AcquisitionsMay 11, 2026, 04:22 PM
Pioneer Bancorp Acquires Targeted Lending for $140M; Q1 Net Income $5.29M
AI Summary
Pioneer Bancorp completed the acquisition of Targeted Lending Co., LLC for an enterprise value of approximately $140 million, expanding its commercial lending capabilities. The company also acquired assets of two insurance agencies for $1.845 million. For the first quarter of 2026, net income decreased by 8.2% to $5.29 million, despite an 8.7% increase in net interest income to $20.75 million. Total assets grew to $2.22 billion, and deposits increased by 6.5% to $1.85 billion.
Key Highlights
- Acquired Targeted Lending Co., LLC for $140M enterprise value on April 24, 2026.
- Acquired Reiser Consulting Group and Wyndham Benefits assets for $1.845M.
- Q1 2026 net income decreased 8.2% to $5.29 million ($0.22 EPS).
- Net interest income rose 8.7% to $20.75 million in Q1 2026.
- Total assets increased 3.3% to $2.22 billion as of March 31, 2026.
- Total deposits grew 6.5% to $1.85 billion as of March 31, 2026.
- Loans receivable increased 3.3% to $1.73 billion as of March 31, 2026.
- Total noninterest expense increased 24.2% to $18.12 million in Q1 2026.
Price Impact
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