our business, financial condition and results of operations. 

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A portion of our loan portfolio is comprised of commercial and industrial loans secured by accounts receivable, 
inventory, equipment or other business assets, the deterioration in value of which could increase the potential for 
future losses. 
At June 30, 2024, $101.2 million, or 7.4% of our total loan portfolio, was comprised of commercial and industrial 
loans and lines of credit to a variety of small and medium-sized businesses in our market area collateralized by general 
business assets including, among other things, accounts receivable and inventory, and we may augment this collateral with 
additional liens on real property. These commercial and industrial loans are typically larger in amount than loans to 
individuals and, therefore, have the potential for larger losses on a per loan basis. Additionally, the repayment of 
commercial and industrial loans is subject to the ongoing business operations of the borrower. The collateral securing such 
loans generally includes moveable property such as inventory, which may decline in value more rapidly than we anticipate, 
or may be difficult to market and sell, exposing us to increased credit risk. For loans secured by accounts receivable, the 
availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to 
collect amounts due from its customers. Significant adverse changes in the economy or local market conditions in which 
our commercial lending customers operate or individual business activities of our commercial customers could cause rapid 
declines in loan collectability and the values associated with general business assets, resulting in inadequate collateral 
coverage that may expose us to credit losses and could adversely affect our business, financial condition and results of 
operations. 
We make and hold in our portfolio commercial construction loans, which are considered to have greater credit risk 
than residential loans made by financial institutions. 
We originate and purchase commercial construction loans primarily to local developers to finance the 
construction of commercial and multi-family properties or to acquire land for development of commercial and multi-
family properties and to finance infrastructure improvements. We also provide commercial construction loans to local 
developers for the construction of one- to four-family residential developments, and originate rehabilitation loans, enabling 
the borrower to partially or totally refurbish an existing structure. At June 30, 2024, commercial construction loans were 
$118.4 million, or 8.7% of our total loan portfolio. We also had undrawn amounts on the commercial construction loans 
totaling $52.7 million at June 30, 2024. The primary credit risks associated with construction lending are underwriting 
risks, project risks and market risks. Project risks include cost overruns, borrower credit risk, project completion risk, 
general contractor credit risk, and environmental and other hazard risks. Market risks are risks associated with the sale of 
the completed project. They include affordability risk, which means the risk of affordability of financing by borrowers, 
product design risk, and risks posed by competing projects. 
Commercial construction loans are considered more risky than residential mortgage loans because funds are 
advanced based on an estimate of costs that will produce a future value at completion. Uncertainties inherent in estimating 
construction costs and the market value of the completed project, as well as the effects of governmental regulation, make 
it difficult to accurately evaluate the total funds required to complete a project and the completed project’s loan-to-value 
ratio. If our estimated value of a completed project proves to be overstated, we may have inadequate security for the 
repayment of the loan upon completion of construction of the project and may incur a loss.  
Construction loans may also require active monitoring of the building process, including cost comparisons and 
on-site inspections, making these loans more difficult and costly to monitor. Properties under construction are often 
difficult to sell and typically must be completed in order to be successfully sold which can complicate the process of 
working out problem construction loans. This may require us to advance additional funds and/or contract with another 
builder to complete construction and assume the market risk of selling the project at a future market price, which may or 
may not enable us to fully recover unpaid loan funds and associated construction and liquidation costs. Furthermore, in 
the case of speculative construction loans, there is the added risk associated with identifying an end-purchaser for the 
finished project. Loans on land under development or held for future construction pose additional risks because of the lack 
of income being produced by the property and the potential illiquid nature of the collateral. These risks can be significantly 
impacted by supply and demand. As a result, this type of lending often involves the disbursement of substantial funds with 
repayment dependent on the success of the ultimate project and the ability of the borrower to sell or lease the property, 
rather than the ability of the borrower or guarantor themselves to repay principal and interest. A material increase in our 
non-performing construction loans could have a material adverse effect on our financial condition and results of operation. 

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Our allowance for credit losses on loan may not be sufficient to absorb losses in our loan portfolio. 
We maintain an allowance for credit losses on loans, which is established through a provision for credit losses 
that represents management’s best estimate of credit losses within our existing portfolio of loans. We make various 
assumptions and judgments about the collectability of loans in our portfolio, including the creditworthiness of borrowers 
and the value of the real estate and other assets serving as collateral for the repayment of loans. In determining the adequacy 
of the allowance for credit losses on loans, we rely on our experience and our evaluation of economic conditions. If our 
assumptions prove to be incorrect, or if certain intervening events occur (like fraud by a customer or the COVID-19 
pandemic), our allowance for credit losses on loans may not be sufficient to cover losses in our loan portfolio, and 
adjustments may be necessary to address different economic conditions or adverse developments in our loan portfolio. 
Consequently, a problem with one or more loans could require us to significantly increase our provision for credit losses. 
In addition, banking regulators periodically review our allowance for credit losses on loans and may require us to increase 
our provision for credit losses or recognize additional loan charge-offs. Material additions to the allowance for credit losses 
on loans would materially decrease our net income and would adversely affect our business, financial condition and results 
of operations. 
If our non-performing assets increase, our earnings will be adversely affected. 
At June 30, 2024, our non-performing assets, which consist of non-performing loans and other real estate owned, 
were $9.2 million, or 0.49% of total assets. Our non-performing assets adversely affect our net income in various ways: 
• 
we record interest income only on the cash basis or cost-recovery method for non-accrual loans and we 
do not record interest income for other real estate owned; 
• 
we must provide for loan losses through a current period charge to the provision for credit losses; 
• 
non-interest expense increases when we write down the value of properties in our other real estate owned 
portfolio to reflect changing market values; 
• 
there are legal fees associated with the resolution of problem assets, as well as carrying costs, such as 
taxes, insurance, and maintenance fees; and 
• 
the resolution of non-performing assets requires the active involvement of management, which can 
distract them from more profitable activity. 
If additional borrowers become delinquent and do not pay their loans and we are unable to successfully manage 
our non-performing assets, our losses and troubled assets could increase significantly, which could have a material adverse 
effect on our financial condition and results of operations. 
 
 

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A portion of our loan portfolio consists of loan participations secured by properties outside our market area. Loan 
participations may have a higher risk of loss than loans we originate because we are not the lead lender and we 
have limited control over credit monitoring. 
We purchase commercial real estate, commercial and industrial and commercial construction loan participations 
(loans made by a group of lenders, including us, who share or participate in a specific loan) secured by properties outside 
our market area in which we are not the lead lender. We have purchased loan participations secured by various types of 
collateral such as real estate, equipment and other business assets. Loan participations may have a higher risk of loss than 
loans we originate because we rely in part on the lead lender to monitor the performance of the loan. Moreover, our 
decisions regarding the classification of a loan participation and loan loss provisions associated with a loan participation 
are made in part based upon information provided by the lead lender. A lead lender also may not monitor a participation 
loan in the same manner as we would for loans that we originate. At June 30, 2024, there were $14.4 million commercial 
construction, $2.4 million commercial real estate and no commercial and industrial loan participations outside our market 
area. At June 30, 2024, no loan participations were delinquent 60 days or more. If our underwriting of these participation 
loans is not sufficient, our non-performing loans may increase and our earnings may decrease. 
We may, in the future, participate in structured financing transactions involving businesses inside and outside our 
market area that require alternative financing arrangements. While these types of arrangements may generate more income 
than our traditional commercial loans that we originate and hold in our portfolio, they generally have greater credit risk 
because they involve lending to borrowers with higher risk profiles, the issuance of more complex financial instruments 
and the valuation of more complex underlying collateral. 
Risks Related to Legal, Regulatory, Fraud and Compliance Matters 
We are subject to fraud and compliance risk. 
We are susceptible to fraudulent activity committed against us or our clients, which has in the past and may 
continue to result in negative impacts to the Company which may include, but are not limited to, financial losses or 
increased costs to us or our clients, disclosure or misuse of our information or our client information, misappropriation of 
assets, privacy breaches against our clients, litigation, governmental and regulatory sanctions and penalties, or damage to 
our reputation. We have experienced fraudulent activities that are adversely impacting our current financial performance 
and results of operations. See “Part II, Item 8–Financial Statements and Supplementary Data- Note 14 – Commitments 
and Contingent Liabilities – Legal Proceedings and Other Contingent Liabilities,” for details. We expect these activities 
to continue to negatively impact our financial performance and results of operations. We are involved in numerous legal 
and other proceedings due to, among other reasons, the Mann Entities related fraudulent activity. See “Item 3 – Legal 
Proceedings,” for details. See “We are subject to sanctions and other negative actions if regulatory agencies with 
supervisory authority over us determine that we failed to comply with applicable laws and regulations” below. 
We are also subject to fraud and compliance risk, and have experienced fraudulent activities, in connection with 
the origination of loans, ACH transactions, wire transactions, ATM transactions, checking transactions, and debit cards 
that we have issued to our customers and through our online banking portals. There can be no assurance that such incidents 
or losses will not occur again or that such acts will be detected in a timely manner.  
We maintain a system of internal controls and other measures to mitigate against such risks, including data 
processing system failures and errors, and customer fraud. If we fail to prevent or detect any such occurrence, or if any 
resulting loss is not insured, exceeds applicable insurance limits or if the insurance companies dispute or deny coverage, 
it could have a material adverse effect on our business, financial condition and results of operations. With respect to the 
fraud described in “Part II, Item 8–Financial Statements and Supplementary Data- Note 14 – Commitments and Contingent 
Liabilities – Legal Proceedings and Other Contingent Liabilities,” and the proceedings described in “Item 3 – Legal 
Proceedings,” our insurance carriers have (a) denied coverage with respect to some of the claims, (b) accepted coverage, 
subject to certain conditions, with respect to some of the claims, and (c) sought additional information from the Company 
in order to further evaluate coverage. Costs related to the proceedings described in these two sections have exceeded the 
applicable limits and deductibles of our insurance policies. Further, though certain legal fees and expenses associated with 
these proceedings have been borne by our insurance carriers, up to applicable coverage limits and deductibles, such limits 

43 
and deductibles have been met and/or exceeded, and we do not expect to recognize any additional insurance recoveries 
related to these claims. Because the amounts and timing of such legal fees and litigation-related expenses are inherently 
difficult to predict, there can be no assurance that legal fees and litigation-related expenses incurred by us in these 
proceedings will not continue to materially exceed the applicable insurance coverage limits and deductibles. 
We are a defendant in a variety of litigation and other actions, which may have a material adverse effect on our 
financial condition and results of operations.  
The Company and the Bank are involved in a variety of litigation and other proceedings. See “Item 3 – Legal 
Proceedings,” and “Part II, Item 8–Financial Statements and Supplementary Data- Note 14 – Commitments and 
Contingent Liabilities – Legal Proceedings and Other Contingent Liabilities,” for details. We are prosecuting and 
defending these lawsuits and other proceedings vigorously, and management believes that the Bank has substantial 
defenses to the claims that have been asserted. The ultimate outcome of any such proceedings cannot be predicted with 
any certainty. It also remains possible that other private parties or governmental authorities will pursue additional claims 
against the Bank as a result of the Bank’s dealings with certain of the Mann Entities or as a result of the actions taken by 
the Pioneer Parties. The Company’s and the Bank’s legal fees, costs and expenses related to these actions are significant 
and are expected to continue to be significant. In addition, costs associated with potentially prosecuting, litigating or 
settling any litigation, satisfying any adverse judgments, if any, or other proceedings, could be significant. These future 
costs, settlements, judgments, sanctions or other expenses could have a material adverse effect on the Company’s financial 
condition, results of operations or cash flows. 
In addition, it is inherently difficult to assess the outcome of these matters, and we may not prevail in such 
proceedings or litigation. Any such legal or regulatory actions will subject us to substantial compensatory or punitive 
damages, significant fines, sanctions, penalties, obligations to change our business practices or other requirements resulting 
in increased expenses, diminished income and damage to our reputation. Our involvement in any such matters, whether 
tangential or otherwise, and even if the matters are ultimately determined in our favor, could also cause significant harm 
to our reputation and divert management’s attention from the operation of our business.  In view of the inherent difficulty 
of predicting the outcome of such matters, we cannot predict the eventual outcome of the pending matters, timing of the 
ultimate resolution of these matters, or eventual loss, fines or penalties related to each pending matter. We establish an 
accrued liability when those matters present loss contingencies that are both probable and estimable. These estimates are 
based upon currently available information and are subject to significant judgment, a variety of assumptions and known 
and unknown uncertainties. See “Item 3 – Legal Proceedings,” for details. As a result, the ultimate outcome of our legal 
or regulatory actions could have a material adverse effect on the Company’s financial condition and results of operations. 
We are subject to sanctions and other negative actions if regulatory agencies with supervisory authority over us 
determine that we failed to comply with applicable laws and regulations. 
As described in the section captioned “Supervision and Regulation” included in Part I above, we are subject to 
extensive regulation, supervision and examination by our banking regulators, the OCC, the FDIC, and the Federal Reserve 
Board. Such regulation and supervision govern the activities in which a financial institution and its holding company may 
engage and are intended primarily for the protection of the insurance fund and the depositors and borrowers of the Bank 
rather than for the protection of our stockholders. In addition, we are involved in a number of legal, regulatory, 
governmental and other proceedings, claims or investigations. See “Item 3 – Legal Proceedings,” for details. The various 
regulatory agencies with supervisory authority over us have significant latitude in addressing our compliance with 
applicable laws and regulations including, but not limited to, those governing consumer compliance, credit, fair lending, 
anti-money laundering, anti-terrorism, capital adequacy, asset quality, interest rate risk, management, earnings, liquidity, 
and various other factors affecting us. As part of this regulatory structure, we are subject to policies and other guidance 
developed by the regulatory agencies with respect to, among other things, capital levels, the timing and amount of dividend 
payments, the classification of assets and the establishment of adequate loan loss reserves for regulatory purposes. Our 
regulators have broad discretion to impose monetary fines, restrictions and limitations on our operations, and other possible 
sanctions if they determine, for any reason, that our operations are unsafe or unsound, fail to comply with applicable law 
or are otherwise inconsistent with laws and regulations or with the supervisory policies of these agencies. For example, if 
it is determined that we have failed to operate according to the regulations, policies and directives of our regulators, we 
would be subject to sanctions for non-compliance, including seizure of the property and business of the bank and 

44 
suspension or revocation of our charter. In addition, our regulators may, under certain circumstances, suspend or remove 
officers or directors who have violated the law, conducted our business in an unsafe or unsound manner, or contrary to the 
depositors’ interests, or have been negligent in the performance of their duties. In addition, if it is determined that we have 
engaged in an unfair or deceptive act or practice, our regulators may issue an order to cease and desist and impose a fine 
us. New York consumer protection and civil rights statutes applicable to the Bank permit private individual and class 
action lawsuits, and provide for the rescission of consumer transactions, including loans, and the recovery of statutory and 
punitive damages and attorney’s fees in the case of certain violations of those statutes. It is possible that regulators may 
impose any or all of these sanctions if they determine that we have failed to comply with applicable laws or regulations. 
As described in our filings with the SEC, we have experienced fraudulent activities that are adversely impacting 
our current financial performance and results of operations. As a result, we are involved in numerous legal and other 
proceedings due to, among other reasons the Mann Entities related fraudulent activity. This has also resulted in increased 
scrutiny on our business from the various regulatory agencies with supervisory authority over us. If any of these regulatory 
agencies suspect or determine that there has been a failure on our part to comply with current laws, regulations, other 
regulatory requirements or safe and sound banking, insurance, or investment advisory practices or concerns about our 
financial condition, or any related regulatory proceedings, investigations, sanctions, penalties or adverse actions against 
us, could have a material adverse effect on our business, financial condition or results of operations, increase our costs or 
restrict our ability to expand our business and result in damage to our reputation. 
Conversion to a national bank subjects the Bank to new and potentially heightened examination and reporting 
requirements that may increase our costs of operations and compliance. 
On April 1, 2024, the Bank completed its conversion to a national bank following approval of the conversion by 
the OCC, the regulator of national banks. Following the completion of the conversion, the Bank is now subject to the 
supervision, regulation and examination by the OCC. As a result of the conversion, the Bank is subject to new and 
potentially heightened examination and reporting requirements that may increase our costs of operations and compliance. 
Non-compliance with the USA PATRIOT Act, Bank Secrecy Act, or other laws and regulations will subject us to 
fines or sanctions. 
The USA PATRIOT and Bank Secrecy Acts require financial institutions to develop programs to prevent financial 
institutions from being used for money laundering and terrorist activities. Once such activities are detected, financial 
institutions are obligated to file suspicious activity reports with the U.S. Treasury’s Office of Financial Crimes 
Enforcement Network. These rules require financial institutions to establish procedures for identifying and verifying the 
identity of customers that open new financial accounts. Failure to comply with these regulations could result in fines or 
sanctions. Failure to adequately develop, design and maintain our Bank Secrecy Act programs could lead to sanctions and 
other negative actions, restrictions on conducting acquisitions or establishing new branches and other regulatory actions 
which would have serious reputational consequences for us, and which would have a material adverse effect on our 
business, financial condition or results of operations. 
We are subject to the Community Reinvestment Act (“CRA”) and fair lending laws, and failure to comply with 
these laws could lead to material penalties. 
The CRA, the Equal Credit Opportunity Act, the Fair Housing Act and other fair lending laws and regulations 
impose nondiscriminatory lending requirements on financial institutions. The CFPB, the United States Department of 
Justice and other federal agencies are responsible for enforcing these laws and regulations. A successful challenge to an 
institution’s performance under the CRA or fair lending laws and regulations could result in a wide variety of sanctions, 
including paying damages and civil money penalties, injunctive relief, imposition of restrictions on merger and acquisition 
activity and restrictions on expansion activity. Private parties may also have the ability to challenge an institution’s 
performance under fair lending laws in private class action litigation. 

45 
The level of our commercial real estate loan portfolio subjects us to additional regulatory scrutiny. 
The OCC and the other federal bank regulatory agencies have promulgated joint guidance on sound risk 
management practices for financial institutions with concentrations in commercial real estate lending. Under the guidance, 
a financial institution that, like us, is actively involved in commercial real estate lending should perform a risk assessment 
to identify concentrations. A financial institution may have a concentration in commercial real estate lending if, among 
other factors, (i) total reported loans for construction, land acquisition and development, and other land represent 100% or 
more of total capital, or (ii) total reported loans secured by multi-family and non-owner occupied, non-farm, non-
residential properties, loans for construction, land acquisition and development and other land, and loans otherwise 
sensitive to the general commercial real estate market, including loans to commercial real estate related entities,  
represent 300% or more of total capital. Based on these factors, we have a concentration in loans of the type described in 
(ii) above of 138.7% of our total capital at June 30, 2024. The purpose of the guidance is to assist banks in developing risk 
management practices and capital levels commensurate with the level and nature of real estate concentrations. The 
guidance states that management should employ heightened risk management practices including board and management 
oversight and strategic planning, development of underwriting standards, risk assessment and monitoring through market 
analysis and stress testing. Our bank regulators could require us to implement additional policies and procedures consistent 
with their interpretation of the guidance that may result in additional costs to us or that may result in a curtailment of our 
commercial real estate and multi-family lending and/or the requirement that we maintain higher levels of regulatory capital, 
either of which would adversely affect our loan originations and profitability. 
We are subject to environmental liability risk associated with lending activities. 
A significant portion of our loan portfolio is secured by real estate, and we could become subject to environmental 
liabilities with respect to one or more of these properties. During the ordinary course of business, we may foreclose on and 
take title to properties securing defaulted loans. In doing so, there is a risk that hazardous or toxic substances could be 
found on these properties. If hazardous conditions or toxic substances are found on these properties, we may be liable for 
remediation costs, as well as for personal injury and property damage, civil fines and criminal penalties regardless of when 
the hazardous conditions or toxic substances first affected any particular property. Environmental laws may require us to 
incur substantial expenses to address unknown liabilities and may materially reduce the affected property’s value or limit 
our ability to use or sell the affected property. In addition, future laws or more stringent interpretations or enforcement 
policies with respect to existing laws may increase our exposure to environmental liability. Although we have policies and 
procedures to perform an environmental review before initiating any foreclosure on nonresidential real property, these 
reviews may not be sufficient to detect all potential environmental hazards. The remediation costs and any other financial 
liabilities associated with an environmental hazard could have a material adverse effect on us. 
Climate change and related legislative and regulatory initiatives may materially affect our business and results of 
operations.  
As the effects of climate change continue to create concern for the state of the global environment, the global 
business community has increased its political and social awareness surrounding this issue. Federal and state legislatures 
and regulatory agencies continue to propose numerous initiatives to supplement the global effort to combat climate change. 
More expansive initiatives are expected to continue, including potentially increasing supervisory expectations with respect 
to banks’ risk management practices, revising expectations for credit portfolio concentrations based on climate-related 
factors and encouraging investment by banks in climate-related initiatives and lending to communities disproportionately 
impacted by the effects of climate change.  
The lack of empirical data surrounding the credit and other financial risks posed by climate change render it 
difficult, or even impossible, for us to predict how specifically climate change may impact our financial condition and 
results of operations; however, the physical effects of climate change may also directly impact us. Specifically, 
unpredictable and more frequent weather disasters may adversely impact the real property, and/or the value of the real 
property, securing the loans in our portfolio. Additionally, if insurance obtained by our borrowers is insufficient to cover 
any losses sustained to the collateral, or if insurance coverage is otherwise unavailable to our borrowers, the collateral 
securing our loans may be negatively impacted by climate change, natural disasters and related events, which could impact 
our financial condition and results of operations. Further, the effects of climate change may negatively impact regional 

46 
and local economic activity, which could lead to an adverse effect on our customers and impact the communities in which 
we operate. Overall, climate change, its effects and the resulting, unknown impact could have a material adverse effect on 
our financial condition and results of operations. 
Increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with 
respect to our environmental, social and governance practices may impose additional costs on us or expose us to 
new or additional risks. 
Companies are facing increasing scrutiny from customers, regulators, investors, and other stakeholders related to 
their environmental, social and governance (“ESG”) practices and disclosure. Investor advocacy groups, investment funds 
and influential investors are also increasingly focused on these practices, especially as they relate to the environment, 
health and safety, diversity, labor conditions and human rights. Increased ESG related compliance costs could result in 
increases to our overall operational costs. Failure to adapt to or comply with regulatory requirements or investor or 
stakeholder expectations and standards could negatively impact our reputation, ability to do business with certain partners, 
and our stock price. New government regulations could also result in new or more stringent forms of ESG oversight and 
expanding mandatory and voluntary reporting, diligence, and disclosure.  
 
 

47 
Risks Related to Accounting Matters 
Changes in management’s estimates and assumptions may have a material impact on our consolidated financial 
statements and our financial condition or operating results. 
In preparing periodic reports we are required to file under the Securities Exchange Act of 1934, including our 
consolidated financial statements, our management is and will be required under applicable rules and regulations to make 
estimates and assumptions as of specified dates. These estimates and assumptions are based on management’s best 
estimates and experience at such times and are subject to substantial risk and uncertainty. Materially different results may 
occur as circumstances change and additional information becomes known. Areas requiring significant estimates and 
assumptions by management includes the items discussed in the proceedings described in “Item 3 – Legal Proceedings,” 
“Part II, Item 8–Financial Statements and Supplementary Data- Note 14 – Commitments and Contingent Liabilities – 
Legal Proceedings and Other Contingent Liabilities,” and the items described in our “Critical Accounting Policies and 
Estimates,” our evaluation of the legal remedies available to the Bank related to the potentially fraudulent activities and 
our evaluation of the adequacy of our allowance for credit losses on loans. 
Our estimates of potential losses will change over time and the actual losses may vary significantly, and there 
may be an exposure to loss in excess of any amounts accrued. As a matter develops, we, in conjunction with any outside 
counsel handling the matter, evaluate on an ongoing basis whether such matter presents a loss contingency that is probable 
and estimable. Once the loss contingency is deemed to be both probable and estimable, we establish an accrued liability 
and record a corresponding amount of expense. We continue to monitor the matter for further developments that could 
affect the amount of the accrued liability that has been previously established. However, in light of the significant 
judgment, variety of assumptions and uncertainties involved in these matters, some of which are beyond our control, and 
the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters 
could have an adverse material impact on our business, prospects, results of operations for any particular reporting period, 
or cause significant reputational harm. 
Changes in accounting standards could affect reported earnings. 
The bodies responsible for establishing accounting standards, including the FASB, the SEC and bank regulators, 
periodically change the financial accounting and reporting guidance that governs the preparation of our financial 
statements. These changes can be hard to predict and can materially impact how we record and report our financial 
condition and results of operations. In some cases, we could be required to apply new or revised guidance retroactively.  
The cost of additional finance and accounting systems, procedures and controls in order to satisfy our public 
company reporting requirements has increased and will continue to increase our expenses. 
As a result of the completion of our initial public offering, we became a public reporting company. The obligations 
of being a public company, including the substantial public reporting obligations, require significant expenditures and 
place additional demands on our management team. We have made, and will continue to make, changes to our internal 
controls and procedures for financial reporting and accounting systems to meet our reporting obligations as a stand-alone 
public company. Section 404 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes Oxley Act”) requires annual management 
assessments of the effectiveness of our internal control over financial reporting. Any failure to achieve and maintain an 
effective internal control environment could have a material adverse effect on our business and stock price. These 
obligations have increased our operating expenses and could divert our management’s attention from our operations. 
Risks Related to Liquidity 
A lack of liquidity could adversely affect our financial condition and results of operations. 
Liquidity is essential to our business. We rely on our ability to gather deposits, make investments and effectively 
manage the repayment and maturity schedules of loans to ensure that there is adequate liquidity to fund our operations and 
pay our obligations. An inability to raise funds through deposits, borrowings, the sale and maturities of loans and securities 
and other sources could have a substantial negative effect on liquidity. Our most important source of funds is deposits. 

48 
Deposit balances can decrease when customers perceive alternative investments as providing a better risk/return tradeoff, 
which are strongly influenced by external factors such as changes in interest rates, local and national economic conditions, 
the availability and attractiveness of alternative investments, and perceptions of the stability of the financial services 
industry generally and of our institution specifically. Further, the demand for deposits may be reduced due to a variety of 
factors such as demographic patterns, changes in customer preferences, reductions in consumers’ disposable income, the 
monetary policy of the Federal Reserve Board, or regulatory actions that decrease customer access to particular products. 
Demand for deposits has also been adversely affected by the negative impact of bank failures and associated decrease in 
customer confidence in the safety and soundness of regional banks (see the Risk Factor entitled “Certain events involving 
the failure of financial institutions may adversely affect our business, and the market price of our common stock” elsewhere 
in this filing for more information on these events). If customers continue to move money out of bank deposits and into 
other investments such as money market funds, we would lose a relatively low-cost source of funds, which would increase 
our funding costs and reduce net interest income. Any changes made by us to the rates we offer on deposits to remain 
competitive with other financial institutions may also adversely affect our profitability and liquidity. 
Any decline in our available funding could adversely impact our ability to originate loans, invest in securities, 
meet expenses, or to fulfill obligations such as repaying borrowings or meeting deposit withdrawal demands, any of which 
could have a material adverse impact on our liquidity, business, financial condition and results of operations. 
Municipal deposits are price sensitive and could result in an increase in interest expense or funding fluctuations. 
Municipal deposits are a significant source of funds for our lending and investment activities. At June 30, 2024, 
$440.3 million, or 28.4% of our total deposits, consisted of municipal deposits from local government entities such as 
towns, cities, school districts and other municipalities, which are collateralized by letters of credit from the FHLBNY and 
investment securities. These deposits may be more volatile than other deposits. If a significant amount of these deposits 
were withdrawn in a short period of time, it could have a negative impact on our short-term liquidity and have an adverse 
impact on our liquidity, business, financial condition and results of operations. 
Given our dependence on high-average balance municipal deposits as a source of funds, our inability to retain 
such funds could significantly and adversely affect our liquidity. Further, our municipal deposits are primarily demand 
deposit accounts and are therefore more sensitive to interest rate risk. If we are forced to pay higher rates on our municipal 
accounts to retain those funds, or if we are unable to retain such funds and we are forced to resort to other sources of funds 
for our lending and investment activities, such as borrowings from the FHLBNY, the interest expense associated with 
these other funding sources may be higher than the rates we are currently paying on our municipal deposits, which would 
adversely affect our net income. 
 
 

49 
Risks Related to Our Insurance and Wealth Management Businesses 
Conditions in insurance markets could adversely affect our earnings. 
As we have diversified our sources of income, we have become increasingly reliant on non-interest income, 
including insurance fees and commissions. Revenue from these sources could be negatively affected by fluctuating 
premiums in the insurance markets or other factors beyond our control. Other factors that affect our insurance revenue are 
the profitability and growth of our clients, continued development of new products and services, as well as our access to 
new markets. In addition, our insurance operations are dependent on a small number of established insurance professionals, 
whose departure could result in the loss of a significant number of client accounts. Our insurance revenues and profitability 
may also be adversely affected by regulatory developments impacting healthcare and insurance markets, possibly including 
recent legislative proposals and discussions relating to national health insurance and the elimination of the private health 
insurance market. 
Involvement in wealth management creates risks associated with the industry. 
Our wealth management operations with Pioneer Financial Services, Inc. present special risks not borne by 
institutions that focus exclusively on other traditional retail and commercial banking products. For example, the investment 
advisory industry is subject to fluctuations in the stock market that may have a significant adverse effect on transaction 
fees, client activity and client investment portfolio gains and losses. Also, additional or modified regulations may adversely 
affect our wealth management operations. In addition, our wealth management operations, are dependent on a small 
number of established financial advisors, whose departure could result in the loss of a significant number of client accounts. 
A significant decline in fees and commissions or trading losses suffered in the investment portfolio could adversely affect 
our income and potentially require the contribution of additional capital to support our operations. 
We may not be able to attract and retain wealth management clients. 
Due to strong competition, our wealth management business may not be able to attract and retain clients. 
Competition is strong because there are numerous well-established and successful investment management and wealth 
advisory firms including commercial banks and trust companies, investment advisory firms, mutual fund companies, stock 
brokerage firms, and other financial companies. Many of our competitors have greater resources than we have. Our ability 
to successfully attract and retain wealth management clients is dependent upon our ability to compete with competitors’ 
investment products, level of investment performance, client services and marketing and distribution capabilities. If we 
are not successful, our results of operations and financial condition may be negatively impacted. 
Risks Related to Our Securities Portfolio 
Changes in the valuation of our securities portfolio may reduce our profits and our capital levels. 
Our securities portfolio may be affected by fluctuations in market value, potentially reducing accumulated other 
comprehensive income or earnings. Fluctuations in market value may be caused by changes in market interest rates, lower 
market prices for securities and limited investor demand. Management evaluates securities for credit losses on a quarterly 
basis, with more frequent evaluation for selected issues. In analyzing a debt issuer’s financial condition, management 
considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating 
agencies have occurred, industry analysts’ reports and spread differentials between the effective rates on instruments in 
the portfolio compared to risk-free rates. If this evaluation shows a credit loss exists an allowance for credit losses is 
recorded for the credit loss. Changes in interest rates may also have an adverse effect on our financial condition, as our 
available-for-sale securities are reported at their estimated fair value, and therefore are affected by fluctuations in interest 
rates. We increase or decrease our stockholders’ equity by the amount of change in the estimated fair value of the available-
for-sale securities, net of taxes. Declines in market value may indicate that credit losses exist for these assets, which may 
lead to accounting charges that could have a material adverse effect on our net income and stockholders’ equity.  

50 
Risks Related to Competition  
Strong competition within our market area may reduce our profits and slow growth. 
We face strong competition in making loans and attracting deposits. Price competition from other financial 
institutions, credit unions, money market and mutual funds, insurance companies and other non-traditional competitors 
such as financial technology or “fintech” companies for loans and deposits sometimes requires us to charge lower interest 
rates on our loans and pay higher interest rates on our deposits, and may reduce our net interest income. Competition also 
makes it more difficult and costly to attract and retain qualified employees. Many of the institutions with which we compete 
have substantially greater resources and lending limits than we have and may offer services that we do not provide. Our 
competitors often aggressively price loan and deposit products when they enter into new lines of business or new market 
areas. We expect competition to increase in the future as a result of legislative, regulatory, and technological changes and 
the continuing trend of consolidation in the financial services industry. If we are unable to effectively compete in our 
market area, our profitability would be negatively affected. The greater resources and broader offering of deposit and loan 
products of some of our competitors may also limit our ability to increase our interest-earning assets. 
Risks Related to Operations 
We use a third party to originate residential mortgage loans. 
We have used a third-party mortgage banking company, Homestead Funding Corp., to underwrite, process and 
close our residential mortgage loans since January 2016. We use this mortgage banking company in order to offer our 
customers this loan product without the expense of maintaining and operating an in-house residential mortgage loan 
department. At June 30, 2024, residential mortgage loans acquired from the mortgage banking company totaled  
$559.6 million, or 41.0%, of our total loans receivable. Should we discontinue this relationship or otherwise be unable to 
use this mortgage banking company in the future, our ability to purchase residential mortgage loans may be disrupted 
unless we are able to find a suitable replacement or have or re-develop the capability to originate residential mortgage 
loans through our lending staff. Should we add more staff in such an event, our compensation expense would increase. 
Our income may be negatively affected if our residential mortgage lending program is disrupted. 
Our business strategy involves moderate growth, and our financial condition and results of operations may be 
adversely affected if we fail to grow or fail to manage our growth effectively. 
Over the next several years, we expect to experience moderate growth in our total assets and deposits, and the 
scale of our operations. Achieving our growth targets requires us to attract customers that currently bank at other financial 
institutions in our market. Our ability to grow successfully will depend on a variety of factors, including our ability to 
attract and retain experienced bankers, the availability of attractive business opportunities, competition from other financial 
institutions and our ability to manage our growth. While we believe we have the management resources and internal 
systems in place to successfully manage our future growth, there can be no assurance that growth opportunities will be 
available or that we will successfully manage our growth. If we do not manage our growth effectively, we may not be able 
to achieve our business plan, which would have an adverse effect on our financial condition and results of operations. 
We continually encounter technological changes and the failure to understand and adapt to these changes could 
hurt our business. 
The financial services industry is continually undergoing rapid technological changes with frequent introductions 
of new technology-driven products and services which increase efficiency and enable financial institutions to serve 
customers better and to reduce costs. Technology has lowered barriers to entry and made it possible for "non-banks" to 
offer traditional bank products and services using innovative technological platforms such as fintech and blockchain. These 
"digital banks" may be able to achieve economies of scale and offer better pricing for banking products and services than 
we can. Our future success depends, in part, upon our ability to leverage technology to increase our operational efficiency 
as well as address the current and evolving needs of our customers. However, our competitors may have greater resources 
to invest in technological improvements, we may not always have capital levels which are sufficient to support a robust 
investment in our technology infrastructure or we may not be able to effectively implement new technology-driven 

51 
products and services or be successful in marketing these products and services to our customers. We may experience 
operational challenges as we implement these new technology enhancements or products, which could impair our ability 
to realize the anticipated benefits from such new technology or require us to incur significant costs to remedy any such 
challenges in a timely manner. Third parties upon which we rely for our technology needs may not be able to develop cost 
effective systems that will enable us to keep pace with such developments. As a result, our competitors may be able to 
offer additional or superior products compared to those that we will be able to provide, which would put us at a competitive 
disadvantage. We may lose customers seeking new technology-driven products and services to the extent we are unable 
to provide such products and services. Failure to successfully keep pace with technological changes affecting the financial 
services industry could have a material adverse effect on our business and, in turn, our financial condition and results of 
operations. 
We are subject to stringent capital requirements, which may adversely impact our return on equity, require us to 
raise additional capital, or restrict us from paying dividends or repurchasing shares. 
Federal regulations establish minimum capital requirements for insured depository institutions, including 
minimum risk-based capital and leverage ratios, and define what constitutes “capital” for calculating these ratios. The 
minimum capital requirements are: (1) a common equity Tier 1 capital ratio of 4.5%; (2) a Tier 1 to risk-based assets 
capital ratio of 6%; (3) a total capital ratio of 8%; and (4) a Tier 1 leverage ratio of 4%. The regulations also require 
unrealized gains and losses on certain “available-for-sale” securities holdings to be included for calculating regulatory 
capital requirements unless a one-time opt-out is exercised. We elected to exercise our one-time option to opt-out of the 
requirement under the final rule to include certain “available-for-sale” securities holdings for calculating our regulatory 
capital requirements. The regulations also establish a “capital conservation buffer” of 2.5%, resulting in the following 
minimum ratios: (1) a common equity Tier 1 capital ratio of 7.0%, (2) a Tier 1 to risk-based assets capital ratio of 8.5%, 
and (3) a total capital ratio of 10.5%. An institution will be subject to limitations on paying dividends, engaging in share 
repurchases, and paying discretionary bonuses if its capital level falls below the buffer amount. These limitations will 
establish a maximum percentage of eligible retained income that can be utilized for such actions. As of June 30, 2024, we 
have not elected the community bank leverage ratio framework and accordingly the Basel III capital requirements remain 
applicable. 
The application of more stringent Basel III capital requirements could, among other things, result in lower returns 
on equity, require the raising of additional capital, and result in regulatory actions if we were to be unable to comply with 
such requirements. Implementation of changes to asset risk weightings for risk-based capital calculations, items included 
or deducted in calculating Basel III regulatory capital and/or additional Basel III capital conservation buffers could result 
in management modifying its business strategy, and could limit our ability to pay dividends or repurchase our shares. 
Our success depends on attracting and retaining certain key personnel. 
Our performance largely depends on the talents and efforts of highly skilled individuals who comprise our senior 
management team. We rely on key personnel to manage and operate our business, including major revenue generating 
functions such as loan and deposit generation, wealth management and insurance businesses. The loss of key staff may 
adversely affect our ability to maintain and manage these functions effectively, which could negatively affect our income. 
In addition, loss of key personnel could result in increased recruiting and hiring expenses, which would reduce our net 
income. Our continued ability to compete effectively depends on our ability to attract new employees and to retain and 
motivate our existing employees. 
Systems failures or breaches of our network security could subject us to increased operating costs as well as 
litigation and other liabilities. 
Our operations depend upon our ability to protect our computer systems and network infrastructure against 
damage from physical theft, fire, power loss, telecommunications failure or a similar catastrophic event, as well as from 
cybersecurity attacks and other security problems, including security breaches, denial of service attacks, viruses, worms 
and other disruptive problems caused by hackers. Any damage or failure that causes an interruption in our operations could 
have a material adverse effect on our financial condition and results of operations. Computer break-ins, phishing and other 
disruptions could also jeopardize the security of information stored in and transmitted through our computer systems and 

52 
network infrastructure, which may result in significant liability to us and may cause existing and potential customers to 
refrain from doing business with us. Although we, with the help of third-party service providers, intend to continue to 
implement security technology, establish operational procedures designed to prevent such damage, including cybersecurity 
controls, our security measures may not be successful. In addition, advances in computer capabilities, new discoveries in 
the field of cryptography or other developments could result in a compromise or breach of the algorithms we and our third-
party service providers use to encrypt and protect customer transaction data. A failure of such security measures could 
have a material adverse effect on our financial condition and results of operations. We face potential heightened 
cybersecurity risks as more people continue to work from home following the COVID-19 pandemic, including our 
customers, our employees and the employees of our vendors. While we have implemented appropriate safeguards to 
protect our employees from potential cybersecurity threats while they work from home, these security measures may not 
be successful. 
Threats to the security of our networks and data, as described above, continue to increase as the frequency, 
intensity and sophistication of attempted attacks and intrusions increase around the world. In response to these threats 
there has been heightened regulatory focus on data privacy and cybersecurity from our federal and state banking regulators 
and as a result, we must comply with an evolving set of legal requirements in this area, including substantive cybersecurity 
standards as well as requirements for notifying regulators and affected individuals in the event of a data security incident. 
This regulatory environment is increasingly challenging and may present material obligations and risks to our business, 
including significantly expanded compliance burdens, costs and enforcement risks. 
It is possible that we could incur significant costs associated with a breach of our computer systems. While we 
have cyber liability insurance, there are limitations on coverage. Furthermore, cyber incidents carry a greater risk of injury 
to our reputation. Finally, depending on the type of incident, banking regulators can impose restrictions on our business 
and consumer laws may require reimbursement of customer losses.  
Our risk management framework may not be effective in mitigating risk and reducing the potential for significant 
losses. 
Our risk management framework is designed to minimize risk and loss to us. We try to identify, measure, monitor, 
report and control our exposure to risk, including strategic, market, liquidity, compliance and operational risks. Operational 
risk is the risk of loss resulting from the Company's operations, including but not limited to, the risk of fraud by employees 
or persons outside of the Company, the execution of unauthorized transactions by employees, errors relating to transaction 
processing and technology, breaches of the internal control system and compliance requirements, and business 
continuation and disaster recovery. Insurance coverage may not be available for such losses, or where available, such 
losses may exceed insurance limits. This risk of loss also includes the potential legal actions that could arise as a result of 
an operational deficiency or as a result of noncompliance with applicable regulatory standards, adverse business decisions 
or their implementation, and customer attrition due to potential negative publicity. While we use broad and diversified risk 
monitoring and mitigation techniques, these techniques are inherently limited because they cannot anticipate the existence 
or future development of currently unanticipated or unknown risks. Recent economic conditions and heightened legislative 
and regulatory scrutiny of the financial services industry, among other developments, have increased our level of risk. 
Accordingly, we could suffer losses if we fail to properly anticipate and manage these risks. 
We are a community financial institution and our ability to maintain our reputation is critical to the success of our 
business and the failure to do so may materially adversely affect our performance. 
We are a community financial institution, and our reputation is one of the most valuable components of our 
business. A key component of our business strategy is to rely on our reputation for customer service and knowledge of 
local markets to expand our presence by capturing new business opportunities from existing and prospective customers in 
our market area and contiguous areas. As such, we strive to conduct our business in a manner that enhances our reputation. 
This is done, in part, by recruiting, hiring and retaining employees who share our core values of being an integral part of 
the communities we serve, delivering superior service to our customers and caring about our customers and employees. If 
our reputation is negatively affected as a result of certain actions we take, by the actions of our employees, by our inability 
to conduct our operations in a manner that is appealing to current or prospective customers, or otherwise, our business 
and, therefore, our operating results may be materially adversely affected. 

