# Pioneer Bancorp, Inc./MD (PBFS) Informational only - not investment advice. CIK: 0001769663 SIC: 6036 Savings Institutions, Not Federally Chartered SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6036 Savings Institutions, Not Federally Chartered](/industry/6036/) Latest 10-K filed: 2026-03-12 SEC page: https://www.sec.gov/edgar/browse/?CIK=1769663 Filing source: https://www.sec.gov/Archives/edgar/data/1769663/000110465926027092/pbfs-20251231x10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-12 · accession 0001104659-26-027092 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001769663.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 109,530,000 USD | 2025 | verified | | Net income | 20,287,000 USD | 2025 | verified | | Assets | 2,150,684,000 USD | 2025 | verified | | Net margin | 18.52% | 2025 | computed | | Revenue YoY | +24.02% | 2025 | computed | | ROE | 6.26% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | PBFS | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 18.5% | 17.7% | 53 | 16 | | Revenue growth | 24.0% | 8.5% | 93 | 16 | | ROE | 6.3% | 7.3% | 40 | 16 | | ROA | 0.9% | 1.0% | 47 | 16 | | Liabilities / equity | 5.64 | 7.69 | 20 | 16 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6036 Savings Institutions, Not Federally Chartered, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 109530000 | USD | 2025 | 2026-03-12 | | Net income | 20287000 | USD | 2025 | 2026-03-12 | | Assets | 2150684000 | USD | 2025 | 2026-03-12 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001769663.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 46,486,000 | 54,159,000 | 53,519,000 | 43,927,000 | 43,842,000 | 71,033,000 | 88,316,000 | 109,530,000 | | Net income | | 11,499,000 | 7,309,000 | 5,198,000 | 1,077,000 | 10,279,000 | 21,948,000 | 15,260,000 | 20,287,000 | | Diluted EPS | | | | 0.21 | 0.04 | 0.41 | 0.87 | 0.61 | 0.83 | | Operating cash flow | | 23,005,000 | 6,129,000 | 2,025,000 | 32,653,000 | 49,967,000 | 26,269,000 | 23,847,000 | 11,117,000 | | Share buybacks | | | | | | | | 1,075,000 | 11,294,000 | | Assets | | 1,284,128,000 | 1,468,285,000 | 1,526,412,000 | 1,796,252,000 | 1,964,229,000 | 1,856,191,000 | 1,979,730,000 | 2,150,684,000 | | Liabilities | | 1,166,065,000 | 1,345,027,000 | 1,302,446,000 | 1,558,430,000 | 1,721,602,000 | 1,589,491,000 | 1,675,177,000 | 1,826,823,000 | | Stockholders' equity | 104,012,000 | 118,063,000 | 123,258,000 | 223,966,000 | 237,822,000 | 242,627,000 | 266,700,000 | 304,553,000 | 323,861,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 24.74% | 13.50% | 9.71% | 2.45% | 23.45% | 30.90% | 17.28% | 18.52% | | Return on equity | | 9.74% | 5.93% | 2.32% | 0.45% | 4.24% | 8.23% | 5.01% | 6.26% | | Return on assets | | 0.90% | 0.50% | 0.34% | 0.06% | 0.52% | 1.18% | 0.77% | 0.94% | | Liabilities / equity | | 9.88 | 10.91 | 5.82 | 6.55 | 7.10 | 5.96 | 5.50 | 5.64 | ## As-reported value updates 3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/PBFS/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001769663.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-03-31 | | | 0.01 | reported discrete quarter | | 2023-Q1 | 2022-09-30 | | | 0.21 | reported discrete quarter | | 2023-Q2 | 2022-12-31 | | | 0.25 | reported discrete quarter | | 2023-Q3 | 2022-12-31 | | 6,183,000 | | reported discrete quarter | | 2023-Q3 | 2023-03-31 | 18,779,000 | | 0.24 | reported discrete quarter | | 2023-Q4 | 2023-06-30 | 19,084,000 | 4,507,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2023-09-30 | 20,156,000 | 3,419,000 | 0.14 | reported discrete quarter | | 2024-Q2 | 2023-09-30 | | 3,419,000 | | reported discrete quarter | | 2024-Q2 | 2023-12-31 | 21,486,000 | | 0.13 | reported discrete quarter | | 2024-Q3 | 2023-12-31 | | 3,192,000 | | reported discrete quarter | | 2024-Q3 | 2024-03-31 | 23,115,000 | | 0.19 | reported discrete quarter | | 2024-Q4 | 2024-06-30 | 23,558,000 | 3,930,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 25,848,000 | 5,763,000 | 0.23 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | 5,763,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 27,006,000 | | 0.26 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | 6,451,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 28,287,000 | | 0.18 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 28,389,000 | 3,743,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 28,372,000 | 5,290,000 | 0.22 | reported discrete quarter | | 2026-Q2 | 2026-03-31 | | 5,290,000 | | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 31,872,000 | | 0.14 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from PBFS's latest 