Pioneer Bancorp (PBFS) investor relations material

Executive summary

• Net income for Q2 2026 was $3.5 million ($0.14 per share), down from $6.5 million ($0.26 per share) in Q2 2025; six-month net income was $8.8 million, down from $12.2 million year-over-year.

• Major acquisitions included Targeted Lending Co., LLC, Reiser Consulting Group, Wyndham Benefits, and The College Advisor of New York, expanding commercial lending, employee benefits, and diversifying revenue streams.

• Total assets reached $2.36 billion, up 9.9% from December 31, 2025; net loans receivable grew 13.6% to $1.87 billion; deposits increased 13.2% to $1.97 billion.

Financial highlights

• Net interest income for Q2 2026 was $22.9 million, up 16.5% year-over-year; net interest margin increased to 4.30% from 4.13%.

• Interest income increased 18.0% to $31.9 million; interest expense rose 21.9% to $9.0 million for Q2 2026.

• Non-interest income for Q2 2026 rose 13.7% to $5.5 million, mainly from insurance, wealth management, and Targeted Lending.

• Non-interest expense increased 50.6% to $22.2 million in Q2 2026, driven by higher legal, professional, compensation, and acquisition-related costs.

• Income before taxes for Q2 2026 was $4.8 million, down from $8.1 million in Q2 2025.

Outlook and guidance

• Strategic focus remains on expanding commercial lending, diversifying revenue, and disciplined growth, with continued investment in employee engagement, client experience, and community development.

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

• No material changes to risk factors or forward-looking statements since the last annual report; investors are cautioned about risks related to acquisitions and market conditions.