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Pioneer Bancorp shareholders approve board members and auditor

Published 11/20/2024, 06:12 AM
PBFS
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ALBANY, NY – Pioneer Bancorp, Inc. (NASDAQ:PBFS), a savings institution headquartered in Albany, New York, announced today the results of its Annual Meeting of Stockholders. The meeting, which took place on Tuesday, saw shareholders vote on key issues including the election of directors and the ratification of the company's independent auditor.

The stockholders elected three directors to serve three-year terms. Thomas L. Amell received 22,588,806 votes for, with 391,439 withheld and 1,308,155 broker non-votes. Shaun Mahoney was elected with 20,996,839 votes for, 1,983,406 withheld, and the same number of broker non-votes. Charles Seifert secured his position with 22,754,747 votes for, 225,498 withheld, and 1,308,155 broker non-votes.

Additionally, shareholders ratified the appointment of Bonadio & Co., LLP as the company's independent registered public accounting firm for the six-month transition period ending December 31, 2024. The ratification passed with 24,141,084 votes for, 112,157 against, and 35,159 abstentions.

The proposals, detailed in the definitive proxy statement filed with the Securities and Exchange Commission on October 21, 2024, were all approved by the stockholders.

This news is based on the latest 8-K filing by Pioneer Bancorp, Inc. with the Securities and Exchange Commission. The company, which operates under the SIC category of non-federally chartered savings institutions, continues to engage its stakeholders actively in corporate governance matters.

In other recent news, Pioneer Bancorp has disclosed its financial outcomes for the three months ending September 30, 2024. This information, part of the company's recent 8-K filing with the Securities and Exchange Commission, offers a transparent look into the financial health of the company.

Furthermore, the Board of Directors at Pioneer Bancorp has decided to shift its fiscal year-end from June 30 to December 31, aligning its financial reporting with the calendar year. This adjustment is expected to streamline financial reporting and potentially make it easier for stakeholders to compare the company's financial performance with that of its peers. Pioneer Bancorp has also released its financial results for the quarter and fiscal year ending June 30, 2024, providing the latest performance metrics, including earnings and revenue details.

As an emerging growth company, Pioneer Bancorp has the option to delay adopting new or revised accounting standards until such standards apply to private companies, but it remains unclear whether the company has chosen to exercise this option. These are some of the recent developments at Pioneer Bancorp.

InvestingPro Insights

Pioneer Bancorp, Inc. (NASDAQ:PBFS) has shown resilience in the financial sector, as evidenced by its recent stockholder meeting and current market performance. According to InvestingPro data, the company's market capitalization stands at $294.9 million, with a price-to-book ratio of 0.97, suggesting the stock may be trading close to its book value. This aligns with the company's recent corporate governance activities, indicating investor confidence in the institution's management and future prospects.

InvestingPro Tips highlight that PBFS is trading near its 52-week high, which corroborates the positive sentiment reflected in the shareholder voting patterns at the annual meeting. The company has also been profitable over the last twelve months, with a P/E ratio of 16.23, indicating a reasonable valuation relative to its earnings.

It's worth noting that while PBFS does not pay a dividend to shareholders, it has demonstrated strong financial performance. The company's operating income margin stands at an impressive 23.53% for the last twelve months as of Q1 2025, showcasing efficient operations and cost management.

For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights on Pioneer Bancorp, Inc. The platform currently lists several more tips that could provide valuable context for understanding the company's financial health and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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