10-K: [/company/PBFS/business/](/company/PBFS/business/). ## Risk Factors Verbatim Item 1A Risk Factors from PBFS's latest 10-K: [/company/PBFS/risk-factors/](/company/PBFS/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1769663/000110465926093436/pbfs-20260630x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-10 Report date: 2026-06-30 Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations Statement Regarding Forward-Looking Statements Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions, or future or conditional verbs, such as “will,” “would,”, “expand”, “extend”, “should,” “could,” or “may.” The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. No assurance can be given that the future results covered by forward-looking statements will be achieved. Certain forward-looking statements are included in this Form 10-Q, principally in the section captioned “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” In addition to the factors described in Item 1A – Risk Factors, factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: [[GREPCENT_TABLE]] [["","\u25cf","inflation and changes in market interest rates that could reduce our margins and yields, reduce the fair value of financial instruments or reduce our volume of loan originations, or increase the level of defaults, losses and prepayments on loans we have made and make, whether held in our portfolio or sold in the secondary market;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","risks related to the variety of litigation, investigations, and other proceedings described in the \u201cLegal Proceedings\u201d section of this report, including associated legal expenses;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","general economic conditions, either nationally or in our market area, that are worse than expected, including any resulting changes in consumer spending, borrowing and savings habits;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","increased competition, including competition among other institutions within our market area as well as other non-traditional competitors;"]] [[/GREPCENT_TABLE]] 42 Table of Contents [[GREPCENT_TABLE]] [["","\u25cf","changes in the level and direction of loan delinquencies and charge-offs and changes in estimates of the adequacy of our allowance for credit losses;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to access cost-effective funding;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","fluctuations in real estate values and both residential and commercial real estate market conditions;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","demand for loans and deposits in our market area;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in our partnership with a third-party mortgage banking company;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to continue to implement our business strategies, including entering new markets successfully, capitalizing on growth opportunities, and attracting and retaining key employees;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements, and any future FDIC insurance premium increases or special assessments;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to manage market risk, credit risk and operational risk;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the imposition of tariffs or other domestic or international governmental polices;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to successfully integrate into our operations any assets, liabilities, systems, personnel or customers we have or may in the future acquire such as our recent acquisitions of Targeted Lending Co., LLC, Reiser Consulting Group, Inc., Wyndham Benefits, LLC, and CAONY, Inc., including our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to maintain our reputation;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to prevent or mitigate fraudulent activity;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","fluctuations or adverse changes in the stock market, which may have a significant adverse effect on transaction fees, client activity and client investment portfolio gains and losses related to our wealth management business;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","certain events in the recent past involving the failure of financial institutions which have adversely affected market sentiment toward regional banks, which may result in decreased deposits and increased regulatory costs that could adversely affect our liquidity, our business, and the market price of our common stock;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","a breach in