53 
Severe weather, acts of terrorism, geopolitical and other external events could impact our ability to conduct 
business. 
Weather-related events have adversely impacted our market area in recent years, especially areas located near 
flood prone areas. Such events that may cause significant flooding and other storm-related damage may become more 
common events in the future. Financial institutions have been, and continue to be, targets of terrorist threats aimed at 
compromising operating and communication systems. Such events could cause significant damage, impact the stability of 
our facilities and result in additional expenses, impair the ability of our borrowers to repay their loans, reduce the value of 
collateral securing repayment of our loans, and result in the loss of revenue. While we have established and regularly test 
disaster recovery procedures, the occurrence of any such event could have a material adverse effect on our business, 
operations and financial condition. Additionally, financial markets may be adversely affected by the current or anticipated 
impact of military conflict, including wars in Russia and Ukraine, and the Middle East, terrorism or other geopolitical 
events. 
Risks Relating to Ownership of Our Common Stock 
Pioneer Bancorp, MHC’s majority control of our common stock will enable it to exercise voting control over most 
matters put to a vote of stockholders and will prevent stockholders from forcing a sale or a second-step conversion 
transaction you may find advantageous. 
Pioneer Bancorp, MHC owns a majority of the Company’s common stock and, through its board of trustees, will 
be able to exercise voting control over most matters put to a vote of stockholders. Most of the directors and officers who 
manage the Company and the Bank also manage Pioneer Bancorp, MHC. As a New York-chartered mutual holding 
company, the board of trustees of Pioneer Bancorp, MHC must ensure that the interests of depositors of the Bank are 
represented and considered in matters put to a vote of stockholders of the Company. Therefore, the votes cast by Pioneer 
Bancorp, MHC may not be in your personal best interests as a stockholder. For example, Pioneer Bancorp, MHC may 
exercise its voting control to defeat a stockholder nominee for election to the board of directors of the Company and will 
be able to elect all of the directors of the Company. Some stockholders may desire a sale or merger transaction, since 
stockholders typically receive a premium for their shares, or a second-step conversion transaction, since, on a fully 
converted basis most fully stock institutions tend to trade at higher multiples of book value than mutual holding companies. 
However, stockholders will not be able to force a merger or a second-step conversion transaction without the consent of 
Pioneer Bancorp, MHC since such transactions also require, under New York and federal law, the approval of a majority 
of all of the outstanding voting stock, which can only be achieved if Pioneer Bancorp, MHC votes to approve such 
transactions. 
Our common stock is not heavily traded, and the stock price may fluctuate significantly. 
Our common stock is traded on the Nasdaq under the symbol “PBFS.” Certain brokers currently make a market 
in the common stock, but such transactions are infrequent and the volume of shares traded is relatively small. Management 
cannot predict whether these or other brokers will continue to make a market in our common stock. Prices on stock that is 
not heavily traded, such as our common stock, can be more volatile than heavily traded stock. Factors such as our financial 
results, the introduction of new products and services by us or our competitors, publicity regarding the banking industry, 
and various other factors affecting the banking industry may have a significant impact on the market price of the shares of 
the common stock. Management also cannot predict the extent to which an active public market for our common stock 
will develop or be sustained in the future. Accordingly, stockholders may not be able to sell their shares of our common 
stock at the volumes, prices, or times that they desire. 
Federal Reserve Board regulations and policy effectively prohibit Pioneer Bancorp, MHC from waiving the receipt 
of dividends, which will likely preclude us from paying any dividends on our common stock. 
The Company’s board of directors has the authority to declare dividends on our common stock subject to statutory 
and regulatory requirements. We currently intend to retain all our future earnings, if any, for use in our business and do 
not expect to pay any cash dividends on our common stock for the foreseeable future. Any future determination to pay 
cash dividends will be made by our board of directors and will depend upon our financial condition, results of operations, 

54 
capital requirements, restrictions under Federal Reserve Board regulations and policy, our business strategy and other 
factors that our board of directors deems relevant. 
Under current Federal Reserve Board regulations and policy, if the Company pays dividends to its public 
stockholders, it also would be required to pay dividends to Pioneer Bancorp, MHC, unless Pioneer Bancorp, MHC waives 
the receipt of such dividends. Federal Reserve Board policy has been to prohibit mutual holding companies that are 
regulated as bank holding companies, such as Pioneer Bancorp, MHC, from waiving the receipt of dividends and the 
Federal Reserve Board’s regulations implemented after the enactment of the Dodd-Frank Act effectively prohibit 
federally-chartered mutual holding companies from waiving dividends declared by their subsidiaries. Therefore, unless 
Federal Reserve Board regulations or policy change to allow Pioneer Bancorp, MHC to waive the receipt of dividends 
declared by the Company without diluting minority stockholders, it is unlikely that the Company will pay any dividends. 
Various factors may make takeover attempts more difficult to achieve. 
Stock banks and savings banks or holding companies, as well as individuals, may not acquire control of a mutual 
holding company, such as the Company. As result, the only persons that may acquire control of a mutual holding company 
are other mutual savings institutions or mutual holding companies. Accordingly, it is very unlikely, that the Company 
would be subject to any takeover attempt by activist stockholders or other financial institutions. In addition, certain 
provisions of our articles of incorporation and bylaws and banking laws, including regulatory approval requirements, could 
make it more difficult for a third party to acquire control of the Company without our board of directors’ prior approval. 
Under federal law, subject to certain exemptions, a person, entity or group must notify the Federal Reserve Board 
before acquiring control of a bank holding company. Acquisition of 10% or more of any class of voting stock of a bank 
holding company creates a rebuttable presumption that the acquirer “controls” the bank holding company. Also, a bank 
holding company must obtain the prior approval of the Federal Reserve Board before, among other things, acquiring direct 
or indirect ownership or control of more than 5% of any class of voting shares of any bank, including the Bank. 
There also are provisions in our articles of incorporation that may be used to delay or block a takeover attempt, 
including a provision that generally prohibits any person, other than Pioneer Bancorp, MHC, from voting more than 10% 
of the shares of common stock outstanding. Taken as a whole, these statutory provisions and provisions in our articles of 
incorporation could result in our being less attractive to a potential acquirer and thus could adversely affect the market 
price of our common stock. 
We are an emerging growth company, and if we elect to comply only with the reduced reporting and disclosure 
requirements applicable to emerging growth companies, our common stock may be less attractive to investors. 
We are an emerging growth company. For as long as we continue to be an emerging growth company, we 
currently intend to take advantage of exemptions from various reporting requirements applicable to other public companies 
but not to “emerging growth companies,” including, reduced disclosure obligations regarding executive compensation in 
our periodic reports and proxy statements, and exemptions from the requirements of disclosing pay vs. performance, 
holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute 
payments not previously approved. Investors may find our common stock less attractive if we choose to rely on these 
exemptions. 
As an emerging growth company, we are not subject to Section 404(b) of the Sarbanes-Oxley Act, which would 
require that our independent auditors review and attest to the effectiveness of our internal control over financial reporting. 
We are eligible to remain an emerging growth company for up to five years following the completion of our initial public 
offering. We will cease to be an emerging growth company upon the earliest of: (1) the end of the fiscal year following 
the fifth anniversary of our initial public offering; (2) the first fiscal year after our annual gross revenues are $1.235 billion 
or more; (3) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-
convertible debt securities; or (4) the end of any fiscal year in which the market value of our common stock held by non-
affiliates exceeded $700 million at the end of the second quarter of that fiscal year. 
 

55 
ITEM 1B. 
Unresolved Staff Comments 
This Item is not applicable to a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K. 
 
ITEM 1C. 
Cybersecurity 
Risk Management and Strategy 
The Company maintains an information security program and governance framework that is designed to identify, 
assess, manage, mitigate, and respond to cybersecurity risks associated with its information systems and information assets. 
Additionally, we maintain a similar risk-based approach to our third-party vendor management program including 
identifying and overseeing cybersecurity risks they present. 
The Company’s Information Security Steering Committee (“ISSC”), further described below under 
“Governance”, oversees information and cybersecurity risk management for the Company. The ISSC assists the board of 
directors in fulfilling its oversight responsibilities concerning the role of information security and cybersecurity in 
executing the Company’s business strategy and complying with regulatory requirements. The ISSC is responsible for 
managing and enforcing the Company’s information security program, development of cybersecurity policies, strategies, 
and plans, monitoring control statuses and program gaps, facilitating program assessments which include risk assessments 
and business impact analysis, and evaluating risk mitigation strategies to address cybersecurity threats. The Company’s 
cybersecurity framework includes an assessment of critical systems, physical security, and information resources both 
within and outside the Company that exposes it to cybersecurity threats. The ISSC employs policies, systems, and 
safeguards to manage those cybersecurity risks.  
The Company continues to expand investment in information technology and cybersecurity infrastructure, 
including enhanced threat monitoring and detection services.  
The ISSC consistently collaborates with third-party service providers to support and maintain a robust 
information security program. These service providers assist in responding to cybersecurity risks by providing 
comprehensive threat detection, monitoring and response services. The information security program is designed to 
provide effective processes, procedures, and internal controls, including monitoring cybersecurity threats through endpoint 
and network security, email protection, data loss prevention, vulnerability scanning and mitigation, identity and access 
management, logging and monitoring, and threat hunting. Independent third parties evaluate the Company’s cyber 
readiness and resilience through ongoing testing and audits. We adapt our cybersecurity policies, standards, processes, and 
practices accordingly based on the insights provided by these reviews.  
In addition, information security education and training is conducted both at the time of hire and annually 
thereafter by internal employees and certain third parties. Training is designed to mitigate accidental information security 
incidents by employees. Phishing simulation testing activities are regularly conducted internally and by third parties to 
assess employees’ competency at identifying potential threats.  
Vendor due diligence is performed for all third parties with access to the Company’s information assets to ensure 
such parties maintain effective cybersecurity practices in accordance with the Company’s vendor management program. 
The Company performs ongoing monitoring, including the review of cybersecurity practices, of third parties using a risk-
based approach to determine the extent and frequency of periodic assessments. Annual cybersecurity assessments are 
conducted by the Company’s information technology team on its information systems using industry-standard guidelines 
and tools. 
Governance 
The board of directors is responsible for oversight of our information security program and fulfills this 
responsibility through regular reporting and updates provided by the ISSC, members of management and other third parties 
contracted to assess and test the effectiveness of the Company’s information security and cybersecurity program.  On a 
quarterly and as-needed basis the board of directors receives updates on cybersecurity risks and the actions taken by 

56 
management to monitor and mitigate those risks, including key risk indicators, test results, reporting of recent threats and 
how the Company is managing those threats, along with pertinent information to allow the board of directors to evaluate 
the effectiveness of the information security program. In addition, at least annually, the board of directors receives 
comprehensive reporting from the virtual Chief Information Security Officer (“vCISO”) on the overall effectiveness of 
the Information Security program.  
The ISSC is comprised of representatives of management from various departments of the Company and members 
from an outside third-party information security service provider. The ISSC is led by the vCISO who oversees the 
implementation, coordination, and maintenance of the information security and cyber risk management program. The 
vCISO is a contracted third-party vendor and reports directly to the board of directors. This individual holds a Certified 
Information Systems Security Specialist Professional (“CISSP”) certification and has over a decade of experience in 
community banking, risk management, compliance, and information security. 
The ISSC includes members of management with specific cybersecurity expertise, including the Senior Vice 
President (“SVP”) – Information Technology. The SVP – Information Technology, is a Certified Community Banker 
Technology Officer, has 20 years of experience in the information technology field, and is responsible for developing and 
implementing the Company’s information security program.  
The SVP – Information Technology reports to the board of directors on a quarterly basis regarding the relevant 
key risk indicators, information technology and information security events, including key risk indicator metrics used by 
the board of directors to monitor risks, and quarterly technology update which includes details of information technology 
and cybersecurity, initiatives, projects, training, events, and incidents. 
The Company has developed a cyber incident response plan to maintain procedures and protocols for responding 
to incidents. The Cyber Incident Response Team (“CIRT”) is comprised of all members of the Company’s executive 
management team, the vCISO and representatives from the technology, operations, accounting, risk management, financial 
crimes, marketing and retail departments. During an incident response process, the Chief Administrative Officer serves as 
the incident manager. The Chief Administrative Officer has over 15 years of experience in leadership and management of 
information technology, cybersecurity, and incident response programs. In this role as incident manager, the Chief 
Administration Officer, in collaboration with the CIRT and external cybersecurity firms, as necessary, will assess the 
materiality of the breach following the incident response plan severity scale. This evaluation aims to accurately identify 
risks and potential operational and business impacts. Materiality determination involves an objective analysis of both 
quantitative and qualitative factors, including an evaluation of immediate impact on systems and critical infrastructure. 
The purpose of this cyber incident response plan is to ensure that the Company is prepared to manage operational and/or 
malicious events which may disrupt critical business processes and/or compromise the confidentiality, integrity, or 
availability of its data. This cyber incident response plan defines the processes the Company will follow to manage adverse 
security events. The cyber incident response plan also maintains procedures and protocols to escalate significant 
cybersecurity matters to the full board of directors and regulators, as deemed necessary. The Company’s CIRT performs 
an annual testing exercise to evaluate its preparation and response plan in the event of an actual cybersecurity event. 
Although cybersecurity threats, including those stemming from prior incidents, have not materially affected the 
Company in the previous fiscal year, and there are no known imminent cybersecurity threats that are reasonably likely to 
materially affect our business strategy, results of operations, or financial condition, we cannot guarantee that we will 
remain unaffected in the future. Information regarding risks from material cybersecurity threats can be found under the 
section captioned “Risks Related to Operations” contained in Item 1A. Risk Factors. 
 
 

57 
ITEM 2. 
Properties 
The following table sets forth information regarding our offices as of June 30, 2024. 
 
 
 
 
 
 
     
Leased or 
     Year Acquired 
Location 
 
Owned 
 
or Leased 
 
 
 
 
 
Main Office: 
  
    
  
652 Albany Shaker Road, Albany, NY 12211 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Owned (1)   
2016 
 
 
 
 
 
Other Properties: 
  
    
   
21 Second Street, Troy, NY 12180 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Leased 
  
2016 
531 Troy-Schenectady Road, Latham, NY 12110 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Owned 
  
2008 
2000 Second Avenue, Watervliet, NY 12189 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Leased 
  
2017 
1828 Altamont Avenue, Schenectady, NY 12305 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Owned 
  
2012 
1208 Route 146, Clifton Park, NY 12065 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Leased 
  
1995 
10 Kendall Way, Malta, NY 12020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Owned 
  
2016 
78 Main Avenue, Wynantskill, NY 12198 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Owned 
  
2014 
712 Hoosick Street, Brunswick, NY 12180 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Owned 
  
2015 
329 Glenmont Road, Glenmont, NY 12077 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Leased 
  
2014 
142 Saratoga Avenue, Waterford, NY 12188 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Owned 
  
2015 
1770 Central Avenue, Albany, NY 12205 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Leased 
  
2019 
602 North Greenbush Road, Rensselaer, NY 12144 . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Leased 
  
2017 
90 State Street, Albany, NY 12207 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Leased 
  
2013 
1881ဩ1883 Western Avenue, Albany, NY 12203 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Owned 
  
2018 
184 Delaware Avenue, Delmar, NY 12054 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Owned 
  
2010 
843 Route 146, Clifton Park, NY 12065 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Leased 
  
2012 
426 State Street, Schenectady, NY 12305 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Leased 
  
2014 
440 Main Street, Cairo, NY 12413 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Owned 
  
2016 
11565 NYဩ32, Greenville, NY 12083 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Leased 
  
2016 
739 Upper Glen Street, Queensbury, NY 12804 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Leased 
  
2017 
100 Mohawk Street, Cohoes, NY 12047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
Owned 
  
2017 
1 Hudson City Centre, Hudson, NY 12534 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
Leased 
 
2023 
 
(1) The property is subject to a ground lease. 
The Company and the Bank maintain their executive offices as well as an operations center, customer call center 
and a retail banking center at the main office. The Bank operates 22 retail banking offices in Albany, Greene, Rensselaer, 
Saratoga, Schenectady and Warren Counties, as well as a wealth management office in Columbia County in New York. 
We believe that the current facilities are adequate to meet our present and foreseeable needs, subject to possible future 
expansion. For more information on the Company’s properties, see Notes 2, 7 and 18 set forth in Part II, Item 8 Financial 
Statements and Supplementary Data, of this Annual Report. 
ITEM 3. 
Legal Proceedings  
Certain legal proceedings in which we are involved are discussed in “Part II, Item 8–Financial Statements and 
Supplementary Data- Note 14 – Commitments and Contingent Liabilities – Legal Proceedings and Other Contingent 
Liabilities.” 
ITEM 4. 
Mine Safety Disclosures 
Not applicable. 
 

58 
PART II 
ITEM 5. 
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of 
Equity Securities 
The common stock of the Company has been listed on The Nasdaq Capital Market under the symbol “PBFS” 
since July 18, 2019. At September 13, 2024, the Company had approximately 894 stockholders of record.  
The Company currently does not anticipate paying a dividend to its stockholders. The payment and amount of 
any dividend payments will be subject to statutory and regulatory limitations, and will depend upon a number of factors, 
including the following: regulatory capital requirements; our financial condition and results of operations; our other uses 
of funds for the long-term value of stockholders; tax considerations; the Federal Reserve Board’s current policy and 
regulations restricting the waiver of dividends by mutual holding companies; and general economic conditions. 
The Federal Reserve Board has issued a policy statement providing that dividends should be paid only out of 
current earnings and only if our prospective rate of earnings retention is consistent with our capital needs, asset quality 
and overall financial condition. Regulatory guidance also provides for prior regulatory consultation with respect to capital 
distributions in certain circumstances such as where the holding company’s net income for the past four quarters, net of 
dividends previously paid over that period, is insufficient to fully fund the dividend or the holding company’s overall rate 
or earnings retention is inconsistent with its capital needs and overall financial condition. In addition, the Bank’s ability to 
pay dividends may be limited if it does not have the capital conservation buffer required by certain capital rules, which 
may limit our ability to pay dividends to stockholders. No assurances can be given that any dividends will be paid or that, 
if paid, will not be reduced or eliminated in the future. Special cash dividends, stock dividends or returns of capital, to the 
extent permitted by regulations and policies of the Federal Reserve Board and the OCC, may be paid in addition to, or in 
lieu of, regular cash dividends. 
There were no sales of unregistered securities during the year ended June 30, 2024. 
The following table reports information regarding repurchases by the Company of its common stock in each 
month of the quarter ended June 30, 2024: 
 
 
 
 
 
 
  
 
Total Number 
 
 
      
 
      
 
     
of Shares 
     
Maximum 
 
 
 
 
 
 
 
 
Purchased as 
 
Number of 
 
 
 
 
 
 
 
 
Part of  
 
Shares that 
 
 
 
 
 
 
 
 
Publicly  
 
May Yet Be 
 
 
Total Number   Average Price  
 Announced 
 
Purchased 
 
 
of Shares  
 
Paid Per  
 
Plans or  
 Under Plans or 
Period 
 
Purchased 
 
Share 
 
Programs  
Programs (1) 
April 1 through April 30, 2024 . . . . . . . . . . . . . . . . .   
 
 —  
$ 
 —  
 
 —  
 
 — 
May 1 through May 31, 2024 . . . . . . . . . . . . . . . . . .   
 
 —  
 
 — 
 
 — 
 
1,298,883 
June 1 through June 30, 2024 . . . . . . . . . . . . . . . . . .   
 
106,386  
 
9.97  
 
106,386  
 
1,192,497 
      Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
106,386  
$ 
9.97  
 
106,386  
 
1,192,497 
 
(1) 
On May 21, 2024, the Company announced it adopted a stock repurchase program. The stock repurchase program authorizes the 
Company to repurchase up to an aggregate of 1,298,883 shares, or approximately 5% of its then outstanding shares. The repurchase 
program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading 
plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The repurchase program 
has no expiration date. 
 
 

59 
 
ITEM 6. 
[Reserved]  
Not Applicable.  
 
 

60 
ITEM 7. 
Management’s Discussion and Analysis of Financial Condition and Results of Operations 
This discussion and analysis reflects our audited consolidated financial statements and other relevant statistical 
data, and is intended to enhance your understanding of our financial condition and results of operations. The information 
in this section has been derived in part from the audited consolidated financial statements that appear beginning on  
page 74 of this Annual Report on Form 10-K. Please read the information in this section in conjunction with the business 
and financial information regarding the Company, the Bank and the audited consolidated financial statements that appear 
starting on page 74 of this Annual Report on Form 10-K. 
Overview 
Net Interest Income. Our primary source of income is net interest income. Net interest income is the difference 
between interest income, which is the income we earn on our loans and investments, and interest expense, which is the 
interest we pay on our deposits and borrowings. 
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. 
Non-interest Income. Our primary sources of non-interest income are banking fees and service charges, and 
insurance and wealth management services income. Our non-interest income also includes litigation-related income, net 
gain or losses on equity securities, net gain or losses on sales and calls of available for sale securities, net gain or loss on 
disposal of assets, other gains and losses, and miscellaneous income. 
Non-Interest Expense. Our non-interest expenses consist of salaries and employee benefits, net occupancy and 
equipment, data processing, advertising and marketing, insurance premiums, federal deposit insurance premiums, 
professional fees, litigation-related expense, and other general and administrative expenses. 
Salaries and employee benefits consist primarily of salaries and wages paid to our employees, payroll taxes, and 
expenses for worker’s compensation and disability insurance, health insurance, retirement plans and other employee 
benefits, as well as commissions and other incentives. 
Net occupancy and equipment expenses, which are the fixed and variable costs of buildings and equipment, 
consist primarily of depreciation charges, rental expenses, furniture and equipment expenses, maintenance, real estate 
taxes and costs of utilities. Depreciation of premises and equipment is computed using a straight-line method based on the 
estimated useful lives of the related assets or the expected lease terms, if shorter. 
Data processing expenses are fees we pay to third parties for use of their software and for processing customer 
information, deposits and loans. 
Advertising and marketing includes most marketing expenses including multi-media advertising (public and in-
store), promotional events and materials, civic and sales focused memberships, and community support. 
Insurance premiums include expense related to various insurance policies, excluding federal deposit insurance 
premiums. 
Federal deposit insurance premiums are payments we make to the FDIC for insurance of our deposit accounts. 
Professional fees include legal and other consulting expenses.  

61 
Litigation-related expense includes expenses related to legal proceedings, exclusive of legal fees and expenses. 
Other general and administrative expenses include expenses for office supplies, postage, telephone, insurance 
and other miscellaneous operating expenses. 
Income Tax Expense. Our income tax expense is the total of the current year income tax due or refundable and 
the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for 
the temporary differences between the carrying amounts and the tax basis of assets and liabilities, computed using enacted 
tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amounts expected to be realized. 
Select Financial Data 
The following tables set forth selected historical financial and other data for the Company on a consolidated basis 
at and for the years ended June 30, 2024 and 2023.  
 
 
 
 
 
 
 
 
 
At June 30, 
 
     
2024 
     
2023 
 
 
(In thousands) 
Selected Financial Condition Data: 
  
 
    
 
  
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 1,895,404  
$ 
 1,856,191 
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 165,190  
  
 150,478 
Securities available for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 257,409  
  
 431,667 
Securities held to maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 25,090  
  
 23,949 
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 —  
 
 2,413 
Federal Reserve Bank of New York and Federal Home Loan Bank of New 
York stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 3,546  
  
 1,196 
Net loans receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 1,344,069  
  
 1,144,169 
Premises and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 40,105  
  
 41,617 
Bank-owned life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 16,009  
  
 16,322 
Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 1,550,252  
  
 1,541,851 
Shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 296,528  
  
 266,700 
 
 
 
 
 
 
 
 
 
 
For the Years Ended June 30, 
 
     
2024 
     
2023 
 
 
(In thousands except for per share amounts) 
Selected Operating Data: 
  
 
    
 
  
Interest and dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 88,316  
$ 
 71,033 
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 21,803  
  
 5,492 
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 66,513  
  
 65,541 
Provision for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 2,700  
  
 — 
Net interest income after provision for credit losses . . . . . . . . . . . . . . . . .   
  
 63,813  
  
 65,541 
Noninterest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 16,330  
  
 14,148 
Noninterest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 60,734  
  
 51,834 
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 19,409  
  
 27,855 
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 4,149  
  
 5,907 
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 15,260  
 
 21,948 
Earnings per share (basic and diluted) . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 0.61  
$ 
 0.87 
 
 
 

62 
 
 
 
 
 
 
 
 
At or For the Years Ended June 30, 
 
     
2024 
     
2023 
     
 
 
 
 
 
 
Performance Ratios: 
  
    
    
Return on average assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 0.80 %   
 1.15 %   
Return on average equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 5.42 %   
 8.73 %   
Interest rate spread (1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 3.01 %   
 3.50 %   
Net interest margin (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 3.78 %   
 3.72 %   
Non-interest expenses to average assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 3.18 %   
 2.71 %   
Efficiency ratio (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 73.31 %   
 65.05 %   
Average interest-earning assets to average interest-bearing liabilities . . . . . . . . . . . .   
 161.98 %   
 170.32 %   
 
 
 
 
 
 
Capital Ratios (4): 
  
    
    
Average equity to average assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 14.77 %   
 13.16 %   
Total capital to risk weighted assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 19.66 %   
 20.11 %   
Tier 1 capital to risk weighted assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 18.40 %   
 18.85 %   
Common equity tier 1 capital to risk weighted assets . . . . . . . . . . . . . . . . . . . . . . . . . .   
 18.40 %   
 18.85 %   
Tier 1 capital to average assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 11.65 %   
 11.47 %   
 
 
 
 
 
 
Asset Quality Ratios: 
  
    
    
Allowance for credit losses as a percentage of total loans . . . . . . . . . . . . . . . . . . . . . .   
 1.60 %   
 1.94 %   
Allowance for credit losses as a percentage of non-performing loans . . . . . . . . . . . .   
 240.92 %   
 126.41 %   
Net charge-offs to average outstanding loans during the year . . . . . . . . . . . . . . . . . . .   
 0.04 %   
 0.01 %   
Non-performing loans as a percentage of total loans . . . . . . . . . . . . . . . . . . . . . . . . . .   
 0.66 %   
 1.53 %   
Non-performing loans as a percentage of total assets . . . . . . . . . . . . . . . . . . . . . . . . . .   
 0.48 %   
 0.96 %   
Total non-performing assets as a percentage of total assets . . . . . . . . . . . . . . . . . . . . .   
 0.49 %   
 0.96 %   
 
 
 
 
 
 
Other: 
  
    
    
Number of offices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 23   
 22   
Number of full-time equivalent employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 270   
 256   
 
(1) Represents the difference between the weighted average yield on average interest-earning assets and the weighted 
average cost of interest-bearing liabilities for the years. 
(2) Represents net interest income as a percentage of average interest-earning assets. 
(3) Represents non-interest expenses divided by the sum of net interest income and non-interest income. 
(4) Capital ratios are for the Bank. 
 
 

63 
Recent Developments 
Pioneer Commercial Bank Merger 
Pioneer Commercial Bank is a New York-chartered limited-purpose commercial bank wholly owned by the Bank. 
Prior to our conversion to a national bank, the limited-purpose commercial bank subsidiary enabled us to establish banking 
relationships with municipalities and other public entities for deposits throughout our market area which was otherwise 
prohibited by law for a New York chartered savings bank. On September 16, 2024, the OCC approved the Commercial 
Bank Merger. The Commercial Bank Merger is expected to close on October 1, 2024. Following the completion of the 
Commercial Bank Merger, the Bank will directly offer full municipal deposit banking services. 
Stock Repurchase Program  
On May 21, 2024, the Company announced that it had adopted a stock repurchase program.  Under the repurchase 
program, the Company may repurchase up to 1,298,883 shares of its common stock. 
 
Shares may be repurchased in open market or private transactions, through block trades, or pursuant to any trading 
plan that may be adopted in accordance with Rule 10b5-1 of the SEC. The repurchase program has no expiration date. 
 
Repurchases will be made at management’s discretion at prices management considers to be attractive and in the 
best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the 
trading price of the stock, alternative uses for capital, and the Company’s financial performance.  Open market purchases 
will be subject to the limitations set forth in Rule 10b-18 of the SEC and other applicable legal requirements. 
 
The timing and amount of share repurchases under the repurchase program may be suspended, terminated or 
modified by the Company at any time for any reason, including market conditions, the cost of repurchasing shares, the 
availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also 
affect the timing and amount of share repurchases. The Company is not obligated to repurchase any particular number of 
shares or any shares in any specific time period. For additional details regarding the stock repurchase program see “Item 5 – 
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities”. 
Charter Conversion 
On April 1, 2024, the Bank completed its conversion to a national bank following approval of the conversion by 
the OCC, the regulator of national banks. The Bank now operates under the name “Pioneer Bank, National Association” 
and is subject to the supervision, regulation and examination by the OCC. The Bank continues to operate in the same 
mutual holding company structure as it did prior to the conversion, with the Company and Pioneer Bancorp, MHC as the 
Bank’s parent bank holding companies. 
Balance Sheet Repositioning 
On December 28, 2023, the Company completed a balance sheet repositioning, by selling $74.5 million of lower-
yielding available for sale securities with an average book yield of approximately 0.83% and weighted average remaining 
life of 2.2 years, recognizing a pre-tax loss on the sale of $5.6 million. Proceeds from the sale were initially redeployed 
into interest-earning deposits with banks with an average book yield of 5.40% and ultimately the Company reinvested the 
proceeds into loans and securities available for sale yielding current market rates during the quarter ended March 31, 2024. 
The transaction had a neutral impact on shareholders’ equity and book value per share as of the date of the sale, as 
unrealized losses on securities available for sale were already accounted for as a deduction to shareholders’ equity. 
Beginning in the quarter ended March 31, 2024, this transaction began to have a favorable impact on the Company’s net 
income, net interest margin, return on average assets, and return on average equity. 
 
 

64 
Settlement Agreement 
As previously disclosed, on December 1, 2020, the Bank filed a complaint in the Supreme Court of the State of 
New York (the “Action”) against Teal, Becker & Chiaramonte, CPAs, P.C. (“TBC”), Mr. Pasquale M. Scisci and 
Mr. Vincent Commisso (collectively, with TBC, the “TBC Parties”), alleging professional malpractice by the TBC Parties 
in auditing the annual consolidated financial statements of Valuewise Corporation and its subsidiaries (“Valuewise 
Entities”) for the fiscal years 2010 to 2018. 
The Bank asserted that the TBC Parties were aware that the primary, if not the exclusive, reason the Valuewise 
Entities engaged TBC to audit their financial statements was to provide the Bank with accurate financial information that 
the Bank would rely on in evaluating whether to provide loans to the Valuewise Entities. The Bank contended that, among 
other matters, Mr. Michael Mann used the Valuewise Entities to defraud the Bank. This was because the Bank relied on 
the unqualified “clean” opinions on the financial statements of the Valuewise Entities for fiscal years 2010 to 2018 issued 
by the TBC Parties in continuing to loan money to the Valuewise Entities. The TBC Parties filed their answer to the Bank’s 
complaint on February 12, 2021. On February 28, 2022, the TBC Parties filed a motion to dismiss the complaint. On 
October 4, 2022, the Court entered a decision and order denying the motion in its entirety. 
On November 15, 2023, the Bank, on the one hand, and the TBC Parties, on the other hand, entered into a 
settlement agreement (the “Settlement Agreement”), pursuant to which the parties agreed to resolve and settle all disputes 
and potential claims which exist or may exist among them, including without limitation those claims asserted in the Action, 
as more specifically set forth in, and subject to the terms and conditions of, the Settlement Agreement. Pursuant to the 
Settlement Agreement, the TBC Parties made a payment of $5.95 million to the Bank, in exchange for which the Bank 
caused the Action to be dismissed with prejudice. 
Acquisition 
On July 13, 2023, the Company, through its subsidiary, Pioneer Financial Services, Inc., completed the 
acquisition of certain assets of Hudson Financial LLC, a company engaged in the wealth management services business 
in the Hudson Valley Region of New York. The Company paid an aggregate of $2.0 million in cash and recorded 
$1.5 million in contingent consideration payable to acquire the assets and recorded a $1.4 million customer list intangible 
asset and goodwill in the amount of $2.1 million in conjunction with the acquisition. The effects of the acquired assets 
have been included in the consolidated financial statements since the acquisition date. This acquisition was made to expand 
the Company’s wealth management services activities. 
Mann Entities Related Fraudulent Activity  
During the first fiscal quarter of 2020 (the quarter ended September 30, 2019), the Company became aware of 
potentially fraudulent activity associated with transactions by an established business customer of the Bank. The customer 
and various affiliated entities (collectively, the “Mann Entities”) had numerous accounts with the Bank. The transactions 
in question related both to deposit and lending activity with the Mann Entities. 
While the Bank has been reimbursed in the past by its insurer for certain legal fees and expenses associated with 
this matter, the Bank does not expect to recognize any such insurance recoveries in the future, as the applicable policy 
limits and deductibles have been exceeded. For additional details regarding legal, other proceedings and related matters 
see “Item 8 – Financial Statements and Supplementary Data – Note 14 – Commitments and Contingent Liabilities – Legal 
Proceedings and Other Contingent Liabilities.” 
 
