Pioneer Bancorp (PBFS) Q1 2026 earnings summary

Executive summary

• Net income for Q3 2025 was $4.3 million ($0.18 per share), down from $6.3 million ($0.25 per share) in Q3 2024, primarily due to higher non-interest expense and increased provision for credit losses, partially offset by higher net interest income and lower income tax expense.

• For the nine months ended September 30, 2025, net income rose to $16.5 million ($0.67 per share) from $15.0 million ($0.59 per share) year-over-year, driven by higher net interest and non-interest income, offset by increased provision for credit losses and non-interest expense.

• Total assets grew 13.3% to $2.24 billion at September 30, 2025, with net loans receivable at $1.61 billion and deposits at $1.90 billion.

• Completed acquisition of Brown Financial Management Group, adding $73 million in assets under management.

Financial highlights

• Net interest income for Q3 2025 increased 12.9% year-over-year to $20.2 million; net interest margin rose to 4.16%.

• Interest income for Q3 2025 grew 16.0% to $28.3 million; interest expense rose 24.7% to $8.1 million.

• Noninterest income for Q3 2025 decreased 7.4% to $3.8 million; noninterest expense increased 20.0% to $17.6 million, driven by higher salaries and litigation-related costs.

• Provision for credit losses was $785,000 in Q3 2025, compared to a credit of $870,000 in Q3 2024, reflecting loan growth and economic conditions.

• For the nine months, net interest income was $58.9 million (up 12.3%), and non-interest income was $12.3 million (up 2.5%).

Outlook and guidance

• Strategic focus remains on relationship-based growth, expanding wealth management, and maintaining a diversified deposit base.

• Management expects continued volatility in credit loss allowance due to economic conditions and loan portfolio composition.