security of our information systems, including the occurrence of a cyber incident or a deficiency in cyber security;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","political instability or civil unrest, acts of war or terrorism or pandemics;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board (the \u201cFASB\u201d), the Securities and Exchange Commission (the \u201cSEC\u201d) or the Public Company Accounting Oversight Board;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to attract and retain key employees;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to evaluate the amount and timing of recognition of future tax assets and liabilities;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our compensation expense associated with equity benefits allocated or awarded to our employees; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in the financial condition, results of operations or future prospects of issuers of securities that we own."]] [[/GREPCENT_TABLE]] ​ Additional factors that may affect our results are discussed in the annual report on Form 10-K for the year ended December 31, 2025, under the heading “Risk Factors” and this Form 10-Q, under the heading “Risk Factors.” The Company disclaims any obligation to revise or update any forward-looking statements contained in this quarterly report on Form 10-Q to reflect future events or developments, except as required by applicable law. Overview Net Interest Income. Our primary source of income is net interest income. Net interest income is the difference between interest income, which is the income we earn on our loans and investments, and interest expense, which is the interest we pay on our deposits and borrowings. Provision for Credit Losses. We charge provisions for credit losses to operations in order to maintain our allowance for credit losses on loans, securities held to maturity and unfunded commitments at a level that is considered reasonable and necessary to absorb expected credit losses inherent in the loan portfolio and securities held to maturity 43 Table of Contents portfolio, as well as expected losses on commitments to grant loans that are expected to be advanced at the statements of condition date. Loans are charged against the allowance when management believes that the collectability of the principal loan amount is not probable. Recoveries on loans previously charged-off, if any, are credited to the allowance for credit losses when realized. Non-interest Income. Our primary sources of non-interest income are banking fees and service charges, insurance and wealth management services income and net gains on sale of loans. Our non-interest income also includes net gains or losses on trading securities, other gains and losses, and miscellaneous income. Non-Interest Expense. Our non-interest expense consist of salaries and employee benefits, net occupancy and equipment, data processing, advertising and marketing, insurance premiums, federal deposit insurance premiums, professional fees, and other general and administrative expenses. Salaries and employee benefits consist primarily of salaries and wages paid to our employees, payroll taxes, and expenses for worker’s compensation and disability insurance, health insurance, retirement plans and other employee benefits, as well as commissions, share-based compensation and other incentives. Net occupancy and equipment expenses, which are the fixed and variable costs of buildings and equipment, consist primarily of depreciation charges, rental expenses, furniture and equipment expenses, maintenance, real estate taxes, net gain or loss on disposal or impairment of premises and equipment, and costs of utilities. Depreciation of premises and equipment is computed using a straight-line method based on the estimated useful lives of the related assets or the expected lease terms, if shorter. Data processing expenses are fees we pay to third parties for use of their software and for processing customer information, deposits and loans. Advertising and marketing includes most marketing expenses including multi-media advertising (public and in-store), promotional events and materials, civic and sales focused memberships, and community support. Insurance premiums include expense related to various insurance policies, excluding federal deposit insurance premiums. Federal deposit insurance premiums are payments we make to the FDIC for insurance of our deposit accounts. Professional fees include legal fees and other consulting expenses. Other general and administrative expenses include expenses for office