Pioneer Bancorp, Inc./MD filed its quarterly report on Form 10-Q with the SEC on November 6, 2026, covering the period ended September 30, 2026, and reporting sharply reduced net income amid elevated litigation and professional fee expenses.

Key Highlights

  • Net income fell sharply: Pioneer Bancorp reported net income of $85 thousand for the three months ended September 30, 2026, compared with $4,330 thousand for the same period in 2025, according to the filing.
  • Litigation-related expense surged: The company disclosed litigation-related expense of $6,200 thousand for Q3 2026 versus $2,550 thousand in Q3 2025, and $9,450 thousand for the nine months ended September 30, 2026.
  • Professional fees also rose: Professional fees reached $5,858 thousand in Q3 2026, up from $1,927 thousand in Q3 2025, contributing to total noninterest expense of $27,735 thousand for the quarter.
  • Total assets increased: Total assets stood at $2,598,749 thousand as of September 30, 2026, compared with $2,150,684 thousand as of December 31, 2025.
  • Loans receivable grew: Gross loans receivable were $1,964,841 thousand at September 30, 2026, up from $1,671,560 thousand at December 31, 2025.
  • Shares outstanding: As of November 4, 2026, there were 24,848,587 shares of common stock outstanding.
  • Net interest income rose: Net interest income for the nine months ended September 30, 2026 was $67,213 thousand, compared with $58,894 thousand for the same period in 2025.

Pioneer Bancorp's Financial Position and Q3 2026 Operating Results

Pioneer Bancorp, Inc./MD, an Albany, New York-based bank holding company trading on NASDAQ:PBFS, reported that its community banking operations generated total interest and dividend income of $33,686 thousand for the three months ended September 30, 2026, up from $28,287 thousand in the prior-year quarter, according to the filing. Net interest income for the same quarter was $23,614 thousand versus $20,203 thousand in Q3 2025. The provision for credit losses was $1,320 thousand in Q3 2026, compared with $785 thousand a year earlier.

Despite the improvement in net interest income, profitability was substantially compressed by noninterest expense. The filing disclosed that litigation-related expense and professional fees together totaled $12,058 thousand in Q3 2026 alone, driving total noninterest expense to $27,735 thousand for the quarter versus $17,624 thousand in Q3 2025. As a result, income before income taxes was $67 thousand for the three-month period, compared with $5,609 thousand a year prior. Basic and diluted earnings per share for Q3 2026 were each reported as $0.00, compared with $0.18 for Q3 2025.

On the balance sheet, goodwill increased to $27,224 thousand from $9,599 thousand at December 31, 2025, and other intangible assets, net, rose to $12,171 thousand from $2,711 thousand, reflecting changes in the company's asset composition during the period. Total deposits grew to $2,130,829 thousand from $1,739,178 thousand at year-end 2025. Borrowings from the Federal Home Loan Bank of New York were $75,000 thousand at September 30, 2026, up from $50,000 thousand at December 31, 2025. Total shareholders' equity was $323,295 thousand at September 30, 2026, compared with $323,861 thousand at December 31, 2025.

What Was Disclosed

Pioneer Bancorp, Inc./MD filed its unaudited Form 10-Q for the quarter ended September 30, 2026, disclosing significantly reduced quarterly net income of $85 thousand, driven by $6,200 thousand in litigation-related expense and $5,858 thousand in professional fees, while total assets grew to $2,598,749 thousand.