 

65 
Business Strategy  
Our business strategy is to operate as a well-capitalized and profitable diversified financial institution focused on 
our relationship-based model of customer engagement which we believe will result in growth through new customer 
acquisition, deepened existing customer relationships, and further market penetration.  At Pioneer, we are “More Than a 
Bank” which means that we are focused on growing our broad range of financial products and services for individual, 
business and municipal customers by continuing to expand our banking, insurance, consulting, and wealth management 
businesses.  We are fully grounded in the belief the future of financial services relies heavily on providing an unparalleled 
level of personal service and a comprehensive approach to our customer’s finances. Our sales enablement strategy reflects 
that approach and through this client-centric endeavor, we bring our products, services, and expertise to our customers in 
a seamless and efficient manner. We distinguish ourselves by maintaining the culture of a local community financial 
institution, emphasizing an engaged workforce, creating positive community impact all while offering a full range of 
comprehensive financial products and services, in a consultative approach. We believe that we have a competitive 
advantage in the markets we serve because of our over 130-year history in the community, our knowledge of the local 
marketplace and our long-standing reputation for providing superior, relationship-based customer service.  The following 
are the key elements of our business strategy: 
Strategically grow through deepening customer relationships. Integral to our strategy is our belief that there is 
a large customer base in our market that prefers doing business with local institutions that are grounded in the success of 
their customers and communities. These customers are seeking more relationship-based service than they receive from the 
larger regional banks and other financial services providers. By offering personalized relationship-based customer service, 
along with our extensive knowledge of our local markets and a wide range of product offerings, we believe it has allowed 
us to establish strong relationships with our customers. We believe we can continue to leverage these strengths to attract 
and retain customers. We have embarked on a sales enablement strategy that is focused on engaging in a multidisciplinary 
approach to customer interaction.  Based on the foregoing, our attractive market area and strategic investment in 
technology to enhance the customer experience, we believe we are well-positioned to strategically grow our balance sheet. 
Continue our emphasis on commercial customer acquisition, with a targeted focus on commercial lending 
while maintaining an appropriate balance in the overall loan portfolio. We view the long term growth of our commercial 
loan portfolio, consistent with safe and sound underwriting practices, as a means of increasing our interest income and 
establishing relationships with local businesses. These relationships will offer a recurring and we believe broader source 
of fee income through commercial deposits, commercial insurance and employee benefits products and consulting. We 
generally require that commercial borrowers establish a commercial deposit account with us, which assists our efforts to 
grow core deposits and cross-sell our other products and services. Our focus on commercial lending also has the benefits 
of increasing the yield on our loan portfolio while reducing the average term to repricing of our loans. However, we will 
continue to maintain an appropriate balance in the overall loan portfolio between our commercial and non-commercial 
loans to diversify our credit risk. Through our strategic partnership with the Mortgage Banking Company we are able to 
decide whether we want to purchase residential mortgage loans originated by the Mortgage Banking Company for our 
portfolio. During the year ended June 30, 2024 we strategically increased our portfolio of non-commercial loans, in part 
to take advantage of the substantial recent increase in market rates, through the purchases of residential mortgage loans, 
increasing that portfolio by $170.6 million or 36.8% as compared to the prior year. 
Diversify our products and services to increase non-interest income. Our strategy includes further expansion of 
our customer base, deepening relationships and a focus on non-interest income by growing our financial services 
businesses. We sell commercial and personal insurance products and provide employee benefits products and services 
through our wholly-owned subsidiary, Pioneer Insurance Agency, Inc., which we acquired in 2016, and grew with our 
acquisition of Capital Region Strategic Employee Benefits Services, LLC employee benefits and consulting business in 
2017. We entered into the wealth management services business by establishing Pioneer Financial Services, Inc. in 1997 
as a wholly-owned subsidiary of the Bank (which operates under the name Pioneer Wealth Management). We substantially 
grew our wealth management services business with the acquisition of Ward Financial Management, LTD’s business in 
2018, three wealth management practices’ businesses in fiscal year 2022 and with the acquisition of certain assets of 
Hudson Financial, LLC in fiscal year 2024. At June 30, 2024, Pioneer Financial Services, Inc. had $1.13 billion of assets 
under management. We believe that there will be opportunities to cross-sell these products to our deposit and borrower 
customers which may further increase our non-interest income, and also to cross-sell our banking services and products to 

66 
customers and clients of Pioneer Insurance Agency, Inc. and Pioneer Financial Services, Inc. We intend to consider future 
acquisition opportunities to expand our insurance, wealth management or other complementary financial services 
businesses. 
Increase our Share of Lower-Cost Core Deposits. Core deposits represent our best opportunity to develop 
customer relationships that enable us to cross-sell the products and services of our complementary subsidiaries. We 
continue to emphasize offering core deposits (demand deposit accounts, savings accounts and money market accounts) to 
individuals, businesses and municipalities located in our market area. We attract and retain transaction accounts by offering 
competitive products and rates and providing quality customer service. At June 30, 2024, core deposits comprised 89.2% 
of our total deposits. Core deposits are our least costly source of funds which improves our interest rate spread and also 
contributes non-interest income from account- related services. 
Ongoing focus on our commitment to an engaged workforce.  We maintain our focus on ways to further enhance 
the employee engagement of our team.  We seek to retain our position as an employer of choice for top talent in the Capital 
Region through a focus on career and leadership development opportunities, and attention to providing a robust and 
competitive benefits package for our employees.  We provide opportunities for our employees to engage in meaningful 
ways in the community and expect to enhance this engagement through the philanthropic efforts of the Pioneer Bank 
Charitable Foundation.  
Critical Accounting Policies and Estimates 
The discussion and analysis of the financial condition and results of operations are based on our financial 
statements, which are prepared in conformity with GAAP. The preparation of these financial statements requires 
management to make estimates and assumptions affecting the reported amounts of assets and liabilities, disclosure of 
contingent assets and liabilities, and the reported amounts of income and expenses. We consider the accounting policies 
and estimates discussed below to be critical accounting policies and estimates. The estimates and assumptions that we use 
are based on historical experience and various other factors and are believed to be reasonable under the circumstances. 
Actual results may differ from these estimates under different assumptions or conditions, resulting in a change that could 
have a material impact on the carrying value of our assets and liabilities and our results of operations. 
The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying 
public companies. As an “emerging growth company” we may delay adoption of new or revised accounting 
pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We 
intend to continue to take advantage of the benefits of this extended transition period. Accordingly, our financial statements 
may not be comparable to companies that comply with such new or revised accounting standards. 
The following represent our critical accounting policies and estimates: 
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. Effective July 1, 2023, 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 

67 
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. All loan information 
presented as of June 30, 2023 or a prior date is presented in accordance with previously applicable GAAP (the incurred 
loss method). 
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. 
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 $1.1 million, or 5.2%, 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 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. 
Actual loan losses may be significantly more than the allowance we have established which could have a material 
negative effect on our financial results. 
Legal Proceedings and Other Contingent Liabilities.  In the ordinary course of business, we are involved in a 
number of legal, regulatory, governmental and other proceedings, claims or investigations that could result in losses, 
including damages, fines and/or civil penalties, which could be significant concerning matters arising from the conduct of 
our business. In view of the inherent difficulty of predicting the outcome of such matters, particularly where the claimants 
seek large or indeterminate damages, we generally cannot predict the eventual outcome of the pending matters, timing of 
the ultimate resolution of these matters, or eventual loss, fines or penalties related to each pending matter. In accordance 
with applicable accounting guidance, we establish an accrued liability when those matters present loss contingencies that 
are both probable and estimable. Our estimate of potential losses will change over time and the actual losses may exceed 
these estimates, and there may be an exposure to loss in excess of any amounts accrued. As a matter develops, management, 
in conjunction with any outside counsel handling the matter, evaluate on an ongoing basis whether such matter presents a 
loss contingency that is probable and estimable; or where a loss is reasonably possible, whether in excess of a related 
accrued liability or where there is no accrued liability, whether it is possible to estimate a range of possible loss. Once the 
loss contingency is deemed to be both probable and estimable, we establish an accrued liability and record a corresponding 
amount of litigation-related expense. We continue to monitor the matters for further developments, including our 

68 
interactions with various regulatory agencies with supervisory authority over us, that could affect the amount of the accrued 
liability that has been previously established. These estimates are based upon currently available information and are 
subject to significant judgment, a variety of assumptions and known and unknown uncertainties.  The matters underlying 
the accrued liability and estimated range of possible losses are unpredictable and may change from time to time, and actual 
losses may vary significantly from the current estimate and accrual which could have a material negative effect on our 
financial results.  The estimated range of possible loss does not represent our maximum loss exposure. 
Average Balances and Yields   
The following table sets forth average balances, average yields and costs, and certain other information for the 
years indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. All average 
balances are daily average balances. Non-accrual loans were included in the computation of average balances. The yields 
set forth below include the effect of deferred costs and fees, discounts, and premiums that are amortized or accreted to 
interest income or interest expense, as applicable. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Years Ended June 30, 
 
 
2024 
 
2023 
 
 
     
Average       
 
     
 
     
Average       
 
     
 
     
 
 Outstanding 
 
 
 
Average  
Outstanding  
 
 
 
Average  
 
 
Balance 
 
Interest 
 Yield/Cost 
Balance 
 
Interest 
 Yield/Cost 
 
 
(Dollars in thousands) 
Interest-earning assets: 
   
    
 
    
    
 
    
 
    
    
Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$  1,265,455  
$  72,378   
 5.72 %  $  1,059,250  
$  55,231   
 5.21 % 
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 382,258  
  
 9,750   
 2.55 %    
 526,460  
  
 9,875   
 1.88 % 
Interest-earning deposits . . . . . . . . . . . . . . . . . . . . . .   
  
 113,092  
  
 6,188   
 5.47 %    
 176,965  
  
 5,927   
 3.35 % 
Total interest-earning assets . . . . . . . . . . . . . . . . . .   
   1,760,805  
  
 88,316   
 5.02 %     1,762,675  
  
 71,033   
 4.03 % 
Non-interest-earning assets . . . . . . . . . . . . . . . . . . . .   
  
 146,575  
 
  
   
  
 146,677  
 
  
   
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$  1,907,380  
 
  
   
$  1,909,352  
 
  
   
 
 
  
 
  
 
 
 
  
 
  
 
 
 
Interest-bearing liabilities: 
 
  
   
  
    
   
  
   
  
    
   
Demand deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 167,498  
$ 
 3,153   
 1.88 %  $ 
 175,227  
$ 
 968   
 0.55 % 
Savings deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 275,317  
  
 199   
 0.07 %    
 315,536  
  
 116   
 0.04 % 
Money market deposits . . . . . . . . . . . . . . . . . . . . . . .   
  
 493,187  
  
 12,968   
 2.63 %    
 450,969  
  
 2,979   
 0.66 % 
Certificates of deposit . . . . . . . . . . . . . . . . . . . . . . . .   
  
 124,632  
  
 4,352   
 3.49 %    
 68,911  
  
 557   
 0.81 % 
Total interest-bearing deposits . . . . . . . . . . . . . . . .   
   1,060,634  
  
 20,672   
 1.95 %     1,010,643  
  
 4,620   
 0.46 % 
Borrowings and other . . . . . . . . . . . . . . . . . . . . . . . .   
  
 26,399  
  
 1,131   
 4.28 %    
 24,284  
  
 872   
 3.59 % 
Total interest-bearing liabilities . . . . . . . . . . . . . . . .   
   1,087,033  
  
 21,803   
 2.01 %     1,034,927  
  
 5,492   
 0.53 % 
Non-interest-bearing deposits . . . . . . . . . . . . . . . . . .   
 
 494,916  
 
 
 
 
 584,762  
 
 
 
Other non interest-bearing liabilities . . . . . . . . . . . . .   
  
 43,758  
 
  
   
  
 38,394  
 
  
   
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
   1,625,707  
 
  
   
   1,658,083  
 
  
   
Total shareholders’ equity . . . . . . . . . . . . . . . . . . . . .   
  
 281,673  
 
  
   
  
 251,269  
 
  
   
Total liabilities and shareholders’ equity . . . . . . . . .   
$  1,907,380  
 
  
   
$  1,909,352  
 
  
   
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 
$  66,513   
   
  
 
$  65,541   
   
Net interest rate spread (1) . . . . . . . . . . . . . . . . . . . . .   
 
 
 
  
 3.01 %    
 
 
  
 3.50 %  
Net interest-earning assets (2) . . . . . . . . . . . . . . . . . .   
$ 
 673,772  
 
  
   
$ 
 727,748  
 
  
   
Net interest margin (3) . . . . . . . . . . . . . . . . . . . . . . .   
 
 
 
  
 3.78 %    
 
 
  
 3.72 %  
Average interest-earning assets to interest-bearing 
liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 161.98 %   
  
   
  
 170.32 %   
  
   
 
(1) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and 
the weighted average cost of interest-bearing liabilities. 
(2) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. 
(3) Net interest margin represents net interest income divided by average total interest-earning assets. 
 
 

69 
Rate/Volume Analysis 
The following table presents the effects of changing rates and volumes on our net interest income for the years 
indicated. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). 
The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The 
total column represents the sum of the prior two columns. For purposes of this table, changes attributable to both rate and 
volume, which cannot be segregated, have been allocated proportionately based on the changes due to rate and the changes 
due to volume. 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended June 30, 
 
 
2024 vs. 2023 
 
 
 
 
 
 
 
 
Total 
 
 Increase (Decrease) Due to  
Increase 
 
 
Volume 
 
Rate 
 (Decrease) 
 
 
(In thousands) 
Interest-earning assets: 
      
        
        
  
Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 11,448  
$ 
 5,699  
$ 
 17,147 
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (3,126) 
  
 3,001  
  
 (125)
Interest-earning deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (2,631) 
  
 2,892  
  
 261 
Total interest-earning assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 5,691  
  
 11,592  
  
 17,283 
 
 
  
 
  
 
  
Interest-bearing liabilities: 
 
  
   
  
   
  
  
Demand deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (45) 
  
 2,230  
  
 2,185 
Savings deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (16) 
  
 99  
  
 83 
Money market deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 304  
  
 9,685  
  
 9,989 
Certificates of deposit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 743  
  
 3,052  
  
 3,795 
Total interest-bearing deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 986  
  
 15,066  
  
 16,052 
Borrowings and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 81  
  
 178  
  
 259 
Total interest-bearing liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 1,067  
  
 15,244  
  
 16,311 
 
 
  
 
  
 
  
Change in net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 4,624  
$ 
 (3,652) 
$ 
 972 
 
Comparison of Financial Condition at June 30, 2024 and June 30, 2023 
Total Assets. Total assets of $1.90 billion at June 30, 2024 increased $39.2 million, or 2.1%, from $1.86 billion 
at June 30, 2023. The increase was due primarily to an increase of $199.9 million, or 17.5%, in net loans receivable, an 
increase of $14.7 million, or 9.8%, in cash and cash equivalents and an increase of $1.1 million, or 4.8%, in securities held 
to maturity, offset in part by a decrease of $174.3 million, or 40.4%, in securities available for sale. Since June 30, 2023, 
we continued to shift the composition of interest-earning assets from securities available for sale to net loans receivable.  
Cash and Cash Equivalents. Total cash and cash equivalents of $165.2 million at June 30 2024, increased  
$14.7 million, or 9.8%, from $150.5 million at June 30, 2023.  
Securities Available for Sale. Total securities available for sale of $257.4 million at June 30, 2024 decreased 
$174.3 million, or 40.4%, from $431.7 million at June 30, 2023. The decrease was primarily due to maturities of  
$143.5 million and sales of $74.5 million, offset in part by purchases of U.S. Government and agency obligations and 
municipal obligations of $32.7 million and a decrease in net unrealized losses of $14.9 million (including a  
$5.6 million decrease related to losses realized from the sale of securities available for sale described in “Recent 
Developments”) during the year ended June 30, 2024. 
Securities Held to Maturity. Total securities held to maturity of $25.1 million at June 30, 2024 increased  
$1.1 million, or 4.8%, from $23.9 million at June 30, 2023. The increase was primarily due to purchases of $4.1 million 
offset in part by maturities of $2.7 million and a provision for credit losses of $262,000 during the year ended June 30, 
2024. 
Net Loans Receivable. Net loans receivable of $1.34 billion at June 30, 2024 increased $199.9 million, or 17.5%, 
from $1.14 million at June 30, 2023. By loan category, residential mortgage loans increased by $170.6 million, or 36.8%, 
to $633.8 million at June 30, 2024 from $463.2 million at June 30, 2023, commercial construction loans increased by 
$25.7 million, or 27.7%, to $118.4 million at June 30, 2024 from $92.7 million at June 30, 2023, commercial and industrial 

70 
loans increased by $3.9 million, or 4.0%, to $101.2 million at June 30, 2024 from $97.3 million at June 30, 2023, and 
home equity loans and lines of credit increased by $7.3 million, or 8.5%, to $92.8 million at June 30, 2024 from  
$85.5 million at June 30, 2023. These increases were partially offset by a decrease in commercial real estate loans of  
$5.0 million, or 1.2%, to $406.2 million at June 30, 2024 from $411.2 million at June 30, 2023, and a decrease in consumer 
loans of $3.3 million, or 19.3%, to $13.5 million at June 30, 2024 from $16.8 million at June 30, 2023.  
The increase in residential mortgage loans was related to the Bank’s asset allocation shift, using investment 
securities cash flow and cash to fund higher yielding assets. The Bank’s relationship with the Mortgage Banking Company 
facilitated a significant 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 
home equity loans and lines of credit was due to increased utilization rates of home equity lines of credit. The decrease in 
commercial real estate loans was related to loan payoffs outpacing loan originations.  
Deposits. Total deposits of $1.55 billion at June 30, 2024 increased $8.4 million, or 0.5%, from $1.54 billion at 
June 30, 2023. By deposit category, demand accounts increased by $19.2 million, or 13.8%, to $158.0 million at June 30, 
2024 from $138.8 million at June 30, 2023, money market accounts increased by $50.7 million, or 11.0%, to  
$513.6 million at June 30, 2024 from $462.9 million at June 30, 2023, and certificate of deposits increased by  
$50.0 million, or 42.8%, to $167.0 million at June 30, 2024 from $117.0 million at June 30, 2023, offset in part by a 
decrease in non-interest-bearing demand accounts of $80.8 million, or 15.4%, to $445.3 million at June 30, 2024 from 
$526.1 million at June 30, 2023, and a decrease in savings accounts of $30.7 million, or 10.3%, to $266.3 million at 
June 30, 2024 from $297.0 at June 30, 2023. The increase in certificates of deposit was primarily related to a migration of 
funds from non-interest-bearing demand, savings, and other lower rate interest-bearing accounts. The increase in demand 
accounts and money market accounts was primarily related to growth in municipal and commercial deposits and a 
migration of funds from non-interest bearing demand, savings and other lower rate interest-bearing accounts. The decrease 
in non-interest-bearing demand and savings accounts was primarily related to migration of funds to higher interest-bearing 
accounts. 
Total Shareholders’ Equity. Total shareholders’ equity of $296.5 million at June 30, 2024 increased  
$29.8 million, or 11.2%, from $266.7 million at June 30, 2023 primarily as a result of net income of $15.3 million, a 
decrease in accumulated other comprehensive loss of $14.5 million, and the net increase of $507,000 related to the day-
one CECL adjustment, partially offset by the repurchase of common stock of $1.1 million. 
Comparison of Operating Results for the Years Ended June 30, 2024 and June 30, 2023 
General.  Net income decreased by $6.6 million, or 30.5%, to $15.3 million for the year ended June 30, 2024 
from $21.9 million for the year ended June 30, 2023. The decrease was primarily due to a $8.9 million increase in non-
interest expense and a $2.7 million increase in the provision for credit losses, partially offset by a $2.2 million increase in 
non-interest income, a $1.0 million increase in net interest income and a $1.8 million decrease in income tax expense. 
Interest and Dividend Income.  Interest and dividend income increased $17.3 million, or 24.3%, to $88.3 million 
for the year ended June 30, 2024, from $71.0 million for the year ended June 30, 2023 due to increases in interest income 
on loans and interest-earning deposits and other. The increase was the result of a 99 basis points increase in the average 
yield on interest-earning assets to 5.02% for the year ended June 30, 2024, from 4.03% for the year ended June 30, 2023, 
partially offset by a decrease in the average balance of interest-earning assets of $1.9 million. The increase in the average 
yield on interest-earning assets was driven by an increase in variable rate loan yields and yields on interest-earning deposits 
with banks due to the current higher interest rate environment, as well as due to market related increases in interest rates 
on new loans and an asset allocation shift, using investment securities’ cash flow to fund higher yielding assets. Average 
interest-earning assets of $1.76 billion for the year ended June 30, 2024 decreased by $1.9 milllion from the year ended 
June 30, 2023.  
Interest income on loans increased $17.2 million, or 31.0%, to $72.4 million for the year ended June 30, 2024 
from $55.2 million for the year ended June 30, 2023. Interest income on loans increased due to a 51 basis points increase 
in the average yield on loans to 5.72% for the year ended June 30, 2024 from 5.21% for the year ended June 30, 2023, 
coupled with a $206.2 million increase in the average balance of loans to $1.27 billion for the year ended June 30, 2024 
from $1.06 billion for the year ended June 30, 2023. The increase in average yield on loans was primarily due to loans tied 

71 
to variable short-term rates which increased during the year ended June 30, 2024 as well as due to market related increases 
in interest rates on new loans. The increase in the average balance of loans was principally due to purchases of residential 
mortgage loans. 
Interest income on securities decreased $125,000, or 1.3%, to $9.8 million for the year ended June 30, 2024 from 
$9.9 million for the year ended June 30, 2023. Interest income on securities decreased due to a $144.2 million decrease in 
the average balance of securities to $382.3 million for the year ended June 30, 2024 from $526.5 million for the year ended 
June 30, 2023, partially offset by a 67 basis points increase in the average yield on securities to 2.55% for the year ended 
June 30, 2024 from 1.88% for the year ended June 30, 2023. The decrease in the average balance of securities was due to 
the sales of U.S. government and agency securities, and maturities of U.S. government and agency and municipal 
obligation securities, outpacing purchases during the year ended June 30, 2024, in conjunction with an asset allocation 
shift, using investment securities’ cash flow to fund higher yielding assets. The increase in average yield on securities was 
due to higher market rates of interest for new securities that were purchased during the year ended June 30, 2024 partially 
replacing the sale and scheduled maturities of lower yielding U.S. government and agency and municipal obligation 
securities.  
Interest income on interest-earning deposits with banks and other increased $261,000, or 4.4%, to $6.2 million 
for the year ended June 30, 2024 from $5.9 million for the year ended June 30, 2023. Interest income on interest-earning 
deposits with banks and other increased due to a 212 basis points increase in the average yield on interest-earning deposits 
with banks and other to 5.47% for the year ended June 30, 2024 from 3.35% for the year ended June 30, 2023 primarily 
due to an increase in yields on interest-earning deposits with banks due to higher market interest rates, partially offset by 
a decrease of $63.9 million in average balances on interest-earning deposits with banks and other to $113.1 million for the 
year ended June 30, 2024 from $177.0 million for the year ended June 30, 2023 related to the shift in composition of 
interest-earning assets from cash and cash equivalents to loans. 
Interest Expense.  Interest expense increased $16.3 million, or 297.0%, to $21.8 million for the year ended 
June 30, 2024 from $5.5 million for the year ended June 30, 2023 as a result of an increase in interest expense on deposits, 
as well as, on borrowings and other. The increase was primarily due to a 148 basis points increase in the average cost of 
interest-bearing liabilities to 2.01% for the year ended June 30, 2024 from 0.53% for the year ended June 30, 2023, as well 
as, a shift in the mix of interest-bearing liabilities to higher interest rate liability accounts.  
Interest expense on interest-bearing deposits increased $16.1 million, or 347.4%, to $20.7 million for the year 
ended June 30, 2024 from $4.6 million for the year ended June 30, 2023. Interest expense on interest-bearing deposits 
increased primarily due to a 149 basis points increase in the average cost of interest-bearing deposits to 1.95% for the year 
ended June 30, 2024 from 0.46% for the year ended June 30, 2023 and an increase in average interest-bearing deposits of 
$50.0 million to $1.06 billion for the year ended June 30, 2024 from $1.01 billion for the year ended June 30, 2023. The 
increase in the average cost of interest-bearing deposits was primarily due to the repricing of certain interest-bearing 
deposit accounts in response to changes in market interest rates and the higher interest rate environment, as well as a shift 
in the mix of deposits towards higher cost interest-bearing accounts. 
Interest expense on borrowings and other liabilities increased $259,000 to $1.1 milion for the year ended June 30, 
2024 from $872,000 for the year ended June 30, 2023 due primarily to increases in average borrowings and other liabilities 
of $2.1 million to $26.4 million for the year ended June 30, 2024 from $24.3 million for the year ended June 30, 2023, as 
well as the average cost of borrowings and other liabilities of 69 basis points as a result of the higher interest rate 
environment.  
Net Interest Income.  Net interest income increased $972,000, or 1.5%, to $66.5 million for the year ended 
June 30, 2024 compared to $65.5 million for the year ended June 30, 2023. The increase was primarily due to an increase 
in the average yield on interest-earning assets of 99 basis points, partially offset by a decrease in the average balance of 
interest-earning assets of $1.9 million, an increase in the average cost of interest-bearing liabilities of 148 basis points and 
an increase in the average balance of interest-bearing liabilities of $52.1 million. The net interest rate spread decreased 49 
basis points to 3.01% for the year ended June 30, 2024 from 3.50% for the year ended June 30, 2023. Net interest margin 
increased 6 basis points to 3.78% for the year ended June 30, 2024 from 3.72% for the year ended June 30, 2023. Net 
interest-earning assets decreased by $53.9 million to $673.8 million for the year ended June 30, 2024 from $727.7 million 

72 
for the year ended June 30, 2023. The effect on net interest income of the decrease in the average balance of net interest-
earning assets for the fiscal year ended June 30, 2024 was offset by the asset allocation shift to higher yielding assets. 
Provision for Credit Losses.  The provision for credit losses was $2.7 million for the year ended June 30, 2024, 
as compared to no provision for credit losses for the year ended June 30, 2023. The provision for credit losses for the year 
ended June 30, 2024 was primarily due to growth in the loan portfolio offset in part by improvements in asset quality. Net 
charge-offs increased to $520,000 for the year ended June 30, 2024, compared to $55,000 for the year ended June 30, 
2023. Non-performing assets decreased to $9.2 million, or 0.49% of total assets, at June 30, 2024, compared to  
$17.8 million, or 0.96% of total assets, at June 30, 2023. During the year ended June 30, 2024, non-performing loans 
decreased primarily with respect to one commercial real estate loan relationship that included seven loans totaling  
$7.7 million as of June 30, 2023, which as a result of payments received from the borrower decreased to four loans totaling 
$3.2 million as of June 30, 2024 and one commercial construction loan relationship totaling $3.2 million that was matured 
as of June 30, 2023 and was extended during the year ended June 30, 2024. The allowance for credit losses on loans was 
$21.8 million at June 30, 2024 compared to $22.5 million at June 30, 2023, representing 1.60% and 1.94% of total loans 
outstanding, respectively. The decrease in the allowance for credit losses as a percentage of total loans outstanding was 
primarily due to the cumulative effect adjustment for the adoption of ASU 2016-13 as of July 1, 2023 as described in “Part 
2, Item 8 –  Financial Statements and Supplementary Data – Note 2 – Summary of Significant Accounting Policies” and 
by improvements in asset quality.   
Non-Interest Income.  Non-interest income increased $2.2 million, or 15.4%, to $16.3 million for the year ended 
June 30, 2024 as compared to $14.1 million for the year ended June 30, 2023. Noninterest income increased primarily as 
a result of $6.0 million of income from the previously disclosed settlement of litigation as described in “Recent 
Developments” and also from a $2.3 million increase in insurance and wealth management services income, offset in part 
by a $5.6 million loss on the sale of securities available for sale from the balance sheet repositioning transaction as 
described in “Recent Developments,” as well as a $614,000 decrease in bank-owned life insurance income during the year 
ended June 30, 2024 due to recognition of a death benefit in the year ended June 30, 2023. The increase in insurance and 
wealth management services income was primarily due to the acquisition of Hudson Financial LLC which expanded our 
wealth management business into the Hudson Valley Region of New York. 
Non-Interest Expense.  Non-interest expense increased $8.9 million, or 17.2%, to $60.7 million for the year 
ended June 30, 2024 compared to $51.8 million for the year ended June 30, 2023. The increase in noninterest expense for 
the year ended June 30, 2024 was primarily due to an increase in professional fees of $6.3 million, as well as an increase 
in salaries and employee benefits expense of $1.8 million. Professional fees increased due to legal fees and expenses. 
Salaries and employee benefits expense increased due to compensation expense from annual merit increases, hiring talent 
to fill open positions, as well as the acquisition of Hudson Financial LLC. 
Income Tax Expense. Income tax expense decreased $1.8 million to $4.1 million for the year ended June 30, 
2024 from $5.9 million for the year ended June 30, 2023, due to a decrease in income before income taxes. Our effective 
tax rate was 21.4% for the year ended June 30, 2024 compared to 21.2% for the year ended June 30, 2023. The increase 
in our effective tax rate was primarily due to the decrease in tax-exempt income for the year ended June 30, 2024 as 
compared to the prior year.  
 
 

73 
Liquidity and Capital Resources 
Liquidity. Liquidity describes our ability to meet the financial obligations that arise in the ordinary course of 
business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of our customers and 
to fund current and planned expenditures. Our primary sources of funds are deposits, principal and interest payments on 
loans and securities, and proceeds from calls, maturities and sales of securities. We also have the ability to borrow from 
the FHLBNY. At June 30, 2024, we had the ability to borrow up to $497.2 million, of which none was utilized for 
borrowings and $200.0 million was utilized as collateral for letters of credit issued to secure municipal deposits. At 
June 30, 2024, we had a $20.0 million unsecured line of credit with a correspondent bank with no outstanding 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 accurately predict what the impact of the events described in “Mann Entities Related Fraudulent 
Activity” above and in the “Legal Proceedings” section may have on our liquidity and capital resources. For example, 
costs associated with potentially prosecuting, litigating or settling any litigation, satisfying any adverse judgments, if any, 
or other regulatory proceedings, could be significant. We continue to monitor these matters for further developments that 
could affect the amount of the accrued liability that has been established. See Item 3 – “Legal Proceedings” and “Part II, 
Item 8–Financial Statements and Supplementary Data- Note 14 – Commitments and Contingent Liabilities – Legal 
Proceedings and Other Contingent Liabilities” elsewhere in this report for more information. For those matters for which 
a loss is reasonably possible and estimable, whether in excess of an accrued liability or where there is no accrued liability, 
the Company’s estimated range of possible loss is $0 to $54.4 million in excess of the accrued liability, if any, as of 
June 30, 2024. These estimates are based upon currently available information and are subject to significant judgment, a 
variety of assumptions and known and unknown uncertainties. The matters underlying the accrued liability and estimated 
range of possible losses are unpredictable and may change from time to time, and actual losses may vary significantly 
from the current estimate and accrual. The estimated range of possible loss does not represent the Company’s maximum 
loss exposure. These legal, regulatory, governmental and other proceedings, claims or investigations, costs, settlements, 
judgments, sanctions or other expenses could have a material adverse effect on our business, prospects, financial condition, 
results of operations or cash flows or cause significant reputational harm and subject us to civil litigation, significant fines, 
damage awards or other material regulatory consequences.  
The board of directors is responsible for establishing and monitoring our liquidity targets and strategies in order 
to ensure that sufficient liquidity exists for meeting the borrowing needs and deposit withdrawals of our customers as well 
as unanticipated contingencies. We believe that we had enough sources of liquidity to satisfy our short and long-term 
liquidity needs as of June 30, 2024. 
While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit 
flows and loan prepayments are greatly influenced by general interest rates, economic conditions, and competition. Our 
most liquid assets are cash and cash equivalents. The levels of these assets are dependent on our operating, financing, 
lending and investing activities during any period. At June 30, 2024, cash and cash equivalents totaled $165.2 million. 
Securities classified as available-for-sale, which provide additional sources of liquidity, totaled $257.4 million at June 30, 
2024. 
We are committed to maintaining a strong liquidity position. We monitor our liquidity position on a daily basis. 
We anticipate that we will have sufficient funds to meet our current funding commitments. Certificates of deposit due 
within one year of June 30, 2024 totaled $156.7 million, or 10.1%, of total deposits. If these deposits do not remain with 
us, we will be required to seek other sources of funds, including other deposits and FHLBNY advances. Depending on 
market conditions, we may be required to pay higher rates on such deposits or borrowings than we currently pay. We 
believe, however, based on past experience that a significant portion of such deposits will remain with us. We have the 
ability to attract and retain deposits by adjusting the interest rates offered. 
Capital Resources. The Bank is subject to various regulatory capital requirements administered by the OCC. At 
June 30, 2024, we exceeded all applicable regulatory capital requirements, and were considered “well capitalized” under 
regulatory guidelines. See Note 16 in the Notes to the consolidated financial statements for further information.  

74 
Off-Balance Sheet Arrangements and Aggregate Contractual Obligations 
Off-Balance Sheet Arrangements. We are a party to financial instruments with off-balance sheet risk in the 
normal course of business to meet the financing needs of our customers. The financial instruments include commitments 
to originate loans, unused lines of credit and standby letters of credit, which involve elements of credit and interest rate 
risk in excess of the amount recognized in the consolidated balance sheets. Our exposure to credit loss is represented by 
the contractual amount of the instruments. We use the same credit policies in making commitments as we do for on-balance 
sheet instruments. 
At June 30, 2024, we had $303.9 million of commitments to originate loans, comprised of $183.5 million of 
commitments under commercial loans and lines of credit (including $52.7 million of unadvanced portions of commercial 
construction loans), $70.6 million of commitments under home equity loans and lines of credit, $42.8 million of 
commitments to purchase residential mortgage loans, and $7.0 million of unfunded commitments under consumer lines of 
credit. In addition, at June 30, 2024, we had $21.9 million in standby letters of credit outstanding. See Note 14 in the 
Notes to the consolidated financial statements for further information. 
Contractual Obligations. In the ordinary course of our operations, we enter into certain contractual obligations. 
Such obligations include data processing services, operating leases for premises and equipment, agreements with respect 
to borrowed funds and deposit liabilities. 
Recent Accounting Pronouncements 
Please refer to Note 2 in the Notes to the consolidated financial statements that appear starting on page 81 of this 
Annual Report on Form 10-K for a description of recent accounting pronouncements that may affect our financial 
condition and results of operations. 
Impact of Inflation and Changing Prices 
The financial statements and related data presented herein have been prepared in accordance with GAAP, which 
requires the measurement of financial position and operating results in terms of historical dollars without considering 
changes in the relative purchasing power of money over time due to inflation. The primary impact of inflation on our 
operations is reflected in increased operating costs. Unlike most industrial companies, virtually all of the assets and 
liabilities of a financial institution are monetary in nature. As a result, interest rates generally have a more significant 
impact on a financial institution’s performance than inflation. Interest rates do not necessarily move in the same direction 
or to the same extent as the prices of goods and services. 
ITEM 7A. 
Quantitative and Qualitative Disclosures About Market Risk 
This Item is not applicable, as the Company is a “smaller reporting company.” 
ITEM 8. 
Financial Statements and Supplementary Data 
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS  
 
 
Report of Independent Registered Public Accounting Firm (PCAOB ID 1884) . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
75
Consolidated Statements of Condition at June 30, 2024 and 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
76
Consolidated Statements of Operations for the years ended June 30, 2024 and 2023 . . . . . . . . . . . . . . . . . . . . . . . .  
77
Consolidated Statements of Comprehensive Income for the years ended June 30, 2024 and 2023 . . . . . . . . . . . . .  
78
Consolidated Statements of Changes in Shareholders’ Equity for the years ended June 30, 2024 and 2023 . . . . . .  
79
Consolidated Statements of Cash Flows for the years ended June 30, 2024 and 2023 . . . . . . . . . . . . . . . . . . . . . . .  
80
Notes to consolidated financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
81
 
 
 

75 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
 
To the Board of Directors and  
Shareholders of Pioneer Bancorp, Inc. 
Albany, New York 
 
Opinion on the Financial Statements 
We have audited the accompanying consolidated statements of condition of Pioneer Bancorp, Inc. and subsidiaries (the 
Company) as of June 30, 2024 and 2023, and the related consolidated statements of operations, comprehensive income, 
changes in shareholders’ equity, and cash flows for each of the years in the two-year period ended June 30, 2024, and the 
related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in 
all material respects, the financial position of the Company as of June 30, 2024 and 2023, and the results of its operations 
and its cash flows for each of the years in the two-year period ended June 30, 2024, in conformity with accounting 
principles generally accepted in the United States of America. 
Basis for Opinion 
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion 
on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB 
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and 
the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and 
perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, 
whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of 
the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such 
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. 
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well 
as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for 
our opinion. 
Change in Accounting Principle 
As discussed in Note 2 to the consolidated financial statements, on July 1, 2023, the Company adopted Accounting 
Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on 
Financial Instruments, as amended. 
We have served as the Company’s auditor since 2014. 
 
/s/ Bonadio & Co., LLP 
Pittsford, New York 
 
September 25, 2024 
 
 

76 
PIONEER BANCORP, INC. 
CONSOLIDATED STATEMENTS OF CONDITION 
(in thousands, except share and per share amounts) 
 
 
 
 
 
 
 
 
 
     
June 30,       
June 30,  
 
 
2024 
 
2023 
Assets 
  
 
    
 
  
Cash and due from banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 36,937  
$ 
 33,584 
Federal funds sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 13,638  
  
 2,167 
Interest-earning deposits with banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 114,615  
  
 114,727 
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 165,190  
  
 150,478 
Securities available for sale, at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 257,409  
  
 431,667 
Securities held to maturity, net of allowance for credit losses of $262 at June 30, 2024 (fair  
value of $22,437 at June 30, 2024; and $21,744 at June 30, 2023) . . . . . . . . . . . . . . . . . . . . . . .   
  
 25,090  
  
 23,949 
Equity securities, at fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 —  
 
 2,413 
Federal Reserve Bank of New York and Federal Home Loan Bank of New York stock . . . . . . . .   
  
 3,546  
  
 1,196 
Loans receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 1,365,870  
 
 1,166,638 
Allowance for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 (21,801) 
 
 (22,469)
Net loans receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
   1,344,069  
   1,144,169 
Accrued interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 7,559  
  
 7,194 
Premises and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 40,105  
  
 41,617 
Bank-owned life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 16,009  
  
 16,322 
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 10,879  
  
 8,799 
Other intangible assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 2,951  
  
 2,096 
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 22,597  
  
 26,291 
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$  1,895,404  
$  1,856,191 
 
 
  
 
  
Liabilities and Shareholders’ Equity 
 
  
   
  
  
Liabilities 
 
  
   
  
  
Deposits: 
 
  
   
  
  
Non-interest bearing deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 445,328  
$ 
 526,119 
Interest bearing deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
   1,104,924  
   1,015,732 
Total deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
   1,550,252  
   1,541,851 
Mortgagors’ escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 9,701  
  
 7,888 
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 38,923  
  
 39,752 
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
   1,598,876  
   1,589,491 
 
 
 
 
 
Commitments and contingent liabilities – See Note 14 
 
  
 
  
 
 
  
 
  
Shareholders’ Equity 
 
  
   
  
  
Preferred stock ($0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding 
 as of June 30, 2024 and June 30, 2023) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 —  
 
 — 
Common stock ($0.01 par value, 75,000,000 shares authorized, 26,261,293 and 25,977,679 
shares issued and outstanding as of June 30, 2024 and June 30, 2023, respectively) . . . . . . . .   
 
 263  
 
 260 
   Additional paid in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 113,484  
 
 113,543 
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 187,731  
  
 173,038 
Unallocated common stock of Employee Stock Ownership Plan (“ESOP”) . . . . . . . . . . . . . . . . .   
  
 (9,892) 
  
 (10,573)
Accumulated other comprehensive income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 4,942  
  
 (9,568)
Total shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 296,528  
  
 266,700 
Total liabilities and shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$  1,895,404  
$  1,856,191 
 
See accompanying notes to consolidated financial statements. 
 
 

77 
PIONEER BANCORP, INC. 
CONSOLIDATED STATEMENTS OF OPERATIONS 
(in thousands, except share and per share amounts) 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended  
 
 
 
June 30,  
 
 
     
2024 
     
2023 
     
Interest and dividend income: 
  
 
    
 
    
Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 72,378  
$ 
 55,231  
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 9,750  
  
 9,875  
Interest-earning deposits with banks and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 6,188  
  
 5,927  
Total interest and dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 88,316  
  
 71,033  
 
 
  
 
  
 
Interest expense: 
 
  
   
  
   
Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 20,672  
  
 4,620  
Borrowings and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 1,131  
  
 872  
Total interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 21,803  
  
 5,492  
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 66,513  
  
 65,541  
Provision for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 2,700  
  
 —  
Net interest income after provision for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 63,813  
  
 65,541  
 
 
  
 
  
 
Noninterest income: 
 
  
   
  
   
Bank fees and service charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 5,877  
  
 5,934  
Insurance and wealth management services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 9,313  
  
 7,053  
Net gain on equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 735  
  
 374  
Net loss on securities available for sale transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 (5,645) 
 
 —  
Litigation-related income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 5,950  
 
 —  
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 100  
  
 787  
Total noninterest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 16,330  
  
 14,148  
 
 
  
 
  
 
Noninterest expense: 
 
  
   
  
   
Salaries and employee benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 29,225  
  
 27,421  
Net occupancy and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 7,461  
  
 7,249  
Data processing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 4,554  
  
 4,561  
Advertising and marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 729  
  
 825  
Insurance premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 913  
 
 908  
Federal Deposit Insurance Corporation insurance premiums . . . . . . . . . . . . . . . . . . . . . .   
  
 1,090  
  
 857  
Professional fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 11,070  
 
 4,739  
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 5,692  
  
 5,274  
Total noninterest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 60,734  
  
 51,834  
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 19,409  
  
 27,855  
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 4,149  
  
 5,907  
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 15,260  
$ 
 21,948  
 
 
  
 
  
 
Net earnings per common share: 
 
  
 
  
 
            Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 0.61  
$ 
 0.87  
            Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 0.61  
$ 
 0.87  
 
 
  
 
  
 
            Weighted average shares outstanding – basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 25,193,848  
 
 25,169,382  
            Weighted average shares outstanding – diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 25,223,114  
 
 25,169,382  
 
 
 
 
 
 
 
See accompanying notes to consolidated financial statements. 
 