supplies, postage, telephone, insurance, litigation-related expense, which includes expenses related to legal proceedings, and other miscellaneous operating expenses. Income Tax Expense. Our income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between the carrying amounts and the tax basis of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amounts expected to be realize. ​ 44 Table of Contents “More Than a Bank” Strategy At the heart of our success is our distinctive business strategy to operate as a diversified financial institution focused on our relationship-based model of creating client advocacy through our highly engaged employees. We have continued to thrive through our focused approach to executing on key elements of our business strategy, including strategically growing through deepening client relationships, maintaining an appropriate balance in the overall loan portfolio, diversifying and growing our products and services, working to increase our share of lower-cost core deposits, evaluating opportunities for selective acquisitions, and our ongoing focus on our commitment to an engaged workforce.   Recent Acquisitions: Targeted Lending Co., LLC (“Targeted Lending”) As we continue to execute on our business strategy, on April 24, 2026 we completed the acquisition of 100% of the membership interests of Targeted Lending, an independent equipment financing company with approximately $120 million of loans on its balance sheet. Total consideration for the transaction was $144.1 million, comprised of $98.7 million to settle certain debt of Targeted Lending, cash of $43.8 million, and potential [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1769663/000110465926027092/pbfs-20251231x10k.htm Complete FY 2025 MD&A: /company/PBFS/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-03-12 Report date: 2025-12-31 ITEM 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations This discussion and analysis reflects our audited consolidated financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. The information in this section has been derived in part from the audited consolidated financial statements that appear beginning on page 75 of this Annual Report on Form 10-K. Please read the information in this section in conjunction with the business and financial information regarding the Company, the Bank and the audited consolidated financial statements that appear starting on page 75 of this Annual Report on Form 10-K. Overview Net Interest Income. Our primary source of income is net interest income. Net interest income is the difference between interest income, which is the income we earn on our loans and investments, and interest expense, which is the interest we pay on our deposits and borrowings. Provision for Credit Losses. We charge provisions for credit losses to operations in order to maintain our allowance for credit losses on loans, securities held to maturity and unfunded commitments at a level that is considered reasonable and necessary to absorb expected credit losses inherent in the loan portfolio and securities held to maturity portfolio, as well as expected losses on commitments to grant loans that are expected to be advanced at the statements of condition date. Loans are charged against the allowance when management believes that the collectability of the principal loan amount is not probable. Recoveries on loans previously charged-off, if any, are credited to the allowance for credit losses when realized. Non-interest Income. Our primary sources of non-interest income are banking fees and service charges, and insurance and wealth management services income. Our non-interest income also includes litigation-related income, net gain or losses on equity securities, net gain or losses on sales and calls of available for sale securities, other gains and losses, and miscellaneous income. Non-Interest Expense. Our non-interest expense consist of salaries and employee benefits, net occupancy and equipment, data processing, advertising and marketing, insurance premiums, federal deposit insurance premiums, professional fees, goodwill impairment loss, and other general and administrative expenses. Salaries and employee benefits consist primarily of salaries and wages paid to our employees, payroll taxes, and expenses for worker’s compensation and disability insurance, health insurance, retirement plans and other employee benefits, as well as commissions, share-based compensation and other incentives. Net occupancy and equipment expenses, which are the fixed and variable costs of buildings and equipment, consist primarily of depreciation charges, rental expenses, furniture