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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

PIONEER BANCORP, INC.

(Exact Name of Company as Specified in its Charter)

Maryland	001-38991	83-4274253
(State of Other Jurisdiction of Incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

652 Albany Shaker Road, Albany, New York 12211

(Address of Principal Executive Office) (Zip Code)

(518) 730-3025

(Issuer’s Telephone Number including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01

PBFS

The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

YES ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

As of November 4, 2025 there were 25,080,547 shares outstanding of the registrant’s common stock.

Table of Contents

PIONEER BANCORP, INC.

INDEX


PART I - FINANCIAL INFORMATION	3
Item 1 – Consolidated Financial Statements-unaudited	3
Consolidated Statements of Condition	3
Consolidated Statements of Operations	4
Consolidated Statements of Comprehensive Income	5
Consolidated Statements of Changes in Shareholders’ Equity	6
Consolidated Statements of Cash Flows	8
Notes to Unaudited Consolidated Financial Statements	9
Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations	41
Item 3 – Quantitative and Qualitative Disclosures About Market Risk	60
Item 4 – Controls and Procedures	60
PART II – OTHER INFORMATION	60
Item 1 – Legal Proceedings	60
Item 1A – Risk Factors	60
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds	61
Item 3 – Defaults Upon Senior Securities	61
Item 4 – Mine Safety Disclosures	61
Item 5 – Other Information	61
Item 6 – Exhibits	62

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1 – Consolidated Financial Statements

PIONEER BANCORP, INC.

CONSOLIDATED STATEMENTS OF CONDITION (unaudited)

(in thousands, except share and per share amounts)


	September 30,		December 31,
	2025		2024
Assets
Cash and due from banks	$	58,066	$	25,650
Federal funds sold		3,452		3,644
Interest-earning deposits with banks		167,033		67,227
Cash and cash equivalents		228,551		96,521
Securities available for sale, at fair value		254,509		321,537
Securities held to maturity, net of allowance for credit losses of $411 at September 30, 2025 and $216 at December 31, 2024 (fair value of $38,569 at September 30, 2025 and $22,457 at December 31, 2024)		43,882		25,400
Federal Reserve Bank of New York and Federal Home Loan Bank of New York stock		3,934		5,283
Loans receivable		1,638,532		1,456,329
Allowance for credit losses		(24,600)		(21,754)
Net loans receivable		1,613,932		1,434,575
Accrued interest receivable		9,244		7,937
Premises and equipment, net		35,320		35,480
Bank-owned life insurance		15,306		15,956
Goodwill		10,879		10,879
Other intangible assets, net		2,352		2,705
Other assets		25,401		23,457
Total assets	$	2,243,310	$	1,979,730

Liabilities and Shareholders’ Equity
Liabilities
Deposits:
Non-interest bearing deposits	$	569,987	$	454,296
Interest bearing deposits		1,325,044		1,131,887
Total deposits		1,895,031		1,586,183
Mortgagors’ escrow deposits		4,068		8,097
Borrowings from Federal Home Loan Bank of New York		—		40,000
Other liabilities		30,013		40,897
Total liabilities		1,929,112		1,675,177

Commitments and contingent liabilities – See Note 8

Shareholders’ Equity
Preferred stock ($0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding as of September 30, 2025 and December 31, 2024)		—		—
Common stock ($0.01 par value, 75,000,000 shares authorized 25,083,829 and 25,978,904 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)		251		260
Additional paid in capital		115,046		114,113
Retained earnings		199,719		194,188
Unallocated common stock of Employee Stock Ownership Plan (“ESOP”)		(9,039)		(9,551)
Accumulated other comprehensive income		8,221		5,543
Total shareholders’ equity		314,198		304,553
Total liabilities and shareholders’ equity	$	2,243,310	$	1,979,730

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

PIONEER BANCORP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except share and per share amounts)


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Interest and dividend income:
Loans	$	23,860	$	20,930	$	67,362	$	59,052
Securities		3,792		2,165		11,515		6,746
Interest-earning deposits with banks and other		635		1,284		2,264		5,254
Total interest and dividend income		28,287		24,379		81,141		71,052

