Pioneer Bancorp, Inc./MD (PBFS) SEC Filings & Earnings Calls

Litigation expense

“The increase in other non-interest expense for the three months ended June 30, 2026 was primarily due to an increase of $2.9 million in litigation-related expense.” · word for word

Reliance on brokered deposits

“The increase in brokered deposits was primarily to fund loan growth and the acquisition of Targeted Lending.” · word for word

Integration risk from acquisitions

“Our ability to successfully integrate into our operations any assets, liabilities, systems, personnel or customers we have or may in the future acquire such as our recent acquisitions of Targeted Lending Co., LLC, Reiser Consulting Group, Inc., Wyndham Benefits, LLC, and CAONY, Inc., including our ability to realize related revenue synergies and cost savings” · word for word

Elevated expenses partially offset growth benefits.

“The benefits of this growth were partially offset by certain elevated expenses as compared to the prior year period.” · word for word

Litigation expense increase

“Included in other non-interest expense for the three months ended March 31, 2026 was a net increase of $350,000 in litigation-related expense” · word for word

Interest rate sensitivity

“inflation and changes in market interest rates that could reduce our margins and yields, reduce the fair value of financial instruments or reduce our volume of loan originations” · word for word

Net income declined 8.6% year-over-year despite revenue growth, indicating expense pressure.

“Net income $5.3M vs $5.8M prior year; net interest income up 8.7%”

Deposit cost increased 4bps year-over-year; mix shift to higher-cost deposits.

“The average cost of interest-bearing liabilities increased by 4 basis points to 2.34% for the three months ended March 31, 2026, compared to 2.30% for the three months ended March 31, 2025.” · word for word

Goodwill impairment risk from insurance subsidiary

“The $2.0 million goodwill impairment expense for the year ended December 31, 2025 was due to an impairment recognized for goodwill related to the insurance subsidiary” · word for word

Credit risk from rapid loan growth

“Net loans receivable of $1.65 billion at December 31, 2025 increased $211.7 million, or 14.8%” · word for word

Interest rate risk from securities portfolio with unrealized losses

“Securities available for sale of $220.4 million at December 31, 2025 decreased $101.1 million, or 31.4%” · word for word

Litigation risk

“Other expenses increased for the year ended December 31, 2025 primarily due to litigation-related expense” · word for word

Deposit cost pressure from rising interest rates partially offset by asset yield repricing.

“Average cost of interest-bearing liabilities increased 6 bps in Q4 and 40 bps for the calendar year.”

Uninsured deposits represent 16.6% of total deposits, a moderate liquidity risk.

“Estimated uninsured deposits, net of affiliate deposits and collateralized deposits, represented 16.6% of total deposits at December 31, 2025.” · word for word

Credit quality deterioration

“Non-performing assets were $12.0 million, or 0.53% of total assets, at September 30, 2025, compared to $5.2 million, or 0.27% of total assets, at December 31, 2024.” · word for word

Litigation risk

“Other expenses increased primarily due to litigation-related expense (see Part II).” · word for word

Expense growth outpacing revenue

“Non-interest expense increased $2.9 million, or 20.0%, to $17.6 million for the three months ended September 30, 2025 as compared to $14.7 million for the three months ended September 30, 2024.” · word for word

Deposit cost pressure from repricing and mix shift to higher-cost accounts.

“The average cost of interest-bearing liabilities increased by 16 basis points to 2.51% for the three months ended September 30, 2025, compared to 2.35% for the three months ended September 30, 2024.” · word for word

Net income declined YoY due to higher interest expense and provision.

“Net income for the three months ended September 30, 2025 was $4.3 million, as compared to $6.3 million for the three months ended September 30, 2024.”