Net interest income reached $20.7 million in 2026Q3, supported by an efficiency ratio of 56.2% that reflects disciplined management of the bank's 22-branch network.
| Net Interest Income | 80.81M | 0 | 66.51M | 65.54M | 42.38M | 41.82M | 48.79M | 49.68M | 43.3M | 35.21M |
| NII Growth % | 35.62% | -100% | 1.48% | 54.66% | 1.34% | -14.29% | -1.79% | 14.73% | 22.98% | - |
| Net Interest Margin % | 3.64% | 0% | 3.51% | 3.53% | 2.16% | 2.33% | 3.2% | 3.38% | 3.37% | 3.1% |
| Interest Income | 112.06M | 0 | 88.32M | 71.03M | 43.84M | 43.93M | 53.52M | 54.16M | 46.49M | 37.62M |
| Interest Expense | 31.24M | 0 | 21.8M | 5.49M | 1.46M | 2.11M | 4.73M | 4.48M | 3.19M | 2.41M |
| Loan Loss Provision | 3.67M | 0 | 2.7M | 0 | -550K | 4.05M | 6.79M | 18.15M | 1.97M | 2.4M |
| Non-Interest Income | 17.27M | 88.12M | 10.38M | 14.15M | 14.07M | 15.75M | 15.68M | 14.41M | 12.8M | 10.9M |
| Non-Interest Income % | 13.36% | 100% | 10.52% | 16.61% | 24.3% | 26.39% | 22.66% | 21.01% | 21.6% | 22.46% |
| Total Revenue | 129.33M | 88.12M | 98.7M | 85.18M | 57.92M | 59.68M | 69.2M | 68.57M | 59.29M | 48.52M |
| Revenue Growth % | 52.26% | -10.72% | 15.87% | 47.08% | -2.95% | -13.76% | 0.93% | 15.65% | 22.2% | - |
| Non-Interest Expense | 69.64M | 55.26M | 54.78M | 51.83M | 43.66M | 50.86M | 51.69M | 37.89M | 36.33M | 35.37M |
| Efficiency Ratio | 53.84% | 62.71% | 55.51% | 60.85% | 75.39% | 85.22% | 74.69% | 55.26% | 61.27% | 72.89% |
| Operating Income | 24.78M | 32.86M | 19.41M | 27.86M | 13.34M | 2.66M | 6M | 8.05M | 17.81M | 8.35M |
| Operating Margin % | 19.16% | 37.29% | 19.67% | 32.7% | 23.03% | 4.46% | 8.66% | 11.73% | 30.04% | 17.2% |
| Operating Income Growth % | - | 69.29% | -30.32% | 108.84% | 401.43% | -55.63% | -25.49% | -54.82% | 113.38% | - |
| Pretax Income | 24.78M | 24.82M | 19.41M | 27.86M | 13.34M | 2.66M | 6M | 8.05M | 17.81M | 8.35M |
| Pretax Margin % | 19.16% | 28.17% | 19.67% | 32.7% | 23.03% | 4.46% | 8.66% | 11.73% | 30.04% | 17.2% |
| Income Tax | 4.96M | 5.62M | 4.15M | 5.91M | 3.06M | 1.58M | 797K | 737K | 6.31M | 2.71M |
| Effective Tax Rate % | 20.03% | 22.65% | 21.38% | 21.21% | 22.93% | 59.51% | 13.29% | 9.16% | 35.43% | 32.53% |
| Net Income | 19.82M | 19.2M | 15.26M | 21.95M | 10.28M | 1.08M | 5.2M | 7.31M | 11.5M | 5.63M |
| Net Margin % | 15.32% | 21.79% | 15.46% | 25.77% | 17.75% | 1.8% | 7.51% | 10.66% | 19.39% | 11.61% |
| Net Income Growth % | 2.71% | 25.82% | -30.47% | 113.52% | 854.41% | -79.28% | -28.88% | -36.44% | 104.21% | - |
| Net Income (Continuing) | 19.82M | 19.2M | 15.26M | 21.95M | 10.28M | 1.08M | 5.2M | 7.31M | 11.5M | 5.63M |
| EPS (Diluted) | 0.81 | 0.76 | 0.61 | 0.87 | 0.41 | 0.04 | 0.21 | 0.65 | 1.03 | 0.50 |
| EPS Growth % | 5.19% | 24.59% | -29.89% | 112.2% | 853.49% | -79.52% | -67.69% | -36.89% | 106% | - |
| EPS (Basic) | - | 0.77 | 0.61 | 0.87 | 0.41 | 0.04 | 0.21 | 0.65 | 1.03 | 0.50 |
| Diluted Shares Outstanding | 24.34M | 25.1M | 25.22M | 25.17M | 25.13M | 25.07M | 25.01M | 11.17M | 11.17M | 11.17M |
CRE concentration and liquidity
According to the provided financial data, Pioneer Bancorp's net interest income has demonstrated a steady upward trend, reaching $20.7 million in 2026Q3, which suggests that the bank is successfully navigating the current interest rate environment despite broader regional economic pressures impacting the Albany-Schenectady-Troy market area.
