ACQUISITIONS |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| ACQUISITIONS | |
| ACQUISITIONS | 3.ACQUISITIONS On October 28, 2025, the Company, through its subsidiary, Pioneer Financial Services, Inc., completed the acquisition of certain assets of Brown Financial Management Group, LLC a wealth management firm in the Capital Region of New York. The Company paid $480,000 in cash and recorded $720,000 in contingent consideration payable to acquire the assets and recorded a $480,000 customer list intangible asset and goodwill in the amount of $720,000 in conjunction with the acquisition. The goodwill from the acquisition is expected to be deductible for tax purposes. No contingent consideration was paid during the year ended December 31, 2025. 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. 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 goodwill from the acquisition is expected to be deductible for tax purposes. During the year ended December 31, 2025, contingent consideration of $750,000 was paid. During the six months ended December 31, 2024, contingent consideration of $750,000 was paid. No contingent consideration was paid during the fiscal 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.
|