Interest expense:
Deposits		7,022		6,270		20,284		17,900
Borrowings and other		1,062		212		1,963		726
Total interest expense		8,084		6,482		22,247		18,626
Net interest income		20,203		17,897		58,894		52,426
Provision for credit losses		785		(870)		3,135		(40)
Net interest income after provision for credit losses		19,418		18,767		55,759		52,466

Noninterest income:
Bank fees and service charges		1,549		1,466		4,522		4,399
Insurance and wealth management services		2,225		2,171		7,064		6,747
Net gain on equity securities		—		—		—		386
Net gain on securities available for sale transactions		—		165		—		165
Other		41		316		760		343
Total noninterest income		3,815		4,118		12,346		12,040

Noninterest expense:
Salaries and employee benefits		8,556		7,666		25,356		22,510
Net occupancy and equipment		1,856		1,833		5,644		5,562
Data processing		1,057		981		2,795		3,031
Advertising and marketing		239		224		788		600
Insurance premiums		248		248		744		696
Federal Deposit Insurance Corporation insurance premiums		230		263		681		821
Professional fees		1,927		1,953		5,707		7,593
Other		3,511		1,521		5,227		4,411
Total noninterest expense		17,624		14,689		46,942		45,224
Income before income taxes		5,609		8,196		21,163		19,282
Income tax expense		1,279		1,888		4,619		4,325
Net income	$	4,330	$	6,308	$	16,544	$	14,957

Net earnings per common share:
Basic	$	0.18	$	0.25	$	0.67	$	0.59
Diluted	$	0.18	$	0.25	$	0.67	$	0.59

Weighted average shares outstanding – basic		24,470,461		25,081,864		24,566,729		25,222,029
Weighted average shares outstanding – diluted		24,593,205		25,150,650		24,627,387		25,279,561

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

PIONEER BANCORP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

(in thousands)


	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

Net income	$	4,330	$	6,308	$	16,544	$	14,957

Other comprehensive income:
Unrealized gains on securities:
Unrealized holding gains arising during the period		1,719		2,465		4,037		4,115
Reclassification adjustment for gains included in net income		—		(165)		—		(165)
		1,719		2,300		4,037		3,950
Tax expense		449		602		1,056		1,033
		1,270		1,698		2,981		2,917
Defined benefit plans:
Change in funded status of defined benefit plans		—		—		—		4,826
Reclassification adjustment for amortization of net actuarial gain		(137)		—		(411)		(30)
		(137)		—		(411)		4,796
Tax (benefit) expense		(36)		—		(108)		1,254
		(101)		—		(303)		3,542
Total other comprehensive income		1,169		1,698		2,678		6,459
Comprehensive income	$	5,499	$	8,006	$	19,222	$	21,416

See accompanying notes to unaudited consolidated financial statements.

Table of Contents

PIONEER BANCORP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited)

(in thousands, except share amounts)



					Additional				Unallocated		Accumulated Other		Total
	Common Stock				Paid in		Retained		Common		Comprehensive		Shareholders’
	Shares		Amount		Capital		Earnings		Stock of ESOP		Income		Equity

Balance as of January 1, 2024		25,977,679	$	260	$	113,432	$	180,156		(10,233)	$	181	$	283,796
Net income		—		—		—		4,719		—		—		4,719
Other comprehensive income		—		—		—		—		—		319		319
ESOP shares committed to be released (12,729 shares)		—		—		(49)		—		171		—		122
Balance as of March 31, 2024		25,977,679	$	260	$	113,383	$	184,875	$	(10,062)	$	500	$	288,956

Net income		—		—		—		3,930		—		—		3,930
Other comprehensive income		—		—		—		—		—		4,442		4,442
ESOP shares committed to be released (12,729 shares)		—		—		(49)		—		170		—		121
Stock-based compensation expense		—		—		154		—		—		—		154
Restricted stock awards granted		390,000		4		(4)		—		—		—		—
Repurchases of common stock		(106,386)		(1)		—		(1,074)		—		—		(1,075)
Balance as of June 30, 2024		26,261,293	$	263	$	113,484	$	187,731	$	(9,892)	$	4,942	$	296,528

Net income		—		—		—		6,308		—		—		6,308
Other comprehensive income		—		—		—		—		—		1,698		1,698
ESOP shares committed to be released (12,729 shares)		—		—		(32)		—		171		—		139
Stock-based compensation expense		—		—		343		—		—		—		343
Repurchases of common stock		(114,389)		(2)		—		(1,213)		—		—		(1,215)
Balance as of September 30, 2024		26,146,904	$	261	$	113,795	$	192,826	$	(9,721)	$	6,640	$	303,801

See accompanying notes to unaudited consolidated financial statements.

