Pioneer Bancorp (PBFS) investor relations material

Executive summary

• Net income for Q1 2026 was $5.3 million, or $0.22 per share, down from $5.8 million, or $0.23 per share, in Q1 2025, primarily due to higher non-interest expense despite growth in net interest income and lower tax expense.

• Total assets reached $2.22 billion, up 3.3% from December 31, 2025, driven by a $54.7 million increase in net loans receivable and a $23.2 million rise in cash and cash equivalents.

• Completed the acquisition of Targeted Lending Co., LLC for $140 million, expanding into nationwide equipment finance, and acquired Reiser Consulting Group and Wyndham Benefits to strengthen employee benefits and specialty financing services.

Financial highlights

• Net interest income rose 8.7% year-over-year to $20.8 million, with net interest margin up to 4.21%.

• Non-interest income increased 3.6% to $3.9 million, mainly from insurance and wealth management services.

• Non-interest expense jumped 24.2% to $18.1 million, largely due to higher professional fees, salaries, and litigation expenses.

• Provision for credit losses was $780,000, slightly down from $800,000 a year ago.

• Effective tax rate dropped to 7.3% from 22.3% due to a discrete tax item; income tax expense fell 74.9% to $416,000.

Outlook and guidance

• Strategic focus remains on expanding product offerings, disciplined lending, and selective acquisitions to drive long-term value, with ongoing integration of acquisitions and expansion into national equipment finance markets.

• Management expects continued volatility in the allowance for credit losses due to economic conditions and CECL model sensitivity.