and equipment expenses, maintenance, real estate taxes, net gain or loss on disposal or impairment of premises and equipment, and costs of utilities. Depreciation of premises and equipment is computed using a straight-line method based on the estimated useful lives of the related assets or the expected lease terms, if shorter. Data processing expenses are fees we pay to third parties for use of their software and for processing customer information, deposits and loans. Advertising and marketing includes most marketing expenses including multi-media advertising (public and in-store), promotional events and materials, civic and sales focused memberships, and community support. Insurance premiums include expense related to various insurance policies, excluding federal deposit insurance premiums. Federal deposit insurance premiums are payments we make to the FDIC for insurance of our deposit accounts. Professional fees include legal and other consulting expenses. 58 Table of Contents Other general and administrative expenses include expenses for office supplies, postage, telephone, insurance, litigation-related expense, which includes expenses related to legal proceedings, and other miscellaneous operating expenses. Income Tax Expense. Our income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between the carrying amounts and the tax basis of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amounts expected to be realized. Select Financial Data The following tables set forth selected historical financial and other data for the Company on a consolidated basis at and for the dates indicated. [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b \u200b \u200b","At December 31, 2025","\u200b \u200b \u200b","At December 31, 2024"],["\u200b","\u200b","(In thousands)"],["Selected Financial Condition Data:","","\u200b","\u200b","","\u200b","\u200b"],["Total assets","\u200b","$","2,150,684","\u200b","$","1,979,730"],["Cash and cash equivalents","\u200b","","133,675","\u200b","","96,521"],["Securities available for sale","\u200b","","220,431","\u200b","","321,537"],["Securities held to maturity","\u200b","","41,521","\u200b","","25,400"],["Federal Reserve Bank of New York and Federal Home Loan Bank of New York stock","\u200b","","6,090","\u200b","","5,283"],["Net loans receivable","\u200b","","1,646,255","\u200b","","1,434,575"],["Premises and equipment, net","\u200b","","35,576","\u200b","","35,480"],["Bank-owned life insurance","\u200b","","15,306","\u200b","","15,956"],["Deposits","\u200b","","1,739,178","\u200b","","1,586,183"],["Shareholders\u2019 equity","\u200b","","323,861","\u200b","","304,553"]] [[/GREPCENT_TABLE]] ​ [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","For the","\u200b","For the","\u200b","For the"],["\u200b","\u200b","Year Ended","\u200b","Six Months Ended","\u200b","Fiscal Year Ended"],["\u200b","\u200b","December 31,","\u200b","December 31,","\u200b","June 30,"],["\u200b","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2024","\u200b \u200b \u200b","2023","\u200b \u200b \u200b","2024"],["\u200b","\u200b","(In thousands except for per share amounts)"],["Selected Operating Data:","","\u200b","\u200b","","\u200b","\u200b","","\u200b","\u200b","","\u200b","\u200b"],["Interest and dividend income","\u200b","$","109,530","\u200b","$","48,832","\u200b","$","41,642","\u200b","$","88,316"],["Interest expense","\u200b","","30,382","\u200b","","13,362","\u200b","","9,659","\u200b","","21,803"],["Net interest income","\u200b","","79,148","\u200b","","35,470","\u200b","","31,983","\u200b","","66,513"],["Provision for credit losses","\u200b","","3,695","\u200b","","220","\u200b","","1,870","\u200b","","2,700"],["Net interest income after provision for credit losses","\u200b","","75,453","\u200b","","35,250","\u200b","","30,113","\u200b","","63,813"],["Noninterest income","\u200b","","17,140","\u200b","","8,809","\u200b","","8,409","\u200b","","16,330"],["Noninterest expense","\u200b","","66,104","\u200b","","31,648","\u200b","","30,199","\u200b","","60,734"],["Income before income taxes","\u200b","","26,489","\u200b","","12,411","\u200b","","8,323","\u200b","","19,409"],["Income tax expense","\u200b","","6,202","\u200b","","2,811","\u200b","","1,712","\u200b","","4,149"],["Net income","\u200b","\u200b","20,287","\u200b","\u200b","9,600","\u200b","\u200b","6,611","\u200b","\u200b","15,260"],["Net earnings per common share:","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Basic","\u200b","$","0.83","\u200b","$","0.38","\u200b","$","0.26","\u200b","$","0.61"],["Diluted","\u200b","$","0.83","\u200b","$","0.38","\u200b","$","0.26","\u200b","$","0.61"]] [[/GREPCENT_TABLE]] ​ ​ 59 Table of Contents [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","At or For the","\u200b","At or For the","\u200b","\u200b","At or For the","\u200b"],["\u200b","\u200b","Year Ended","\u200b","Six Months Ended","\u200b","\u200b","Fiscal Year Ended","\u200b"],["\u200b","\u200b","December 31,","\u200b","December 31,","\u200b","\u200b","June 30,","\u200b"],["\u200b","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2024","\u200b \u200b \u200b","2023","\u200b \u200b \u200b","\u200b","2024","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Performance Ratios:","","\u200b","","\u200b","","\u200b","","\u200b","\u200b"],["Return on average assets (1)","","0.98","%","0.99","%","0.70","%","\u200b","0.80","%"],["Return on average equity (1)","","6.47","%","6.31","%","4.80","%","\u200b","5.42","%"],["Interest rate spread (1) (2)","","3.22","%","3.14","%","3.01","%","\u200b","3.01","%"],["Net interest margin (1) (3)","","4.07","%","3.99","%","3.71","%","\u200b","3.78","%"],["Non-interest expenses to average assets (1)","","3.18","%","3.28","%","3.19","%","\u200b","3.18","%"],["Efficiency ratio (4)","","68.65","%","71.47","%","74.76","%","\u200b","73.31","%"],["Average interest-earning assets to average interest-bearing liabilities","","154.53","%","158.84","%","164.48","%","\u200b","161.98","%"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Capital Ratios (5):","","\u200b","","\u200b","","\u200b","","\u200b","\u200b"],["Average equity to average assets","","15.08","%","15.74","%","14.55","%","\u200b","14.77","%"],["Total capital to risk weighted assets","","17.56","%","19.24","%","19.57","%","\u200b","19.66","%"],["Tier 1 capital to risk weighted assets","","16.30","%","17.99","%","18.31","%","\u200b","18.40","%"],["Common equity Tier 1 capital to risk weighted assets","","16.30","%","17.99","%","18.31","%","\u200b","18.40","%"],["Tier 1 capital to average assets","","11.53","%","12.07","%","11.30","%","\u200b","11.65","%"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Asset Quality Ratios:","","\u200b","","\u200b","","\u200b","","\u200b","\u200b"],["Allowance for credit losses as a percentage of total loans","","1.51","%","1.49","%","1.66","%","\u200b","1.60","%"],["Allowance for credit losses as a percentage of non-performing loans","","224.93","%","414.60","%","178.27","%","\u200b","240.92","%"],["Net charge-offs to average outstanding loans during the period (1)","","0.01","%","\u2014","%","0.06","%","\u200b","0.04","%"],["Non-performing loans as a percentage of total loans","","0.67","%","0.36","%","0.93","%","\u200b","0.66","%"],["Non-performing loans as a percentage of total assets","","0.52","%","0.27","%","0.65","%","\u200b","0.48","%"],["Total non-performing assets as a percentage of total assets","","0.52","%","0.27","%","0.65","%","\u200b","0.49","%"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Other:","","\u200b","","\u200b","","\u200b","","\u200b","\u200b"],["Number of offices","","23","","23","","23","","\u200b","23"],["Number of full-time equivalent employees","","269","","272","","262","","\u200b","270"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["(1)","Annualized for the six month periods ended December 31, 2024 and 2023."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["(2)","Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of interest-bearing liabilities for the periods."]] [[/GREPCENT_TABLE]] [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/PBFS/mda/fy2025/ All MD&A years: /company/PBFS/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/PBFS/mda/fy2024/): filed 2024-09-25; accession 0001558370-24-013020 (https://www.sec.gov/Archives/edgar/data/1769663/000155837024013020/pbfs-20240630x10k.htm) - [FY 2023 MD&A](/company/PBFS/mda/fy2023/): filed 2023-09-26; accession 0001558370-23-016048 (https://www.sec.gov/Archives/edgar/data/1769663/000155837023016048/pbfs-20230630x10k.htm) - [FY 2022 MD&A](/company/PBFS/mda/fy2022/): filed 2022-09-23; accession 0001558370-22-014598 (https://www.sec.gov/Archives/edgar/data/1769663/000155837022014598/pbfs-20220630x10k.htm) - [FY 2021 MD&A](/company/PBFS/mda/fy2021/): filed 2021-09-28; accession 0001558370-21-012827 (https://www.sec.gov/Archives/edgar/data/1769663/000155837021012827/pbfs-20210630x10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6036 Savings Institutions, Not Federally Chartered) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/PBFS.md · JSON record: /company/PBFS.json · verified financials: /company/PBFS/financials.json / /company/PBFS/financials.csv · machine TOC for the whole site: /llms.txt