$PBFS

Pioneer Bancorp, Inc./MD

CIK:0001769663|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and dividend income:
Loans	$ 27,820	$ 22,332	$ 52,231	$ 43,502
Securities	2,976	3,942	5,984	7,723
Interest-earning deposits with banks and other	1,076	732	2,028	1,629
Total interest and dividend income	31,872	27,006	60,243	52,854
Interest expense:
Deposits	8,604	6,844	15,956	13,262
Borrowings and other	415	554	688	901
Total interest expense	9,019	7,398	16,644	14,163
Net interest income	22,853	19,608	43,599	38,691
Provision for credit losses	1,350	1,550	2,130	2,350
Net interest income after provision for credit losses	21,503	18,058	41,469	36,341
Noninterest income:
Bank fees and service charges	1,841	1,609	3,306	2,973
Insurance and wealth management services	2,803	2,513	5,274	4,839
Net gain on sale of loans	187		187
Other	633	684	557	719
Total noninterest income	5,464	4,806	9,324	8,531
Noninterest expense:
Salaries and employee benefits	9,957	8,506	18,701	16,800
Net occupancy and equipment	2,071	1,840	4,114	3,788
Data processing	1,226	894	2,256	1,738
Advertising and marketing	372	306	576	549
Insurance premiums	302	245	542	496
Federal Deposit Insurance Corporation insurance premiums	254	226	492	451
Professional fees	4,025	1,845	8,676	3,780
Other	3,975	865	4,945	1,716
Total noninterest expense	22,182	14,727	40,302	29,318
Income before income taxes	4,785	8,137	10,491	15,554
Income tax expense	1,301	1,686	1,717	3,340
Net income	$ 3,484	$ 6,451	$ 8,774	$ 12,214
Net earnings per common share:
Basic (in dollars per share)	$ 0.14	$ 0.26	$ 0.36	$ 0.49
Diluted (in dollars per share)	$ 0.14	$ 0.26	$ 0.36	$ 0.49
Weighted average shares outstanding - basic (in shares)	24,031,945	24,510,936	24,052,355	24,724,696
Weighted average shares outstanding - diluted (in shares)	24,331,049	24,567,328	24,325,721	24,777,301

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 8,774	$ 12,214
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,683	1,183
Provision for credit losses	2,130	2,350
Net accretion on securities	(253)	(2,502)
ESOP compensation	371	294
(Earnings) loss on bank-owned life insurance	(18)	(514)
Net gain on sale or write-down of other real estate owned	31
Proceeds from sale of loans	2,444
Net (gain) loss on sale of loans	(187)
Loss on sale or disposal of premises and equipment, net		7
Gain on termination of finance lease, net	(2)	(10)
Stock-based compensation expense	806	705
Deferred tax expense (benefit)	1,566	(1,042)
Increase in trading securities	(22,036)
Increase in accrued interest receivable	(170)	(767)
Decrease in other assets	3,155	317
Increase (decrease) in other liabilities	16,177	(10,689)
Changes in operating leases	19	(9)
Net cash provided by operating activities	14,490	1,537
Cash flows from investing activities:
Proceeds from maturities, paydowns and calls of securities available for sale	45,821	131,532
Purchases of securities available for sale	(27,985)	(93,395)
Proceeds from maturities and paydowns of securities held to maturity	452	3,329
Purchases of securities held to maturity	(3,731)	(20,500)
Net purchases of FHLBNY and FRBNY stock	1,914	1,518
Net increase in loans receivable	(107,108)	(111,014)
Purchases of premises and equipment	(1,053)	(1,873)
Proceeds from the sale of premises and equipment, other real estate owned and repossessed assets	238
Proceeds from bank-owned life insurance death benefit		1,142
Cash paid for acquisitions	(141,343)
Net cash used in investing activities	(232,795)	(89,261)
Cash flows from financing activities:
Net increase in deposits	229,772	155,677
Net decrease in mortgagors' escrow deposits	3,006	2,672
Proceeds from exercise of stock options	47
Repayment of FHLBNY borrowings, net	(50,000)	(40,000)
Repurchase of common stock	(3,470)	(4,881)
Purchase of employee restricted shares to fund statutory tax withholding	(156)	(145)
Repayment of finance lease liability	(3)	(52)
Net cash provided by financing activities	179,196	113,271
Net (decrease) increase in cash and cash equivalents	(39,109)	25,547
Cash and cash equivalents at beginning of period	133,675	96,521
Cash and cash equivalents at end of period	94,566	122,068
Cash paid during the period for:
Interest	16,357	14,044
Income taxes	2,000	3,500
Non-cash investing and financing activity:
Loans transferred to other real estate owned	216	$ 595
Acquisition contingent consideration payable	2,245
Right of use assets obtained in exchange for new operating lease liabilities	$ 572

COMMITMENTS AND CONTINGENT LIABILITIES - Off-Balance Sheet Financing (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
COMMITMENTS AND CONTINGENT LIABILITIES
Fixed Rate	$ 42,048	$ 49,895
Variable Rate	356,893	327,581
Total	398,941	377,476
Commitments to extend credit
COMMITMENTS AND CONTINGENT LIABILITIES
Fixed Rate	42,048	49,895
Variable Rate	330,414	300,183
Total	372,462	350,078
Standby letters of credit
COMMITMENTS AND CONTINGENT LIABILITIES
Variable Rate	26,479	27,398
Total	$ 26,479	$ 27,398