 

78 
PIONEER BANCORP, INC. 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
(dollars in thousands) 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended  
 
 
 
June 30,  
 
 
     
2024 
     
2023 
     
 
 
 
 
 
 
 
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $  15,260  $  21,948  
 
   
   
 
Other comprehensive income (loss): 
   
     
   
Unrealized gains (losses) on securities: 
   
     
   
Unrealized holding gains (losses) arising during the period . . . . . . . . . . . . . . . . . . . . . . . . .     
 9,204     (3,832) 
Reclassification adjustment for losses included in net income . . . . . . . . . . . . . . . . . . . . . . .     
 5,645    
 —  
 
    14,849     (3,832) 
Tax expense (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 3,881     (1,002) 
 
    10,968 
   (2,830) 
Defined benefit plan: 
   
     
   
Change in funded status of defined benefit plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 4,826    
 6,030  
Reclassification adjustment for amortization of net actuarial gain . . . . . . . . . . . . . . . . . . . .     
 (30)   
 (16) 
 
   
 4,796    
 6,014  
Tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 1,254    
 1,572  
 
   
 3,542    
 4,442  
Total other comprehensive income  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      14,510    
 1,612  
Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $  29,770  $  23,560  
 
See accompanying notes to consolidated financial statements. 
 
 

79 
PIONEER BANCORP, INC. 
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY 
(dollars in thousands, except share amounts) 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 Additional 
 
 
Unallocated  Accumulated Other 
Total 
 
 
Common Stock 
 
Paid-in  Retained  
Common 
 
Comprehensive  Shareholders’ 
 
  
Shares 
  Amount  Capital   Earnings   Stock of ESOP  
Income (Loss) 
  
Equity 
 
  
   
   
   
   
   
   
Balance as of July 1, 2022 . . . . . . . . . . . . . . .   25,977,679  $  260  $  113,713  $ 151,090   
 (11,256) $ 
 (11,180) $ 
 242,627 
 
  
  
  
  
  
  
  
Net income . . . . . . . . . . . . . . . . . . . . . . . . . .   
 —   
 —   
 —    21,948   
 —   
 —   
 21,948 
Other comprehensive income . . . . . . . . . . . . .   
 —   
 —   
 —    
 —    
 —    
 1,612    
 1,612 
ESOP shares committed to be released 
(50,916 shares) . . . . . . . . . . . . . . . . . . . . .   
 —   
 —   
 (170)  
 —   
 683   
 —   
 513 
Balance as of June 30, 2023 . . . . . . . . . . . . . .   25,977,679  $  260  $  113,543  $ 173,038  $ 
 (10,573) $ 
 (9,568) $ 
 266,700 
 
  
   
   
   
   
   
   
 
  
  
  
  
  
  
  
Cumulative effect of change in accounting 
principle - Current Expected Credit  
Losses (1) . . . . . . . . . . . . . . . . . . . . . . . . .   
 —   
 —   
 —   
 507   
 —   
 —   
 507 
 
 
  
  
  
  
  
  
Net income . . . . . . . . . . . . . . . . . . . . . . . . . .   
 —   
 —   
 —    15,260   
 —   
 —   
 15,260 
Other comprehensive income . . . . . . . . . . . . .   
 —   
 —   
 —    
 —    
 —    
 14,510    
 14,510 
ESOP shares committed to be released 
(50,916 shares) . . . . . . . . . . . . . . . . . . . . .   
 —   
 —   
 (209)  
 —   
 681   
 —   
 472 
Stock-based compensation expense . . . . . . . .   
 —   
 —   
 154   
 —   
 —   
 —   
 154 
Restricted stock awards granted . . . . . . . . . . .   
 390,000   
 4   
 (4)  
 —   
 —   
 —   
 — 
Repurchases of common stock . . . . . . . . . . . .    (106,386)  
 (1)  
 —   
 (1,074)  
 —   
 —   
 (1,075)
Balance as of June 30, 2024 . . . . . . . . . . . . . .   26,261,293  $  263  $  113,484  $ 187,731  $ 
 (9,892) $ 
 4,942  $ 
 296,528 
 
  
   
   
   
   
   
   
 
(1) Adoption of Accounting Standard Update 2016-13. 
See accompanying notes to consolidated financial statements. 
 
 

80 
PIONEER BANCORP, INC. 
CONSOLIDATED STATEMENTS OF CASH FLOWS 
(dollars in thousands) 
 
 
 
 
 
 
 
 
 
 
For the Year Ended  
 
 
June 30,  
 
     
2024 
     
2023 
 
 
 
 
 
 
Cash flows from operating activities: 
  
 
    
 
  
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 15,260  
$ 
 21,948 
Adjustments to reconcile net income to net cash provided by operating activities: 
 
  
   
  
  
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 2,596  
  
 2,698 
Provision for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 2,700  
  
 — 
Net (accretion) amortization on securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (1,863) 
  
 53 
ESOP compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 472  
 
 513 
Loss (earnings) on bank-owned life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 313  
  
 (300)
Net gain on the sale of other real estate owned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (55) 
  
 — 
Proceeds from sale of loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 92  
  
 100 
Net loss (gain) on sale of loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 9  
  
 (2)
Loss on sale, disposal or write-down of premise and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 288  
 
 — 
Net gain on equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (735) 
  
 (374)
Net loss on securities available for sale transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 5,645  
 
 — 
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 154  
 
 — 
Deferred tax (benefit) expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (188) 
  
 855 
Increase in accrued interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (365) 
  
 (2,571)
Decrease in other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 1,992  
  
 3,754 
Decrease in other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (2,488) 
  
 (426)
Changes in operating leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 20  
 
 21 
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 23,847  
  
 26,269 
 
 
 
 
 
 
 
Cash flows from investing activities: 
 
  
   
  
  
Proceeds from maturities, paydowns and calls of securities available for sale . . . . . . . . . . . . . . . . . . . . . . .   
  
 143,550  
  
 187,722 
Proceeds from sales of securities available for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 74,462  
  
 — 
Purchases of securities available for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (32,687) 
  
 (141,484)
Proceeds from maturities and paydowns of securities held to maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 2,651  
  
 2,770 
Purchases of securities held to maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (4,054) 
  
 (2,767)
Proceeds from sales of equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 3,149  
 
 — 
Net purchases of FHLBNY and FRBNY stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (2,350) 
  
 (105)
Net increase in loans receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (200,057) 
  
 (161,701)
Purchases of premises and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (838) 
  
 (451)
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (18,048) 
  
 (114,873)
 
 
 
 
 
Cash flows from financing activities: 
 
  
   
  
  
Net increase (decrease) in deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 8,401  
  
 (138,432)
Net increase in mortgagors’ escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 1,813  
  
 2,302 
Payments on acquisition contingent consideration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 (124) 
 
 (734)
Repurchase of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 (1,075) 
 
 — 
Repayment of finance lease liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 (102) 
 
 (114)
Net cash provided by (used in) financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 8,913  
  
 (136,978)
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 14,712  
  
 (225,582)
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 150,478  
  
 376,060 
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 165,190  
$ 
 150,478 
 
 
 
 
 
 
 
Supplemental disclosure of cash flow information: 
 
  
   
  
  
Cash paid during the period for: 
 
  
   
  
  
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 21,751  
$ 
 5,435 
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 5,000  
$ 
 4,800 
Non-cash investing and financing activity: 
 
  
   
  
  
Loans transferred to other real estate owned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 204  
$ 
 — 
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 
See accompanying notes to consolidated financial statements. 

81 
PIONEER BANCORP, INC.  
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
JUNE 30, 2024 AND 2023 
1.       NATURE OF OPERATIONS 
Nature of Operations 
Pioneer Bancorp, Inc. (the “Company”) is a mid-tier stock holding company whose wholly owned subsidiary is 
Pioneer Bank, National Association (the “Bank”). The Bank was a New York State chartered savings bank and 
following approval by the Office of the Comptroller of the Currency (“OCC”) converted to a national bank on 
April 1, 2024. The Bank’s wholly owned subsidiaries are Pioneer Commercial Bank, Pioneer Insurance  
Agency, Inc. and Pioneer Financial Services, Inc. On September 16, 2024, the OCC approved the merger of Pioneer 
Commercial Bank with and into the Bank with the Bank as the resulting entity (the “Commercial Bank Merger”). 
The Commercial Bank Merger is expected to close on October 1, 2024. Following the completion of the 
Commercial Bank Merger, the Bank will directly offer full municipal deposit banking services.  
The Company provides diversified financial services through the Bank and its subsidiaries, with 23 offices in the 
Capital Region of New York State. The Company, through its subsidiaries, offers a broad array of deposit, lending, 
and other financial services to individuals, businesses, and municipalities. There are no significant concentrations 
of loans to any one customer or industry. However, the customers’ ability to repay their loans is dependent on the 
real estate and general economic conditions in the Bank’s market area. 
2.       SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 
Principles of Consolidation 
The consolidated financial statements include the accounts of the Company, the Bank, and the Bank’s wholly owned 
subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.  
Use of Estimates 
The preparation of consolidated financial statements in conformity with accounting principles generally accepted 
in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the 
reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the 
consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. 
Actual results could differ substantially from those estimates. The allowance for credit losses, valuation of securities 
and other financial instruments, the funded status and expense of employee benefit plans, legal proceedings and 
other contingent liabilities, and the realizability of deferred tax assets are particularly subject to change. 
Subsequent Events 
Subsequent events are events or transactions that occur after the statement of condition date but before financial 
statements are issued. Recognized subsequent events are events or transactions that provide additional evidence 
about conditions that existed at the date of the statement of condition, including the estimates inherent in the process 
of preparing consolidated financial statements. Non-recognized subsequent events are events that provide evidence 
about conditions that did not exist at the date of the statement of condition but arose after that date.  
Management has reviewed events occurring through the date the consolidated financial statements were issued and, 
when appropriate, recognized or disclosed in the consolidated financial statements or notes to the consolidated 
financial statements. 
Cash and Cash Equivalents 
Cash and cash equivalents consists of cash and due from banks, federal funds sold with maturities less than 
three months, and interest-bearing deposits with banks. Net cash flows are reported for customer loan and deposit 
transactions, changes in mortgagor’s escrow deposits, and short-term borrowings. 

82 
Securities Available for Sale, Securities Held to Maturity and Equity Securities 
Management determines the appropriate classification of debt securities at the time of purchase. If management has 
the positive intent and ability to hold debt securities to maturity, they are classified as securities held to maturity 
and are stated at amortized cost. If debt securities are purchased for the purpose of selling them in the near term, 
they are classified as trading securities and are reported at fair value with unrealized gains and losses reflected in 
current earnings. All other debt securities are classified as securities available for sale and reported at fair value, 
with net unrealized gains or losses reported, net of income taxes, in accumulated other comprehensive loss, a 
component of shareholders’ equity. All marketable equity securities are reported at fair value, with changes in fair 
value recognized through net income in the consolidated statements of operations. At June 30, 2024 and 2023, and 
during the years then ended, the Company did not hold any securities considered to be trading securities. 
Gains or losses on the sale or call of securities are based on the net proceeds received and the amortized cost of the 
securities sold or called, using the specific identification method. The cost of securities is adjusted for amortization 
of premiums and accretion of discounts, which is calculated on an effective interest method over the period to the 
call date or over the terms of the securities, if there is no call date. 
Allowance for Credit Losses on Securities Held to Maturity 
With respect to its held to maturity debt securities, the Company is required to utilize the Accounting Standards 
Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on 
Financial Instruments (“CECL”) approach to estimate expected credit losses. Management measures expected credit 
losses on held to maturity debt securities on a collective basis by major security types that share similar risk 
characteristics. Management classifies the held to maturity debt securities portfolio into the following major security 
types: Corporate debt securities and municipal obligations. Expected losses are calculated on a pooled basis using 
a probability of default/loss given default model, based on historical credit loss data from a reliable source. 
Management utilizes corporate and municipal default and loss rates which provides decades of data across all 
corporate and municipal sectors and geographies. Management may exercise discretion to make adjustments based 
on environmental factors. The model calculates the expected loss for each security over the contractual life. If the 
risk of a held to maturity debt security no longer matches the collective assessment pool, it is removed and 
individually assessed for credit deterioration.  
Allowance for Credit Losses on Securities Available for Sale 
The impairment model for available for sale debt securities differs from the CECL approach utilized for held to 
maturity debt securities because available for sale debt securities are measured at fair value rather than amortized 
cost. For available for sale securities in an unrealized loss position, the Company first assesses whether it intends 
to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized 
cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis 
is written down to fair value through income. For securities available for sale that do not meet the above criteria, 
the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making 
this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse 
conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the 
present value of cash flows expected to be collected from the security are compared to the amortized cost basis of 
the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a 
credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the 
fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit 
losses is recognized in other comprehensive income, net of tax. Changes in the allowance for credit losses are 
recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when 
management believes the uncollectibility of an available for sale security is confirmed or when either of the criteria 
regarding intent or requirement to sell is met. 
Prior to the adoption of CECL on July 1, 2023, management evaluated debt securities for other-than-temporary 
impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant 
such an evaluation. In determining OTTI, management considers many factors, including: (1) the length of time 

83 
and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of 
the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the entity 
has the intent to sell the debt security or more likely than not will be required to sell the debt security before its 
anticipated recovery. The assessment of whether an other-than-temporary decline exists involves a high degree of 
subjectivity and judgment and is based on the information available to management at a point in time.  
When OTTI occurs, the amount of the OTTI recognized in earnings depends on whether an entity intends to sell 
the security or it is more likely than not it will be required to sell the security before recovery of its amortized cost 
basis, less any current-period credit loss. If an entity intends to sell or it is more likely than not it will be required 
to sell the security before recovery of its amortized cost basis, less any current-period credit loss, the OTTI shall be 
recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value 
at the balance sheet date. If an entity does not intend to sell the security and it is not more likely than not that the 
entity will be required to sell the security before recovery of its amortized cost basis less any current-period loss, 
the OTTI shall be separated into the amount representing the credit loss and the amount related to all other factors. 
The amount of the total OTTI related to the credit loss is determined based on the present value of cash flows 
expected to be collected and is recognized in earnings. The amount of the total OTTI related to other factors is 
recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI 
recognized in earnings becomes the new amortized cost basis of the investment. 
Securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk 
associated with certain securities, it is at least reasonably possible that changes in the values of securities will occur 
in the near term and that such changes could materially affect the amounts reported in the accompanying 
consolidated financial statements. 
Federal Home Loan Bank of New York (“FHLBNY”) and Federal Reserve Bank of New York (“FRBNY”) 
Stock 
The Bank is a member of both the FHLBNY and FRBNY. FHLBNY members are required to own a certain amount 
of stock based on the level of borrowings and other factors, while FRBNY members are required to own a certain 
amount of stock based on a percentage of the Bank’s capital stock and surplus. FHLBNY and FRBNY stock are 
carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate 
recovery of par value. Both cash and stock dividends, if any, are reported as income. 
Loans Held for Sale 
Management determines the appropriate classification of mortgage loans at the time of commitment for new loan 
originations or, for convertible adjustable rate loans, at the time of conversion to a fixed interest rate. Mortgage 
loans held for sale are recorded at the lower of aggregate cost or fair value as determined by outstanding 
commitments from investors or fair value based upon recent sales for loans with no commitments. In order to limit 
the interest rate risk associated with loans held for sale, the Company may enter into various agreements to sell 
loans in the secondary mortgage market at fixed rates. 
Gains and losses on the disposition of loans held for sale are determined based on the difference between the selling 
price and the carrying value of the loan sold plus the value of servicing rights, if retained. 
At June 30, 2024 and 2023 the Company had no loans held for sale. 
Net Loans Receivable 
Loans receivable are reported at the principal amount outstanding, plus net deferred loan costs and net of the 
allowance for credit losses on loan. Interest income accrues on the unpaid principal balance. Interest income on 
loans is not recognized when considered doubtful of collection by management (generally, when principal or interest 
payments are ninety days or more past due). Past due status is based on the contractual terms of the loan. A loan is 
moved to non-accrual status in accordance with the Company’s policy, typically after 90 days of non-payment,  
unless the loan is well secured and in the process of collection. In all cases, loans are placed on nonaccrual or 
charged-off at an earlier date if collection of principal or interest is considered doubtful.  

84 
All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest 
received on such loans is accounted for on a cost recovery method, until qualifying for return to accrual. Loans are 
returned to accrual status when all the principal and interest amounts contractually due are brought current and 
future payments are reasonably assured. 
Fees received from loan originations and certain direct origination costs are deferred and amortized into interest 
income to provide for a level-yield on the underlying loans without anticipating prepayments. 
Allowance for Credit Losses on Loans 
The CECL approach requires an estimate of the credit losses expected over the life of a loan (or pool of loans). The 
allowance for credit losses is a valuation account deducted from the amortized cost basis of loans to present the net, 
lifetime amount expected to be collected on the loans. Expected losses are evaluated and calculated on a collective, 
or pooled, basis for those loans which share similar risk characteristics. If the loan does not share risk characteristics 
with other loans, the Company will evaluate the loan on an individual basis. Individually evaluated loans are 
primarily non-accrual and collateral dependent loans. Loan losses are charged off against the allowance when 
management believes a loan balance is confirmed to be uncollectible. Expected recoveries do not exceed the 
aggregate of amounts previously charged-off and amounts expected to be charged-off.  
The loan portfolio is segmented at the level at which the Company develops and documents a systematic 
methodology to determine its allowance for credit losses. Upon adoption of CECL, management revised the manner 
in which loans were pooled for similar risk characteristics. Management developed the following segments for 
estimating loss based on type of borrower and collateral which is generally based upon federal call report 
segmentation and have been combined or subsegmented as needed to ensure loans of similar risk profiles are 
appropriately pooled: commercial (commercial real estate, commercial and industrial, and commercial 
construction), residential mortgages, home equity loans and lines, and consumer loans. 
Management estimates the allowance for credit losses on loans by using relevant available information, from 
internal and external sources, related to past events, current conditions, and reasonable and supportable forecasts 
that affect the collectability of loans. Historical loss experience was considered by the Company for estimating 
expected credit losses and determined the need to use peer data, with similar risk profiles, to develop and calculate 
the CECL reserve models. 
Historical credit loss experience for the Company and peer losses by loan segments, provide a foundation for 
estimating an expected credit loss. The observed credit losses are converted to probability of default (“PD”) rate 
curves through the use of loss given default (“LGD”) risk factors that converts default rates to estimated loss for 
each loan segment. This is based on industry-level, observed relationships between the PD and LGD variables for 
each segment. The historical PD curves correspond to economic variables through historical economic cycles, 
which establishes a quantitative relationship between forecasted economic conditions and loan performance. 
Using the historical quantitative relationship between economic conditions and loan performance, management 
developed a model, using selected external economic forecasts that is highly correlated for each loan segment. 
These forecasts are then applied over a period that management has determined to be reasonable and supportable. 
Beyond the period over which management can develop or source a reasonable and supportable forecast, the model 
will revert to long-term average economic conditions using a straight-line methodology. 
The allowance for credit losses on loans is measured on a collective basis, when similar risk characteristics are 
present, with both a quantitative and qualitative analysis that is applied on a quarterly basis. The respective 
quantitative reserve for each segment is calculated using a PD/LGD modeling methodology, with segment-specific 
regression models. The discounted cash flows methodology uses expected credit losses estimated over the effective 
life of each loan by measuring the difference between the net present value of modeled cash flows and amortized 
cost basis. Contractual cash flows over the contractual life of the loans are the basis for modeled cash flows, adjusted 
for modeled defaults and expected prepayments and discounted at the loan-level stated interest rate. 

85 
Management applies a qualitative adjustment for each segment as of the consolidated statements of condition date. 
The qualitative adjustments include limitations inherent in the quantitative model; changes in lending policies and 
procedures; changes in international, national, regional, and local economic conditions; changes in the nature and 
volume of the portfolio and terms of loans; the experience, ability and depth of lending management and staff; 
changes in the volume and severity of past due loans; changes in value of underlying collateral; existence and effect 
of any concentrations of credit and changes in the levels of such concentrations; and the effect of external factors; 
such as competition, legal and regulatory requirements. 
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 following are the portfolio and class segments and the risk characteristics of each: 
Commercial – Commercial real estate loans are secured by multi-family and nonresidential real estate and 
generally have larger balances and involve a greater degree of risk than residential real estate loans. Commercial 
real estate loans depend on the global cash flow analysis of the borrower and the net operating income of the 
property, the borrower’s expertise, credit history and profitability, and the value of the underlying property. Of 
primary concern in commercial real estate lending is the borrower’s creditworthiness and the cash flow from 
the property. Payments on loans secured by income properties often depend on successful operation and 
management of the properties. As a result, repayment of such loans may be subject, to a greater extent than 
residential real estate loans, to adverse conditions in the real estate market or the economy. Commercial real 
estate is also subject to adverse market conditions that cause a decrease in market value or lease rates, 
obsolescence in location or function and market conditions associated with oversupply in a specific region. 
Commercial and industrial loans are commercial loans other than those secured by real estate. Commercial and 
industrial loans are generally of higher risk and typically are made on the basis of the borrower’s ability to 
make repayment from the cash flow of the borrower’s business. As a result, the availability of funds for the 
repayment of commercial loans may depend substantially on the success of the business itself. Furthermore, 
any collateral securing such loans may depreciate over time, may be difficult to appraise and may fluctuate in 
value.  
Commercial construction financing is generally considered to involve a higher degree of risk of loss than long-
term financing on improved, occupied real estate. Risk of loss on a construction loan depends largely upon the 
accuracy of the initial estimate of the property’s value at completion of construction and the estimated cost of 
construction. During the construction phase, a number of factors could result in delays and cost overruns. If the 
estimate of construction costs proves to be inaccurate, additional funds may be required to be advanced in 
excess of the amount originally committed to permit completion of the building. If the estimate of value proves 
to be inaccurate, the value of the building may be insufficient to assure full repayment if liquidation is required. 
If foreclosure is required on a building before or at completion due to a default, there can be no assurance that 
all of the unpaid balance of, and accrued interest on, the loan as well as related foreclosure and holding costs 
will be recovered. 
Residential Mortgages– Residential mortgage loans are generally made on the basis of the borrower’s ability 
to make repayment from his or her employment or other income, and which are secured by real property whose 
value tends to be more easily ascertainable. Repayment of residential mortgage loans is subject to adverse 
employment conditions in the local economy leading to increased default rate and decreased market values 
from oversupply in a geographic area. In general, residential mortgage loans depend on the borrower’s 
continuing financial stability and, therefore, are likely to be adversely affected by various factors, including job 
loss, divorce, illness or personal bankruptcy. Furthermore, the application of various federal and state laws, 
including federal and state bankruptcy and insolvency laws, may limit the amount that can be recovered on 
such loans. 

86 
Home Equity Loans and Lines – Home equity loans secured by real estate may entail greater risk than first-lien 
residential mortgage loans due to a lower lien position. In general, repayment of home equity loans depend on 
the borrower’s continuing financial stability and, therefore, are likely to be adversely affected by various 
factors, including job loss, divorce, illness or personal bankruptcy. Furthermore, the application of various 
federal and state laws, including federal and state bankruptcy and insolvency laws, may limit the amount that 
can be recovered on such loans. 
Consumer - Consumer loans, particularly unsecured loans and loans secured by assets that depreciate rapidly, 
such as motor vehicles, are subject to greater risk. In all cases, collateral for a defaulted consumer loan may not 
provide an adequate source of repayment for the outstanding loan and a small remaining deficiency often does 
not warrant further substantial collection efforts against the borrower. 
Allowance for Credit Losses on Unfunded Commitments 
The Company estimates expected credit losses over the contractual period in which the Company has exposure to 
a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The 
allowance for credit losses on unfunded commitments exposure is recognized in other liabilities on the consolidated 
statement of condition and is adjusted by the provision for credit losses on the consolidated statement of operations. 
The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit 
losses on commitments expected to be funded over the estimated contractual life. The probable funding amount by 
segment is multiplied by the respective reserve percentage calculated in the allowance for credit losses on loans to 
calculate a reserve on unfunded commitments. 
Accrued Interest Receivable 
Accrued interest receivable balances are presented separately on the consolidated statements of financial condition 
and are not included in amortized cost when determining the allowance for credit losses. The Company does not 
estimate expected credit losses on accrued interest receivable on loans and investment securities, as accrued interest 
receivable is reversed or written off when the full collection of the accrued interest receivable related to a loan or 
investment security becomes doubtful. 
Allowance for Loan Losses – Incurred Loss Method  
Prior to the adoption of CECL on July 1, 2023, the Company calculated the allowance for loan losses using the 
incurred loss method whereby the allowance represented management’s estimate of probable incurred losses 
inherent in the current loan portfolio. The allowance for loan losses is increased (decreased) through charges 
(credits) to the provision for loan losses. Loans are charged against the allowance when management believes that 
the collectability of the principal is not probable. Recoveries on loans previously charged-off are credited to the 
allowance for loan losses when realized. The allowance is an amount that management believes is adequate for 
probable incurred losses on existing loans. 
The allowance consists of specific and general components. The specific component relates to loans that are 
individually classified as impaired. 
A loan is impaired when, based on current information and events, it is probable that the Company will be unable 
to collect all amounts due according to the contractual terms of the loan agreement. Loans, for which the terms have 
been modified, and for which the borrower is experiencing financial difficulties, are considered troubled debt 
restructurings and classified as impaired. 
Factors considered by management in determining impairment include payment status, collateral value, and the 
probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant 
payment delays and payment shortfalls generally are not classified as impaired. Management determines the 
significance of payment delays and payment shortfalls on case-by-case basis, taking into consideration all of the 
circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, 
the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. 

87 
Commercial business, commercial real estate, commercial construction, and certain residential real estate loans are 
individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated so that the loan 
is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value 
of collateral if repayment is expected solely from the collateral. Large groups of smaller balance homogeneous 
loans, such as consumer and residential real estate loans, are collectively evaluated for impairment, and accordingly, 
they are not separately identified for impairment disclosures unless classified as a troubled debt restructuring. 
Troubled debt restructurings are separately identified for impairment disclosures and are measured at the present 
value of estimated future cash flows using the loan’s effective rate at inception. If a troubled debt restructuring is 
considered to be a collateral dependent loan, the loan is reported, net, at the fair value of the collateral. For troubled 
debt restructurings that subsequently default, the Company determines the amount of an allowance in accordance 
with the accounting policy for the allowance for loan losses. 
The general component covers non-impaired loans and is based on historical loss experience adjusted for current 
factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history 
experienced by the Company over the most recent one, three, five or ten year periods, whichever is highest. This 
actual loss experience is supplemented with other economic factors based on the risks present for each portfolio 
segment. These economic factors include consideration of the following: levels of and trends in delinquencies and 
impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of 
any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and 
practices; experience, ability, and depth of lending management and other relevant staff; national and local 
economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following 
portfolio segments have been identified: Commercial, Residential Mortgages, Home Equity Loans and Lines, and 
Consumer. Commercial loan classes include commercial real estate, commercial and industrial and construction. 
Derivatives 
In the normal course of business, the Company utilizes interest rate swaps with certain commercial borrowers and 
third-party counterparties. These transactions are accounted for as derivatives. The derivatives are entered into in 
connection with the Company’s asset and liability management activities and not for trading purposes. 
The derivatives are not designated as hedges for accounting purposes and therefore all derivatives are recorded at 
fair value as derivative assets and derivative liabilities, included in other assets and other liabilities, respectively, in 
the consolidated statements of condition, with changes in fair value recognized as non-interest income in the 
consolidated statements of operations. 
Premises and Equipment 
Premises and equipment are carried at cost, net of accumulated depreciation and amortization. Depreciation is 
computed on a straight-line basis over the estimated useful lives of the assets (39 years for buildings, 15 years for 
land improvements and 3 to 10 years for furniture, fixtures and equipment). Leasehold improvements are amortized 
on a straight-line basis over the shorter of the term of the related leases or the estimated useful lives of the assets. 
Land is carried at cost.  
Leases 
The Company determines if an arrangement is a lease at inception. Right-of-use (“ROU”) assets and liabilities for 
operating leases and finance leases are recognized at the commencement date based on the present value of lease 
payments over the lease term. If the rate implicit in the lease is not known or determinable, the incremental 
borrowing rate is used to determine the present value of lease payments. The incremental borrowing rates are based 
on information provided by FHLBNY for a secured borrowing arrangement of a comparable term. The lease term 
may include an option to extend or terminate early when exercise of that option is considered reasonably certain. 
Reductions to finance lease ROU assets are recognized as amortization on a straight-line basis over the lease term 
and the interest on the related lease liability is expensed through interest expense on borrowings and other on the 
accompanying consolidated statements of operations. Reductions to operating lease ROU assets are recognized as 
lease cost on a straight-line basis over the lease term. 

88 
Other Real Estate Owned 
Other real estate owned (“OREO”) is initially recorded at fair value of the asset acquired less an estimate of the 
costs to sell, establishing a new cost basis. Fair value of OREO is generally determined through independent 
appraisals. At the time of foreclosure or when the Company obtains legal title to the property, the excess, if any, of 
the recorded investment in the loan over the fair value of the asset received is charged to the allowance for credit 
losses on loan. Subsequent declines in the fair value of such assets, or increases in the estimated costs to sell the 
properties and net operating expenses of such assets, are charged directly to other expenses. OREO is included in 
other assets in the consolidated statements of condition.  
Bank-Owned Life Insurance 
The Company is the beneficiary of a policy that insures the lives of certain current and former officers of the 
Company. The Company has recognized the cash surrender value, or the amount that can be realized under the 
insurance policy, as an asset in the consolidated statements of condition. Changes in the cash surrender value and 
insurance benefit payments are recorded in noninterest income. 
Goodwill and Other Intangible Assets 
The excess of the cost of acquired entities over the fair value of identifiable tangible and intangible assets acquired, 
less liabilities assumed, is recorded as goodwill. Goodwill is carried at its acquired value and is reviewed annually 
for impairment, or when events or changes in circumstances indicate that carrying amounts may be impaired. 
Acquired identifiable intangible assets that have finite lives are amortized over their useful economic life. Customer 
relationship intangibles are generally amortized over fifteen years based upon the projected discounted cash flows 
of the accounts acquired. Core deposit premium related to the Company’s assumption of certain deposit liabilities 
is being amortized over fifteen years. Acquired identifiable intangible assets that are amortized are reviewed for 
impairment when events or changes in circumstances indicate that the carrying amounts may be impaired. 
Advertising 
The Company expenses costs associated with advertising as they are incurred. 
Income Taxes 
Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax 
assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary 
differences between carrying amounts and tax basis of assets and liabilities, computed using enacted tax rates. A 
valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. The Company 
recognizes interest and/or penalties related to income tax matters in other expense. 
A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained 
in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount 
of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the 
“more likely than not” test, no tax benefit is recorded. 
Financial Instruments 
In the normal course of business, the Company is a party to certain financial instruments with off-balance-sheet risk 
such as commitments to extend credit, unused lines of credit and standby letters of credit. The face amount for these 
items represents exposure to loss, before considering customer collateral, or ability to repay. The Company’s policy 
is to record such instruments when funded. 
Mortgage Servicing Rights 
Mortgage servicing rights are recognized in other assets when loans are sold with servicing retained based on their 
estimated fair values. The cost allocated to the servicing right is capitalized as a separate asset and amortized in 
proportion to, and over the period of, estimated net servicing income. Capitalized mortgage servicing rights are 
assessed for impairment based on the fair value of those rights, and any impairment loss is recognized through a 
valuation allowance. 

89 
Comprehensive Income (Loss) 
Comprehensive income (loss) represents the sum of net income and items of other comprehensive income or loss, 
which are reported directly in shareholders’ equity, net of tax. Other comprehensive income or loss includes the 
unrealized gain or loss on securities available for sale and changes in the funded status of the Company’s defined 
benefit pension and other post-retirement plans, net of tax. 
Cash Reserve Requirement 
The Company may be required to maintain certain reserves of cash and/or deposits with the Federal Reserve Bank. 
The Company had no reserve requirement at June 30, 2024 and 2023. 
Employee Benefits  
The Company has a defined benefit pension plan covering substantially all of its employees hired before 
September 1, 2019. The benefits are developed from actuarial valuations and are based on the employee’s years of 
service and compensation. Actuarial assumptions such as interest rates, expected return on plan assets, turnover, 
mortality and rates of future compensation increases have a significant impact on the costs, assets and liabilities of 
the plan. Pension expense is the net of service cost, interest cost, return on plan assets and amortization of gains and 
losses not immediately recognized. 
The Company also provides post-retirement medical and life insurance benefits to certain employees and retirees. 
The cost of post-retirement benefits is recognized on an accrual basis as employees perform services. Effective 
October 1, 2006, the post-retirement medical portion of the plan was frozen. Accordingly, after that date there have 
been no new plan participants. 
The Company maintains a defined contribution 401(k) plan covering substantially all employees meeting certain 
eligibility requirements. Employer 401(k) expense is the amount of matching contributions.  
The Company maintains an Employee Stock Ownership Plan (“ESOP”) covering substantially all employees 
meeting certain eligibility requirements. The cost of shares issued to the ESOP, but not yet allocated to participants, 
is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as 
they are committed to be released to participant accounts.  
Deferred compensation and supplemental retirement plan expense principally represents investment performance 
on the various plan assets. 
Stock-Based Compensation  
The Company maintains a stock-based compensation plan under which stock options and restricted stock awards 
are granted to certain directors and key employees. The Company expenses the grant date fair value of stock options 
and restricted stock awards granted.  For stock options and restricted stock awards, the expense is recognized over 
the vesting period of the grant on a straight-line basis, and is included within salaries and employee benefits expense 
on the accompanying consolidated statement of operations. The expense is adjusted for forfeitures as they occur. 
For restricted stock awards fair value is measured using the closing price of the Company common stock at the 
grant date. Stock option awards use the Black-Scholes Option-Pricing Model to measure fair value at the grant date. 
Earnings per Share 
Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common 
stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects 
the potential dilution that could occur if securities or other contracts to issue common stock were exercised or 
converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the 
entity (such as the Company’s dilutive stock options and restricted stock awards). Unallocated ESOP shares are not 
deemed outstanding for earnings per share calculations. 
Shareholders’ Equity  
The Company accounts for stock repurchases by allocating the repurchase price to common stock and retained 
earnings. Under Maryland law, the Company's state of incorporation, there are no treasury shares. All repurchased 

90 
shares are authorized but unissued shares and these shares may be issued in the future for general corporate and 
other purposes. The Company may terminate or limit the stock repurchase program at any time. The Company 
records the shares purchased under the share repurchase plan based on the trade date.  
Reclassifications 
Amounts in the prior year’s consolidated financial statements are reclassified whenever necessary to conform to the 
current year’s presentation. 
Adoption of Recent Accounting Pronouncements  
Financial Instruments - Credit Losses - Topic 326 
In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update 
(“ASU”) 2016-13 to its guidance on “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit 
Losses on Financial Instruments”. ASU 2016-13 requires credit losses on most financial assets measured at 
amortized cost and certain other instruments to be measured using an expected credit loss model (referred to as the 
current expected credit loss model). Under this model, entities will estimate credit losses over the entire contractual 
term of the instrument (considering estimated prepayments, but not expected extensions or modifications unless 
reasonable expectation of a troubled debt restructuring exists) from the date of initial recognition of that instrument. 
The ASU also replaces the current accounting model for purchased credit impaired loans and debt securities. The 
allowance for credit losses for purchased financial assets with a more-than insignificant amount of credit 
deterioration since origination (“PCD assets”), should be determined in a similar manner to other financial assets 
measured on an amortized cost basis. However, upon initial recognition, the allowance for credit losses is added to 
the purchase price (“gross up approach”) to determine the initial amortized cost basis. The subsequent accounting 
for PCD financial assets is the same expected loss model described above. Further, the ASU made certain targeted 
amendments to the existing impairment model for available for sale debt securities. For an available for sale debt 
security for which there is neither the intent nor a more-likely-than-not requirement to sell, an entity will record 
credit losses as an allowance rather than a write-down of the amortized cost basis. The amendments in this ASU 
were effective for the Company for the fiscal year beginning July 1, 2023. An entity will apply the amendments in 
this ASU through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting 
period in which the guidance is effective (that is, a modified-retrospective approach). In November 2018, the FASB 
issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, which aligns 
the implementation date for nonpublic entities’ annual financial statements with the implementation date for their 
interim financial statements and clarifies the scope of the guidance in the amendments in ASU 2016-13. In 
April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit 
Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. ASU 2019-04 clarifies or 
addresses stakeholders’ specific issues about certain aspects of the amendments in ASU 2016-13 related to 
measuring the allowance for credit losses under the new guidance. The effective dates and transition requirements 
for the amendments related to this ASU are the same as the effective dates and transition requirements in ASU 
2016-13. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial 
Instruments-Credit Losses clarifying certain amendments to various provisions of ASU 2016-13 relating to 
(1) purchased financial assets with credit deterioration, (2) financial assets secured by collateral maintenance 
agreements, (3) transition relief for troubled debt restructurings, and (4) disclosure relief when the practical 
expedient for accrued interest receivables is applied.  
On July 1, 2023, the Company adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): 
Measurement of Credit Losses on Financial Instruments, as amended, which replaces the incurred loss methodology 
with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. 
The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured 
at amortized cost, including loan receivables and held to maturity debt securities. It also applies to off-balance sheet 
credit exposures (loan commitments, standby letters of credit, financial guarantees, and other similar instruments). 
In addition, the CECL guidance made changes to the accounting for available for sale debt securities. One such 
change is to require credit losses to be presented as an allowance rather than as a write-down on available for sale 

91 
debt securities which management does not intend to sell or believes that it is more likely than not they will be 
required to sell. 
The Company adopted the CECL guidance using the modified retrospective method for all financial assets measured 
at amortized cost, and off-balance-sheet credit exposures, except for debt securities for which other-than-temporary 
impairment had been recognized prior to July 1, 2023 for which the Company adopted the CECL guidance using 
the prospective transition approach. Results for reporting periods beginning after July 1, 2023, are presented under 
the CECL guidance while prior period amounts continue to be reported in accordance with previously applicable 
GAAP. The Company recorded a net increase to retained earnings of $507,000 as of July 1, 2023 for the cumulative 
effect of adopting the CECL guidance.  The transition adjustment includes a $2.3 million decrease to the allowance 
for credit losses on loans, a $1.6 million increase to the allowance for credit losses on unfunded commitments, and 
a $180,000 impact to the deferred tax assets. The Company did not record an allowance for credit losses on held to 
maturity and available for sale debt securities on July 1, 2023, as the amount of credit risk was deemed immaterial. 
Troubled Debt Restructurings and Vintage Disclosures - Topic 326 
In March 2022, the FASB issued ASU 2022-02, amendments related to Troubled Debt Restructurings (“TDRs”) 
for all entities after they adopt ASU 2016-13 and amendments related to vintage disclosures that affect public 
business entities with investments in financing receivables, under Financial Instruments-Credit Losses (Topic 326). 
This ASU eliminates the guidance on TDRs in Subtopic 310-40, Receivables-Troubled Debt Restructurings, while 
enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is 
experiencing financial difficulty. The ASU also requires that public business entities disclose current-period gross 
charge-offs by year of origination. The Company adopted the standard prospectively, beginning July 1, 2023, 
concurrently with the adoption of ASU 2016-13. The adoption of this guidance did not have a material impact on 
the consolidated financial statements.  
Reference Rate Reform - Topic 848 
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The ASU and related 
amendments provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, 
and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update 
apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference 
rate expected to be discontinued because of reference rate reform. The amendments (1) apply to contract 
modifications that replace a reference rate affected by reference rate reform, (2) provide exceptions to existing 
guidance related to changes to the critical terms of a hedging relationship due to reference rate reform (3) provide 
optional expedients for fair value hedging relationships, cash flow hedging relationships, and net investment 
hedging relationships, and (4) provide a one-time election to sell, transfer, or both sell and transfer debt securities 
classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to 
maturity before January 1, 2020. The amendments in this ASU are effective for all entities as of March 12, 2020 
through December 31, 2022. The amendments for contract modifications can be elected to be applied as of any date 
from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a 
date within an interim period that includes or is subsequent to March 12, 2020. The amendments for existing 
hedging relationships can be elected to be applied as of the beginning of the interim period that includes March 12, 
2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes 
March 12, 2020. On December 21, 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): 
Deferral of the Sunset Date of Topic 848, which extends the sunset (or expiration) date of ASC Topic 848, Reference 
Rate Reform, from December 31, 2022, to December 31, 2024. On July 1, 2023, the Company adopted ASC 848, 
as amended. The adoption of this guidance did not have a material impact on the consolidated financial statements. 
Impact of Recent Accounting Pronouncements 
In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax 
Disclosures, to provide more transparency about income tax information through improvements to income tax 
disclosures. Specifically, the update requires enhancements to the rate reconciliation, including disclosure of 

92 
specific categories and additional information for reconciling items meeting a quantitative threshold, and greater 
disaggregation of income tax disclosures related to income taxes paid. The amendments in this update are effective 
for fiscal years beginning after December 15, 2024 and early adoption is permitted. The Company is evaluating the 
impact this will have on the consolidated financial statements. 
 
