Pioneer Bancorp ( (PBFS) ) has released its Q3 earnings. Here is a breakdown of the information Pioneer Bancorp presented to its investors.
Pioneer Bancorp, Inc., a prominent financial institution in New York’s Capital Region, offers a wide range of banking services through its subsidiary, Pioneer Bank, National Association. The company recently reported its financial results for the first quarter of 2025, showcasing a strong performance with a net income of $5.8 million, marking an increase from the previous year. This growth is attributed to an increase in net interest income and a diversified deposit base.
Pioneer Bancorp’s financial highlights for the quarter include a 3.7% increase in net loans receivable, reaching $1.49 billion, and an 8.5% rise in deposits to $1.72 billion. The company’s net interest income grew by 10.1% to $19.1 million, while the net interest margin improved to 4.12%. Despite a decrease in noninterest income, the company managed to reduce its noninterest expenses by 5.4%, contributing to the overall positive financial outcome.
The company’s asset quality remained stable, with non-performing assets constituting 0.52% of total assets. The provision for credit losses increased significantly, reflecting changes in economic conditions and loan portfolio growth. Shareholders’ equity rose to $310.7 million, bolstered by net income and increased comprehensive income.
Looking ahead, Pioneer Bancorp remains focused on delivering long-term value to its shareholders while continuing to meet the diverse needs of its clients and communities. The company’s strategic initiatives aim to enhance its financial services and maintain its strong market position.