On this page of StockholderLetter.com we present the latest annual shareholder letter from Pioneer Bancorp, Inc./MD — ticker symbol PBFS. Reading current and past PBFS letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report investors.pioneerny.com
Dear Fellow Stockholders, As I reflect on the past year, it is clear that our industry continues to navigate a challenging operating environment. Margin compression, persistent funding pressures, and interest-rate uncertainty have impacted financial institutions across the country. At Pioneer, we anticipated these headwinds and executed with discipline: advancing our strategy to diversify revenue streams, continuing our commitment to engaged employees, deepening customer relationships, and strengthening our position as More Than a Bank. Financial Highlights We were pleased to report Pioneer s results for the year ended December 31, 2025, with net income of $20.3 million, or $0.83 per basic and diluted share. We experienced positive momentum highlighted by record net interest income driven by strong growth in our loan portfolio and diversified deposit base, while prudently managing funding costs. Net interest income was $79.1 million and noninterest income was $17.1 million for the year ended December 31, 2025. Net loans receivable of $1.65 billion at December 31, 2025 was up 14.8% from December 31, 2024. Deposits totaled $1.74 billion at December 31, 2025 and were up 9.6% from December 31, 2024. We also remained focused on growing noninterest income through our diversified products and services, and generated 14% of our revenues from noninterest income sources for the year ended December 31, 2025. We remain committed to maintaining a strong liquidity position and our earnings for the year ended December 31, 2025 allowed us to continue to build capital, while returning value to our stockholders through our stock repurchase program. During 2025 we completed our initial stock repurchase program, repurchasing 1,298,883 shares at an average price of $11.83 per share, and on December 17, 2025 adopted a new stock repurchase program. Expanding Our More Than a Bank Strategy This year marked a significant milestone in that journey. We launched two new lines of business: Pioneer Human Resources Consulting, which complements our existing array of banking, insurance, employee benefits, and wealth management services to help our clients thrive beyond traditional banking; and Pioneer Capital Markets, a new broker-dealer division focused on municipal bond trading that commenced operations in January 2026. These additions reflect our commitment to diversifying revenue streams and position Pioneer for continued financial stability. We also advanced Pioneer Wealth Management through the acquisition of Brown Financial Management Group, expanding our advisory capabilities and reinforcing our role as a comprehensive financial resource for individuals and businesses alike. We will continue to evaluate strategic opportunities for organic growth and selective acquisitions. Commercial Lending and Small Business Growth Despite a competitive lending environment, Pioneer delivered strong results in commercial loan production and small business lending, supporting economic growth throughout the Capital Region of New York. Our ability to provide tailored solutions for entrepreneurs and established businesses remains a cornerstone of our success. Engaged Employees and Community Impact Our business model and success begin with highly engaged employees who deliver exceptional service. Their dedication drives innovation and strengthens customer loyalty. To support them and our customers, we have invested in significant branch renovations at our Latham, Guilderland, and Rotterdam locations and construction is underway on a new Clifton Park location scheduled to open in 2026. Equally important is our commitment to community impact. Through Pioneer s Charitable Foundation, we surpassed a major milestone in 2025, exceeding $2 million in total contributions to local nonprofits that enrich the lives of children and families since the Charitable Foundation s inception. Recognition and Accolades I am proud to share that we were named to Fortune s 100 Fastest-Growing Companies list and recognized by Bank Director s RankingBanking report as one of the nation s top-performing banks under $5 billion in assets. These honors validate our strategy and underscore the strength of our team. Looking Ahead While the operating environment remains dynamic, our long-term focus is unwavering: to deliver sustainable growth, enhance stockholder value, and build a company that is truly More Than a Bank. Thank you for your continued trust and support as we move All Together Forward. Together, we are shaping a future defined by resilience, innovation, and community impact. Sincerely, Thomas L. Amell President & Chief Executive Officer
 • shareholder letter icon 4/7/2026 Letter Continued (Full PDF)
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PBFS Shareholder/Stockholder Letter Transcript:

2025
Annual Report
investors.pioneerny.com

Dear Fellow Stockholders,
As I reflect on the past year, it is clear that our industry continues to navigate a challenging operating environment. Margin compression,
persistent funding pressures, and interest-rate uncertainty have impacted financial institutions across the country. At Pioneer, we
anticipated these headwinds and executed with discipline: advancing our strategy to diversify revenue streams, continuing our
commitment to engaged employees, deepening customer relationships, and strengthening our position as More Than a Bank.
Financial Highlights
We were pleased to report Pioneer   s results for the year ended December 31, 2025, with net income of $20.3 million, or $0.83 per basic
and diluted share. We experienced positive momentum highlighted by record net interest income driven by strong growth in our loan
portfolio and diversified deposit base, while prudently managing funding costs. Net interest income was $79.1 million and noninterest
income was $17.1 million for the year ended December 31, 2025.
Net loans receivable of $1.65 billion at December 31, 2025 was up 14.8% from December 31, 2024. Deposits totaled $1.74 billion at
December 31, 2025 and were up 9.6% from December 31, 2024. We also remained focused on growing noninterest income through our
diversified products and services, and generated 14% of our revenues from noninterest income sources for the year ended December 31,
2025.
We remain committed to maintaining a strong liquidity position and our earnings for the year ended December 31, 2025 allowed us to
continue to build capital, while returning value to our stockholders through our stock repurchase program. During 2025 we completed
our initial stock repurchase program, repurchasing 1,298,883 shares at an average price of $11.83 per share, and on December 17, 2025
adopted a new stock repurchase program.
Expanding Our    More Than a Bank    Strategy
This year marked a significant milestone in that journey. We launched two new lines of business: Pioneer Human Resources
Consulting, which complements our existing array of banking, insurance, employee benefits, and wealth management services to help
our clients thrive beyond traditional banking; and Pioneer Capital Markets, a new broker-dealer division focused on municipal bond
trading that commenced operations in January 2026. These additions reflect our commitment to diversifying revenue streams and
position Pioneer for continued financial stability. We also advanced Pioneer Wealth Management through the acquisition of Brown
Financial Management Group, expanding our advisory capabilities and reinforcing our role as a comprehensive financial resource for
individuals and businesses alike. We will continue to evaluate strategic opportunities for organic growth and selective acquisitions.
Commercial Lending and Small Business Growth
Despite a competitive lending environment, Pioneer delivered strong results in commercial loan production and small business lending,
supporting economic growth throughout the Capital Region of New York. Our ability to provide tailored solutions for entrepreneurs and
established businesses remains a cornerstone of our success.
Engaged Employees and Community Impact
Our business model and success begin with highly engaged employees who deliver exceptional service. Their dedication drives
innovation and strengthens customer loyalty. To support them and our customers, we have invested in significant branch renovations at
our Latham, Guilderland, and Rotterdam locations and construction is underway on a new Clifton Park location scheduled to open in
2026.
Equally important is our commitment to community impact. Through Pioneer   s Charitable Foundation, we surpassed a major
milestone in 2025, exceeding $2 million in total contributions to local nonprofits that enrich the lives of children and families since the
Charitable Foundation   s inception.
Recognition and Accolades
I am proud to share that we were named to Fortune   s 100 Fastest-Growing Companies list and recognized by Bank Director   s
RankingBanking report as one of the nation   s top-performing banks under $5 billion in assets. These honors validate our strategy and
underscore the strength of our team.
Looking Ahead
While the operating environment remains dynamic, our long-term focus is unwavering: to deliver sustainable growth, enhance
stockholder value, and build a company that is truly More Than a Bank. Thank you for your continued trust and support as we move
All Together Forward. Together, we are shaping a future defined by resilience, innovation, and community impact.
Sincerely,
Thomas L. Amell
President & Chief Executive Officer


shareholder letter icon 4/7/2026 Letter Continued (Full PDF)
 

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