3. ACQUISITIONS  
On July 13, 2023, the Company, through its subsidiary, Pioneer Financial Services, Inc., completed the acquisition 
of certain assets of Hudson Financial LLC, a company engaged in the wealth management services business in the 
Hudson Valley Region of New York. The Company paid an aggregate of $2.0 million in cash and recorded  
$1.5 million in contingent consideration payable to acquire the assets and recorded a $1.4 million customer list 
intangible asset and goodwill in the amount of $2.1 million in conjunction with the acquisitions. The goodwill from 
the acquisition is expected to be deductible for tax purposes. No contingent consideration was paid during the year 
ended June 30, 2024. The effects of the acquired assets have been included in the consolidated financial statements 
since the acquisition date. The above referenced acquisition was made to expand the Company’s wealth 
management services activities. 
4.        INVESTMENT SECURITIES  
The amortized cost and estimated fair value of securities available for sale are as follows (dollars in thousands): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross 
 
Gross 
 
 
 
 
 
Amortized  
Unrealized  
Unrealized  
Estimated 
 
     
Cost 
     
Gains 
     
Losses 
     Fair Value 
June 30, 2024 
   
     
    
   
  
U.S. Government and agency obligations . . . . . . . . . . . . . . . . . . . .   $  247,479  $ 
 1  $  (3,931) $  243,549 
Municipal obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      13,419    
 5    
 (8)    13,416 
Other debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 212   
 305   
 (73)  
 444 
Total available for sale securities . . . . . . . . . . . . . . . . . . . . . . . . .   $  261,110  $ 
 311  $  (4,012) $  257,409 
 
  
  
  
  
June 30, 2023 
  
  
  
  
U.S. Government and agency obligations . . . . . . . . . . . . . . . . . . . .   $  396,464  $ 
 2  $  (18,737) $  377,729 
Municipal obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      53,492    
 9    
 (67)    53,434 
Other debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 261   
 309   
 (66)  
 504 
Total available for sale securities . . . . . . . . . . . . . . . . . . . . . . . . .   $  450,217  $ 
 320  $  (18,870) $  431,667 
 
The Company elected to exclude accrued interest receivable from the amortized cost basis of debt securities. 
Accrued interest receivable on available for sale debt securities totaled $1.4 million at June 30, 2024 and is excluded 

93 
from the estimate of credit losses and reported in accrued interest receivable in the consolidated statement of 
condition. 
There was no allowance for credit losses for securities available for sale as of June 30, 2024. 
The amortized cost and estimated fair value of securities held to maturity are as follows (dollars in thousands): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
Gross 
 
Gross 
  
 
  
 
   
 
 Amortized  Unrealized  Unrealized  Estimated  Allowance for  Net Carrying
 
    
Cost 
     
Gains 
    
Losses     Fair Value    Credit Losses    
Value 
June 30, 2024 
   
     
     
     
     
     
  
Corporate debt securities . . . . . . . . . . . . . . . . .   $ 22,000  $ 
 55  $  (2,898) $ 19,157  $ 
 262  $  21,738 
Municipal obligations . . . . . . . . . . . . . . . . . . . .     3,352   
 —   
 (72)   3,280   
 —   
 3,352 
Total held to maturity securities . . . . . . . . . .   $ 25,352  $ 
 55  $  (2,970) $ 22,437  $ 
 262  $  25,090 
 
  
  
  
  
  
  
June 30, 2023 
   
     
     
     
     
     
  
Corporate debt securities . . . . . . . . . . . . . . . . .   $ 20,000  $ 
 —  $  (2,049) $ 17,951  $ 
 —  $  20,000 
Municipal obligations . . . . . . . . . . . . . . . . . . . .     3,949   
 —   
 (156)   3,793   
 —   
 3,949 
Total held to maturity securities . . . . . . . . . .   $ 23,949  $ 
 —  $  (2,205) $ 21,744  $ 
 —  $  23,949 
 
Accrued interest receivable on held to maturity debt securities totaled $220,000 at June 30, 2024 and is excluded 
from the estimate of credit losses and is reported in accrued interest receivable in the consolidated statement of 
condition. 
There were no held to maturity securities that were 30 days or more past due or classified as non-accrual as of 
June 30, 2024. 
The following tables present the activity in the allowance for credit losses on securities held-to-maturity  
(dollars in thousands): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
For the Year Ended June 30, 2024 
 
 
Beginning 
 
 
 
 
 
 
 
Ending 
 
     
Balance 
     
Provisions      
Charge-offs      
Recoveries      
Balance 
Corporate debt securities . . . . . . . . . . . . .   
$ 
 —  
$ 
 262  
$ 
 —  
$ 
 —  
$ 
 262 
Municipal obligations . . . . . . . . . . . . . . . .   
 
 —  
 
 —  
 
 —  
 
 —  
 
 — 
 Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 —  
$ 
 262  
$ 
 —  
$ 
 —  
$ 
 262 

94 
 
The estimated fair value and gross unrealized losses aggregated by security category and length of time such 
securities have been in a continuous unrealized loss position, is summarized as follows (dollars in thousands): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024 
 
 
Less than 12 Months 
 
12 Months or Longer 
 
Total 
 
 
Estimated  
Unrealized  
Estimated  
Unrealized  
Estimated  
Unrealized 
 
     Fair Value      
Losses 
     Fair Value      
Losses 
     Fair Value      
Losses 
Securities available for sale: 
   
     
     
     
     
     
  
U.S. Government and agency obligations . .   $  19,580  $ 
 (12) $  219,059  $  (3,919) $  238,639  $  (3,931)
Municipal obligations . . . . . . . . . . . . . . . . . .      3,723    
 (8)   
 —    
 —    
 3,723    
 (8)
Other debt securities . . . . . . . . . . . . . . . . . . .     
 —    
 —    
 90   
 (73)   
 90    
 (73)
 
 $  23,303  $ 
 (20) $  219,149  $  (3,992) $  242,452  $  (4,012)
 
  
  
  
  
  
  
Securities held to maturity: 
  
  
  
  
  
  
Corporate debt securities . . . . . . . . . . . . . . .   $ 
 —  $ 
 —  $  17,102  $  (2,898) $  17,102  $  (2,898)
Municipal obligations . . . . . . . . . . . . . . . . . .    
 —   
 —   
 3,280   
 (72)  
 3,280   
 (72)
 
 $ 
 —  $ 
 —  $  20,382  $  (2,970) $  20,382  $  (2,970)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2023 
 
 
Less than 12 Months 
 
12 Months or Longer 
 
Total 
 
 
Estimated  Unrealized 
Estimated  
Unrealized  
Estimated     Unrealized 
 
    Fair Value     
Losses      Fair Value      
Losses 
    Fair Value  
Losses 
Securities available for sale: 
  
   
     
     
     
     
  
U.S. Government and agency obligations . . .  $ 104,145  $  (1,975) $ 268,782  $ (16,762) $ 372,927  $ (18,737)
Municipal obligations . . . . . . . . . . . . . . . . . . .     47,781    
 (67)   
 —    
 —     47,781    
 (67)
Other debt securities . . . . . . . . . . . . . . . . . . . .    
 14    
 (1)   
 107    
 (65)   
 121    
 (66)
 
 $ 151,940  $  (2,043) $ 268,889  $ (16,827) $ 420,829  $ (18,870)
 
  
  
  
  
  
  
Securities held to maturity: 
  
  
  
  
  
  
Corporate debt securities . . . . . . . . . . . . . . . .  $ 
 —  $ 
 —  $  17,951  $  (2,049) $  17,951  $  (2,049)
Municipal obligations . . . . . . . . . . . . . . . . . . .   
 —   
 —   
 3,793   
 (156)  
 3,793   
 (156)
 
 $ 
 —  $ 
 —  $  21,744  $  (2,205) $  21,744  $  (2,205)
 
Unrealized losses on securities available for sale have not been recognized into income because the issuers' debt 
securities are of high credit quality (rated AA or higher), management does not intend to sell, and it is likely that 
management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair 
value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely 
principal and interest payments on the securities. The fair value is expected to recover as the securities approach 
maturity. 
As a result of the Company adopting the CECL guidance using the prospective transition approach for debt 
securities for which other-than-temporary impairment had been recognized prior to July 1, 2023, the amortized cost 
basis remains the same before and after the effective date of the CECL guidance. The effective interest rate on these 
debt securities was not changed. Amounts previously recognized in accumulated other comprehensive income as 
of July 1, 2023 relating to improvements in cash flows expected to be collected will be accreted into income over 
the remaining life of the asset. Recoveries of amounts previously written off relating to improvements in cash flows 
after July 1, 2023 will be recorded in earnings when received.  
The Company does not believe the available for sale securities that were in an unrealized loss position as of June 30, 
2024, which consisted of 104 individual securities, represented a credit loss impairment. Available for sale debt 
securities in unrealized loss positions are evaluated for impairment related to credit losses at least quarterly. As of 
June 30, 2024, the majority of the available for sale securities in an unrealized loss position consisted of debt 
securities issued by U.S. government agencies or U.S. government-sponsored enterprises that carry the explicit 

95 
and/or implicit guarantee of the U.S. government, which are widely recognized as “risk-free” and have a long history 
of zero credit losses. Total gross unrealized losses were primarily attributable to changes in interest rates, relative 
to when the investment securities were purchased, and not due to the credit quality of the investment securities. The 
Company does not intend to sell, nor is it more likely than not that the Company will be required to sell the security 
before recovery of its amortized cost basis, which may be at maturity.   
None of the Company’s held to maturity debt securities were past due or on nonaccrual status as of the year ended 
June 30, 2024. There was no accrued interest reversed against interest income for the year ended June 30, 2024, as 
all securities remained on accrual status. In addition, there were no collateral dependent held to maturity debt 
securities as of June 30, 2024. An allowance for credit losses on held to maturity debt securities is recorded to 
account for expected lifetime credit losses.   
Prior to the adoption of CECL, the Company evaluated its portfolio for other than temporary impairment. At 
June 30, 2023 there were 165 debt securities with unrealized losses. Unrealized losses on debt securities are 
primarily related to increases in credit spreads since the securities were purchased. Unrealized losses on other debt 
securities are not considered other-than-temporary based upon analysis completed by management considering 
credit rating of the instrument, length of time each security has spent in an unrealized loss position and the strength 
of the underlying collateral. 
During the years ended June 30, 2023, management reviewed all other debt securities which were rated less than 
investment grade for impairment, resulting in no additional impairment charges in fiscal 2023. In fiscal 
2023, 54 securities with an amortized cost of $219,000 and remaining par value of $1.5 million were evaluated. 
The following table sets forth information with regard to contractual maturities of debt securities  
(dollars in thousands). Securities not due at a single maturity date are shown separately. 
 
 
 
 
 
 
 
 
  
June 30, 2024 
 
  
Amortized   
Estimated 
 
     
Cost 
     Fair Value 
Securities available for sale: 
   
     
  
Due in one year or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 192,712  $ 189,771 
Due after one to five years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      68,186     67,194 
Other debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 212    
 444 
 
 $ 261,110  $ 257,409 
 
   
   
Securities held to maturity: 
   
     
  
Due in one year or less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $
 2,269  $
 2,197 
Due after one to five years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 1,083    
 1,083 
Due after five to ten years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      22,000     19,157 
 
 $  25,352  $  22,437 
 
During the year ended June 30, 2024, the Company received $74.5 million in proceeds from the sale of securities 
available for sale, realizing gross losses of $5.6 million. There were no sales of securities available for sale for the 
year ended June 30, 2023. 
There were no sales of securities held to maturity for the years ended June 30, 2024 and 2023. 
During the year ended June 30, 2024, the Company received $3.1 million in proceeds from the sale of equity 
securities. There were no sales of equity securities for the year ended June 30, 2023. 
As of June 30, 2024 and June 30, 2023, there were no holdings of securities of any one issuer, other than the U.S. 
Government and its agencies, in an amount greater than 10% of the Company’s equity. As of June 30, 2024 and 
June 30, 2023, the carrying value of available for sale securities pledged to secure FHLBNY advances and 
municipal deposits was $254.1 million and $428.5 million, respectively.  

96 
 
The portion of unrealized gains and losses for the period that relates to equity securities still held at the reporting 
date are as follows (dollars in thousands): 
 
 
 
 
 
 
 
 
 
For the Year Ended June 30,  
 
     
2024 
     
2023 
Net gain (loss) recognized during the period on equity securities . . . . . . . .   
$ 
 735 
$ 
 374 
Less: Net gains recognized during the period on equity securities sold 
during the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 735 
 
 — 
Unrealized gains (losses) recognized during reporting period on equity 
securities still held at reporting date . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 — 
$ 
 374 
 
5.       NET LOANS RECEIVABLE 
A summary of net loans receivable is as follows (dollars in thousands): 
 
 
 
 
 
 
 
 
     June 30, 2024      June 30, 2023 
Commercial: 
   
     
  
Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $  406,201  $  411,165 
Commercial and industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      101,207    
 97,307 
Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      118,373    
 92,714 
Total commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      625,781     601,186 
Residential mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      633,779     463,196 
Home equity loans and lines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 92,765    
 85,477 
Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 13,545    
 16,779 
 
    1,365,870     1,166,638 
Allowance for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 (21,801)   
 (22,469)
Net loans receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 1,344,069  $ 1,144,169 
 
Accrued interest receivable on loans totaled $5.9 million at June 30, 2024. Accrued interest receivable on loans is 
included in accrued interest receivable on the consolidated statement of condition, and is excluded from the estimate 
of credit losses.  
Net deferred loan costs totaled $9.5 million and $6.7 million at June 30, 2024 and 2023, respectively, and are 
included in net loans receivable. 
The Company’s July 1, 2023 adoption of CECL resulted in a significant change to the methodology for estimating 
the allowance for credit losses. The allowance for credit losses on loans is established through a provision for credit 
losses based on the results of life of loan quantitative models, reserves associated with collateral-dependent loans 
evaluated individually and adjustments for the impact of current economic conditions not accounted for in the 
quantitative models. The discounted cash flow methodology is used to calculate the CECL reserve for the 
commercial, residential mortgages, and home equity loans and lines of credit segments. The Company uses a four-
quarter reasonable and supportable forecast period based on economic forecast from the Federal Open Market 
Committee (“FOMC”) of the Federal Reserve's projections of civilian unemployment and year-over-year U.S. GDP 
growth. The forecast will revert to long-term economic conditions over a four quarter reversion period on a straight-
line basis. The remaining life method is used to determine the CECL reserve for the consumer loan segment. A 

97 
qualitative factor framework has been developed to adjust the quantitative loss rates for asset-specific risk 
characteristics or current conditions at the reporting date.  
The Company established a reserve for off-balance sheet credit exposures in conjunction with its adoption of the 
CECL guidance. The allowance for credit losses on off-balance sheet credit exposures is recognized as a liability 
(classified as a component of other liabilities on the consolidated statements of condition), with adjustments to the 
reserve recognized in the provision for credit losses on the consolidated statements of operations. 
The following table presents the activity in the allowance for credit losses by portfolio segment  
(dollars in thousands): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
For the Year Ended June 30, 2024 
 
  
 
  
Cumulative Effect 
  
  
  
  
 
 
Beginning  
Adjustment for the 
  
  
  
 
Ending 
 
    Balance     Adoption of ASU 2016-13    Provisions    Charge-offs     Recoveries    Balance 
Commercial . . . . . . . . . . . . . . . . . . . . . .   $ 14,288  $ 
 (1,307) $  (205) $ 
 (345) $ 
 73  $ 12,504 
Residential mortgages . . . . . . . . . . . . . .      6,222    
 (670)    2,272   
 (118)  
 —     7,706 
Home equity loans and lines of credit .     1,470   
 (265)  
 48   
 (12)  
 3    1,244 
Consumer . . . . . . . . . . . . . . . . . . . . . . . .    
 489   
 (69)  
 48   
 (135)  
 14   
 347 
Allowance for credit losses - loans . . .      22,469    
 (2,311)    2,163    
 (610)   
 90     21,801 
Allowance for credit losses - off-
balance sheet credit exposures . . . . . .     
 —    
 1,624    
 275    
 —    
 —     1,899 
Total  . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 22,469  $ 
 (687) $  2,438  $ 
 (610) $ 
 90  $ 23,700 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
For the Year Ended June 30, 2023 
 
 
 
  
Residential  
 
 
 
 
 
 
     Commercial      
Mortgages      Home Equity      
Consumer      
Total 
Allowance for loan losses at beginning of 
period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 17,818  
$ 
 2,899  
$ 
 1,388  
$ 
 419  
$ 
 22,524 
Provisions charged to operations . . . . . . . . . .   
  
 (3,567) 
  
 3,283  
  
 76  
  
 208  
  
 — 
Loans charged off . . . . . . . . . . . . . . . . . . . . . .   
  
 (41) 
  
 (26) 
  
 (8) 
  
 (158) 
  
 (233)
Recoveries on loans charged off . . . . . . . . . .   
  
 78  
  
 66  
  
 14  
  
 20  
  
 178 
Allowance for loan losses at end of period . .   
$ 
 14,288  
$ 
 6,222  
$ 
 1,470  
$ 
 489  
$ 
 22,469 
The following table presents the balance in the allowance for credit losses and allowance for loan losses and the 
recorded investment in loans by portfolio segment (dollars in thousands): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
June 30, 2024 
 
 
 
  
Residential  
 
 
 
 
 
 
     Commercial      Mortgages      Home Equity      
Consumer      
Total 
Allowance for credit losses: 
   
     
     
     
     
  
Related to loans individually evaluated . . . . .   
$ 
 134  
$ 
 —  
$ 
 —  
$ 
 —  
$ 
 134 
Related to loans collectively evaluated . . . . .   
  
 12,370  
  
 7,706  
 
 1,244  
 
 347  
  
 21,667 
Ending balance . . . . . . . . . . . . . . . . . . . . . . .   
$  12,504  
$ 
 7,706  
$ 
 1,244  
$ 
 347  
$ 
 21,801 
 
 
  
 
  
 
  
 
  
 
  
Loans: 
 
  
   
  
   
  
   
  
   
  
  
Individually evaluated . . . . . . . . . . . . . . . . . .   
$ 
 3,853  
$ 
 1,625  
$ 
 —  
$ 
 —  
$ 
 5,478 
Loans collectively evaluated . . . . . . . . . . . . .   
   621,928  
   632,154  
  
 92,765  
  
 13,545  
   1,360,392 
Ending balance . . . . . . . . . . . . . . . . . . . . . . .   
$  625,781  
$  633,779  
$  92,765  
$  13,545  
$  1,365,870 
 

98 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
June 30, 2023 
 
 
 
  
Residential  
 
 
 
 
 
 
    Commercial     Mortgages      Home Equity    Consumer     
Total 
Allowance for loan losses: 
   
     
     
     
     
  
Related to loans individually evaluated for 
impairment . . . . . . . . . . . . . . . . . . . . . . . . . .    $ 
 792  $ 
 —  $ 
 —  $ 
 —  $ 
 792 
Related to loans collectively evaluated for 
impairment . . . . . . . . . . . . . . . . . . . . . . . . . .       13,496    
 6,222   
 1,470   
 489    
 21,677 
Ending balance . . . . . . . . . . . . . . . . . . . . . . .    $  14,288  $ 
 6,222  $ 
 1,470  $ 
 489  $ 
 22,469 
 
   
   
   
   
   
Loans: 
   
     
     
     
     
  
Individually evaluated for impairment . . . . . . .   $  11,544  $ 
 —  $ 
 —  $ 
 —  $ 
 11,544 
Loans collectively evaluated for impairment . .      589,642     463,196    
 85,477     16,779     1,155,094 
Ending balance . . . . . . . . . . . . . . . . . . . . . . . . .   $  601,186  $  463,196  $ 
 85,477  $  16,779  $  1,166,638 
 
The following table presents information related to impaired loans by class, as determined in accordance with  
ASC 310, prior to the adoption of ASU 2016-13 (dollars in thousands): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
For the Year Ended 
 
 
June 30, 2023 
 
June 30, 2023 
 
  
Unpaid     
  Allowance for  
Average 
 
Interest 
 
  
Principal   
Recorded   
Loan Losses   
Recorded   
Income 
 
     Balance     Investment     Allocated      Investment     Recognized
With no related allowance recorded: 
   
     
     
     
     
  
Commercial: 
   
     
     
     
     
  
Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 10,241  $  10,213  $ 
 —  $  10,538  $ 
 133 
Commercial and industrial . . . . . . . . . . . . . . . . . . . . . . . . .     
 —    
 —    
 —    
 —    
 — 
Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 —    
 —    
 —    
 —    
 — 
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      10,241     10,213    
 —     10,538    
 133 
With an allowance recorded: 
   
     
     
     
     
  
Commercial: 
   
     
     
     
     
  
Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 681    
 681    
 142    
 699    
 35 
Commercial and industrial . . . . . . . . . . . . . . . . . . . . . . . . .     
 650    
 650    
 650    
 575    
 — 
Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 —    
 —    
 —    
 —    
 — 
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      1,331     1,331    
 792     1,274    
 35 
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 11,572  $  11,544  $ 
 792  $  11,812  $ 
 168 
 
Interest income on nonaccrual loans is recognized using the cost recovery method. Interest income on impaired 
loans that were on nonaccrual status and cash-basis interest income for the years ended June 30, 2024 and 2023 was 
nominal. 
At various times, certain loan modifications are executed for economic or legal reasons related to a borrower’s 
financial condition that the Company would not otherwise consider resulting in a modified loan. Substantially all 
of these modifications include one or a combination of the following: extension of the maturity date at a stated rate 
of interest lower than the current market rate for new debt with similar risk; temporary reduction in the interest rate; 
change in scheduled payment amount including interest only; or extensions of additional credit for payment of 
delinquent real estate taxes or other costs. 
As previously noted in Note 2 – Summary of Significant Accounting Policies, effective July 1, 2023, the Company 
adopted ASU 2022-02, Financial Instruments-Credit Losses (Topic 326)-Troubled Debt Restructurings. The 
Company may occasionally make modifications to loans where the borrower is considered to be experiencing 
financial difficulty. Types of modifications considered under ASU 2022-02 include principal reductions, interest 
rate reductions, term extensions, or a combination. There were no modifications to loans where the borrower is 
considered to be experiencing financial difficulty for the year ended June 30, 2024. 

99 
Prior to the adoption of ASU 2022-02 on July 1, 2023, the Company accounted for loan modifications to borrowers 
experiencing financial difficulty when concessions were granted as troubled debt restructurings. The following are 
disclosures related to troubled debt restructurings in the prior year. There were no loans modified as troubled debt 
restructurings during the year ended June 30, 2023. There were no loans that had been modified as a troubled debt 
restructuring during the twelve months prior to June 30, 2023 which subsequently defaulted during the year ended 
June 30, 2023. At various times, certain loan modifications were executed which were considered to be troubled 
debt restructurings. Substantially all of these modifications included one or a combination of the following: 
extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar 
risk; temporary reduction in the interest rate; change in scheduled payment amount including interest only; or 
extensions of additional credit for payment of delinquent real estate taxes or other costs. Loans subject to a troubled 
debt restructuring were evaluated as impaired loans for the purpose of determining the specific component of the 
allowance for loan losses. 
The following table presents the recorded investment in nonaccrual loans and loans past due over 90 days still on 
accrual by class of loans (dollars in thousands): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
June 30, 2024 
 
     
  
     
Nonaccrual 
     
Past Due 
     
 
 
 
 
 
  
Loans With 
  
90 Days 
  
 
 
 
 
 
  
No Related 
  
Still on  
  
Recognized 
 
 
Nonaccrual 
  
Allowance 
  
Accrual 
  
Interest Income 
Commercial: 
  
 
    
 
    
 
    
 
  
Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 3,180  
$ 
 3,180  
$ 
 4  
$ 
 — 
Commercial and industrial . . . . . . . . . . . . . .   
  
 9  
  
 —  
  
 —  
  
 — 
Construction . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 —  
  
 —  
  
 — 
Residential mortgages . . . . . . . . . . . . . . . . . . .   
  
 4,208  
  
 1,625  
  
 —  
  
 — 
Home equity loans and lines . . . . . . . . . . . . . .   
  
 1,648  
  
 —  
  
 —  
  
 — 
Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 —  
  
 —  
  
 — 
 
 
$ 
 9,045  
$ 
 4,805  
$ 
 4  
$ 
 — 
 
 
 
 
 
 
 
 
 
  
June 30,  
 
  
2023 
 
       
     
Past Due 
 
 
 
 
  
90 Days  
 
 
 
 
  
Still on  
 
 
Nonaccrual 
  
Accrual 
Commercial: 
   
     
  
Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 8,025  
$ 
 174 
Commercial and industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 650  
  
 — 
Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 3,237 
Residential mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 4,000  
  
 120 
Home equity loans and lines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 1,560  
  
 — 
Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 — 
 
 
$  14,235  
$ 
 3,531 
 
Nonaccrual loans and loans past due 90 days still on accrual include both smaller balance homogeneous loans that 
are collectively evaluated for impairment and individually evaluated loans.  
A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment of 
the loan is expected to be provided substantially through the operation or sale of the collateral.  
 
 

100 
The following table presents the amortized cost basis of collateral-dependent loans by class of loans  
(dollars in thousands): 
 
 
 
 
 
 
 
      
June 30, 2024 
 
 
Amortized Cost 
      
Collateral Type 
Commercial: 
   
    
  
Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 3,844  
Commercial real estate property 
Commercial and industrial . . . . . . . . . . . . . . . . . . . .   
  
 9  
Business assets 
Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
Residential mortgages . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 1,625  
Residential real estate property 
Home equity loans and lines . . . . . . . . . . . . . . . . . . . .   
  
 —  
Consumer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
 
 
$ 
 5,478  
 
The following table presents the aging of the recorded investment in loans by class of loans as of  
(dollars in thousands): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
June 30, 2024 
 
  
30 - 59 
  
60 - 89 
  
90 or more  
 
 
 
 
 
 
  
Days 
  
Days 
  
Days 
  
Total 
  
Loans Not  
 
 
     Past Due      Past Due      Past Due      Past Due      
Past Due      
Total 
Commercial: 
   
     
     
     
     
     
  
Real estate . . . . . . . . . . . . . . . . . . . . . . .   $ 
 2  $ 
 3  $ 
 4  $ 
 9  $  406,192  $  406,201 
Commercial and industrial . . . . . . . . . .     
 15    
 —    
 —    
 15    
 101,192    
 101,207 
Construction . . . . . . . . . . . . . . . . . . . . .     
 —    
 —    
 —    
 —    
 118,373    
 118,373 
Residential mortgages . . . . . . . . . . . . . .     
 872    
 481    
 794    
 2,147    
 631,632    
 633,779 
Home equity loans and lines . . . . . . . . .     
 722    
 78    
 654    
 1,454    
 91,311    
 92,765 
Consumer . . . . . . . . . . . . . . . . . . . . . . . .     
 14    
 8    
 —    
 22    
 13,523    
 13,545 
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 
 1,625  $ 
 570  $ 
 1,452  $ 
 3,647  $  1,362,223  $  1,365,870 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
June 30, 2023 
 
  
30 - 59 
  
60 - 89 
 
90 or more  
 
 
 
 
 
 
  
Days 
  
Days 
  
Days 
  
Total 
  
Loans Not  
 
 
     Past Due      Past Due      Past Due      Past Due      
Past Due      
Total 
Commercial: 
   
     
     
     
     
     
  
Real estate . . . . . . . . . . . . . . . . . . . . . . .   $ 
 4,798  $ 
 —  $ 
 4,458  $ 
 9,256  $  401,909  $  411,165 
Commercial and industrial . . . . . . . . . .     
 678    
 100    
 352    
 1,130    
 96,177    
 97,307 
Construction . . . . . . . . . . . . . . . . . . . . .     
 —    
 —    
 3,237    
 3,237    
 89,477    
 92,714 
Residential mortgages . . . . . . . . . . . . . .     
 1,257    
 1,327    
 762    
 3,346    
 459,850    
 463,196 
Home equity loans and lines . . . . . . . . .     
 1,340    
 64    
 540    
 1,944    
 83,533    
 85,477 
Consumer . . . . . . . . . . . . . . . . . . . . . . . .     
 18    
 22    
 —    
 40    
 16,739    
 16,779 
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 
 8,091  $ 
 1,513  $ 
 9,349  $  18,953  $  1,147,685  $  1,166,638 
 
The Company categorizes commercial loans into risk categories based on relevant information about the ability of 
borrowers to service their debt such as: current financial information, historical payment experience, credit 
documentation, public information, and current economic trends, among other factors. The Company analyzes 
commercial loans individually by classifying the loans as to credit risk. The Company uses the following definitions 
for risk ratings: 
Special Mention – Loans classified as special mention have a potential weakness that deserves management’s 
close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment 
prospects for the loan or of the institution’s credit position at some future date. 
 
 

101 
Substandard – Loans classified as substandard are inadequately protected by the current net worth and paying 
capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or 
weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that 
the institution will sustain some loss if the deficiencies are not corrected. 
Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, 
with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently 
existing facts, conditions, and values, highly questionable and improbable. 
Commercial loans not meeting the criteria above are considered to be pass rated loans. 
The Company grades residential mortgages, home equity loans and lines of credit and consumer loans as either non-
performing or performing. 
Non-performing – Loans that are over 90 days past due and still accruing interest or on nonaccrual. 
Performing – Loans not meeting any of the above criteria are considered to be performing loans. 

102 
The following table presents loans summarized by segment and class, and the risk category (dollars in thousands): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
  
 
  
 
  
 
   
 
   
 
  Revolving    Revolving    
 
 
   
   
   
   
   
   
  
Loans 
  
Loans 
  
 
 
 
Term Loans Amortized Cost Basis by Origination Year 
  Amortized   Converted   
 
June 30, 2024 
 
2024 
 
2023 
 
2022 
 
2021 
 
2020 
 
Prior 
 Cost Basis  to Term  
Total 
Commercial real estate 
  
  
  
  
  
  
  
  
  
  Risk Rating 
  
  
  
  
  
  
  
  
  
    Pass . . . . . . . . . . . . . . . . . . . . . . . . . .  $  29,592  $  47,818  $ 43,324  $ 23,191  $ 67,757  $ 168,333  $ 
 679  $ 
 —  $ 380,694 
    Special mention . . . . . . . . . . . . . . . . . .   
 —   
 —    2,234   
 —   
 —   
 8,003   
 1,090   
 —    11,327 
    Substandard . . . . . . . . . . . . . . . . . . . .   
 —   
 —   
 —   
 —   
 756    13,424   
 —   
 —    14,180 
    Doubtful . . . . . . . . . . . . . . . . . . . . . . .   
 —   
 —   
 —   
 —   
 —   
 —   
 —   
 —   
 — 
Total commercial real estate . . . . . . . . . .  $  29,592  $  47,818  $ 45,558  $ 23,191  $ 68,513  $ 189,760  $ 
 1,769  $ 
 —  $ 406,201 
 
   
   
   
   
   
   
   
   
   
Current period gross charge-offs . . . . . . .  $
 —  $
 —  $
 —  $
 —  $
 —  $
 —  $ 
 —  $ 
 —  $
 — 
 
   
   
   
   
   
   
   
   
   
Commercial and industrial 
  
  
  
  
  
  
  
  
  
  Risk Rating 
  
  
  
  
  
  
  
  
  
    Pass . . . . . . . . . . . . . . . . . . . . . . . . . .  $  13,945  $
 6,381  $  4,868  $  3,066  $  4,127  $
 6,259  $  56,628  $ 
 —  $  95,274 
    Special mention . . . . . . . . . . . . . . . . . .   
 —   
 —    1,118   
 —    1,250   
 221   
 750   
 —   
 3,339 
    Substandard . . . . . . . . . . . . . . . . . . . .   
 —   
 —   
 17   
 —   
 53   
 2,350   
 141   
 —   
 2,561 
    Doubtful . . . . . . . . . . . . . . . . . . . . . . .   
 —   
 —   
 —   
 —   
 —   
 24   
 9   
 —   
 33 
Total commercial and industrial . . . . . . . .  $  13,945  $
 6,381  $  6,003  $  3,066  $  5,430  $
 8,854  $  57,528  $ 
 —  $ 101,207 
 
   
   
   
   
   
   
   
   
   
Current period gross charge-offs . . . . . . .  $
 —  $
 —  $
 —  $
 —  $
 —  $
 345  $ 
 —  $ 
 —  $
 345 
 
   
   
   
   
   
   
   
   
   
Commercial construction 
  
  
  
  
  
  
  
  
  
  Risk Rating 
  
  
  
  
  
  
  
  
  
    Pass . . . . . . . . . . . . . . . . . . . . . . . . . .  $  38,626  $
 9,589  $ 45,073  $ 19,740  $
 —  $
 3,794  $ 
 1,551  $ 
 —  $ 118,373 
    Special mention . . . . . . . . . . . . . . . . . .   
 —   
 —   
 —   
 —   
 —   
 —   
 —   
 —   
 — 
    Substandard . . . . . . . . . . . . . . . . . . . .   
 —   
 —   
 —   
 —   
 —   
 —   
 —   
 —   
 — 
    Doubtful . . . . . . . . . . . . . . . . . . . . . . .   
 —   
 —   
 —   
 —   
 —   
 —   
 —   
 —   
 — 
Total commercial construction . . . . . . . . .  $  38,626  $
 9,589  $ 45,073  $ 19,740  $
 —  $
 3,794  $ 
 1,551  $ 
 —  $ 118,373 
 
   
   
   
   
   
   
   
   
   
Current period gross charge-offs . . . . . . .  $
 —  $
 —  $
 —  $
 —  $
 —  $
 —  $ 
 —  $ 
 —  $
 — 
 
   
   
   
   
   
   
   
   
   
Residential mortgages 
   
   
   
   
   
   
   
   
   
  Performing . . . . . . . . . . . . . . . . . . . . . .  $ 180,784  $ 206,815  $ 42,279  $ 56,059  $ 33,286  $ 110,234  $ 
 114  $ 
 —  $ 629,571 
  Non-performing . . . . . . . . . . . . . . . . . .   
 —   
 962   
 540   
 —   
 581   
 2,125   
 —   
 —   
 4,208 
Total residential mortgages . . . . . . . . . . .  $ 180,784  $ 207,777  $ 42,819  $ 56,059  $ 33,867  $ 112,359  $ 
 114  $ 
 —  $ 633,779 
 
   
   
   
   
   
   
   
   
   
Current period gross charge-offs . . . . . . .  $
 —  $
 —  $
 112  $
 —  $
 —  $
 6  $ 
 —  $ 
 —  $
 118 
 
   
   
   
   
   
   
   
   
   
Home equity loans and lines of credit 
   
   
   
   
   
   
   
   
   
  Performing . . . . . . . . . . . . . . . . . . . . . .  $
 6,308  $
 6,525  $  9,475    3,454  $  1,369  $  13,375  $  50,611  $ 
 —  $  91,117 
  Non-performing . . . . . . . . . . . . . . . . . .   
 —   
 —   
 99   
 —   
 —   
 643   
 906   
 —   
 1,648 
Total home equity loans and lines of  
credit . . . . . . . . . . . . . . . . . . . . . . . . . .  $
 6,308  $
 6,525  $  9,574  $  3,454  $  1,369  $  14,018  $  51,517  $ 
 —  $  92,765 
 
   
   
   
   
   
   
   
   
   
Current period gross charge-offs . . . . . . .  $
 —  $
 —  $
 —  $
 —  $
 —  $
 —  $ 
 12  $ 
 —  $
 12 
 
   
   
   
   
   
   
   
   
   
Consumer 
   
   
   
   
   
   
   
   
   
  Performing . . . . . . . . . . . . . . . . . . . . . .  $
 1,517  $
 1,533  $
 100  $
 67  $
 6  $
 3,272  $ 
 7,050  $ 
 —  $  13,545 
  Non-performing . . . . . . . . . . . . . . . . . .   
 —   
 —   
 —   
 —   
 —   
 —   
 —   
 —   
 — 
Total consumer . . . . . . . . . . . . . . . . . . . .  $
 1,517  $
 1,533  $
 100  $
 67  $
 6  $
 3,272  $ 
 7,050  $ 
 —  $  13,545 
 
   
   
   
   
   
   
   
   
   
Current period gross charge-offs . . . . . . .  $
 100  $
 6  $
 23  $
 4  $
 1  $
 1  $ 
 —  $ 
 —  $
 135 
 

103 
The following table presents commercial loans summarized by class of loans and the risk category  
(dollars in thousands): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
June 30, 2023 
 
 
 
  
Special  
 
 
 
 
 
 
     
Pass 
     Mention      Substandard     Doubtful      
Total 
Commercial 
   
     
     
     
     
  
Real estate . . . . . . . . . . . . . . . .   $ 352,874  $  1,977  $  56,196  $ 
 118  $ 411,165 
Commercial and industrial . . .      89,245     1,614    
 6,448    
 —     97,307 
Construction . . . . . . . . . . . . . .      91,805    
 —    
 909    
 —     92,714 
 
 $ 533,924  $  3,591  $  63,553  $ 
 118  $ 601,186 
 
The Company considers the performance of the loan portfolio and its impact on the allowance for loan losses. For 
residential and consumer loan classes, the Company also evaluates credit quality based on the aging status of the 
loan, which was previously presented, and by payment activity.  
At June 30, 2024 and 2023, the Company had residential real estate loans in process of foreclosure of $853,000 and 
$1.3 million, respectively. 
As of June 30, 2024 and 2023, the Company had pledged $605.8 million and $476.6 million respectively, of 
residential mortgage, home equity and commercial loans as collateral for FHLBNY borrowings and stand-by letters 
of credit. 
At June 30, 2024 and 2023, loans to executive officers, directors, or to associates of such persons, as well as activity 
in such loans for the years then ended were immaterial as a percentage of total loans receivable. 
The Company retains the servicing rights on certain mortgage loans sold, and may release the servicing rights on 
others. Total residential mortgage loans serviced by the Company for unrelated third parties were approximately 
$13.5 million and $15.3 million at June 30, 2024 and 2023, respectively. At June 30, 2024 and 2023, the 
unamortized balance of mortgage servicing rights on loans sold with servicing retained was approximately $116,000 
and $131,000, respectively. The estimated fair value of these mortgage servicing rights was in excess of their 
carrying value at June 30, 2024 and 2023, and therefore no valuation reserve was necessary. At June 30, 2024 and 
2023, the Company held escrow funds in trust on loans serviced for others of $368,000 and $396,000, respectively. 
 
