Pioneer Bancorp Q3 Net Income Falls to $85K Amid Litigation Costs
Pioneer Bancorp, Inc. reported a significant decrease in net income for the third quarter of 2026, with net income at $85,000 ($0.00 per share) compared to $4.3 million ($0.18 per share) in the prior year quarter. This decline was largely attributed to a $6.2 million litigation-related expense recognized in connection with the resolution of pending legal matters. Despite the net income drop, the company saw strong growth in its loan portfolio, up 17.6% to $1.94 billion, and deposits, up 22.5% to $2.13 billion. Net interest income increased by 16.9% to $23.6 million, and net interest margin improved by 10 basis points to 4.26%. Agreements in principle have been reached to resolve litigation with Southwestern Payroll Services, Inc., Granite Solutions Groupe, Inc., and National Payment Corp.
Key Highlights
- Pioneer Bancorp reported Q3 2026 net income of $85,000 ($0.00/share), down from $4.3 million ($0.18/share) in Q3 2025.
- Net loans receivable grew 17.6% to $1.94 billion; Deposits increased 22.5% to $2.13 billion.
- Net interest income rose 16.9% to $23.6 million; Net interest margin improved 10 bps to 4.26%.
- Litigation-related expense of $6.2 million recognized in Q3 2026 for resolution of pending litigation.
- Total assets increased 20.8% to $2.60 billion.
- Noninterest expense increased 57.4% to $27.7 million, driven by litigation and professional fees.
- Agreements in principle reached to resolve litigation with Southwestern, Granite Solutions, and NatPay.
Price Impact
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