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					Additional				Unallocated		Accumulated Other		Total
	Common Stock				Paid in		Retained		Common		Comprehensive		Shareholders’
	Shares		Amount		Capital		Earnings		Stock of ESOP		Income		Equity

Balance as of January 1, 2025		25,978,904	$	260	$	114,113	$	194,188	$	(9,551)	$	5,543	$	304,553
Net income		—		—		—		5,763		—		—		5,763
Other comprehensive income		—		—		—		—		—		1,458		1,458
ESOP shares committed to be released (12,729 shares)		—		—		(23)		—		171		—		148
Stock-based compensation expense		—		—		351		—		—		—		351
Restricted stock awards granted		5,000		—		—		—		—		—		—
Repurchases of common stock		(130,813)		(2)		—		(1,570)		—		—		(1,572)
Balance as of March 31, 2025		25,853,091	$	258	$	114,441	$	198,381	$	(9,380)	$	7,001	$	310,701

Net income		—		—		—		6,451		—		—		6,451
Other comprehensive income		—		—		—		—		—		51		51
ESOP shares committed to be released (12,729 shares)		—		—		(24)		—		170		—		146
Stock-based compensation expense		—		—		354		—		—		—		354
Purchase of employee restricted shares to fund statutory tax withholdings		(12,300)		—		—		(145)		—		—		(145)
Repurchases of common stock		(282,836)		(3)		—		(3,306)		—		—		(3,309)
Balance as of June 30, 2025		25,557,955	$	255	$	114,771	$	201,381	$	(9,210)	$	7,052	$	314,249

Net income		—		—		—		4,330		—		—		4,330
Other comprehensive income		—		—		—		—		—		1,169		1,169
ESOP shares committed to be released (12,729 shares)		—		—		(8)		—		171		—		163
Stock-based compensation expense		—		—		283		—		—		—		283
Restricted stock awards granted, net of forfeitures		(11,000)		—		—		—		—		—		—
Purchase of employee restricted shares to fund statutory tax withholdings		—		—		—		—		—		—		—
Repurchases of common stock		(463,126)		(4)		—		(5,992)		—		—		(5,996)
Balance as of September 30, 2025		25,083,829	$	251	$	115,046	$	199,719	$	(9,039)	$	8,221	$	314,198

See accompanying notes to unaudited consolidated financial statements.

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PIONEER BANCORP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

(in thousands)


	For the Nine Months Ended
	September 30,
	2025		2024

Cash flows from operating activities:
Net income	$	16,544	$	14,957
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,778		1,909
Provision for credit losses		3,135		(40)
Net accretion on securities		(3,733)		(1,625)
ESOP compensation		457		382
(Earnings) loss on bank-owned life insurance		(492)		226
Net gain on sale or write-down of other real estate owned		—		(90)
Proceeds from sale of loans		—		2,823
Net gain on sale of loans		—		(28)
Loss on sale, disposal or impairment of premises and equipment, net		7		291
Gain on termination of operating lease, net		(10)		—
Net gain on equity securities		—		(386)
Net gain on securities available for sale transactions		—		(165)
Stock-based compensation expense		988		497
Deferred tax (benefit) expense		(2,278)		642
(Increase) decrease in accrued interest receivable		(1,307)		11
(Increase) decrease in other assets		(372)		2,144
Decrease in other liabilities		(9,268)		(7,300)
Changes in operating leases		(7)		11
Net cash provided by operating activities		5,442		14,259

Cash flows from investing activities:
Proceeds from maturities, paydowns and calls of securities available for sale		176,748		106,515
Proceeds from sales of securities available for sale		—		350
Purchases of securities available for sale		(101,950)		(43,264)
Proceeds from maturities and paydowns of securities held to maturity		5,730		3,036
Purchases of securities held to maturity		(24,407)		(4,049)
Proceeds from sales of equity securities		—		3,149
Net redemptions (purchases) of FHLBNY and FRBNY stock		1,349		(2,400)
Net increase in loans receivable		(182,886)		(138,777)
Purchases of premises and equipment		(2,100)		(424)
Proceeds from bank-owned life insurance death benefit		1,142		—
Proceeds from sale of other real estate owned		—		294
Net cash used in investing activities		(126,374)		(75,570)