6.       DERIVATIVES 
In the normal course of servicing commercial customers, the Company acts as an interest rate swap counterparty 
for certain commercial borrowers. The Company manages its exposure to such interest rate swaps by entering into 
corresponding and offsetting interest rate swaps with third parties that match the terms of the interest rate swap with 
the commercial borrowers. These positions directly offset each other and the Company’s exposure is the fair value 
of the derivatives due to potential changes in credit risk of our commercial borrowers and third parties. 
The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount 
exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap 
agreements. At June 30, 2024, the Company held derivatives not designated as hedging instruments, comprised of 
back-to-back interest rate swaps, with a total notional amount of $406.8 million, consisting of $203.4 million of 
interest rate swaps with commercial borrowers and $203.4 million of offsetting interest rate swaps with third-party 
counterparties on substantially the same terms. At June 30, 2023, the Company held derivatives not designated as 
hedging instruments, comprised of back-to-back interest rate swaps, with a total notional amount of $455.8 million, 
consisting of $227.9 million of interest rate swaps with commercial borrowers and $227.9 million of offsetting 
interest rate swaps with third-party counterparties on substantially the same terms.  

104 
The fair value of derivatives are classified as a component of other assets and other liabilities on the consolidated 
statements of condition. The estimated fair value of derivatives not designated as hedging instruments are as follows 
(dollars in thousands): 
 
 
 
 
 
 
 
 
  
June 30, 2024 
 
    Derivative      Derivative  
 
  
Assets 
  Liabilities 
Gross interest rate swaps . . . . . . . . . . . . . . . . . . .  $  16,781  $ 16,781 
Less: cash collateral applied . . . . . . . . . . . . . . . . .     (16,620)   
 (16)
Net amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $
 161  $ 16,765 
 
 
 
 
 
 
 
 
 
  
June 30, 2023 
 
    Derivative      Derivative  
 
  
Assets 
  Liabilities 
Gross interest rate swaps . . . . . . . . . . . . . . . . . . .  $  18,844  $ 18,844 
Less: cash collateral applied . . . . . . . . . . . . . . . . .     (18,160)   
 (16)
Net amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $
 684  $ 18,828 
 
Under terms of the agreements with the third-party counterparties, the Company provides cash collateral to the 
counterparty, when required, for the initial trade. Subsequent to the trade, the margin is exchanged in either 
direction, based upon the estimated fair value of the underlying contracts. At June 30, 2024, the Company had 
received $16.6 million and deposited $16,000 as collateral for swap agreements with third-party counterparties. At 
June 30, 2023, the Company had received $18.2 million and deposited $16,000 as collateral for swap agreements 
with third-party counterparties. 
 
7.       PREMISES AND EQUIPMENT 
Premises and equipment consists of the following (dollars in thousands): 
 
 
 
 
 
 
 
 
    June 30,      June 30,  
 
  
2024 
  
2023 
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $
 6,678  $  6,678 
Leaseholds and land improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 2,901    
 2,877 
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      29,964     30,144 
Furniture, fixtures, and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      15,620     15,504 
Construction in progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 244    
 290 
Accumulated depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . .      (21,057)    (19,932)
Premises and equipment, excluding ROU assets . . . . . . . . . . . . . . . . . . .     34,350    35,561 
ROU assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 5,755   
 6,056 
Premises and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $  40,105  $  41,617 
 
Depreciation and amortization included in occupancy and equipment expense amounted to $2.1 million and $2.3 
million for the years ended June 30, 2024 and 2023, respectively. 
8.       GOODWILL AND OTHER INTANGIBLE ASSETS 
Changes in goodwill were as follows (dollars in thousands): 
 
 
 
 
Balance, July 1, 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     $  8,799 
Acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 — 
Balance, June 30, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       8,799 
Acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     2,080 
Balance, June 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 10,879 

105 
There were no impairment losses on goodwill or intangible assets for the years ended June 30, 2024 and 2023. 
Acquired other intangible assets were as follows (dollars in thousands): 
 
 
 
 
 
 
 
 
     June 30,       June 30,  
 
 
2024 
 
2023 
Customer relationship intangibles: 
   
     
  
Gross carrying amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $  5,042  $  3,653 
Less: accumulated amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     (2,226)    (1,729)
Net carrying amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     2,816     1,924 
Weighted average remaining useful life (in years) . . . . . . . . . . . . . . . . . . .   
 4.17   
 3.95 
 
   
   
Core deposit intangibles: 
   
     
  
Gross carrying amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 562   
 562 
Less: accumulated amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     (427)    (390)
Net carrying amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 135    
 172 
Weighted average remaining useful life (in years) . . . . . . . . . . . . . . . . . . .   
 2.57   
 2.90 
 
   
   
Total other intangible assets: 
   
     
  
Gross carrying amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    5,604    4,215 
Less: accumulated amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     (2,653)    (2,119)
Net carrying amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $  2,951  $  2,096 
 
Estimated amortization expense for the next five years is as follows (dollars in thousands): 
 
 
 
 
Year ending June 30,  
     
  
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $
 487 
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 441 
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 394 
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 347 
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 301 
 
Aggregate amortization expense was $534,000 and $398,000 for the years ended June 30, 2024 and 2023, 
respectively. 
9.       DEPOSITS 
Deposit account balances are summarized as follows (dollars in thousands): 
 
 
 
 
 
 
 
 
     
June 30,  
     
June 30,  
 
  
2024 
  
2023 
Non-interest bearing demand accounts . . . . . . . . . . . . . . . . . . . . . . .   $  445,328  $  526,119 
Interest-bearing accounts: 
   
     
  
Interest-bearing demand accounts . . . . . . . . . . . . . . . . . . . . . . . . . .      157,962     138,817 
Savings accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      266,274     297,003 
Money market accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      513,658     462,935 
Time deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      167,030     116,977 
Total interest bearing accounts . . . . . . . . . . . . . . . . . . . . . . . . . . .      1,104,924     1,015,732 
 Total deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 1,550,252  $ 1,541,851 
 
Overdrawn demand deposit balances of $201,000 and $92,000 were reclassified as loan balances as of June 30, 
2024 and 2023, respectively. 

106 
Time deposits outstanding that had balances of $250,000 and over amounted to approximately $16.5 million and 
$9.9 million at June 30, 2024 and 2023, respectively. 
Scheduled maturities of time deposits for the next five years are as follows (dollars in thousands): 
 
 
 
 
Year ending June 30,  
    
 
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 156,724 
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 5,734 
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 1,849 
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 1,270 
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 1,453 
 
 $ 167,030 
 
Deposits of related parties amounted to $879,000 and $8.8 million at June 30, 2024 and 2023, respectively. 
 
10.       BORROWINGS 
The Company has the ability to borrow (Non-Repo Advances) in an amount up to 30% of its total assets from the 
FHLBNY. All borrowings from the FHLBNY are collateralized by FHLBNY stock, certain qualifying loans, and 
certain available for sale securities. In addition, overall credit exposure, including Non-Repo Advances, cannot 
exceed 50% of total assets. FHLBNY borrowings have prepayment penalties. 
At June 30, 2024, the Company pledged approximately $605.8 million of residential mortgage, home equity and 
commercial loans as collateral for borrowings and stand-by letters of credit at the FHLBNY. At June 30, 2024, the 
maximum amount of funding available from the FHLBNY was $497.2 million, of which none was utilized for 
borrowings and $200.0 million was utilized for irrevocable stand-by letters of credit issued to secure municipal 
deposits. 
At June 30, 2023, the Company pledged approximately $476.6 million of residential mortgage, home equity and 
commercial loans as collateral for borrowings and stand-by letters of credit at the FHLBNY. At June 30, 2023, the 
maximum amount of funding available from the FHLBNY was $395.6 million, of which none was utilized for 
borrowings and $90.0 million was utilized for irrevocable stand-by letters of credit issued to secure municipal 
deposits. 
At June 30, 2024 and 2023, the Company had an unsecured $20.0 million line of credit available with an unrelated 
financial institution; there were no outstanding draws on the line at June 30, 2024 and 2023. 
 
 

107 
11.     OTHER COMPREHENSIVE INCOME 
Reclassifications out of accumulated other comprehensive income (loss) were as follows (dollars in thousands): 
 
 
 
 
 
 
 
 
 
Details About Accumulated Other  
   
 
  
 
Affected Line Item in the Statement 
Comprehensive Income (Loss) Components 
   
 
  
 
Where Net Income is Presented 
 
 
Year Ended  
 
 
 
 
June 30,  
     
   
 
     
2024 
 
2023 
     
Unrealized gains/losses on securities (before tax): 
 
 
 
  
 
 
Net losses included in net income . . . . . . . . . . . . . . .   
$ 
 5,645   $ 
 —   Net loss on securities transactions 
Tax benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (1,475)    
 —   Income tax expense 
Net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 4,170     
 —   
  
 
 
  
 
  
 
 
Amortization of defined benefit plan items  
(before tax): 
 
  
      
    
  
Net actuarial gain . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (30)    
 (16)  
  
Tax benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 8     
 4   Income tax expense 
Net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (22)    
 (12)  
  
Total reclassification for the period, net of tax . . . . .   
$ 
 4,148   $ 
 (12)  
  
 
The balances and changes in the components of accumulated other comprehensive income (loss), net of tax are as 
follows (dollars in thousands): 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended June 30,  
 
      
 
      
 
     Accumulated 
 
 
Unrealized 
 
 
 
 
Other 
 
 
Gains/Losses  
Defined 
 
Comprehensive 
 
 
on Securities  
Benefit Plans  
Income (Loss) 
2024: 
 
 
 
 
 
 
 
 
 
Accumulated other comprehensive (loss) income as of July l, 2023 . . . . . . . . .   
$ 
 (13,702) 
$ 
 4,134  
$ 
 (9,568)
Other comprehensive income before reclassifications . . . . . . . . . . . . . . . . . . . .   
  
 6,798  
  
 3,564  
  
 10,362 
Amounts reclassified from accumulated other comprehensive income . . . . . . .   
  
 4,170  
  
 (22) 
  
 4,148 
Accumulated other comprehensive income (loss) as of June 30, 2024 . . . . . . .   
$ 
 (2,734) 
$ 
 7,676  
$ 
 4,942 
 
 
 
 
 
 
 
2023: 
 
 
 
 
 
 
Accumulated other comprehensive loss as of July l, 2022. . . . . . . . . . . . . . . . .   
$ 
 (10,872) 
$ 
 (308) 
$ 
 (11,180)
Other comprehensive income (loss) before reclassifications . . . . . . . . . . . . . . .   
 
 (2,830) 
  
 4,454  
  
 1,624 
Amounts reclassified from accumulated other comprehensive loss . . . . . . . . . .   
 
 —  
 
 (12) 
 
 (12)
Accumulated other comprehensive (loss) income as of June 30, 2023 . . . . . . .   
$ 
 (13,702) 
$ 
 4,134  
$ 
 (9,568)
 
The amounts of income tax expense (benefit) allocated to each component of other comprehensive income (loss) 
were as follows (dollars in thousands): 
 
 
 
 
 
 
 
 
 
For the Year Ended  
 
 
June 30,  
 
     
2024 
     
2023 
Unrealized gains (losses) on securities: 
 
 
 
 
 
 
Unrealized holdings gains (losses) arising during the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 2,406  
$ 
 (1,002)
Reclassification adjustment for losses included in net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 1,475  
  
 — 
 
 
  
 3,881  
  
 (1,002)
Defined benefit plans: 
 
  
 
  
Change in funded status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 1,262  
  
 1,576 
Reclassification adjustment for amortization of net actuarial gain . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 (8) 
 
 (4)
 
 
  
 1,254  
  
 1,572 
 
 
$ 
 5,135  
$ 
 570 
 
 

108 
12.     EMPLOYEE BENEFIT PLANS 
The Company maintains a noncontributory defined benefit pension plan and a defined benefit post-retirement plan. 
Plan assets and obligations that determine the funded status are measured as of the end of the fiscal year. 
Amounts recognized in the consolidated statement of condition related to the Company’s plans are as follows as of 
June 30 (dollars in thousands): 
 
 
 
 
 
 
 
 
     
2024 
     
2023 
Other assets 
   
     
  
Pension asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$  18,267  
$  13,911 
 
 
  
 
  
Other liabilities 
 
  
   
  
  
Accumulated post-retirement benefit obligation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 1,354  
  
 1,382 
 
 
  
 
  
Accumulated other comprehensive (income) loss, net of taxes 
 
  
   
  
  
Pension plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$  (7,335) 
$  (3,818)
Post-retirement benefit plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (341) 
  
 (316)
 
 
  
 
  
 
 
$  (7,676) 
$  (4,134)
 
Pension Plan 
 
The Company maintains a noncontributory defined benefit pension plan covering substantially all of its full-time 
employees hired before September 1, 2019. Through December 31, 2009, pensions were paid as an annuity using a 
pension formula of 2.0% of the average of the five highest consecutive years of total compensation over the last 
ten years multiplied by credited service up to thirty years. Effective January 1, 2010, the plan was amended and 
service rendered thereafter is paid using a pension formula of 1.5%. Amounts contributed to the plan are determined 
annually on the basis of (a) the maximum amount allowable under Internal Revenue Service regulations and (b) the 
amount certified by a consulting actuary as necessary to avoid an accumulated funding deficiency as defined by the 
Employee Retirement Income Security Act of 1974 (“ERISA”). The defined benefit pension plan was amended, 
effective August 31, 2019, to close the plan to new employees hired on or after September 1, 2019, therefore, no 
new employees hired on or after September 1, 2019 would be eligible to participate in the defined benefit pension 
plan. 

109 
The following table sets forth information on the Company’s defined benefit pension plan as of June 30  
(dollars in thousands): 
 
 
 
 
 
 
 
 
     
2024 
     
2023 
Change in projected benefit obligation: 
 
  
 
  
Projected benefit obligation at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$  39,020  
$  40,657 
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 1,235  
  
 1,534 
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 2,033  
  
 1,885 
Actuarial gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (1,346) 
  
 (3,473)
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (1,579) 
  
 (1,583)
 
 
  
 
  
Projected benefit obligation at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 39,363  
  
 39,020 
 
 
  
 
  
Change in fair value of plan assets: 
 
  
   
  
  
Fair value of plan assets at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 52,931  
 
 49,457 
Actual return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 6,401  
  
 5,197 
Benefits paid and actual expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (1,702) 
  
 (1,723)
 
 
  
 
  
Fair value of plan assets at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 57,630  
  
 52,931 
 
 
  
 
  
Funded status of plan at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$  18,267  
$  13,911 
 
The increase in the actuarial gain in the projected benefit obligation resulted primarily from the increase in the 
discount rate. 
Net periodic pension cost included in salaries and employee benefits in the Company’s consolidated statements of 
operations included the following components (dollars in thousands): 
 
 
 
 
 
 
 
 
 
For the Year Ended  
 
 
June 30,  
 
    
2024 
    
2023 
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $  1,235  $  1,534 
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      2,033     1,885 
Expected return on plan assets . . . . . . . . . . . . . . . .      (2,862)    (2,694) 
Net periodic pension cost . . . . . . . . . . . . . . . . . . .   $
 406  $
 725 
 
Amounts recognized in accumulated other comprehensive loss, before tax effect consist of net actuarial gains of 
$9.9 million at June 30, 2024 and net actuarial gains of $5.2 million at June 30, 2023. 
The actuarial assumptions used in determining the present value of the projected benefit obligations and net periodic 
pension cost as of and for the years ended June 30 were as follows: 
 
 
 
 
 
 
 
    
2024      
2023 
  
Weighted average assumptions – benefit obligations 
  
 
 
 
Discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 5.51 %    5.23 %
Annual rate of compensation increase . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 3.00 %    3.00 %
 
  
 
 
 
Weighted average assumptions – net periodic benefit cost 
  
    
   
Discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 5.23 %    4.62 %
Annual rate of compensation increase . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 3.00 %    3.00 %
Expected long-term rate of return on plan assets . . . . . . . . . . . . . . . . . . .    
 5.75 %    5.75 %
 
For the years ended June 30, 2024 and 2023, the discount rate assumption used was the above median curve.  

110 
Accumulated Benefit Obligation 
The accumulated benefit obligation (the actuarial present value of benefits, vested and nonvested, earned by 
employees based on current and past compensation levels) for the Company’s defined benefit pension plan totaled 
$35.6 million and $35.4 million as of June 30, 2024 and 2023, respectively. 
Investment Policies and Strategies 
Pension plan assets are invested in various mutual funds and are held in trust by Charles Schwab Corporation. The 
Employer, as the Plan Sponsor, determines the appropriate strategic asset allocation versus plan liabilities. 
Currently, the pension plan asset allocation targets 65% of assets to equity securities, and 35% to fixed income 
through a combination of short-term and long-term bond funds. The overall long-term investment objectives are to 
maintain plan assets at a level that will sufficiently cover long-term obligations and to generate a return on plan 
assets that will meet or exceed the rate at which long-term obligations will grow. The strategy is designed to provide 
long-term growth of assets with the objective of achieving an investment return in excess of the costs of funding 
active lives, deferred vested, and all longer-term obligations. In addition, the plan’s assets are rebalanced quarterly 
to the target percentages for each investment option no later than the 10th business day following the end of each 
calendar quarter. 
Determination of Long-Term Rate-of-Return 
The long-term rate-of-return-on-assets assumption was set based on historical returns earned by equities and fixed-
income securities, adjusted to reflect expectations of future returns as applied to the plan’s target allocation of asset 
classes. Equities and fixed-income securities were assumed to earn real rates of return in the ranges of 5-9% and 
1-4%, respectively. The long-term inflation rate was estimated to be 2.3%.  
Contributions 
For the fiscal year ending June 30, 2024, the Company is not required to make a cash contribution to the plan, but 
may elect to do so. 
Estimated Future Benefit Payments 
The benefit payments expected to be paid over the next ten years are as follows (dollars in thousands): 
 
 
 
 
Fiscal year ending June 30,  
     
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $  1,200 
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      1,288 
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      1,477 
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      1,615 
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      1,800 
Years 2030 – 2034 . . . . . . . . . . . . . . . . . . . . . . . . . .     11,795 
 
The Company’s pension plan asset allocation at June 30, 2024 and 2023, target allocation for 2024, and expected 
long-term rate of return by asset category are as follows: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of 
 
Weighted- 
  
 
  
Target   
Plan Assets at 
  
Average Expected 
 
  Allocation  
Year End 
  
Long-Term Rate  
Asset Category 
    
2024 
     
2024      
2023      
of Return 
 
Equity securities . . . . . . . . . . . . . . . . . . . . . .    
 65.0 %    62.7 %    63.2 %   
5.00 – 9.00 %
Fixed income securities . . . . . . . . . . . . . . . .    
 35.0 %    37.3 %    36.8 %   
1.00 – 4.00 %
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 100.0 %   100.0 % 
   
 

111 
Fair Value of Plan Assets 
Fair value is the exchange price that would be received for an asset in the principal or most advantageous market 
for the asset in an orderly transaction between market participants on the measurement date. 
The Company used the following methods and significant assumptions to estimate the fair value of each type of 
plan asset: 
Equity, Debt, Investment Funds and Other Securities 
The fair values for securities are determined by quoted market prices, if available (Level 1). For securities where 
quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For 
securities where quoted prices or market prices of similar securities are not available, fair values are calculated 
using discounted cash flows or other market indicators (Level 3). Discounted cash flows are calculated using spread 
to swap and the Secured Overnight Financing Rate (“SOFR”) curves that are updated to incorporate loss severities, 
volatility, credit spread and optionality. During times when trading is more liquid, broker quotes are used (if 
available) to validate the model. Rating agency and industry research reports as well as defaults and deferrals on 
individual securities are reviewed and incorporated into the calculations. 

112 
The fair values of the pension plan assets at June 30, by asset category, are as follows (dollars in thousands): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024 
 
 
 
 
  
Fair Value Measurements 
 
 
 
 
   
Quoted Prices in    Significant    
Significant 
 
 
 
 
   Active Markets for   Observable   Unobservable 
 
  
Carrying   
Identical Assets   
Inputs 
 
Inputs 
 
     
Value 
     
(Level 1) 
    
(Level 2)     
(Level 3) 
Mutual funds 
   
     
     
     
  
American Funds New World R6 . . . . . . . . . . . . . . . . . . . . . .   $  2,866  $
 2,866  $
 —  $
 — 
Cohen & Steers Real Estate SECS I . . . . . . . . . . . . . . . . . . .      1,747    
 1,747    
 —    
 — 
Fidelity Capital & Income Fund . . . . . . . . . . . . . . . . . . . . . .      2,883    
 2,883    
 —    
 — 
PIMCO Commodities Plus Strat Fd Inst . . . . . . . . . . . . . . . .      1,733    
 1,733    
 —    
 — 
PIMCO Long Term Credit Bond Inst . . . . . . . . . . . . . . . . . .      8,547    
 8,547    
 —    
 — 
PIMCO Low Duration Incm Fd I  . . . . . . . . . . . . . . . . . . . . .      2,312    
 2,312    
 —    
 — 
Vanguard Developed Mkts Index Inst . . . . . . . . . . . . . . . . . .      7,505    
 7,505    
 —    
 — 
Vanguard Growth Index Fund Instl . . . . . . . . . . . . . . . . . . . .      8,031    
 8,031    
 —    
 — 
Vanguard Mid Cap Index Funds Admiral . . . . . . . . . . . . . . .      4,028    
 4,028    
 —    
 — 
Vanguard Small Cap I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      3,479    
 3,479    
 —    
 — 
Vanguard Value Index Instl Shares . . . . . . . . . . . . . . . . . . . .      8,066    
 8,066    
 —    
 — 
Western Asset Core Bd Fd I. . . . . . . . . . . . . . . . . . . . . . . . . .      5,745    
 5,745    
 —    
 — 
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 688    
 688    
 —    
 — 
Total plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 57,630  $
 57,630  $
 —  $
 — 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2023 
 
 
 
 
  
Fair Value Measurements 
 
 
 
 
   
Quoted Prices in    Significant    
Significant 
 
 
 
 
   Active Markets for   Observable   Unobservable 
 
  
Carrying   
Identical Assets   
Inputs 
 
Inputs 
 
     
Value 
     
(Level 1) 
    
(Level 2)     
(Level 3) 
Mutual funds 
   
     
     
     
  
American Funds New World R6 . . . . . . . . . . . . . . . . . . . . . .   $  2,636  $
 2,636  $
 —  $
 — 
Cohen & Steers Real Estate SECS I . . . . . . . . . . . . . . . . . . .      1,616    
 1,616    
 —    
 — 
Fidelity Capital & Income Fund . . . . . . . . . . . . . . . . . . . . . .      2,616    
 2,616    
 —    
 — 
PIMCO Commodities Plus Strat Fd Inst . . . . . . . . . . . . . . . .      1,546    
 1,546    
 —    
 — 
PIMCO Long Term Credit Bond Inst . . . . . . . . . . . . . . . . . .      7,913    
 7,913    
 —    
 — 
PIMCO Low Duration Incm Fd I  . . . . . . . . . . . . . . . . . . . . .      2,082    
 2,082    
 —    
 — 
Vanguard Developed Mkts Index Inst . . . . . . . . . . . . . . . . . .      6,681    
 6,681    
 —    
 — 
Vanguard Growth Index Fund Instl . . . . . . . . . . . . . . . . . . . .      7,763    
 7,763    
 —    
 — 
Vanguard Mid Cap Index Funds Admiral . . . . . . . . . . . . . . .      3,808    
 3,808    
 —    
 — 
Vanguard Small Cap I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      3,261    
 3,261    
 —    
 — 
Vanguard Value Index Instl Shares . . . . . . . . . . . . . . . . . . . .      7,465    
 7,465    
 —    
 — 
Western Asset Core Bd Fd I. . . . . . . . . . . . . . . . . . . . . . . . . .      5,160    
 5,160    
 —    
 — 
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 384    
 384    
 —    
 — 
Total plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 52,931  $
 52,931  $
 —  $
 — 
 
There were no significant transfers between Level 1 and Level 2 during the years ended June 30, 2024 and 2023. 
 
 

113 
Post-Retirement Healthcare Plan 
The Company offers a defined benefit post-retirement plan which provides medical and life insurance benefits to 
employees meeting certain requirements. Effective October 1, 2006, the plan was amended so that there have been 
no new plan participants for medical benefits. The cost of post-retirement plan benefits is recognized on an accrual 
basis as employees perform services. Active employees are eligible for retiree medical coverage upon reaching age 
sixty with twenty-five or more years of service. Employees with a minimum of thirty years of service are eligible 
for individual and spousal coverage. Retirees are eligible to participate in any bank-sponsored health insurance 
programs. The Company’s contributions for retiree medical are limited to a monthly premium of $210 for individual 
coverage and $420 for employee and spousal coverage. The Company’s funding policy is to pay insurance 
premiums as they come due. 
The following table sets forth the plan’s funded status and amounts recognized in the Company’s consolidated 
financial statements at June 30 (dollars in thousands): 
 
 
 
 
 
 
 
 
     
2024 
     
2023 
Change in accumulated post-retirement benefit obligation: 
 
  
 
  
Accumulated benefit obligation at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 1,382  
$ 
 1,545 
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 19  
  
 22 
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 72  
  
 67 
Actuarial gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (63) 
  
 (193)
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (56) 
  
 (59)
 
 
  
 
  
Accumulated benefit obligation at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 1,354  
  
 1,382 
 
 
  
 
  
Change in plan assets: 
 
  
   
  
  
Fair value of plan assets at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 — 
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 56  
  
 59 
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (56) 
  
 (59)
 
 
  
 
  
Fair value of plan assets at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 — 
 
 
  
 
  
Unfunded status at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 (1,354) 
$ 
 (1,382)
 
The increase in the actuarial gain in the accumulated benefit obligation resulted primarily from the increase in the 
discount rate. 
Net periodic post-retirement benefit cost included in salaries and employee benefits in the Company’s consolidated 
statements of income included the following components (dollars in thousands): 
 
 
 
 
 
 
 
 
 For the Year Ended 
 
 
June 30,  
 
    
2024      2023 
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $  19  $  22 
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 72    
 67 
Amortization of net actuarial gain . . . . . . . . . . . . . . . .   
 (30)  
 (16)
Net periodic post-retirement benefit cost . . . . . . . . .  $  61  $  73 
 
Amounts recognized in accumulated other comprehensive loss, before tax effect, at June 30, consist of  
(dollars in thousands): 
 
 
 
 
 
 
 
 
    
2024     
2023 
Net actuarial gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ (461) $ (427) 
 

114 
The discount rates used in determining the accumulated post-retirement benefit obligation were 5.51% and 5.23% 
at June 30, 2024 and 2023, respectively. 
For the years ended June 30, 2024 and 2023, the discount rate assumption used was the above median curve.  
For measurement purposes, the medical care cost trend rate has no effect on the Company’s cost since the insurance 
premiums are a fixed amount (capped). However, increasing or decreasing the benefit cost cap for plan participants 
could have a significant impact on the accumulated benefit obligation and employer cost. 
The projected benefit payments under the plan over the next ten years are as follows (dollars in thousands): 
 
 
 
 
Fiscal year ending June 30,  
     
 
2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 
 97 
2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 88 
2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 87 
2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 74 
2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 78 
Years 2030 – 2034 . . . . . . . . . . . . . . . . . . . . . . . . . .     
 452 
 
401(k) Plan 
The Company maintains a defined contribution 401(k) plan covering substantially all employees meeting certain 
eligibility requirements. Participants may contribute up to the maximum amount allowed under the Internal Revenue 
Code. The Company matches 100% on the first 1% of employee contributions and 50% on the next 5% after the 
employee has completed one year of service. The 401(k) plan contribution expense is included in salaries and 
employee benefits in the consolidated statements of operations and was approximately $498,000 and $458,000 for 
the years ended June 30, 2024 and 2023, respectively. 
Employee Stock Ownership Plan  
On July 17, 2019, the Company established an ESOP to provide eligible employees the opportunity to own 
Company stock. The ESOP is a tax-qualified retirement plan for the benefit of Company employees. The Company 
granted loans to the ESOP for the purchase of 1,018,325 shares of the Company’s common stock at an average 
price of $13.40 per share. The loan obtained by the ESOP from the Company to purchase the common stock is 
payable annually over 20 years at a rate per annum equal to the Prime Rate. Loan payments are principally funded 
by cash contributions from the Bank. The loan is secured by the shares purchased, which are held in a suspense 
account for allocation among participants as the loan is repaid. The balance of the ESOP loan at June 30, 2024 was 
$11.0 million. Contributions are allocated to eligible participants on the basis of compensation, subject to federal 
tax limits. The number of shares committed to be released annually is 50,916 through the year 2038. Participants 
receive the shares at the end of employment. 
Shares held by the ESOP include the following: 
 
 
 
 
 
 
 
As of June 30,  
 
     
2024 
 
2023 
Allocated . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 254,580 
 203,664 
Committed to be allocated . . . . . . . . . . . . . .   
 25,458 
 25,458 
Unallocated . . . . . . . . . . . . . . . . . . . . . . . . . .   
 738,287 
 789,203 
  Total shares . . . . . . . . . . . . . . . . . . . . . . . . .   
 1,018,325 
 1,018,325 
 
Total compensation expense recognized in connection with the ESOP for the years ended June 30, 2024 and 2023 
was $472,000 and $513,000, respectively. 

115 
Supplemental Retirement and Deferred Compensation Plans 
The Company has a Deferred Compensation Plan for directors and certain of its officers. Under the plan, participants 
can elect to defer all, or portion of their directors fees, or salaries and/or bonuses, and invest those funds in various 
investment fund options. At June 30, 2024 and 2023, the Company had an accrued benefit liability of $378,000 and 
$374,000, respectively included in other liabilities in the consolidated statements of condition. Changes in the 
accrued benefit liability equal the changes in the fair values of the invested assets, additional deferrals, less 
participant payments, if any. 
The Company had a Targeted Benefit Supplemental Retirement Plan for executives. At June 30, 2023, the Company 
had an accrued benefit liability of $201,000 included in other liabilities in the consolidated statements of condition. 
During the year ended June 30, 2024, the final payments were made to participants. Effective June 2010, the plan 
was terminated and there have been no additional contributions. There were no provisions for the years ended 
June 30, 2024 and 2023. Changes in the accrued benefit liability equal the changes in the fair values of designated 
assets, less participant payments. 
13.     INCOME TAXES 
The components of income tax expense were as follows (dollars in thousands): 
 
 
 
 
 
 
 
 
 
For the Years Ended 
 
  
June 30,  
 
  
2024 
  
2023 
Current tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       $ 
 4,337      $ 
 5,052 
Deferred tax (benefit) expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 (188) 
  
 855 
Total income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 4,149  
$ 
 5,907 
 
Income tax expense differs from the amount expected based on the federal income tax statutory rate due to the 
following (dollars in thousands): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30,  
 
  
2024 
  
2023 
  
 
     
Amount      
Rate 
     
Amount      
Rate 
     
Income before tax at the federal tax rate . . . . . . . . . . . . . . . . . . . .   $ 
 4,076   
 21.0 %   $ 
 5,850   
 21.0 %  
State expense, net of federal benefit . . . . . . . . . . . . . . . . . . . . . . .     
 232   
 1.2 %    
 670   
 2.4 %  
Tax-exempt income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 (249)  
 (1.3)%    
 (563)  
 (2.0) %  
Bank-owned life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 66   
 0.4 %    
 (63)  
 (0.2) %  
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 24   
 0.1 %    
 13   
 — %  
Total income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 
 4,149   
 21.4 %   $ 
 5,907   
 21.2 %  
 

116 
The tax effects that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented 
below (dollars in thousands): 
 
 
 
 
 
 
 
 
     June 30,      June 30,  
 
  
2024 
  
2023 
Deferred tax assets 
   
     
  
Allowance for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $
 7,098  $  6,480 
Net operating loss carryforward . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 144    
 — 
OTTI – securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 325    
 325 
Post-retirement benefit obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 497    
 494 
Unrealized losses on securities available for sale . . . . . . . . . . . . . . . . . . .    
 967    4,849 
Deferred compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 68    
 137 
Contribution carryforward . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 —   
 173 
Lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 1,514    1,621 
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 627    
 688 
Total deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      11,240     14,767 
 
   
   
Deferred tax liabilities 
   
     
  
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      (1,687)    (1,839)
Net deferred loan origination costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 (634)   
 (560)
Prepaid pension . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      (2,293)    (2,404)
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 (241)   
 (236)
Unfunded defined benefit and postretirement benefit plan assets . . . . . .      (2,716)    (1,463)
ROU assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     (1,436)   (1,551)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      (1,961)    (1,495)
Total deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      (10,968)    (9,548)
Net deferred tax asset at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $
 272  $  5,219 
 
Net deferred tax assets are included in other assets in the consolidated statements of condition. 
Management determines the need for a deferred tax valuation allowance based upon the realizability of tax benefits 
from the reversal of temporary differences creating the deferred tax assets, as well as the amount of available open 
tax carrybacks, if any. As of June 30, 2024, and 2023, no valuation allowance was required. 
For the years ending June 30, 2024 and 2023, there were no amounts accrued and/or paid for interest and penalties. 
As a thrift institution, the Company is subject to special provisions in the Federal income tax laws regarding its 
allowable bad debt deduction and related tax basis bad debt reserves. Deferred income tax liabilities are to be 
recognized with respect to any base-year reserves which are to become taxable (or “recaptured”) in the foreseeable 
future. 
Under current income tax laws, the base-year reserves would be subject to recapture if the Company pays a cash 
dividend in excess of earnings and profits or liquidates. The Company does not expect to take any actions in the 
foreseeable future that would require the recapture of any base-year reserves. 
A deferred tax liability has not been recognized with respect to the Federal base-year reserve of $9.3 million at 
June 30, 2024 and 2023, because the Company does not expect that this amount will become taxable in the 
foreseeable future. The unrecognized deferred tax liability with respect to the Federal base-year reserve was $2.4 
million at June 30, 2024 and 2023. It is more likely than not that this liability will never be incurred because, as 
noted above, the Company does not expect to take any action in the future that would result in this liability being 
incurred. 

