Revenue: As of FY2026 Q1, the actual value is USD 24.61 M.

EPS: As of FY2026 Q1, the actual value is USD 0.22.

EBIT: As of FY2026 Q1, the actual value is USD -15.04 M.

Financial Performance

Net Income

Pioneer Bancorp, Inc. reported net income of $5.3 million for the three months ended March 31, 2026, a decrease from $5.8 million for the same period in 2025.

Net Interest Income

Net interest income for the three months ended March 31, 2026, was $20.8 million, an increase of $1.7 million, or 8.7%, from $19.1 million in the prior year period. This increase was primarily driven by a 16 basis point rise in the average yield on interest-earning assets and a $127.2 million increase in their average balance, partially offset by a 4 basis point increase in the average cost of interest-bearing liabilities and a $130.5 million increase in their average balance.

Net Interest Margin

The net interest margin increased by 9 basis points to 4.21% for the three months ended March 31, 2026, compared to 4.12% for the three months ended March 31, 2025.

Noninterest Income

Noninterest income increased by $135,000, or 3.6%, to $3.9 million for the three months ended March 31, 2026, from $3.7 million in the prior year period. This growth was mainly due to an increase in insurance and wealth management services income, attributed to organic growth in wealth management services and the acquisition of Brown Financial Management Group.

Noninterest Expense

Noninterest expense rose by $3.5 million, or 24.2%, to $18.1 million for the three months ended March 31, 2026, compared to $14.6 million for the same period in 2025. The increase was primarily due to higher professional fees, increased salaries and employee benefits, and a net increase in litigation-related expenses.

Provision for Credit Losses

The provision for credit losses was $780,000 for the three months ended March 31, 2026, a slight decrease from $800,000 for the three months ended March 31, 2025. This decrease was mainly due to improved loan portfolio credit quality, offset by growth in the loan portfolio.

Income Tax Expense

Income tax expense decreased by $1.2 million, or 74.9%, to $416,000 for the three months ended March 31, 2026, compared to $1.7 million for the same period in 2025. The effective tax rate for Q1 2026 was 7.3%, down from 22.3% in Q1 2025, primarily due to a discrete tax item.

Balance Sheet Summary (as of March 31, 2026)

Total Assets

Total assets were $2.22 billion, an increase of $70.3 million, or 3.3%, from $2.15 billion at December 31, 2025.

Net Loans Receivable

Net loans receivable reached $1.70 billion, up $54.7 million, or 3.3%, from $1.65 billion at December 31, 2025. This increase was driven by growth in commercial construction loans ($31.7 million), residential mortgage loans ($27.1 million), and commercial and industrial loans ($5.4 million), partially offset by an $8.6 million decrease in commercial real estate loans.

Securities Available for Sale

Securities available for sale decreased by $19.5 million, or 8.9%, to $200.9 million from $220.4 million at December 31, 2025, primarily due to maturities, paydowns, and calls, partially offset by new purchases.

Deposits

Deposits totaled $1.85 billion, an increase of $113.1 million, or 6.5%, from $1.74 billion at December 31, 2025. This growth was mainly in money market accounts ($86.7 million), demand accounts ($34.1 million), and non-interest bearing demand accounts ($21.9 million), with a decrease in certificates of deposit (-$29.5 million).

Shareholders’ Equity

Shareholders’ equity increased by $4.7 million, or 1.5%, to $328.6 million from $323.9 million at December 31, 2025, primarily due to net income, partially offset by a decrease in accumulated other comprehensive income.

Asset Quality

Non-performing Assets

Non-performing assets were $9.0 million, or 0.40% of total assets, at March 31, 2026, down from $11.3 million, or 0.52% of total assets, at December 31, 2025.

Allowance for Credit Losses on Loans

The allowance for credit losses on loans was $26.0 million, representing 1.51% of total loans outstanding, consistent with December 31, 2025.

Net Charge-offs

Net charge-offs for the three months ended March 31, 2026, were $42,000, compared to $15,000 for the same period in 2025.

Operational Metrics

Return on Average Assets

Return on average assets was 0.99% for Q1 2026, down from 1.14% for Q1 2025.

Return on Average Equity

Return on average equity was 6.63% for Q1 2026, down from 7.58% for Q1 2025.

Efficiency Ratio

Efficiency ratio was 73.64% for Q1 2026, up from 63.97% for Q1 2025.

Capital Ratios

Tier 1 capital to average assets was 11.56% at March 31, 2026, compared to 11.74% at March 31, 2025.

Employee Count

Number of full-time equivalent employees was 265 at March 31, 2026, down from 268 at March 31, 2025.

Recent Acquisitions and Strategic Initiatives

Pioneer Bancorp, Inc. recently completed the acquisition of Targeted Lending Co., LLC, an independent equipment financing company, expanding its commercial lending capabilities and establishing a new national Specialty Financing division. The company also acquired Reiser Consulting Group, Inc. and Wyndham Benefits, LLC, which are expected to significantly increase its Employee Benefits division and strengthen service offerings.

Outlook

Pioneer Bancorp, Inc. remains focused on delivering long-term value by investing in initiatives that strengthen employee engagement, elevate client experience, and support community development, while pursuing strong financial performance. The company continues to advance its “More Than a Bank” strategy through strategic acquisitions and growth in its diversified deposit base.