Cash flows from financing activities:
Net increase in deposits		308,848		153,185
Net decrease in mortgagors’ escrow deposits		(4,029)		(3,416)
Repayment of FHLBNY borrowings, net		(40,000)		—
Payments on acquisition contingent consideration		(750)		(750)
Repurchase of common stock		(10,877)		(2,290)
Purchase of employee restricted shares to fund statutory tax withholding		(145)		—
Repayment of finance lease liability		(85)		(78)
Net cash provided by financing activities		252,962		146,651

Net increase in cash and cash equivalents		132,030		85,340
Cash and cash equivalents at beginning of period		96,521		139,634
Cash and cash equivalents at end of period	$	228,551	$	224,974

Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	22,077	$	12,346
Income taxes	$	6,250	$	1,000
Non-cash investing and financing activity:
Loans transferred to other real estate owned	$	595	$	—
Right of use assets obtained in exchange for new finance lease liabilities	$	—	$	26
Right of use assets obtained in exchange for new operating lease liabilities	$	9	$	—

See accompanying notes to unaudited consolidated financial statements.

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PIONEER BANCORP, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025

1.NATURE OF OPERATIONS

Pioneer Bancorp, Inc. (the “Company”) is a mid-tier stock holding company whose wholly owned subsidiary is Pioneer Bank, National Association (the “Bank”).

The Company provides diversified financial services through the Bank and its subsidiaries, with 22 offices in the Capital Region of New York State. The Company, through its subsidiaries, offers a broad array of deposit, lending, and other financial services to individuals, businesses, and municipalities.

The interim financial data as of September 30, 2025 and for the three and nine months ended September 30, 2025 and 2024, respectively, is unaudited and reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented in conformance with accounting principles generally accepted in the United States of America (“GAAP”). The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be achieved for the remainder of fiscal 2025 or any other period.

These unaudited interim consolidated financial statements should be read in conjunction with the Company’s Transition Report on Form 10-KT, for the six months ended December 31, 2024. On October 15, 2024, the board of directors of the Company approved an amendment to Article VI, Section 5 of its Bylaws to change its fiscal year end from June 30 to December 31. Accordingly, the prior-period comparative financial information presented has been recast in this report to align with the Company’s new fiscal calendar.

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The consolidated financial statements include the accounts of the Company, the Bank, and the Bank’s wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ substantially from those estimates. The allowance for credit losses, valuation of securities and other financial instruments, the funded status and expense of employee benefit plans, legal proceedings and other contingent liabilities, and the realizability of deferred tax assets are particularly subject to change.

Reclassifications

Amounts in the prior period’s consolidated financial statements are reclassified whenever necessary to conform to the current period’s presentation.

Adoption of Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, to provide more transparency about income tax information through improvements to income tax disclosures. Specifically, the update requires enhancements to the rate reconciliation, including disclosure of specific categories and additional information for

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reconciling items meeting a quantitative threshold, and greater disaggregation of income tax disclosures related to income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Other than meeting the new disclosure requirements, the adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.

In November 2023, the FASB issued ASU No. 2023-07 – Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, to improve the reportable segment disclosures by requiring disclosure of incremental segment information on an annual and interim basis. In addition, the amendments enhanced interim disclosure requirements, clarified circumstances in which an entity can disclose multiple segment measures of profit or loss, provided new segment disclosure requirements for entities with a single reportable segment and contained other disclosure requirements. The ASU did not change how a public entity identifies its operating segments or determines its reportable segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in this ASU were effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Other than meeting the new disclosure requirements, the adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

The Company’s reportable segments are determined by the Chief Executive Officer, who is designated as the chief operating decision maker, based on information provided about the Company’s products and services offered. The Company’s operations are primarily in the community banking industry and includes retail and commercial banking services. The Company also sells commercial and consumer insurance products and employee benefit products and services through Pioneer Insurance Agency, Inc. and provides wealth management services through Pioneer Financial Services, Inc. The segment is also distinguished by the level of information provided to the chief operating decision maker, who uses that information to review performance of various components of the business. The chief operating decision maker will evaluate the financial performance of the Company’s business components such as by evaluating revenue streams, significant expenses, and budget to actual results in assessing the Company’s segment and in the determination of allocating resources. The chief operating decision maker uses consolidated net income to benchmark the Company against its competitors. The benchmarking analysis along with monitoring budget to actual results are used in assessing performance. The financial information used for performance assessment by the chief operating decision maker is the same as the financial information included in the consolidated statements of condition and consolidated statements of operations.