117 
The Company is subject to routine audits of its tax returns by the Internal Revenue Service and New York State 
Department of Taxation and Finance. The Company is no longer subject to examination by either taxing authority 
for years before calendar 2020. 
14.     COMMITMENTS AND CONTINGENT LIABILITIES 
Off-Balance-Sheet Financing and Concentrations of Credit 
The Company is a party to certain financial instruments with off-balance-sheet risk to meet the financing needs of 
its customers. These financial instruments include the Company’s commitments to extend credit. Those instruments 
involve, to varying degrees, elements of credit risk in excess of the amount recognized on the consolidated statement 
of condition. The contract amounts of those instruments reflect the extent of involvement the Company has in 
particular classes of financial instruments. 
The Company’s exposure to credit loss in the event of nonperformance by the other party to the commitments to 
extend credit is represented by the contractual notional amounts of those instruments which are presented in the 
tables below (dollars in thousands). The Company uses the same credit policies in making commitments as it does 
for on-balance-sheet instruments. 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024 
 
     Fixed Rate      Variable Rate     
Total 
Financial instruments whose contract amounts represent credit risk (including 
unused lines of credit and unadvanced loan funds): 
   
     
     
  
Commitments to extend credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 30,007  
$  273,932  
$  303,939 
Standby letters of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 21,943  
  
 21,943 
 
 
$ 
 30,007  
$  295,875  
$  325,882 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2023 
 
     Fixed Rate      Variable Rate     
Total 
Financial instruments whose contract amounts represent credit risk (including 
unused lines of credit and unadvanced loan funds): 
   
     
     
  
Commitments to extend credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 20,541  
$  277,088  
$  297,629 
Standby letters of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 —  
  
 28,372  
  
 28,372 
 
 
$ 
 20,541  
$  305,460  
$  326,001 
 
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition 
established in the contract. Commitments generally have fixed expiration dates or other termination clauses and 
require payment of a fee. Since certain commitments are expected to expire without being fully drawn, the total 
commitment amounts do not necessarily represent future cash requirements. The Company evaluates each 
customer’s credit worthiness on a case-by-case basis. The amount of collateral, if any, required by the Company for 
the extension of credit is based on management’s credit evaluation of the customer. 
Commitments to extend credit may be written on a fixed rate basis thus exposing the Company to interest rate risk, 
given the possibility that market rates may change between commitment and actual extension of credit. 
Standby letters of credit are conditional commitments issued by the Company to guarantee payment on behalf of a 
customer or to guarantee the performance of a customer to a third party. The credit risk involved in issuing these 
instruments is essentially the same as that involved in extending loans to customers. Since a portion of these 
instruments will expire unused, the total amounts do not necessarily represent future cash requirements. Each 
customer is evaluated individually for creditworthiness under the same underwriting standards used for 
commitments to extend credit and on-balance-sheet instruments. Bank policies governing loan collateral apply to 
standby letters of credit at the time of credit extension. 
Certain residential mortgage loans are written on an adjustable basis and include interest rate caps which limit 
annual and lifetime increases in interest rates. Generally, adjustable rate mortgages have an annual rate increase cap 

118 
of 2% to 5% and lifetime rate increase cap of 5% to 6% above the initial loan rate. These caps expose the Company 
to interest rate risk should market rates increase above these limits. At June 30, 2024 and 2023,  
approximately $292.6 million and $136.2 million of adjustable rate residential mortgage loans had interest rate caps, 
respectively. In addition, certain adjustable rate residential mortgage loans have a conversion option whereby the 
borrower may elect to convert the loan to a fixed rate during a designated time period. At June 30, 2024 and 2023, 
approximately $504,000 and $613,000 of the adjustable rate mortgage loans had conversion options, respectively.  
The Company periodically sells residential mortgage loans to the Federal National Mortgage Association 
(“FNMA”). At June 30, 2024, the Company had no loans held for sale. In addition, the Company has no loan 
commitments with borrowers at June 30, 2024 with rate lock agreements which are intended to be held for sale, if 
closed. The Company generally determines whether or not a loan is held for sale at the time that loan commitments 
are entered into or at the time a convertible adjustable rate mortgage loan converts to a fixed interest rate. In order 
to reduce the interest rate risk associated with the portfolio of loans held for sale, as well as loan commitments with 
locked interest rates which are intended to be held for sale if closed, the Company enters into agreements to sell 
loans in the secondary market. At June 30, 2024, the Company had no commitments to sell loans to unrelated 
investors. 
Concentrations of Credit 
The Company primarily grants loans to customers located in the New York State counties of Albany, Greene, 
Rensselaer, Schenectady, Saratoga, and Warren. Although the Company has a diversified loan portfolio, a 
substantial portion of its debtors’ ability to honor their contracts is dependent upon the real estate and construction-
related sectors of the economy. 
Legal Proceedings and Other Contingent Liabilities  
 
In the ordinary course of business, the Company and the Bank are involved in a number of legal, regulatory, 
governmental and other proceedings, claims or investigations that could result in losses, including damages, fines 
and/or civil penalties, which could be significant concerning matters arising from the conduct of their business, 
including the matters described below. In view of the inherent difficulty of predicting the outcome of such matters, 
particularly where the claimants seek large or indeterminate damages, the Company generally cannot predict the 
eventual outcome of the pending matters, timing of the ultimate resolution of these matters, or eventual loss, fines 
or penalties related to each pending matter. In accordance with applicable accounting guidance, the Company will 
establish an accrued liability when those matters present loss contingencies that are both probable and estimable. 
The Company’s estimates of potential losses will change over time and the actual losses may vary significantly, 
and there may be an exposure to loss in excess of any amounts accrued. As a matter develops, management, in 
conjunction with any outside counsel handling the matter, evaluate on an ongoing basis whether such matter 
presents a loss contingency that is probable and estimable; or where a loss is reasonably possible, whether in excess 
of a related accrued liability or where there is no accrued liability, whether it is possible to estimate a range of 
possible loss. Once the loss contingency is deemed to be both probable and estimable, the Company establishes an 
accrued liability and records a corresponding amount of litigation-related expense. The Company continues to 
monitor the matters for further developments that could affect the amount of the accrued liability that has been 
previously established. Excluding legal fees and expenses, litigation-related expense of $0 was recognized for the 
years ended June 30, 2024 and 2023. For those matters for which a loss is reasonably possible and estimable, 
whether in excess of an accrued liability or where there is no accrued liability, the Company’s estimated range of 
possible loss is $0 to $54.4 million in excess of the accrued liability, if any, as of June 30, 2024. These estimates 
are based upon currently available information and are subject to significant judgment, a variety of assumptions 
and known and unknown uncertainties. The matters underlying the accrued liability and estimated range of possible 
losses are unpredictable and may change from time to time, and actual losses may vary significantly from the current 
estimate and accrual. The estimated range of possible loss does not represent the Company’s maximum loss 
exposure.  
Information is provided below regarding the nature of the matters and associated claimed damages. The Company 
and the Bank are defending each of these matters vigorously, and the Company believes that it and the Bank have 
substantial defenses, including affirmative defenses, counterclaims and cross-claims to the various allegations that 

119 
have been asserted. In light of the significant judgment, variety of assumptions and uncertainties involved in the 
matters described below, some of which are beyond the Company’s control, and the large or indeterminate damages 
sought in some of these matters, an adverse outcome in one or more of these matters, or matters related to or 
resulting from the matters described below, could have an adverse material impact on the Company’s business, 
prospects, financial condition, results of operations, cash flows, or cause significant reputational harm and subject 
the Company to face civil litigation, significant fines, damage awards or other material regulatory consequences. 
Mann Entities Related Fraudulent Activity 
During the first fiscal quarter of 2020 (the quarter ended September 30, 2019), the Company became aware of 
potentially fraudulent activity associated with transactions by an established business customer of the Bank. The 
customer and various affiliated entities (collectively, the “Mann Entities”) had numerous accounts with the Bank. 
The transactions in question related both to deposit and lending activity with the Mann Entities.  
For the fraudulent activity related to the Mann Entities, the Bank’s potential monetary exposure with respect to its 
deposit activity was approximately $18.5 million. In the first fiscal quarter of 2020, the Bank exercised its rights 
pursuant to state and federal law and the relevant Mann Entity general deposit account agreements to take actions 
to set off/recover approximately $16.0 million from general deposit corporate operating accounts held by the Mann 
Entities at the Bank to partially cover overdrafts/negative account balances in Mann Entity general deposit corporate 
operating accounts that primarily resulted from another bank returning/calling back $15.6 million in checks on 
August 30, 2019, that the Mann Entities had deposited into and then withdrawn from their accounts at the Bank the 
day before. In the first fiscal quarter of 2020, the Bank recognized a charge to non-interest expense in the amount 
of $2.5 million based on the net negative deposit balance of the various Mann Entities’ accounts after the 
setoffs/overdraft recoveries. Through June 30, 2024, no additional charges to non-interest expense were recognized 
related to the deposit transactions with the Mann Entities. 
With respect to the Bank’s lending activity with the Mann Entities, its potential exposure was approximately  
$15.8 million (which represents the Bank’s participation interest in the approximately $35.8 million commercial 
loan relationships for which the Bank is the originating lender). In the fourth fiscal quarter of 2019, the Bank 
recognized a provision for loan losses in the amount of $15.8 million, related to the charge-off of the entire principal 
balance owed to the Bank related to the Mann Entities’ commercial loan relationships. During the third fiscal quarter 
of 2020 and the first fiscal quarter of 2021, the Bank recognized partial recoveries in the amount of $1.7 million 
and $34,000, respectively, related to the charge-off of the Mann Entities’ commercial loan relationships, which 
were credited to the allowance for loan losses. Through June 30, 2024, no additional charges to the provision for 
credit losses and no additional recoveries related to the charge-off of the loans were recognized related to the loan 
transactions with the Mann Entities.  
Several other parties and regulatory agencies have asserted claims against the Company and the Bank related to the 
series of transactions between the Company or the Bank, on the one hand, and the Mann Entities, on the other. The 
Company and the Bank continue to investigate these matters and it is possible that the Company and the Bank will 
be subject to similar legal, regulatory, governmental or other proceedings and additional liabilities. The ultimate 
timing and outcome of any such proceedings, involving the Company, or the Bank, cannot be predicted with any 
certainty. It also remains possible that other private parties or governmental bodies will pursue existing or additional 
claims against the Bank as a result of the Bank’s dealings with certain of the Mann Entities or as a result of the 
actions taken by the Company or the Bank. The Company’s and the Bank’s legal fees and expenses related to these 
actions are significant and are expected to continue being significant. In addition, costs associated with potentially 
prosecuting, litigating or settling any litigation, satisfying any adverse judgments, if any, or other proceedings, could 
be significant. These legal, regulatory, governmental and other proceedings, claims or investigations, costs, 
settlements, judgments, sanctions or other expenses could have a material adverse effect on the Company’s business 
prospects, financial condition, results of operations or cash flows or cause significant reputational harm and subject 
the Company to face civil litigation, significant fines, damage awards or other material regulatory consequences. 
The Company is pursuing all available sources of recovery and other means of mitigating the potential loss, and the 
Company and the Bank are vigorously defending all claims asserted against them arising out of or otherwise related 
to the fraudulent activity of the Mann Entities. During the year ended June 30, 2024 and 2023, the Bank recognized 

120 
insurance recoveries in the amount of $1.2 million and $3.7 million, respectively, related to the partial 
reimbursement of defense costs incurred as a result of these matters, which were credited to noninterest expense – 
professional fees on the consolidated statements of operations. Going forward, the Bank does not expect to 
recognize any such insurance recoveries, as the applicable policy limits and deductibles have been exceeded. For a 
fuller recitation of the procedural history of each of the matters summarized below, please refer to the Company’s 
earlier periodic filings on Forms 10-Q and 10-K. The Pioneer Parties (as defined below) vigorously dispute the 
assertions and claims in each of the matters noted below. 
Legal Proceedings  
On October 31, 2019, Southwestern Payroll Services, Inc. (“Southwestern”) filed a complaint against the Company 
and the Bank (“Pioneer Parties”), Michael T. Mann, Valuewise Corporation, MyPayrollHR, LLC and Cloud 
Payroll, LLC (collectively, the “Mann Parties”) in the United States District Court for the Northern District of New 
York. On April 10, 2023, the Court entered a memorandum decision and order granting Southwestern leave to file 
a third amended complaint adding Granite Solutions Groupe, Inc. (“Granite Solutions”) as a plaintiff and asserting 
claims against the Pioneer Parties for declaratory judgment, conversion, fraud, negligence/gross negligence, unjust 
enrichment/money had and received, violations of the Racketeer Influenced and Corrupt Organizations (“RICO”) 
Act, aiding and abetting conversion, and aiding and abetting fraud. Southwestern and Granite Solutions filed the 
third amended complaint on April 26, 2023. The third amended complaint seeks a monetary judgment of at least 
$39.0 million, allegedly comprised of compensatory damages in excess of $13.0 million, penalties and interest, 
treble damages, and punitive damages. The Pioneer Parties filed their answer to the third amended complaint on 
May 12, 2023. In addition to denying that Southwestern or Granite Solutions is entitled to any of the relief sought 
in the third amended complaint, the Pioneer Parties asserted numerous affirmative defenses, as well as 
counterclaims against Southwestern and cross-claims against certain of the Mann Parties for common law fraud 
under New York law and violations of RICO. The Pioneer Parties contend that the actions of Southwestern and 
certain of the Mann Parties have resulted in damages to the Pioneer Parties comprised of compensatory damages, 
treble damages, and attorneys’ fees and costs. The Pioneer Parties seek to recover these damages jointly and 
severally against all counterclaim and cross-claim defendants. Southwestern filed its answer to the counterclaims 
on June 2, 2023. On June 3, 2024, the Pioneer Parties filed a motion for summary judgment on all claims asserted 
in the third amended complaint. On the same day, the plaintiffs filed a motion for partial summary judgment as to 
one of the Pioneer Parties’ affirmative defenses and on the counterclaims against Southwestern for violations of 
RICO. On June 14, 2024, the Pioneer Parties filed a separate motion to dismiss certain claims asserted in the third 
amended complaint for lack of subject-matter jurisdiction. Briefing on the various motions was completed on 
August 28, 2024, and the motions are now pending before the court for decision. 
On December 10, 2019, National Payment Corp. (“NatPay”) filed a motion to intervene as a plaintiff in 
Southwestern’s lawsuit against the Pioneer Parties and the Mann Parties as described above. On August 4, 2020, 
the magistrate judge issued a decision recommending that NatPay be allowed to intervene, which was subsequently 
accepted by the Court. NatPay filed its complaint in intervention on August 18, 2020.  On April 10, 2023, the Court 
entered a memorandum decision and order granting NatPay leave to file an amended complaint asserting claims 
against the Pioneer Parties for declaratory judgment, conversion, fraud, negligence/gross negligence, unjust 
enrichment/money had and received, violations of RICO, aiding and abetting conversion, and aiding and abetting 
fraud. NatPay filed its amended complaint on April 13, 2023. The amended complaint seeks a monetary judgment 
of at least $11.4 million, allegedly comprised of compensatory damages in excess of $3.8 million, penalties and 
interest, treble damages, and punitive damages. The Pioneer Parties filed their answer to NatPay’s amended 
complaint on May 12, 2023. In addition to denying that NatPay is entitled to any of the relief sought in the third 
amended complaint, the Pioneer Parties asserted numerous affirmative defenses, as well as counterclaims against 
NatPay and cross-claims against certain of the Mann Parties for violations of RICO. The Pioneer Parties contend 
that the actions of NatPay and certain of the Mann Parties have resulted in damages to the Pioneer Parties comprised 
of compensatory damages, treble damages, and attorneys’ fees and costs. The Pioneer Parties seek to recover these 
damages jointly and severally against all counterclaim and cross-claim defendants. On June 23, 2023, NatPay filed 
a motion to dismiss the counterclaims and certain affirmative defenses of the Pioneer Parties.  The Pioneer Parties 
filed their opposition to the motion on July 21, 2023, and the motion was fully briefed and submitted to the Court 
for decision on August 4, 2023. On December 21, 2023, the Court entered an order granting NatPay’s motion. On 

121 
January 18, 2024, the Pioneer Parties filed a motion for reconsideration of the Court’s order and for leave to amend 
their answer and counterclaims. On April 3, 2024, the Court entered an order granting the Pioneer Parties leave to 
amend their answer and counterclaims. The Pioneer Parties thereafter filed their amended answer and counterclaims 
on April 15, 2024. NatPay filed its reply to amended counterclaims on April 29, 2024. On June 3, 2024, the Pioneer 
Parties filed a motion for summary judgment on all claims asserted in the amended complaint, as well as a separate 
motion to dismiss the amended complaint in its entirety for lack of subject-matter jurisdiction. On the same day, 
NatPay filed a motion for partial summary judgment as to one of the Pioneer Parties’ affirmative defenses and on 
the counterclaims against NatPay for violations of RICO. Briefing on the various motions was completed on 
August 28, 2024, and the motions are now pending before the court for decision. 
On January 21, 2020, Cachet Financial Services (“Cachet”), a third-party automated clearing house service 
provider, filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code in the Central 
District of California, Los Angeles Division (“Bankruptcy Court”). The Bank is not listed as a creditor in the 
bankruptcy proceedings. On January 20, 2022, Cachet filed an adversary proceeding complaint against the Pioneer 
Parties in the Bankruptcy Court. On February 16, 2023, Cachet filed an amended complaint in lieu of responding 
to the Pioneer Parties’ motion to dismiss. The amended complaint, like the initial complaint, alleges Michael T. 
Mann stole approximately $26.4 million from Cachet in August 2019 by manipulating Cachet’s “batch file 
specifications,” and that Mann subsequently caused approximately $8.5 million of those purportedly stolen funds 
to be deposited into accounts held by companies owned by Mann at Pioneer Bank. Cachet alleges Pioneer Bank 
refused Cachet’s request to return the approximately $8.5 million in purportedly stolen funds to Cachet. Cachet’s 
complaint asserts causes of action against the Pioneer Parties for avoidance and recovery of constructive fraudulent 
transfers, conversion, unjust enrichment, money had and received, violation of California Penal Code § 496(a), 
violations of RICO, aiding and abetting fraud, and declaratory relief. Cachet asserts “actual damages” of 
approximately $8.5 million, seeks three times its actual damages on its Section 496(a) claim (or approximately 
$25.6 million), and costs of suit and attorneys’ fees. Cachet also seeks “treble damages according to proof and 
attorneys’ fees,” and for its aiding abetting fraud claim, Cachet seeks “general, consequential and special damages 
in an amount to be proven at trial.” On April 28, 2023, the Pioneer Parties filed a motion to dismiss the amended 
complaint. On September 6, 2023, the Court entered an order granting in part and denying in part the Pioneer 
Parties’ motion. In particular, the Court dismissed Cachet’s claims for violations of RICO, violation of California 
Penal Code § 496(a), aiding and abetting fraud and conversion, and for declaratory relief. The Court denied the 
Pioneer Parties’ motion as to the claims for conversion, unjust enrichment, and money had and received. The Court 
permitted Cachet to file a second amended complaint. On September 20, 2023, Cachet filed a motion for 
reconsideration of the Court’s Order. The Pioneer Parties filed their opposition on October 26, 2023, and Cachet 
filed its reply on November 2, 2023. On November 16, 2023, the Court entered an order granting the motion to the 
extent of clarifying certain rulings in the September 6, 2023 order relating to the denial of the motion to dismiss as 
to Cachet’s conversion claim and the dismissal of Cachet’s RICO claim. Cachet initially filed its second amended 
complaint on February 5, 2024, but pursuant to a stipulation and order entered on February 29, 2024, Cachet 
withdrew that version of the second amended complaint and filed a revised second amended complaint on April 8, 
2024. The second amended complaint asserts claims for conversion, unjust enrichment, money had and received, 
violations of RICO, and aiding and abetting conversion and fraud. On May 8, 2024, the Pioneer Parties filed a 
motion to dismiss the second amended complaint. Briefing on the motion was completed on June 27, 2024. A 
hearing on the motion was held by the Court on July 11, 2024.  On August 28, 2024, the Court entered an order 
granting in part and denying in part the Pioneer Parties’ motion. In particular, the court dismissed with prejudice 
Cachet’s claims for aiding and abetting conversion and fraud and dismissed without prejudice Cachet’s RICO 
claims. The court denied the Pioneer Parties’ motion to dismiss the claims for conversion, unjust enrichment, and 
money had and received. The Pioneer Parties’ current deadline to respond to the remaining claims asserted in the 
second amended complaint is October 10, 2024. 
On February 4, 2020, Berkshire Hills Bancorp Inc.’s wholly owned subsidiary Berkshire Bank (“Berkshire Bank”) 
filed a complaint against the Bank in the Supreme Court of the State of New York for Albany County resulting 
from Berkshire Bank’s participation interest in the commercial loan relationship to the Mann Entities. The 
complaint alleges that the Bank breached the amended and restated loan participation agreement between the Bank 
and Berkshire Bank dated as of June 27, 2018, breached the amended and restated loan participation agreement 
between the Bank and Berkshire Bank dated as of August 12, 2019, engaged in constructive fraud, engaged in 

122 
fraudulent inducement, engaged in fraudulent concealment, and negligently misrepresented certain material 
information. The complaint seeks to recover $15.6 million and additional damages. On November 30, 2022, 
Berkshire Bank filed an amended complaint asserting substantially similar claims to those asserted in the original 
complaint, except that it excised the claim for negligent misrepresentation that the Court previously had dismissed, 
and included claims for breach of the loan participation agreement between the Bank and Berkshire Bank dated as 
of June 29, 2017 and separate claims for fraudulent inducement with respect to each of the three loan participation 
agreements. On January 30, 2023, the Bank filed its answer to the amended complaint and asserted counterclaims 
against Berkshire Bank for breach of the amended and restated loan participation agreement between the Bank and 
Berkshire Bank dated as of August 12, 2019, as well as a claim for a declaratory judgment that Berkshire Bank 
ratified the agreement and may not contest its validity. This matter is currently in discovery.  
On February 4, 2020, Chemung Financial Corporation’s wholly owned subsidiary, Chemung Canal Trust Company 
(“Chemung”), filed a complaint against the Bank in the Supreme Court of the State of New York for Albany County 
resulting from Chemung’s participation interest in the commercial loan relationship to the Mann Entities. The 
complaint alleges that the Bank breached the participation agreement between the Bank and Chemung dated as of 
August 12, 2019, engaged in fraudulent activities, engaged in constructive fraud, and negligently misrepresented 
and omitted certain material information. The complaint seeks to recover $4.2 million and additional damages. On 
July 21, 2023, Chemung filed an amended complaint that asserts the same causes of actions as the original complaint 
(except that it excised the claim for negligent misrepresentation previously dismissed by the Court), but includes 
additional factual allegations. On September 19, 2023, the Bank filed its answer to the amended complaint and 
asserted counterclaims against Chemung for breach of the loan participation agreement between the Bank and 
Chemung dated as of August 12, 2019, as well as a claim for a declaratory judgment that Chemung ratified the 
agreement and may not contest its validity. This matter is currently in discovery. 
On April 30, 2020, the U.S. Department of Justice (“DOJ”), with the authorization of a delegate of the Secretary of 
the Treasury, filed a civil complaint against the Company and the Bank (and Cloud Payroll, LLC) in the United 
States District Court for the Northern District of New York. The complaint alleges, among other things, that the 
Pioneer Parties wrongfully set off approximately $7.3 million from an account held by Cloud Payroll to apply 
towards debts allegedly owed to the Bank by Cloud Payroll and other affiliates of Michael Mann. The complaint 
alleges that the funds in question were comprised of payroll taxes and thus subject to a statutory trust under 26 
U.S.C. § 7501 that prohibited the Bank from setting off those funds to apply towards debts owed to the Bank. The 
complaint seeks return of any payroll taxes, plus interest. On October 21, 2020, the DOJ filed an amended complaint 
that dropped one of the DOJ’s claims against the Pioneer Parties but continues to seek return of any payroll taxes, 
plus interest. The amended complaint relates to the same set of facts described above in “Mann Entities Related 
Fraudulent Activity”, and the alleged payroll taxes, plus interest, sought in this proceeding may be part of the 
recovery sought in the Southwestern and NatPay complaints described above. On November 4, 2020, the Pioneer 
Parties filed their answer and affirmative defenses to the DOJ’s amended complaint. On November 15, 2023, the 
Court entered an order staying discovery until January 16, 2024 to allow the parties to continue discussions about 
a potential resolution of the matter. On January 12, 2024, the parties filed a joint letter with the Court requesting an 
extension of the discovery stay until March 18, 2024 to enable the parties to finalize resolution of the matter. On 
January 16, 2024, the Court entered an order granting the requested extension. On March 15, 2024, after reaching 
a confidential settlement agreement, the parties filed a stipulation of dismissal of the action with prejudice, which 
the Court approved on March 18, 2024. 
On August 31, 2020, AXH Air-Coolers, LLC (“AXH”) filed a complaint against the Pioneer Parties, and unnamed 
employees of the Pioneer Parties in the United States District Court for the Northern District of New York. The 
complaint alleges that the Pioneer Parties wrongfully converted certain tax funds belonging to AXH, were unjustly 
enriched by the wrongful taking of tax funds belonging to AXH, and were grossly negligent in allowing AXH’s tax 
funds to be misappropriated, offset, converted, or stolen. The prayer for relief in AXH’s complaint seeks $336,000, 
plus penalties and interest, attorney’s fees, and punitive damages. The complaint relates to the same set of facts as 
the DOJ complaint as described above, and the alleged taxes sought in the DOJ, Southwestern, and NatPay 
complaints. On August 12, 2022, AXH filed an amended complaint asserting gross negligence, unjust enrichment, 
and accounting claims against the Pioneer Parties. The amended complaint seeks the same relief as in the original 
complaint. On August 26, 2022, the Pioneer Parties filed their answer to the amended complaint.  Thereafter, 

123 
discovery on the matter proceeded until the Court issued a stay of the action on June 30, 2024.  The stay is expected 
to be in effect until at least December 20, 2024. 
On December 1, 2020, the Bank filed a complaint in the Supreme Court of the State of New York against Teal, 
Becker & Chiaramonte, CPAs, P.C. (“TBC”), Mr. Pasquale M. Scisci and Mr. Vincent Commisso (collectively, 
with TBC, the “TBC Parties”), alleging professional malpractice by the TBC Parties in auditing the annual 
consolidated financial statements of Valuewise Corporation and its subsidiaries (“Valuewise Entities”) for the fiscal 
years 2010 to 2018.  The Bank asserts that the TBC Parties were aware that the primary, if not the exclusive, reason 
the Valuewise Entities engaged TBC to audit their financial statements was to provide the Bank with accurate 
financial information that the Bank would rely on in evaluating whether to provide loans to the Valuewise Entities.  
The Bank contends that, among other matters, Mr. Michael Mann used the Valuewise Entities to defraud the Bank 
because of the professional malpractice of the TBC Parties and that if the TBC Parties had not committed 
professional malpractice by issuing unqualified “clean” opinions on the financial statements of the Valuewise 
Entities for fiscal years 2010 to 2018, the Bank would never have continued loaning money to the Valuewise 
Entities. The Bank seeks to recover damages of at least $34.1 million (plus interest) sustained by it as a result of the 
professional malpractice of the TBC Parties. The TBC Parties filed their answer to the Bank’s complaint on 
February 12, 2021. On February 28, 2022, the TBC Parties filed a motion to dismiss the complaint. On October 4, 
2022, the Court entered a decision and order denying the motion in its entirety. On November 15, 2023, the Bank 
and the TBC Parties entered into a settlement agreement pursuant to which the parties agreed to resolve and settle 
all disputes and potential claims which exist or may exist among them, including without limitation those claims 
asserted in the action. Pursuant to the settlement agreement, the TBC Parties made a payment of $5.95 million to 
the Bank, in exchange for which the Bank caused the action to be dismissed with prejudice. 
On May 14, 2021, the Bank filed a verified petition for a hearing, pursuant to 21 U.S.C. § 853(n)(2), to adjudicate 
the validity of the Bank’s interest in approximately $14.9 million in cash and securities forfeited by Michael Mann 
pursuant to a preliminary order of forfeiture in U.S. v. Mann filed in United States District Court for the Northern 
District of New York. The Bank’s petition alleges that it has a valid security interest in the forfeited property, and 
that the forfeited property should thus be turned over to the Bank.  On June 28, 2021, the government filed a motion 
to dismiss the Bank’s petition. On July 30, 2021, the Bank filed opposition to the government’s motion to dismiss 
the Bank’s petition. On August 13, 2021, the government filed a reply to the Bank’s opposition to the government’s 
motion to dismiss the Bank’s petition. On October 14, 2022, the magistrate judge assigned to the case entered a 
report and recommendation recommending the motion to dismiss the Bank’s petition be granted in part and denied 
in part. On October 28, 2022, the Bank filed an objection to the magistrate judge’s report and recommendation. The 
government filed its opposition to the Bank’s objection on November 21, 2022. On April 5, 2024, the district judge 
entered an order overruling the Bank’s objection and affirming the magistrate judge’s report and recommendation. 
The court ordered the matter to proceed to a hearing but has not yet set a date for the hearing. This matter is currently 
in discovery. 
On September 2, 2022, two substantially similar putative class action complaints were filed against the Pioneer 
Parties in the Supreme Court of the State of New York for Albany County.  The first complaint was filed by 
Brandes & Yancy PLLC and Ricardo’s Restaurant, Inc., two alleged clients of Southwestern which seek to assert 
claims on behalf of all current or former Southwestern clients based on the same set of facts as the DOJ, AXH, and 
Granite Solutions complaints as described above, and the alleged taxes sought in the DOJ, Southwestern, and 
NatPay complaints. The second complaint was filed by O’Malley’s Oven LLC and Legat Architects, Inc., two 
alleged clients of MyPayrollHR.Com, LLC and ProData Payroll Services, Inc., affiliates of Cloud Payroll, LLC 
(collectively, “Cloud Payroll”). Similar to the first complaint described above, the two named plaintiffs in the 
second complaint seek to assert claims on behalf of all current or former Cloud Payroll clients based on the same 
set of facts as the DOJ, AXH, and Granite Solutions complaints as described above, and the alleged taxes sought in 
the DOJ, Southwestern, and NatPay complaints. Both complaints assert claims against the Pioneer Parties for 
conversion, gross negligence, unjust enrichment, money had and received, tortious interference with contract, aiding 
and abetting fraud, and a declaratory judgment. Both complaints also seek to recover compensatory and punitive 
damages, plus pre-judgment interest, costs, expenses, disbursements, and reasonable attorneys’ fees. The Pioneer 
Parties acknowledged service of the complaints as of December 30, 2022. On February 28, 2023, the Pioneer Parties 
filed motions to dismiss the complaints. On April 7, 2023, the plaintiffs filed amended complaints that assert the 

124 
same causes of action but include additional allegations. On April 27, 2023, the Pioneer Parties elected to withdraw 
their pending motions to dismiss and file renewed motions to dismiss the amended complaints. The Pioneer Parties 
filed renewed motions to dismiss on June 26, 2023. On August 25, 2023, plaintiffs in both putative class actions 
filed their responses to the renewed motions to dismiss filed by the Pioneer Parties. On October 6, 2023, the Pioneer 
Parties filed their reply to the response of the plaintiffs. On February 1, 2024, the court entered an order, on its own 
motion, staying both actions pending the outcome of the ongoing, earlier-filed federal litigation described above. 
On July 31, 2024, the parties submitted a joint written update to the court concerning the status of the federal 
litigation. These actions remain stayed pending the outcome of that litigation. 
On December 6, 2023, Sidra Riggins filed a putative class action complaint against the Bank in the United States 
District Court for the Northern District of New York. The plaintiff is an alleged customer of the Bank who asserts 
claims for breach of contract, unjust enrichment, violation of New York General Business Law § 349, and violation 
of the Electronic Funds Transfer Act, 15 U.S.C. §§ 1693 et seq. The plaintiff’s claims concern alleged practices of 
the Bank relating to fees that the Bank allegedly assessed in connection with certain types of overdrafts or 
transaction items returned for insufficient funds. The plaintiff seeks to assert her claims on behalf of the following 
individuals: (i) New York citizens who held checking accounts at the Bank and were assessed an overdraft fee on 
a debit card transaction that was authorized on sufficient funds and settled on negative funds in the same amount 
for which the debit card transaction was authorized; (ii) New York citizens who are assessed multiple fees on a 
transaction item in a checking account held at the Bank; and (iii); New York citizens who were assessed an overdraft 
fee on a transaction that did not overdraw the account. The Bank acknowledged service of the complaint on 
January 3, 2024. On March 4, 2024, the Bank moved to dismiss the complaint in its entirety. On March 22, 2024, 
the plaintiff filed an amended complaint in lieu of responding to the Bank’s motion. On April 5, 2024, the Bank 
moved to dismiss the amended complaint in its entirety. On July 5, 2024, after reaching a confidential settlement 
agreement, the parties filed a stipulation of dismissal of the action with prejudice. On July 8, 2024 the Court entered 
a Joint Stipulation and Order of Voluntary Dismissal of the action with prejudice.  
The Company and the Bank have received inquiries and requests for information from regulatory agencies relating 
to some of the entities and events that are the subjects of certain lawsuits described above. This has resulted in, or 
may in the future result in, regulatory agency investigations, litigation, subpoenas, enforcement actions, and related 
sanctions or costs. The Company and the Bank continue to cooperate with inquiries and respond to requests as 
appropriate. 
The New York State Department of Financial Services (the “NYSDFS”) made requests for production of 
documents, conducted interviews with Bank employees, and took other investigatory actions with respect to the 
Bank’s practices associated with the Mann Parties. The Bank has complied with these requests, producing 
responsive, non-privileged documents to the NYSDFS. In Summer 2021, NYSDFS informed the Bank that if the 
parties could not reach a negotiated resolution related to NYSDFS’s findings arising from the Bank’s practices 
associated with the Mann Parties, NYSDFS would proceed to an administrative hearing on the issue. NYSDFS did 
not further pursue negotiations of the matter in or around the second part of 2023. Thereafter, the Bank converted 
from a New York chartered savings bank to a national bank, with the approval of the OCC, as of April 1, 2024. As 
a result of the conversion, OCC has now assumed the regulatory oversight responsibilities previously held by 
NYSDFS. 
15.     FAIR VALUE 
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the 
principal or most advantageous market for the asset or liability in an orderly transaction between market participants 
on the measurement date. There are three levels of inputs that may be used to measure fair values: 
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability 
to access as of the measurement date. 

125 
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or 
liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated 
by observable market data. 
Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions 
that market participants would use in pricing an asset or liability. 
The fair values of securities are determined by obtaining quoted prices on nationally recognized securities 
exchanges (Level 1 inputs) or matrix pricing, which is a mathematical technique widely used in the industry to 
value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on 
the securities’ relationship to other benchmark quoted securities (Level 2 inputs). 
The fair value of interest rate swaps are based on valuation models using observable market data as of the 
measurement date (Level 2). The fair value of derivatives are classified as a component of other assets and other 
liabilities on the consolidated statements of condition. 
The fair value of individually evaluated loans are valued at the lower of cost or fair value. Individually evaluated 
loans carried at fair value have been partially charged-off or receive a specific allocation of the allowance for credit 
losses on loans. For collateral dependent loans, fair value is generally based on recent real estate appraisals. These 
appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and 
the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for 
differences between the comparable sales and income data available. Such adjustments result in a Level 3 
classification of the inputs for determining fair value. 
Nonrecurring adjustments to certain commercial and residential real estate properties classified as OREO are 
measured at fair value, less costs to sell. Fair values are based on recent real estate appraisals. These appraisals may 
use a single valuation approach or a combination of approaches including comparable sales and the income 
approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for 
differences between the comparable sales and income data available. Such adjustments result in a Level 3 
classification of the inputs for determining fair value. 
Assets and Liabilities Measured on a Recurring Basis 
Assets and liabilities measured at fair value on a recurring basis are summarized below (dollars in thousands): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
Fair Value Measurements at 
 
   
 
June 30, 2024 Using 
 
   
  
 
 
Significant   
 
 
   
 
Quoted Prices in  
Other 
 
Significant 
 
   
 Active Markets for Observable Unobservable 
 
 
 
 
Identical Assets  
Inputs 
 
Inputs 
 
     Fair Value      
(Level 1) 
     (Level 2)     
(Level 3) 
Assets: 
    
  
     
     
  
Available for sale securities: 
    
  
     
     
  
U.S. Government and agency obligations . . . . . . . . . . . . . . . .  $ 243,549  $ 
 243,549  $ 
 —  $ 
 — 
Municipal obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     13,416    
 —     13,416    
 — 
Other debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 444   
 —   
 444   
Total available for sale securities . . . . . . . . . . . . . . . . . . . . . .     257,409    
 243,549     13,860    
 — 
Derivative assets (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      16,781    
 —     16,781    
 — 
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 274,190  $ 
 243,549  $  30,641  $ 
 — 
 
  
  
  
  
Liabilities: 
   
     
     
     
  
Derivative liabilities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $  16,781  $ 
 —  $  16,781  $ 
 — 
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $  16,781  $ 
 —  $  16,781  $ 
 — 
 

126 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
Fair Value Measurements at 
 
   
 
June 30, 2023 Using 
 
   
  
 
 
Significant   
 
 
   
 
Quoted Prices in  
Other 
 
Significant 
 
   
 Active Markets for Observable Unobservable 
 
 
 
 
Identical Assets  
Inputs 
 
Inputs 
 
     Fair Value      
(Level 1) 
     (Level 2)     
(Level 3) 
Assets: 
     
  
     
     
  
Available for sale securities: 
    
  
     
     
  
U.S. Government and agency obligations . . . . . . . . . . . . . . . .  $ 377,729  $ 
 377,729  $ 
 —  $ 
 — 
Municipal obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     53,434    
 —     53,434    
 — 
Other debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 504   
 —   
 504   
Total available for sale securities . . . . . . . . . . . . . . . . . . . . . .     431,667    
 377,729     53,938    
 — 
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 2,413   
 2,413   
 —   
 — 
Derivative assets (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      18,844    
 —     18,844    
 — 
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 452,924  $ 
 380,142  $  72,782  $ 
 — 
 
  
  
  
  
Liabilities: 
   
     
     
     
  
Derivative liabilities (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $  18,844  $ 
 —  $  18,844  $ 
 — 
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $  18,844  $ 
 —  $  18,844  $ 
 — 
 
(1) Additional information regarding the impact of offseting cash collateral can be found in Note 6 – Derivatives.  
Assets and Liabilities Measured on a Non-Recurring Basis 
Assets and liabilities measured at fair value on a non-recurring basis are summarized below (dollars in thousands): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
Fair Value Measurements Using 
 
   
  
 
 
Significant   
 
 
   
 
Quoted Prices in  
Other 
 
Significant 
 
   
 Active Markets for Observable Unobservable
 
   
 
Identical Assets  
Inputs 
 
Inputs 
 
    Fair Value    
(Level 1) 
     (Level 2)      
(Level 3) 
June 30, 2024 
   
   
     
     
  
Individually evaluated loans: 
   
   
     
     
  
Commercial loans . . . . . . . . . . . . . . . .   $ 
 539  $ 
 —  $ 
 —  $ 
 539 
OREO . . . . . . . . . . . . . . . . . . . . . . . . . . .     
 153    
 —    
 —    
 153 
 
  
  
  
  
June 30, 2023 
  
  
  
  
Impaired loans: 
  
  
  
  
Commercial loans . . . . . . . . . . . . . . . .   $ 
 539  $ 
 —  $ 
 —  $ 
 539 
OREO . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 —    
 —    
 —    
 — 
 
Individually evaluated loans, which are assets measured at fair value on a non-recurring basis, using the fair value 
of collateral for collateral dependent loans, had a carrying amount of $673,000 with a valuation allowance of 
$134,000 resulting in an estimated fair value of $539,000 as of June 30, 2024. Impaired loans had a carrying amount 
of $1.3 million with a valuation allowance of $792,000 resulting in an estimated fair value of $539,000 as of June 30, 
2023. 
The Company had $153,000 and no other real estate owned at June 30, 2024 and 2023, respectively. There were no 
write-downs for the years ended June 30, 2024 and June 30, 2023.  
 
 

127 
The following table presents additional quantitative information about assets measured at fair value on a 
nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value  
(dollars in thousands): 
 
 
  
 
 
 
Significant 
 
Significant Unobservable 
 
 
  
 
Valuation 
 
Unobservable 
 
Input Range 
 
     Fair Value      
Technique 
     
Inputs 
     
(Weighted Average) 
June 30, 2024 
 
  
 
  
    
 
    
 
  
Individually evaluated 
loans: 
 
  
 
  
    
 
    
 
  
Commercial loans . . . . .  
$ 
 539  
 
Appraisal of collateral (1)  
 
Liquidation expense (2) 
 
 
11.0% 
OREO . . . . . . . . . . . . . . .  
  
 153  
  Appraisal of collateral (1)  
 
Liquidation expense (2) 
 
 
10.0% 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2023 
 
 
 
 
 
 
 
 
 
 
Impaired loans: 
 
 
 
 
 
 
 
 
 
 
Commercial loans . . . . .  
$ 
 539  
 
Appraisal of collateral (1)  
 
Liquidation expense (2) 
 
 
11.0% 
 
(1) Fair value is generally determined through independent appraisals of the underlying collateral that generally include 
various level 3 inputs which are not identifiable. 
(2) Estimated selling costs. 
The fair value of individually evaluated loans is based on the fair value of the collateral. Individually evaluated 
loans were determined to be collateral dependent and categorized as Level 3 due to ongoing real estate market 
conditions resulting in inactive market data, which in turn required the use of unobservable inputs and assumptions 
in fair value measurements. There were no changes in valuation techniques used during the year ended June 30, 
2024. 

128 
The carrying and estimated fair values of financial assets and liabilities as of June 30 were as follows  
(dollars in thousands): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2024 
 
   
   
  
Fair Value Measurements Using 
 
   
   
  
 
 
Significant 
  
 
 
   
   
 
Quoted Prices in  
Other 
 
Significant 
 
 
 
 Active Markets for   Observable    Unobservable 
 
   
Carrying 
   
Estimated    Identical Assets 
 
Inputs 
 
Inputs 
 
 
Amount 
 
Fair Value  
(Level 1) 
 
(Level 2) 
 
(Level 3) 
Financial assets 
   
     
      
    
   
   
Cash and cash equivalents . . . . . . . . . . . . . . . .   $  165,190  $  165,190  $ 
 165,190 $ 
 — $
 — 
Securities available for sale . . . . . . . . . . . . . . .      257,409   
 257,409   
 243,549   
 13,860  
 — 
Securities held to maturity . . . . . . . . . . . . . . . .     
 25,090    
 22,437   
 —  
 22,437  
 — 
FHLBNY and FRBNY stock . . . . . . . . . . . . . .     
 3,546    
 3,546   
 —  
 3,546  
 — 
Net loans receivable  . . . . . . . . . . . . . . . . . . . . .      1,344,069     1,293,472   
 —  
 —   1,293,472 
Accrued interest receivable . . . . . . . . . . . . . . .     
 7,559    
 7,559   
 —  
 7,559  
 — 
Derivative assets . . . . . . . . . . . . . . . . . . . . . . . .     
 161   
 161   
 —  
 161  
 — 
 
   
   
   
   
   
Financial liabilities 
   
     
    
 
 
 
Deposits 
   
     
    
 
 
 
Savings, money market, and demand 
accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 1,383,222  $ 1,383,222  $ 
 — $ 1,383,222 $
 — 
Time deposits . . . . . . . . . . . . . . . . . . . . . . . . .      167,030   
 165,420   
 —  
 165,420  
 — 
Mortgagors’ escrow deposits . . . . . . . . . . . . . .     
 9,701    
 9,701   
 —  
 9,701  
 — 
Accrued interest payable . . . . . . . . . . . . . . . . .     
 137    
 137   
 —  
 137  
 — 
Derivative liabilities . . . . . . . . . . . . . . . . . . . . .     
 16,765   
 16,765   
 —  
 16,765  
 — 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2023 
 
   
   
  
Fair Value Measurements Using 
 
   
   
  
 
 
Significant 
  
 
 
   
   
 
Quoted Prices in  
Other 
 
Significant 
 
 
 
 Active Markets for  
Observable 
 Unobservable 
 
 
Carrying 
 
Estimated  
Identical Assets 
 
Inputs 
 
Inputs 
 
     
Amount 
     Fair Value      
(Level 1) 
   
(Level 2) 
    
(Level 3) 
Financial assets 
   
     
      
 
 
Cash and cash equivalents . . . . . . . . . . . . . . .   $  150,478  $  150,478  $ 
 150,478 $ 
 — 
$ 
 — 
Securities available for sale . . . . . . . . . . . . . .      431,667   
 431,667   
 377,729   
 53,938 
 
 — 
Securities held to maturity . . . . . . . . . . . . . .     
 23,949    
 21,744   
 —  
 21,744 
 
 — 
Equity securities . . . . . . . . . . . . . . . . . . . . . . .    
 2,413   
 2,413   
 2,413  
 — 
 
 — 
FHLBNY stock . . . . . . . . . . . . . . . . . . . . . . .     
 1,196    
 1,196   
 —  
 1,196 
 
 — 
Net loans receivable  . . . . . . . . . . . . . . . . . . .      1,144,169     1,095,366   
 —  
 — 
  1,095,366 
Accrued interest receivable . . . . . . . . . . . . . .     
 7,194    
 7,194   
 —  
 7,194 
 
 — 
Derivative assets . . . . . . . . . . . . . . . . . . . . . .     
 684   
 684   
 —  
 684 
 
 — 
 
   
   
   
   
   
Financial liabilities 
   
     
    
 
 
Deposits 
   
     
    
 
 
Savings, money market, and demand 
accounts. . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 1,424,874  $ 1,424,874  $ 
 — $ 1,424,874 
$ 
 — 
Time deposits . . . . . . . . . . . . . . . . . . . . . . . .      116,977   
 114,596   
 —  
 114,596 
 
 — 
Mortgagors’ escrow deposits . . . . . . . . . . . .     
 7,888    
 7,888   
 —  
 7,888 
 
 — 
Accrued interest payable . . . . . . . . . . . . . . . .     
 84    
 84   
 —  
 84 
 
 — 
Derivative liabilities . . . . . . . . . . . . . . . . . . .     
 18,828   
 18,828   
 —  
 18,828 
 
 — 
 
Short-Term Financial Instruments 
The fair value of certain financial instruments are estimated to approximate their carrying amounts because the 
remaining term to maturity or period to repricing of the financial instrument is less than ninety days. Such financial 

129 
instruments include cash and cash equivalents, accrued interest receivable and payable and mortgagor’s escrow 
deposits. 
Securities 
Fair values of securities available for sale, securities held to maturity and equity securities are determined as outlined 
earlier in this footnote. 
FHLBNY and FRBNY Stock 
The fair value of FHLBNY and FRBNY stock approximates its carrying value due to transferability restrictions. 
Loans 
Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, 
including residential real estate, commercial real estate, and consumer loans and whether the interest rates are fixed 
and/or variable. 
The estimated fair values of performing loans is calculated by discounting scheduled cash flows through the 
estimated maturity using estimated market discount rates that reflect the credit and interest rate risk inherent in the 
respective loan portfolio. 
Estimated fair values for nonperforming loans are based on estimated cash flows discounted using a rate 
commensurate with the credit risk involved. Assumptions regarding credit risk, cash flows, and discount rates are 
judgmentally determined using available market information and specific borrower information. 
Derivatives 
Fair values of derivative assets and liabilities are determined as outlined earlier in this footnote. 
Deposits 
The estimated fair value of deposits with no stated maturity, such as savings, money market and demand deposits, 
is regarded to be the amount payable on demand. The estimated fair value of time deposits is based on the discounted 
value of contractual cash flows. The discount rate is estimated using market rates for time deposits with similar 
maturities. The fair value estimates for deposits do not include the benefit that results from the low-cost funding 
provided by the deposits as compared to the cost of borrowing funds in the market. 
Borrowings 
The estimated fair value of FHLBNY advances, if any, is based on the discounted value of contractual cash flows. 
The discount rate is estimated using the rates currently offered for borrowings with similar remaining maturities. 
The fair values of commitments to extend credit, unused lines of credit, and standby letters of credit are not 
considered material. 
 
