Net income for the three months and fiscal year ended June 30, 2023 was $4.5 million, or $0.18 per share, and $21.9 million, or $0.87 per share, respectively, as compared to $2.4 million, or $0.09 per share and $10.3 million, or $0.41 per share for the three months and fiscal year ended June 30, 2022, respectively.
Total consolidated assets were $1.86 billion at June 30, 2023, primarily consisting of $1.14 billion of net loans receivable, $431.7 million of securities available for sale and $150.5 million of cash and cash equivalents. Consolidated deposits totaled $1.54 billion at June 30, 2023, and the deposit base was well diversified across customer segments, consisting of approximately 49% retail, 23% commercial and 28% municipal customer relationships. Estimated uninsured deposits, net of collateralized deposits, represented 15% of total deposits at June 30, 2023. Total shareholders’ equity was $266.7 million at June 30, 2023. Pioneer Bank has consistently maintained regulatory capital ratios measurably above the federal “well capitalized” standard, including a Tier 1 (leverage) capital to average assets ratio of 11.47% at June 30, 2023.
At June 30, 2023, Pioneer’s total available liquidity sources were $579.5 million, including $150.5 million of cash and cash equivalents, $103.4 million of unencumbered securities available for sale, $305.6 million of available borrowing capacity at the Federal Home Loan Bank, and a $20 million unsecured line of credit with a correspondent bank, as well as the ability to borrow from the Federal Reserve Bank through the Bank Term Funding Program and the discount window lending program.
Selected highlights at and for the three months and fiscal year ended June 30, 2023 are as follows:
Net Interest Income and Margin
Net interest income increased $4.5 million, or 38.0%, to $16.2 million for the three months ended June 30, 2023 compared to $11.7 million for the three months ended June 30, 2022. Net interest income increased $23.1 million, or 54.7%, to $65.5 million for the fiscal year ended June 30, 2023 compared to $42.4 million for the fiscal year ended June 30, 2022. The increase in net interest income was primarily due to increases in the average interest yield of interest-earning assets of 194 and 154 basis points to 4.61% and 4.03% for the three months and fiscal year ended June 30, 2023, respectively, compared to 2.67% and 2.49% for the three months and fiscal year ended June 30, 2022, respectively.
Interest income increased $7.0 million, or 57.3%, to $19.1 million for the three months ended June 30, 2023, from $12.1 million for the three months ended June 30, 2022. Interest income increased $27.2 million, or 62.0%, to $71.0 million for the fiscal year ended June 30, 2023, from $43.8 million for the fiscal year ended June 30, 2022. Increases in interest income for the three months and fiscal year ended June 30, 2023 were driven by a significant increase in variable rate loan yields and yields on interest-earning deposits with banks due to rising market interest rates, as well as due to market related increases in interest rates on new loans and securities.
Interest expense increased $2.5 million, or 649.1%, to $2.9 million for the three months ended June 30, 2023 from $383,000 for the three months ended June 30, 2022. Interest expense increased $4.0 million, or 275.1%, to $5.5 million for the fiscal year ended June 30, 2023 from $1.5 million for the fiscal year ended June 30, 2022. The average cost of interest-bearing liabilities increased by 101 and 39 basis points to 1.15% and 0.53% for the three months and fiscal year ended June 30, 2023, respectively, compared to 0.14% for the three months and fiscal year ended June 30, 2022. The average cost of interest-bearing liabilities increased for the three months and fiscal year ended June 30, 2023, due to the impact of the Federal Reserve Board raising the Federal Funds target rate throughout calendar year 2022 and into calendar year 2023. We continue to monitor the effects the increases in market rates are having on deposit rates and we anticipate the impact will lead to a continued increase in rates on interest-bearing liabilities and pressure on our net interest margin over the next few quarters.
Net interest margin increased 132 and 131 basis points to 3.91% and 3.72% for the three months and fiscal year ended June 30, 2023, respectively, compared to 2.59% and 2.41% for the three months and fiscal year ended June 30, 2022, respectively.