PBFSMEDIUM SIGNALFINANCIAL10-K

Pioneer Bancorp shows mixed financial performance with strong revenue and profit growth offset by a substantial decline in operating cash flow generation.

The company demonstrates solid core banking performance with net interest income growing 24% and net income expanding 33%, indicating effective lending operations and margin management. However, the sharp reduction in operating cash flow raises questions about working capital management and the sustainability of current profitability levels.

Comparing 2026-03-12 vs 2024-09-25View on EDGAR →
FINANCIAL ANALYSIS

PBFS delivered strong top-line growth with net interest income rising 24% to $109.5M and net income climbing 33% to $20.3M, reflecting robust banking fundamentals. However, operating cash flow declined substantially from $23.8M to $11.1M, suggesting potential timing differences or working capital pressures that warrant monitoring. Capital expenditure decreased modestly to $451K, indicating disciplined investment spending while the company focuses on operational efficiency.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-53.4%
$23.8M$11.1M

Operating cash flow fell 53.4% — earnings quality concerns; investigate working capital changes and non-cash items.

Capital Expenditure
Cash Flow
-42.2%
$780K$451K

Capex reduced 42.2% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Net Income
P&L
+32.9%
$15.3M$20.3M

Net income grew 32.9% — bottom-line growth signals improving overall business health.

Net Interest Income
P&L
+24%
$88.3M$109.5M

Net interest income grew 24% — benefiting from rate environment or loan book expansion.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2024-09-25
ADDED
As of March 6, 2026 there were 25,076,801 shares outstanding of the registrant s common stock.
collectively, except where the context indicates the reference relates solely to the registrant Pioneer Bancorp, Inc.
The Company files interim, quarterly and annual reports with the SEC.
We also invest in securities, which consist primarily of U.S.
Treasury obligations, securities of various government agencies and government-sponsored enterprises, including mortgage-backed securities and collateralized mortgage obligations, municipal obligations and corporate debt securities.
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REMOVED
As of September 20, 2024 there were 26,173,904 shares outstanding of the registrant s common stock.
As a result of the completed minority stock offering, the Company files interim, quarterly and annual reports with the SEC.
We also invest in securities, which have historically consisted primarily of U.S.
Government and agency obligations, municipal obligations and corporate debt securities.
We offer a variety of deposit accounts, including demand accounts, savings accounts, money market accounts and certificate of deposit accounts.
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