Impact of Recent Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this ASU require disclosure, in the notes to the consolidated financial statements, of specified information about certain costs and expenses. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact this will have on the consolidated financial statements.

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3.INVESTMENT SECURITIES

The amortized cost and estimated fair value of securities available for sale are as follows (dollars in thousands):


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
September 30, 2025
U.S. Treasury	$	79,178	$	275	$	(41)	$	79,412
Mortgage-backed securities:
U.S. Government agency securities		37,690		333		(540)		37,483
Government-sponsored enterprises		40,021		598		(7)		40,612
Collateralized mortgage obligations:
U.S. Government agency securities		21,513		205		(204)		21,514
Government-sponsored enterprises		50,712		276		(138)		50,850
Municipal obligations		24,552		86		—		24,638
Total available for sale securities	$	253,666	$	1,773	$	(930)	$	254,509

December 31, 2024
U.S. Treasury	$	217,412	$	162	$	(868)	$	216,706
Mortgage-backed securities:
U.S. Government agency securities		20,517		—		(1,189)		19,328
Government-sponsored enterprises		17,522		—		(633)		16,889
Collateralized mortgage obligations:
U.S. Government agency securities		18,009		—		(461)		17,548
Government-sponsored enterprises		33,489		1		(249)		33,241
Municipal obligations		17,782		51		(8)		17,825
Total available for sale securities	$	324,731	$	214	$	(3,408)	$	321,537

The Company elected to exclude accrued interest receivable from the amortized cost basis of debt securities. Accrued interest receivable on available for sale debt securities totaled $1.3 million at September 30, 2025 and December 31, 2024, respectively, and is excluded from the estimate of credit losses and reported in accrued interest receivable in the consolidated statements of condition.

There was no allowance for credit losses for securities available for sale as of September 30, 2025 and December 31, 2024.

The amortized cost and estimated fair value of securities held to maturity are as follows (dollars in thousands):


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated		Allowance for		Net Carrying
	Cost		Gains		Losses		Fair Value		Credit Losses		Value
September 30, 2025
Corporate debt securities	$	41,909		534		(6,249)	$	36,194	$	411	$	41,498
Municipal obligations		2,384		—		(9)		2,375		—		2,384
Total held to maturity securities	$	44,293	$	534	$	(6,258)	$	38,569	$	411	$	43,882

December 31, 2024
Corporate debt securities	$	22,000		59		(3,181)	$	18,878	$	216	$	21,784
Municipal obligations		3,616		—		(37)		3,579		—		3,616
Total held to maturity securities	$	25,616	$	59	$	(3,218)	$	22,457	$	216	$	25,400

Accrued interest receivable on held to maturity debt securities totaled $589,000 and $254,000 at September 30, 2025 and December 31, 2024, respectively, and is excluded from the estimate of credit losses and is reported in accrued interest receivable in the consolidated statements of condition.

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There were no held to maturity securities that were 30 days or more past due or classified as non-accrual as of September 30, 2025 and December 31, 2024.

The following tables present the activity in the allowance for credit losses on securities held to maturity (dollars in thousands):


	For the Three Months Ended September 30, 2025
	Beginning								Ending
	Balance		Provisions		Charge-offs		Recoveries		Balance
Corporate debt securities	$	381	$	30	$	—	$	—	$	411
Municipal obligations		—		—		—		—		—
Total allowance for credit losses on securities held to maturity	$	381	$	30	$	—	$	—	$	411


	For the Three Months Ended September 30, 2024
	Beginning								Ending
	Balance		Provisions		Charge-offs		Recoveries		Balance
Corporate debt securities	$	262	$	(46)	$	—	$	—	$	216
Municipal obligations		—		—		—		—		—
Total allowance for credit losses on securities held to maturity	$	262	$	(46)	$	—	$	—	$	216


