Pioneer Bancorp sells $74.5M low-yield securities, expects $3.4M annual income boost

Pioneer Bancorp, Inc./MD

Sold $74.5M of securities (avg yield 0.83%, 2.2 yr life); recognized $5.6M pre-tax loss.
Proceeds redeployed into deposits at ~5.40% yield; net interest income expected to improve ~$3.4M over next 12 months.
Transaction neutral to book value per share; all regulatory capital ratios remain well above well capitalized.
Management expects favorable impact on net income, NIM, ROAA, ROAE starting Q3 FY2024 (quarter ending March 31, 2024).

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