Operating cash flow remains volatile, evidenced by an OCF/NI ratio that fluctuated from -0.61 in 2025Q3 to 5.40 in 2025Q2 due to non-operating balance sheet adjustments.
| Cash from Operations | 14.48M | 33.71M | 23.85M | 26.27M | 49.97M | 32.65M | 2.02M | 6.13M | 23M | 11.87M |
| Operating CF Growth % | 87.72% | 41.34% | -9.22% | -47.43% | 53.02% | 1512.49% | -66.96% | -73.36% | 93.89% | - |
| Net Income | 19.82M | 19.2M | 15.26M | 21.95M | 10.28M | 1.08M | 5.2M | 7.31M | 11.5M | 5.63M |
| Depreciation & Amortization | 1.8M | 2.51M | 2.6M | 2.7M | 2.74M | 2.86M | 2.91M | 2.81M | 2.64M | 1.96M |
| Deferred Taxes | -3.34M | 0 | -188K | 855K | 708K | -1.2M | -3.49M | -63K | 2.08M | -116K |
| Other Non-Cash Items | -3.83M | 6.52M | 6.39M | -523K | 1M | 3.3M | 11.12M | 18.3M | 3.83M | 2.49M |
| Working Capital Changes | -1.09M | 3.54M | -841K | 778K | 34.65M | 26.09M | -14.71M | -22.23M | 2.96M | 1.9M |
| Cash from Investing | -118.06M | -311.8M | -18.05M | -114.87M | -148.03M | -125.11M | -109.47M | -78.02M | -78.7M | -140.03M |
| Purchase of Investments | -76.33M | 0 | -36.74M | -144.25M | -360.61M | -254.81M | -81.32M | -72.21M | -80.5M | -40.87M |
| Sale/Maturity of Investments | 143.84M | 0 | 223.81M | 190.49M | 114.57M | 68.34M | 89.67M | 66.79M | 72.21M | 61.71M |
| Net Investment Activity | 67.51M | 0 | 187.07M | 46.24M | -246.04M | -186.47M | 8.35M | -5.42M | -8.29M | 20.85M |
| Acquisitions | 0 | -1.98M | -1.98M | 0 | -1.66M | 0 | 0 | 0 | -4.7M | -5.8M |
| Other Investing | -184.84M | -308.31M | -202.3M | -160.66M | 100.44M | 61.96M | -116.12M | -70.31M | -57.7M | -145.71M |
| Cash from Financing | 120.89M | 140.76M | 8.91M | -136.98M | 149.16M | 260.51M | 34.24M | 181.72M | 135.71M | 133.91M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -9.72M | -6.29M | -1.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 123K | 0 | 0 | 0 | 0 | 0 | 109.06M | 0 | 0 | 0 |
| Net Stock Activity | -9.6M | -6.29M | -1.07M | 0 | 0 | 0 | 109.06M | 0 | 0 | 0 |
| Debt Issuance (Net) | -65K | -102K | -102K | -114K | 0 | 0 | 0 | 0 | -1000K | -1000K |
| Other Financing | 130.56M | 147.15M | 10.09M | -136.86M | 149.16M | 260.51M | -74.81M | 181.72M | 140.71M | 145.91M |
| Net Change in Cash | 17.31M | 14.71M | 14.71M | -225.58M | 51.1M | 168.06M | -73.21M | 109.83M | 80.02M | 5.74M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 133.68M | 150.48M | 150.48M | 376.06M | 324.96M | 156.9M | 230.11M | 120.28M | 40.26M | 34.52M |
| Cash at End | 156.94M | 165.19M | 165.19M | 150.48M | 376.06M | 324.96M | 156.9M | 230.11M | 120.28M | 40.26M |
| Interest Paid | 23.2M | 26.71M | 21.75M | 5.43M | 1.46M | 2.12M | 4.71M | 4.47M | 3.19M | 2.4M |
| Income Taxes Paid | 9.25M | 0 | 5M | 4.8M | 1.5M | 2M | 1.8M | 5.35M | 3.25M | 1M |
| Free Cash Flow | 20.98M | 32.2M | 23.01M | 25.82M | 49.19M | 32.06M | 322K | 3.85M | 14.99M | 2.5M |
| FCF Growth % | -8.27% | 39.95% | -10.88% | -47.51% | 53.44% | 9855.59% | -91.63% | -74.35% | 499.84% | - |
CRE concentration and liquidity
As reported in recent financial filings, Pioneer Bancorp frequently rotates its investment securities portfolio, evidenced by a significant $70.1 million in sales during 2025Q4, which suggests a tactical approach to managing liquidity and duration risk within the bank's broader asset-liability management framework in the Albany market.
The bank's pattern of alternating between heavy purchases and substantial sales indicates an active management style rather than a passive hold-to-maturity strategy. This volatility in investment cash flows may imply that management is utilizing the securities portfolio as a primary shock absorber for deposit fluctuations.
Based on the provided cash flow data, Pioneer Bancorp has maintained a negligible dividend payout profile, with zero dividends paid over the last ten quarters, reflecting a capital retention strategy consistent with its Mutual Holding Company structure and a focus on long-term balance sheet preservation.
The absence of meaningful dividend distributions suggests that management prioritizes internal capital accumulation over immediate shareholder returns. While this supports a fortress balance sheet, it may also indicate limited confidence in deploying excess capital into high-growth lending opportunities within the current regional economic environment.
According to historical cash flow statements, Pioneer Bancorp recorded a notable $29.1 million provision for loan losses in 2025Q2, a figure that stands out significantly against the more modest quarterly provisions, suggesting a proactive, albeit lumpy, approach to managing credit risk within the CRE portfolio.
This spike in provisioning appears to be a defensive measure, likely intended to insulate the bank against potential deterioration in its concentrated commercial real estate exposure. Investors should monitor whether these periodic large provisions indicate underlying asset quality issues or merely a conservative accounting posture toward regional economic headwinds.
As indicated by the erratic OCF/NI ratios, ranging from -0.61 in 2025Q3 to 5.40 in 2025Q2, Pioneer Bancorp's operating cash flow is heavily distorted by non-operating balance sheet movements, rendering traditional cash flow metrics less reliable for assessing the bank's core earnings quality and operational efficiency.
The extreme variance in these ratios suggests that the bank's cash flow statement is primarily a reflection of loan origination timing and deposit volatility rather than core profitability. Analysts should focus on net interest income and non-interest fee growth as more stable indicators of the bank's underlying financial health.
Quick answers to the most common questions about buying PBFS stock.
Pioneer Bancorp, Inc. (PBFS) generated $33.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Pioneer Bancorp, Inc. (PBFS) generated $32.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Pioneer Bancorp, Inc. (PBFS) spent $1.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Pioneer Bancorp, Inc. (PBFS) spent $6.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.