16.     REGULATORY CAPITAL 
The Bank and Pioneer Commercial Bank are subject to various regulatory capital requirements administered by 
federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly 
additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s 
consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt 
corrective action, banks must meet specific capital guidelines that involve quantitative measures of the bank’s 
assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Capital 
amounts and classifications are also subject to qualitative judgements by the regulators about components, risk 
weightings, and other factors. 
Quantitative measures established by regulation to ensure capital adequacy require the Bank and Pioneer 
Commercial Bank to maintain minimum capital amounts and ratios (set forth in the table below) of Tier 1 capital 
(as defined in the regulations) to average assets (as defined), and common equity Tier 1, Tier 1 and total capital (as 

130 
defined) to risk-weighted assets (as defined). Under Basel III rules, banks must hold a capital conservation buffer 
above the adequately capitalized risk-based capital ratios. The required capital conservation buffer is 2.50% for 
2024 and 2023. 
As of June 30, 2024 and 2023, the Bank and Pioneer Commercial Bank met all capital adequacy requirements to 
which they were subject. Further, the most recent OCC and FDIC notifications categorized the Bank and Pioneer 
Commercial Bank as well capitalized institutions under the prompt corrective action regulations. There have been 
no conditions or events since the notification that management believes have changed the Bank’s or Pioneer 
Commercial Bank’s capital classification. 
The actual capital amounts and ratios for the Bank and Pioneer Commercial Bank, are presented in the following 
table (dollars in thousands): 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
To be Well  
  
 
 
 
 
 
 
 
 
 
 
 
 
For Capital  
 
Capitalized Under   
 
 
 
 
 
 
 
For Capital  
 
Adequacy Purposes   
Prompt 
  
 
 
Actual 
 
Adequacy Purposes 
with Capital Buffer  
Corrective Action   
 
    Amount      Ratio      Amount     Ratio      Amount      Ratio      Amount     Ratio   
Pioneer Bank, National Association: 
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
As of June 30, 2024 
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
Tier 1 (leverage) capital . . . . . . . . . . . . . . . . . . .   
$ 221,549    11.65 %   $  76,051   
 4.00 %   
N/A   
N/A  
$  95,064   
 5.00 %
Risk-based capital 
 
  
    
 
  
  
    
 
    
   
  
    
   
Common Tier 1 . . . . . . . . . . . . . . . . . . . . . . .   
$ 221,549    18.40 %   $  54,171   
 4.50 %   $  84,265   
 7.00 %   $  78,246   
 6.50 %
Tier 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 221,549    18.40 %   $  72,227   
 6.00 %   $  102,322   
 8.50 %   $  96,303   
 8.00 %
Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 236,706    19.66 %   $  96,303   
 8.00 %   $  126,398   
 10.50 %   $ 120,379    10.00 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of June 30, 2023 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tier 1 (leverage) capital . . . . . . . . . . . . . . . . . . .   
$ 208,576    11.47 %   $  72,733   
 4.00 %   
N/A   
N/A  
$  90,916   
 5.00 %
Risk-based capital 
 
  
    
   
  
    
    
 
    
   
  
    
   
Common Tier 1 . . . . . . . . . . . . . . . . . . . . . . .   
$ 208,576    18.85 %   $  49,795   
 4.50 %   $  77,459   
 7.00 %   $  71,926   
 6.50 %
Tier 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 208,576    18.85 %   $  66,393   
 6.00 %   $  94,057   
 8.50 %   $  88,524   
 8.00 %
Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 222,513    20.11 %   $  88,524   
 8.00 %   $  116,188   
 10.50 %   $ 110,655    10.00 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
To be Well  
  
 
 
 
 
 
 
 
 
 
 
 
 
For Capital  
 
Capitalized Under    
 
 
 
 
 
 
 
For Capital  
 
Adequacy Purposes  
Prompt 
  
 
 
Actual 
 
Adequacy Purposes 
with Capital Buffer  
Corrective Action   
 
     Amount     Ratio      Amount     Ratio      Amount     Ratio      Amount      Ratio   
Pioneer Commercial Bank: 
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
As of June 30, 2024 
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
Tier 1 (leverage) capital . . . . . . . . . . . . . . . . . . . . .   
$ 52,658   
 9.56 %   $  22,039   
 4.00 %   
N/A   
N/A  
$  27,549   
 5.00 %
Risk-based capital 
 
  
  
   
  
  
    
 
  
   
  
  
   
Common Tier 1 . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 52,658    56.09 %   $  4,224   
 4.50 %  $  6,571   
 7.00 %   $  6,102   
 6.50 %
Tier 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 52,658    56.09 %   $  5,633   
 6.00 %  $  7,979   
 8.50 %   $  7,510   
 8.00 %
Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 52,658    56.09 %   $  7,510   
 8.00 %  $  9,857   
 10.50 %   $  9,388   
 10.00 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of June 30, 2023 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tier 1 (leverage) capital . . . . . . . . . . . . . . . . . . . . .   
$ 46,284   
 9.39 %   $  19,709   
 4.00 %   
N/A   
N/A  
$  24,636   
 5.00 %
Risk-based capital 
 
  
    
   
  
    
    
 
    
   
  
  
   
Common Tier 1 . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 46,284    54.81 %   $  3,800   
 4.50 %  $  5,911   
 7.00 %   $  5,489   
 6.50 %
Tier 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 46,284    54.81 %   $  5,067   
 6.00 %  $  7,178   
 8.50 %   $  6,756   
 8.00 %
Total  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 46,284    54.81 %   $  6,756   
 8.00 %  $  8,867   
 10.50 %   $  8,444   
 10.00 %
 
 
 
17.     REVENUE RECOGNITION 
In general, for revenue not associated with financial instruments, guarantees and lease contracts, we apply the 
following steps when recognizing revenue from contracts with customers: (i) identify the contract, (ii) identify the 
performance obligations, (iii) determine the transaction price, (iv) allocate the transaction price to the performance 

131 
obligations and (v) recognize revenue when performance obligation is satisfied. Our contracts with customers are 
generally short term in nature, typically due within one year or less or cancellable by us or our customer upon a 
short notice period. Performance obligations for our customer contracts are generally satisfied at a single point in 
time, typically when the transaction is complete. In some cases, we act in an agent capacity, deriving revenue 
through assisting other entities in transactions with our customers. In such transactions, we recognized revenue and 
the related costs to provide our services on a net basis in our financial statements. These transactions primarily 
relate to insurance and brokerage commissions, and fees derived from our customers' use of various interchange 
and ATM/debit card networks. 
Revenue associated with financial instruments, including revenue from loans and securities is excluded from the 
scope of the accounting guidance for revenue from contracts with customers. In addition, certain noninterest income 
streams such as fees associated with mortgage servicing rights, financial guarantees, derivatives, and certain credit 
card fees are also not in scope of the accounting guidance for revenue from contracts with customers. The 
accounting guidance for revenue from contracts with customers is applicable to noninterest revenue streams such 
as deposit related fees, interchange fees, and insurance and wealth management services commissions.  
The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of the 
accounting guidance for revenue from contracts with customers, for the years ended June 30, 2024 and 2023. 
 
 
 
 
 
 
 
 
     
For the Year Ended June 30,  
 
 
2024 
    
2023 
 
 
 
 
 
 
 
Noninterest Income 
 
 
 
 
 
 
In scope 
 
 
 
 
 
 
    Insurance services . . . . . . . . . . . . . . . . . .    
$ 
 3,031  
$ 
 2,760 
    Wealth management services . . . . . . . . .    
  
 6,282  
  
 4,293 
    Service charges on deposit accounts . . . .   
  
 2,427  
  
 2,475 
    Card services income . . . . . . . . . . . . . . . .   
  
 2,843  
  
 2,963 
    Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 370  
  
 486 
Noninterest income in scope . . . . . . . . . . . .   
  
 14,953  
  
 12,977 
 
 
  
 
  
Noninterest income out of scope . . . . . . . . .   
  
 1,377  
  
 1,171 
 
 
  
 
  
Total noninterest income . . . . . . . . . . . . . . .   
$ 
 16,330  
$ 
 14,148 
Insurance Services Income: The Company earns revenue associated with the issuance of policies is recognized upon 
the effective date of the associated policy regardless of the billing method. Revenue is accrued based upon the 
completion of the performance obligation creating a current asset for the unbilled revenue until such time as an 
invoice is generated, typically not to exceed twelve months. Contingent commissions represent a form of variable 
consideration associated with the same performance obligation, which is the placement of coverage, for which we 
earn core commissions. The Company records a monthly accrual for contingent commissions. 
Wealth Management Services Income: The Company earns fees from investment brokerage services provided to 
its customers by a third-party service provider. The Company receives commissions from the third-party service 
provider on a monthly basis based upon customer activity for the respective month. The Company acts as an agent 
in arranging the relationship between the customer and the third-party service provider. Investment brokerage fees 
are presented net of related costs. 
Service Charges on Deposit Accounts: The Company earns fees from its deposit customers for transaction-based, 
account maintenance, and overdraft services. Transaction-based fees, which included services such as ATM use 
fees and stop payment charges, are recognized at the time the transaction is executed as that is the point in time the 
Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly 

132 
maintenance, are recognized at the time the maintenance occurs. Overdraft fees are recognized at the point in time 
that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. 
Card Services Fee Income: The Company earns interchange fees from debit cardholder transactions conducted 
through the Mastercard payment network. Interchange fees from cardholder transactions represent a percentage of 
the underlying transaction value and are recognized daily, concurrently with the transaction processing services 
provided to cardholder. 
Other service charges include revenue from processing wire transfers, check orders, and safe deposit box rental. 
Wire transfer fees are charged on per item basis, and are charged at the time of transfer and charged directly to the 
customer account. Check order charges are charged to the customer at the time the order is placed directly to the 
customer account.  Safe deposit box rental fees are charged to the customer on an annual basis and recognized upon 
receipt of payment. The Company determined that since rentals and renewals occur fairly consistently over time, 
revenue is recognized on a basis consistent with the duration of the performance obligation. 
 
18.    LEASES 
The Company leases certain branches under various non-cancelable operating leases that may contain extension 
options. Reasonably certain extension options are included in the determination of lease term for accounting 
purposes. The Company has also entered into a long-term ground lease with a bargain purchase option and into 
office equipment leases which have been classified as finance leases. The leases may require additional payments 
for maintenance, taxes, insurance, service, and other costs which are not included in calculating the lease liability.  
For all asset classes the Company made an accounting policy election to not separate lease components and non-
lease components and treat both as a single lease component for lease accounting purposes. The ROU assets and 
lease liabilities are based on the stated lease consideration as identified in the underlying agreements.  
When known or determinable, the Company uses the rate implicit in the lease in determining the present value of 
lease payments. Otherwise, the incremental borrowing rate is used which is based on information provided by 
FHLBNY for a secured borrowing arrangement of a comparable term.  
The Company made an accounting policy election to not apply the lease accounting requirements to short-term 
lease arrangements with an initial term of 12 months or less. 
The ROU assets are included in premises and equipment and lease liabilities are included in other liabilities in the 
Company’s consolidated statements of condition. 
 
 

133 
The following tables include quantitative data related to the Company’s operating and finance leases: 
 
 
 
 
 
 
 
 
 
    
June 30, 2024 
    
June 30, 2023 
 
 
 
(In thousands, except weighted-average information)  
Right of use assets: 
 
 
 
 
 
 
 
  Finance leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 $ 
 532  
$ 
 608 
  Operating leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
   
 5,223  
  
 5,448 
 
 $ 
 5,755  
$ 
 6,056 
Lease liabilities: 
   
 
  
  Finance leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 $ 
 634  
$ 
 711 
  Operating leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
  
 5,505  
 
 5,713 
 
 $ 
 6,139  
$ 
 6,424 
 
  
 
 
Other information: 
   
 
  
 
Weighted-average remaining lease term for finance leases (in years) . . . .    
 71.6  
 
 64.9 
Weighted-average remaining lease term for operating leases (in years) . .    
 13.2  
 
 14.2 
Weighted-average discount rate for finance leases . . . . . . . . . . . . . . . . . . .    
 5.78 %  
 5.62 % 
Weighted-average discount rate for operating leases . . . . . . . . . . . . . . . . .    
 3.90 %  
 3.87 % 
 
 
 
 
 
 
 
 
 
     
For the Year Ended June 30,  
 
     
2024 
     
2023 
 
  
 
  
 
Lease expense: 
 
  
 
  
  Finance lease expense 
 
 
 
 
    Amortization of ROU assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
$ 
 101  
$ 
 99 
    Interest on lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
 
 32  
 
 32 
  Operating lease expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
 
 647  
 
 606 
  Variable lease expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
 
 241  
 
 219 
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
$ 
 1,021  
$ 
 956 
 
 
  
 
  
Other information: 
 
  
 
  
Cash paid for amounts included in the measurement of lease liabilities: 
 
  
 
  
  Operating cash flows from finance leases (i.e. interest) . . . . . . . . . . . . . . . .  
$ 
 32  
$ 
 17 
  Finance cash flows from finance leases (i.e. principal portion) . . . . . . . . . .  
$ 
 102  
$ 
 114 
  Operating cash flows from operating leases . . . . . . . . . . . . . . . . . . . . . . . . .  
$ 
 627  
$ 
 585 
  ROU assets obtained in exchange for new finance lease liabilities . . . . . . .  
$ 
 26  
$ 
 — 
  ROU assets obtained in exchange for new operating lease liabilities . . . . .  
$ 
 199  
$ 
 — 
Maturities of finance and operating lease liabilities are as follows: 
 
 
 
 
 
 
 
 
     
Finance leases 
     
Operating leases 
 
 
(Dollars in thousands) 
Within the twelve months ended June 30,  
 
 
 
  
 
  2025 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 123  
$ 
 633 
  2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 60  
 
 600 
  2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 36  
 
 579 
  2028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 36  
 
 585 
  2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 33  
 
 503 
  Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 2,550  
 
 4,219 
Total undiscounted cash flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 2,838  
 
 7,119 
  Less: present value discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 (2,204) 
 
 (1,614)
Total lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 634  
$ 
 5,505 
 
 

134 
 
19.         STOCK-BASED COMPENSATION  
In May 2021, the Company adopted the Pioneer Bancorp, Inc. 2020 Equity Incentive Plan (the “Stock Plan”). 
Under the terms of the Stock Plan, equity-based awards are granted to directors and employees to better align the 
interests of its employees and directors with those of the stockholders. Stock options and restricted stock awards 
granted typically vest over a period of five years. The total number of shares of the Company common stock 
authorized for issuance under the plan is 1,782,068 shares. At June 30, 2024, there were 562,068 shares available 
to be granted. There were no shares issued under the Stock Plan prior to the year ended June 30, 2024.  
Stock Options  
Stock options may be granted at a price no less than the greater of the par value or fair market value of such shares 
on the date on which such option is granted, and generally expire ten years from the date of grant.  The options 
usually vest over a five-year period unless forfeited prior to vesting in accordance with the term of the award. 
The following table summarizes information about stock option activity for the year ended June 30, 2024. 
 
     
       
      
Weighted 
       
 
 
 
  
 
Average 
 
  
 
 
 
 
Weighted 
 
Remaining 
 
Aggregate 
 
 
 
 
Average 
 
Contractual 
 
Intrinsic 
 
 
 
 
Exercise 
 
Life (in 
 
Value 
 
 
Shares 
 
Price 
 
years) 
 
(000)'s 
Outstanding at July 1, 2023 . . . . . . . . .   
 -  
$ 
 -  
 
 
  
Granted . . . . . . . . . . . . . . . . . . . . . . . . . .   
 830,000  
$ 
 9.39  
 
 
  
Exercised . . . . . . . . . . . . . . . . . . . . . . . .   
 -  
$ 
 -  
 
 
  
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . .   
 -  
$ 
 -  
 
 
  
Outstanding at June 30, 2024 . . . . . . . .   
 830,000  
$ 
 9.39  
9.89  
$ 
 515 
Vested at period-end . . . . . . . . . . . . . . .   
 -  
$ 
 -  
 
 
  
Expected to vest . . . . . . . . . . . . . . . . . . .   
 830,000  
$ 
 9.39  
9.89  
  
 
As of and for the year ended June 30, 2024, 830,000 options were granted and outstanding with an exercise price 
of $9.39 and a remaining contractual life of 9.89 years.  

135 
The fair value of each option is estimated on the date of grant using a Black-Scholes Option-Pricing Model that 
uses the assumptions noted in the following table. Expected volatilities are based on the historical volatility of 
the Company stock and other factors. The expected term of options granted is derived by using the simplified 
method as the Company has no relevant exercise experience from other stock-based compensation plans prior to 
the awards granted during the year ended June 30, 2024 under the Stock Plan.  The risk-free rate for periods 
within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. 
Stock options granted 
       
 
Weighted average grant date information  
 
  
 
Fair value of options granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 3.85  
   Fair value assumptions: 
 
  
 
    Expected volatility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 31.34 % 
    Dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 - % 
    Risk free interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 4.31 % 
    Expected lives (in years) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 6.50  
 
 
  
 
Amount expensed during the year (in thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 72  
Compensation costs for non-vested awards not yet recognized (in thousands) . . . . . . . . . . . . . .   
$ 
 3,124  
Weighted average expected vesting period, in years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 2.89  
Proceeds from stock options exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 -  
Tax benefits related to stock options exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 -  
Intrinsic value of stock options exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 -  
 
Restricted Stock  
Granted restricted stock awards gives the recipient the right to receive shares of Company stock upon vesting. 
The fair value of each restricted stock award is the market value of the Company stock on the date of the grant. 
Generally the restricted stock awards vest over a five-year period unless forfeited prior to vesting in accordance 
with the term of the award. 
The following table summarizes information about restricted stock activity for the year ended June 30, 2024. 
 
     
    
Weighted 
 
  
 
Average 
 
 
 
 
Grant Date 
 
 
Shares 
 
Fair Value 
Non-vested at July 1, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 -  $ 
 - 
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 390,000   
 9.39 
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 -   
 - 
Non-vested at June 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 390,000   
 9.39 
 
The following table presents information on the amounts expensed related to restricted stock awarded pursuant 
to the Stock Plan for the year ended June 30, 2024. 
Amount expensed during the year (in thousands) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
$ 
 82 
Compensation costs for non-vested awards not yet recognized (in thousands) . . . . . . . . . . . . . .   
$ 
 3,580 
Weighted average expected vesting period, in years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   
 
 2.89 
 
 

136 
20.     EARNINGS PER SHARE 
The following table summarizes the calculation of basic and diluted earnings per common share (in thousands, 
except for share and per share amounts): 
 
    For the Year Ended June 30,  
 
 
2024 
 
2023 
 
  
 
  
 
Net income applicable to common stock . . . . . . . . . . . . . . . . . . . . . . . . .   $ 
 15,260  $ 
 21,948 
 
  
  
Average number of common shares outstanding . . . . . . . . . . . . . . . . . .    
 25,951,228   
 25,977,679 
Less: Average unallocated ESOP shares . . . . . . . . . . . . . . . . . . . . . . . . .    
 757,380   
 808,297 
Weighted-average number of common shares outstanding - basic  . . . .    
 25,193,848   
 25,169,382 
Add: Effect of dilutive stock options and restricted stock . . . . . . . . . . .    
 29,266   
 — 
Weighted-average number of common shares outstanding - diluted . . .    
 25,223,114   
 25,169,382 
 
  
  
Net earnings per common share: 
  
  
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 
 0.61  $ 
 0.87 
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 
 0.61  $ 
 0.87 
 
 
Potential common shares from stock options that were not included in the computation of diluted earnings per 
common share, because they were anti-dilutive under the treasury stock method, were 830,000 for the years ended 
June 30, 2024. There were no anti-dilutive shares for the year ended June 30, 2023. Additional information 
regarding stock options and restricted stock awards can be found within Note 19 – Stock-Based Compensation. 
 
 
 
 

137 
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 year ended June 30, 2024 and 2023. 
Pioneer Bancorp, Inc. 
Condensed Statements of Condition 
As of June 30, 2024 and 2023 
(in thousands) 
 
 
2024 
 
2023 
Assets 
 
 
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $  44,699  $  44,685 
Investment in subsidiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     240,319    209,901 
Loan receivable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     10,983    11,376 
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 538   
 738 
  Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $ 296,539  $ 266,700 
 
  
  
Liabilities and Shareholders’ Equity 
  
  
  Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $
 11  $
 — 
  Total shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     296,528    266,700 
  Total liabilities and shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . .   $ 296,539  $ 266,700 
 
Pioneer Bancorp, Inc. 
Condensed Statements of Operations 
For the Years Ended June 30, 2024 and 2023 
(in thousands) 
 
 
2024  
2023 
Income 
 
 
Interest-earning assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
$
 930  
$
 655 
  Total income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
 930  
 655 
 
 
 
Operating Expenses 
 
 
  Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
 192  
 182 
    Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
 192  
 182 
 
 
 
Income before tax expense and equity in undistributed net income of 
subsidiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
 738  
 473 
  Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
 198  
 126 
Income before equity in undistributed net income of subsidiary . . . . . . .  
 540  
 347 
Equity in undistributed net income of subsidiary . . . . . . . . . . . . . . . . . . .  
 14,720  
 21,601 
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
$  15,260  
$  21,948 
 
 
 

138 
Pioneer Bancorp, Inc. 
Condensed Statements of Cash Flow 
For the Years Ended June 30, 2024 and 2023 
(in thousands) 
 
 
2024 
 
2023 
Cash flow from operating activities: 
 
 
 
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $  15,260  $  21,948 
 
  
  
Adjustments to reconcile net income to cash provided by operating 
activities: 
  
  
Undistributed income of subsidiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     (14,720)   (21,601)
Net decrease in other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 200   
 167 
Net increase (decrease) in other liabilities . . . . . . . . . . . . . . . . . . . . . . . .    
 11   
 (43)
  Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . .    
 751   
 471 
 
  
  
Cash flow from investing activities: 
  
  
Decrease in loan receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 393   
 536 
  Net cash provided by investing activities . . . . . . . . . . . . . . . . . . . . . . .    
 393   
 536 
 
  
  
Cash flow from financing activities: 
  
  
Repurchase of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     (1,075)  
 — 
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    
 (55)  
 (170)
  Net cash used by financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . .     (1,130)  
 (170)
Net increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . .    
 14   
 837 
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . .     44,685    43,848 
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . .   $  44,699  $  44,685 
 
 
ITEM 9. 
Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 
None. 
ITEM 9A. 
Controls and Procedures  
Evaluation of Disclosure Controls and Procedures 
Under the supervision and with the participation of our management, including our principal executive officer 
and principal financial officer, we conducted an evaluation of the effectiveness of the design and operation of our 
disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of 
the period covered by this report. Based upon that evaluation, the principal executive officer and principal financial officer 
concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective. 
Management’s Report on Internal Control over Financial Reporting 
Management of Pioneer Bancorp, Inc. is responsible for establishing and maintaining effective internal control 
over financial reporting. 
Management evaluates the effectiveness of internal control over financial reporting and tests for reliability of 
recorded financial information through a program of ongoing internal audits. Any system of internal control, no matter 
how well designed, has inherent limitations, including the possibility that a control can be circumvented or overridden and 
misstatements due to error or fraud may occur and not be detected. Also, because of changes in conditions, internal control 
effectiveness may vary over time. Accordingly, even an effective system of internal control will provide only reasonable 
assurance with respect to financial statement preparation. 

139 
The Company’s internal control over financial reporting is a process designed to provide reasonable assurance 
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in 
accordance with accounting principles generally accepted in the United States of America. The Company’s internal control 
over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in 
reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide 
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance 
with accounting principles generally accepted in the United States of America, and that receipts and expenditures of the 
Company are being made only in accordance with authorizations of management and directors of the Company; and 
(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition 
of the Company’s assets that could have a material effect on the financial statements. 
Management assessed the Company’s internal control over financial reporting as of June 30, 2024, as required 
by Section 404 of the Sarbanes-Oxley Act of 2002, based on the criteria for effective internal control over financial 
reporting described in the “2013 Internal Control-Integrated Framework issued by the Committee of Sponsoring 
Organizations of the Treadway Commission.” Based on this assessment, management concludes that, as of June 30, 2024, 
the Company’s internal control over financial reporting is effective. 
This annual report does not include an attestation report of the Company’s independent registered public 
accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by 
the Company’s independent registered public accounting firm pursuant to rules of the SEC that permit the Company to 
provide only management’s report in this annual report. 
Changes in Internal Control over Financial Reporting 
During the quarter ended June 30, 2024 the Company designed new controls and modified existing controls as 
part of the recognition of the initial restricted stock and stock option grants awarded under the Stock Plan, which were 
approved on May 21, 2024. These additional controls over financial reporting included controls over the measurement and 
recording of stock-based compensation expense. During the quarter ended June 30, 2024 the Company designed new 
controls and modified existing controls as part of the repurchase of common stock under the stock repurchase program, 
which was announced on May 21, 2024. These additional controls over financial reporting included controls over the 
recognition of the repurchase of common stock. Other than described above, there were no changes in the Company’s 
internal control over financial reporting that occurred during the quarter ended June 30, 2024 that have materially affected, 
or are reasonably likely to materially affect, the Company’s internal control over financial reporting.  
 
 

140 
ITEM 9B. 
Other Information 
During the fourth fiscal quarter of 2024, none of our directors or officers adopted or terminated any contract, 
instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative 
defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” as that term is used in SEC 
regulations.  
ITEM 9C. 
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 
Not applicable. 
PART III  
Item 10. Directors, Executive Officers and Corporate Governance 
Pioneer Bancorp, Inc. has adopted a Code of Ethics that applies to its principal executive officer, principal 
financial officer and principal accounting officer or controller or persons performing similar functions. A copy of the Code 
is available on Pioneer Bancorp, Inc.’s website at www.pioneerny.com under “Resources – Investor Relations – 
Overview – Governance Documents.” 
The information contained under the sections captioned “Proposal I – Election of Directors” in the Company’s 
definitive Proxy Statement for the 2024 Annual Meeting of Stockholders (the “Proxy Statement”) to be filed with the SEC 
within 120 days of June 30, 2024 is incorporated herein by reference. 
Item 11. Executive Compensation 
The information contained under the section captioned “Proposal I – Election of Directors – Executive 
Compensation” in the Proxy Statement is incorporated herein by reference. 
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 
(a)          Securities Authorized for issuance under Stock-Based Compensation Plans 
The following table presents certain information regarding our Equity Compensation Plan in effect as 
of June 30, 2024. 
 
 
 
 
 
 
 
 
 
Number of securities to be  
 
 
 
Number of securities 
 
    
issued upon exercise of 
    Weighted average    remaining available for
Plan 
 outstanding options and rights  
exercise price 
 
issuance under plan 
Equity compensation plans 
approved by stockholders . . . . . . .  
 830,000 
 
 9.39 
 
 562,068 
Equity compensations plans not 
approved by stockholders 
 
 - 
 
 - 
 
 - 
Total . . . . . . . . . . . . . . . . . . . . . . . . . .  
 830,000 
 
 9.39 
 
 562,068 
 
(b)          Security Ownership of Certain Beneficial Owners 
The information required by this item is incorporated herein by reference to the section captioned 
“Voting Securities and Principal Holders” in the Proxy Statement. 

141 
(c)          Security Ownership of Management 
The information required by this item is incorporated herein by reference to the section captioned 
“Voting Securities and Principal Holders” in the Proxy Statement. 
(d)          Changes in Control 
Management of the Company knows of no arrangements, including any pledge by any person of 
securities of the Company, the operation of which may at a subsequent date result in a change in control 
of the registrant. 
Item 13. Certain Relationships and Related Transactions, and Director Independence  
The information required by this item is incorporated herein by reference to the sections captioned “Proposal I – 
Election of Directors – Transactions with Certain Related Persons,” “– Board Independence” and “– Meetings and 
Committees of the Board of Directors” of the Proxy Statement. 
Item 14. Principal Accountant Fees and Services  
The information required by this item is incorporated herein by reference to the section captioned “Proposal II – 
Ratification of Appointment of Independent Registered Public Accounting Firm” of the Proxy Statement. 
 
 

142 
PART IV 
ITEM 15. 
Exhibits and Financial Statement Schedules 
(a)(1)     Financial Statements 
The following documents are filed as part of this Annual Report on Form 10-K. 
(A)   Report of Independent Registered Public Accounting Firm 
(B)   Consolidated Statements of Condition - at June 30, 2024 and 2023 
(C)   Consolidated Statements of Operations - Years ended June 30, 2024 and 2023 
(D)   Consolidated Statements of Comprehensive Income – Years ended June 30, 2024 and 2023 
(E)   Consolidated Statements of Changes in Shareholders’ Equity - Years ended June 30, 2024 and 2023 
(F)   Consolidated Statements of Cash Flows - Years ended June 30, 2024 and 2023 
(G)   Notes to the Consolidated Financial Statements 
(a)(2)     Financial Statement Schedules 
 
None. 
 
 
 

143 
(a)(3)     Exhibits (* documents filed or furnished with this report) 
3.1 
Articles of Incorporation of Pioneer Bancorp, Inc. (incorporated by reference to Exhibit 3.1 to the Registration Statement on 
Form S-1 of Pioneer Bancorp, Inc. (File No. 333-230208), initially filed with the Securities and Exchange Commission on 
March 12, 2019) 
3.2 
Amended and Restated Bylaws of Pioneer Bancorp, Inc. (incorporated by reference to Exhibit 3.2 to the Current Report on 
Form 8-K (File No. 001-38991), filed with the Securities and Exchange Commission on March 19, 2021) 
4.1 
Form of Common Stock Certificate of Pioneer Bancorp, Inc. (incorporated by reference to Exhibit 4 to the Registration 
Statement on Form S-1 of Pioneer Bancorp, Inc. (File No. 333-230208), initially filed with the Securities and Exchange 
Commission on March 12, 2019) 
4.6 
Description of Registrant’s Securities (incorporated by reference to Exhibit 4.6 to the Annual Report on Form 10-K of Pioneer 
Bancorp, Inc. (File No. 001-38991) filed with the Securities and Exchange Commission on December 10, 2019) 
10.1 Employment Agreement by and between Pioneer Bank and Thomas L. Amell (incorporated by reference to Exhibit 10.1 to the 
Current Report on Form 8-K of Pioneer Bancorp, Inc. (File No. 001-38991) filed with the Securities and Exchange 
Commission on July 17, 2019)+ 
10.2 Settlement Agreement and Mutual General Release by and between Pioneer Bank and the TBC Parties (incorporated by 
reference to Exhibit 10.1 to the Current Report on Form 10-Q filed with the Securities and Exchange Commission on 
February 13, 2024 (File No. 001-38991)) 
10.3 Change in Control Agreement by and between Pioneer Bank and Jesse Tomczak (incorporated by reference to Exhibit 10.3 to 
the Current Report on Form 8-K of Pioneer Bancorp, Inc. (File No. 001-38991) filed with the Securities and Exchange 
Commission on July 17, 2019)+ 
10.4 Change in Control Agreement by and between Pioneer Bank and Patrick J. Hughes (incorporated by reference to Exhibit 10.4 
to the Current Report on Form 8-K of Pioneer Bancorp, Inc. (File No. 001-38991) filed with the Securities and Exchange 
Commission on July 17, 2019)+ 
10.5 Pioneer Bank Targeted Incentive Plan (incorporated by reference to Exhibit 10.5 to the Annual Report on Form 10-K of 
Pioneer Bancorp, Inc. (File No. 001-38991) filed with the Securities and Exchange Commission on September 23, 2022)+ 
10.6 Pioneer Bank Board of Trustees and Executive Employees Deferred Compensation Plan (incorporated by reference to  
Exhibit 10.4 to the Registration Statement on Form S-1 of Pioneer Bancorp, Inc. (File No. 333-230208), initially filed with the 
Securities and Exchange Commission on March 12, 2019)+ 
10.7 Purchase Agreement by and between Pioneer Savings Bank and Homestead Funding Corp. (incorporated by reference to 
Exhibit 10.5 to the Registration Statement on Form S-1 of Pioneer Bancorp, Inc. (File No. 333-230208), initially filed with the 
Securities and Exchange Commission on March 12, 2019) 
10.8 Pioneer Bancorp, Inc. 2020 Equity Incentive Plan (incorporated by reference to Appendix A to the proxy statement for the 
Annual Meeting of Stockholders filed with the Securities and Exchange Commission on April 5, 2021 (file no. 001-38991))+ 
10.9 Form of restricted stock award agreement (incorporated by reference to Exhibit 10.2 to the Form S-8 of Pioneer Bancorp Inc. 
(File No. 333-279590), initially filed with the Securities and Exchange Commission on May 21, 2024) 
10.10 Form of incentive stock award agreement (incorporated by reference to Exhibit 10.3 to the Form S-8 of Pioneer Bancorp Inc. 
(File No. 333-279590), initially filed with the Securities and Exchange Commission on May 21, 2024) 
10.11 Form of non-qualified stock option award agreement (incorporated by reference to Exhibit 10.4 to the Form S-8 of Pioneer 
Bancorp Inc. (File No. 333-279590), initially filed with the Securities and Exchange Commission on May 21, 2024) 
21* 
Subsidiaries of Registrant 
23.1* Consent of Bonadio & Co., LLP 
31.1* Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as 
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 
31.2* Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as 
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 
32* 
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to 
Section 906 of the Sarbanes-Oxley Act of 2002 
97.1 Policy relating to recovery of erroneously awarded compensation, as required by applicable listing standards adopted pursuant 
to 17 CFR 240.10D-1. 
101* The following materials from the Company’s Annual Report on Form 10-K, formatted in Inline XBRL: (i) Consolidated 
Statements of Condition, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, 
(iv) Consolidated Statements of Changes in Shareholders’ Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to 
the Consolidated Financial Statements 
104* Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) 
 
+ 
Indicates management contract, compensatory plan or arrangement of the Company. 
 
ITEM 16. 
Form 10-K Summary 
Not applicable 

144 
SIGNATURES 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has 
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 
 
 
 
 
 
 
 
 
PIONEER BANCORP, INC. 
Date: September 25, 2024 
 
By: /s/ Thomas L. Amell 
 
 
 
Thomas L. Amell 
 
 
 
President, Chief Executive Officer and Director 
 
 
 
(Duly Authorized Representative) 
 
Pursuant to the requirements of the Securities Exchange of 1934, this report has been signed below by the 
following persons on behalf of the Registrant and in the capacities and on the dates indicated. 
 
 
 
 
 
 
Signatures 
     
Title 
     
Date 
 
  
 
 
/s/ Thomas L. Amell 
 
President, Chief Executive Officer 
 
September 25, 2024 
Thomas L. Amell 
 
and Director (Principal Executive 
  
 
 
Officer) 
  
/s/ Patrick J. Hughes 
 
Executive Vice President and 
 
September 25, 2024 
Patrick J. Hughes 
 
Chief Financial Officer  
  
 
 
(Principal Financial and 
  
 
 
Accounting Officer) 
  
/s/ Dr. James K. Reed 
 
Chairman of the Board  
 
September 25, 2024 
Dr. James K. Reed 
  
  
 
  
 
 
/s/ Eileen Bagnoli 
 
Director 
 
September 25, 2024 
Eileen Bagnoli 
 
  
  
 
  
 
 
/s/ Stacey Hengsterman 
 
Director 
 
September 25, 2024 
Stacey Hengsterman 
 
  
  
 
  
 
 
/s/ Shaun Mahoney 
 Director 
 
September 25, 2024 
Shaun Mahoney 
   
  
 
  
 
 
/s/ Edward Reinfurt 
 
Director 
 
September 25, 2024 
Edward Reinfurt 
  
  
 
  
 
 
/s/ Charles Seifert 
 Director 
 
September 25, 2024 
Charles Seifert  
  
 
 
 
  
 
 
/s/ Madeline Taylor 
 Director 
 
September 25, 2024 
Madeline Taylor 
  
  
 
 
 
 
 
 

Thomas L. Amell
Thomas L. Amell
Eileen Bagnoli
Shaun Mahoney
Dr. James K. Reed 
Edward Reinfurt
BOARD OF DIRECTORS
EXECUTIVE MANAGEMENT TEAM
 
 
Thomas Signor
Jesse Tomczak
James E. Murphy
Susan M. Hollister
Patrick J. Hughes
Kelli Arnold
Stacey Hengsterman
Executive Vice President
 Chief Strategy
 Innovations Officer
 Corporate Secretary
Madeline Taylor
– Chairman of the Board
Charles Seifert