The consistent growth in NII from $16.1 million in 2024Q2 to current levels indicates that the bank's loan portfolio is effectively repricing or expanding in volume. Investors should monitor whether this trajectory can be sustained if deposit betas continue to rise, potentially compressing the spread between asset yields and funding costs.
As reported in the quarterly financial statements, Pioneer Bancorp maintained an efficiency ratio of 56.2% in 2026Q3, which appears to indicate that management is successfully balancing the high fixed-cost burden of its 22-branch network against the revenue generated by its diversified banking and insurance operations.
The fluctuation in the efficiency ratio, which peaked near 57.7% in 2026Q2, suggests that the bank's operating leverage is sensitive to non-interest expense management. Maintaining this ratio below 60% is critical for preserving profitability, especially given the labor-intensive nature of the bank's wealth management and insurance advisory segments.
Based on the reported figures, the bank's provision for loan losses reached $780,000 in 2026Q3, reflecting a prudent approach to credit risk management that appears to account for the bank's significant exposure to local commercial real estate and construction lending within the New York Capital Region.
The variability in provision expense, including the anomalous negative provision in 2025Q1, warrants further investigation into the bank's internal credit quality assessment models. Analysts should watch for any sustained increase in provisioning, which may indicate a deterioration in the underlying credit environment for the bank's core SME borrower base.
Data from recent filings shows that non-interest fee income contributed $3.9 million to total revenue in 2026Q3, serving as a vital structural hedge that helps mitigate the inherent volatility of the bank's spread-based interest income in a fluctuating interest rate environment.
The reliance on insurance commissions and wealth management fees appears to be a core component of the bank's moat, providing a capital-light revenue stream that is less sensitive to credit cycles. However, the dependency on these segments requires consistent policy renewal and advisory performance to offset potential cyclical downturns in the banking business.
As indicated by the $119 million cash position relative to $88 million in trailing twelve-month revenue, Pioneer Bancorp maintains a fortress-like balance sheet that may ironically signal an inability to deploy capital effectively into higher-yielding assets within its current geographic footprint, according to our analysis.
This excess liquidity may be dragging on the bank's return on equity, suggesting that management is prioritizing capital preservation over aggressive expansion. Investors should monitor whether this cash hoard is eventually deployed through strategic M&A or if it remains a persistent drag on the bank's overall profitability metrics.
Quick answers to the most common questions about buying PBFS stock.
Pioneer Bancorp, Inc. (PBFS) is profitable, generating $19.2M in net income for the fiscal year ending 2025 with a net profit margin of 21.8%.
Pioneer Bancorp, Inc. (PBFS) reported an operating income of $32.9M, resulting in an operating profit margin of 37.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Pioneer Bancorp, Inc. (PBFS) generated $88.1M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.