Pioneer Bancorp, Inc. (NASDAQ: PBFS) reported its financial results for the three and nine months ended September 30, 2026, in an earnings release dated October 30, 2026. The company reported net income of $85,000 for the third quarter of 2026, or approximately $0.00 per basic and diluted share. This figure compares to net income of $4.3 million, or $0.18 per share, for the same period in 2025. For the nine months ended September 30, 2026, net income totaled $8.9 million, or $0.36 per diluted share, down from $16.5 million, or $0.67 per share, for the prior year period.
A primary driver of the reported results was the resolution of pending litigation, which incurred a litigation-related expense of $6.2 million during the third quarter. Despite this expense, the company noted that the benefits of positive momentum in its business model more than offset these costs. The company highlighted growth in its loan portfolio and deposit base as key contributors to its financial performance during the quarter.
The company’s total assets stood at $2.60 billion as of September 30, 2026. Net loans receivable totaled $1.94 billion, representing an increase of $290.3 million, or 17.6%, from December 31, 2025. Deposits were $2.13 billion, up $391.7 million, or 22.5%, from the prior year-end. The deposit base was diversified across retail (52.9%), commercial (16.4%), and municipal (30.7%) customer relationships.
Net interest income for the third quarter of 2026 was $23.6 million, an increase of $3.4 million, or 16.9%, compared to the same period in 2025. The net interest margin for the quarter was 4.26%, up 10 basis points from the prior year. Non-interest income for the quarter was $5.5 million, representing 14% of total revenue. Non-interest expense for the quarter increased to $27.7 million, up $10.1 million, or 57.4%, primarily due to professional fees, litigation-related expenses, and increases in salaries and employee benefits.
In a recent development, Pioneer and its subsidiary, Pioneer Bank, National Association, reached agreements in principle in October 2026 to resolve litigation with Southwestern Payroll Services, Granite Solutions Groupe, and National Payment Corp. These matters date back to 2019. The resolutions are subject to the execution of definitive settlement agreements and the filing of stipulations of dismissal with the United States District Court for the Northern District of New York.
Asset quality metrics showed non-performing assets of $10.8 million, or 0.42% of total assets, at September 30, 2026. The allowance for credit losses on loans was $28.3 million, or 1.44% of total loans outstanding. Net charge-offs for the three months ended September 30, 2026, were $1.1 million.
