Pioneer Bancorp reported net income of $85,000, or approximately $0.00 per diluted share, for the third quarter of 2026, compared with $4.3 million, or $0.18 per diluted share, a year earlier. Net interest income increased 16.9% to $23.6 million, with results including $6.2 million in litigation-related expenses. Net income for the first nine months of 2026 was $8.9 million, or $0.36 per diluted share.
Financial Results
Net interest income for the third quarter was $23.6 million, up 16.9% from $20.2 million a year earlier. For the first nine months, it increased 14.1% to $67.2 million.
Noninterest income for the third quarter increased 44.3% to $5.5 million. For the nine months, noninterest income increased 20.1% to $14.8 million.
Net income for the third quarter was $85,000, compared with $4.3 million for the same quarter last year. For the nine months, net income was $8.9 million, compared with $16.5 million a year earlier.
Basic and diluted earnings per share for the third quarter were approximately $0.00, compared with $0.18 for the same period in 2025. For the nine months, basic and diluted earnings per share were $0.37 and $0.36, respectively.
Noninterest expense for the third quarter increased 57.4% to $27.7 million; this amount included $6.2 million in litigation-related expenses. The provision for credit losses was $1.3 million.
Operating Results
Pioneer and its banking subsidiary reached agreements in principle to settle claims brought by Southwestern Payroll Services, Granite Solutions Groupe, and National Payment Corp. The settlements are subject to the execution of final agreements and the filing of documents to dismiss the lawsuits.
The acquisition of Targeted Lending in April expanded Pioneer’s equipment financing business, which provides financing to small and medium-sized businesses nationwide.
Pioneer noted further loan portfolio expansion and growth in its diversified deposit base during the quarter, as well as active management of its cost of funds.
The company’s financial services include banking, insurance, employee benefit programs, human resources consulting, college admissions consulting, wealth management, and municipal bond trading.