Pioneer Bancorp Reports 65% Increase in Net Income for Q2 2025

Pioneer Bancorp, Inc. reported a significant increase in financial performance for the second quarter of 2025, with net income rising to $6.5 million, up from $3.9 million in the same period last year. This represents a 65% increase year-over-year, driven primarily by a $2.4 million increase in net interest income, which totaled $19.6 million for the quarter. The company also saw a rise in total interest and dividend income, which increased by $3.4 million, or 14.6%, to $27 million, attributed to higher interest income from loans and securities.

The company’s total assets reached $2.10 billion as of June 30, 2025, marking a 5.9% increase from $1.98 billion at the end of 2024. This growth was largely fueled by a $108.3 million increase in net loans receivable, which rose to $1.54 billion, and a $25.5 million increase in cash and cash equivalents. However, securities available for sale decreased by $33.3 million, or 10.4%, to $288.2 million, primarily due to maturities and paydowns.

Pioneer Bancorp also reported a notable increase in deposits, which rose by $155.7 million, or 9.8%, to $1.74 billion. The increase was driven by a substantial rise in certificates of deposit, which grew by 53% to $267.4 million, and a 9.6% increase in money market accounts. The company’s total shareholders’ equity increased to $314.3 million, up 3.2% from the previous period, supported by net income and an increase in accumulated other comprehensive income.

In terms of operational metrics, the company’s provision for credit losses increased to $1.6 million for the quarter, compared to $750,000 in the prior year, reflecting growth in the loan portfolio and changing economic conditions. Non-performing assets also rose to $11.5 million, or 0.55% of total assets, up from $5.2 million at the end of 2024. The allowance for credit losses on loans was $23.8 million, representing 1.52% of total loans outstanding.

Looking ahead, Pioneer Bancorp aims to continue its growth strategy by deepening client relationships and expanding its product offerings. The company remains focused on maintaining a strong liquidity position and is well-capitalized under regulatory guidelines, positioning itself to navigate potential market challenges and capitalize on future opportunities.