	For the Nine Months Ended September 30, 2025
	Beginning								Ending
	Balance		Provisions		Charge-offs		Recoveries		Balance
Corporate debt securities	$	216	$	195	$	—	$	—	$	411
Municipal obligations		—		—		—		—		—
Total allowance for credit losses on securities held to maturity	$	216	$	195	$	—	$	—	$	411


	For the Nine Months Ended September 30, 2024
	Beginning								Ending
	Balance		Provisions		Charge-offs		Recoveries		Balance
Corporate debt securities	$	238	$	(22)	$	—	$	—	$	216
Municipal obligations		—		—		—		—		—
Total allowance for credit losses on securities held to maturity	$	238	$	(22)	$	—	$	—	$	216

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The estimated fair value and gross unrealized losses aggregated by security category and length of time such securities have been in a continuous unrealized loss position, is summarized as follows (dollars in thousands):


	September 30, 2025
	Less than 12 Months				12 Months or Longer				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Securities available for sale:
U.S. Treasury	$	4,978	$	(22)	$	19,926	$	(19)	$	24,904	$	(41)
Mortgage-backed securities:
U.S. Government agency securities		9,879		(185)		8,674		(355)		18,553		(540)
Government-sponsored enterprises		10,726		(7)		—		—		10,726		(7)
Collateralized mortgage obligations:
U.S. Government agency securities		9,280		(204)		—		—		9,280		(204)
Government-sponsored enterprises		24,010		(91)		12,804		(47)		36,814		(138)
	$	58,873	$	(509)	$	41,404	$	(421)	$	100,277	$	(930)

Securities held to maturity:
Corporate debt securities	$	9,020	$	(12)	$	17,750	$	(6,237)	$	26,770	$	(6,249)
Municipal obligations		—		—		2,375		(9)		2,375		(9)
	$	9,020	$	(12)	$	20,125	$	(6,246)	$	29,145	$	(6,258)


	December 31, 2024
	Less than 12 Months				12 Months or Longer				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Securities available for sale:
U.S. Treasury	$	14,432	$	(4)	$	128,283	$	(864)	$	142,715	$	(868)
Mortgage-backed securities:
U.S. Government agency securities		19,328		(1,189)		—		—		19,328		(1,189)
Government-sponsored enterprises		16,889		(633)		—		—		16,889		(633)
Collateralized mortgage obligations:
U.S. Government agency securities		17,548		(461)		—		—		17,548		(461)
Government-sponsored enterprises		31,128		(248)		11		(1)		31,139		(249)
Municipal obligations		6,437		(8)		—		—		6,437		(8)
	$	105,762	$	(2,543)	$	128,294	$	(865)	$	234,056	$	(3,408)

Securities held to maturity:
Corporate debt securities	$	—	$	—	$	16,819	$	(3,181)	$	16,819	$	(3,181)
Municipal obligations		—		—		3,579		(37)		3,579		(37)
	$	—	$	—	$	20,398	$	(3,218)	$	20,398	$	(3,218)

Unrealized losses on securities available for sale have not been recognized into income because the issuers' debt securities are of high credit quality (rated AA or higher), management does not intend to sell, and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the securities. The fair value is expected to recover as the securities approach maturity.

The Company does not believe the available for sale securities that were in an unrealized loss position as of September 30, 2025 and December 31, 2024, which consisted of 26 and 52 individual securities, respectively, represented a credit loss impairment. Available for sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses at least quarterly. As of September 30, 2025 and December 31, 2024, the majority of the available for sale securities in an unrealized loss position consisted of debt securities issued by U.S. government agencies or U.S. government-sponsored enterprises that carry the explicit and/or implicit guarantee of the U.S. government, which are widely recognized as “risk-free” and have a long history of zero credit losses. Total gross unrealized losses were primarily

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attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. The Company does not intend to sell, nor is it more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, which may be at maturity.

None of the Company’s held to maturity debt securities were past due or on nonaccrual status as of September 30, 2025 and December 31, 2024. There was no accrued interest reversed against interest income for the three and nine months ended September 30, 2025 and 2024, as all securities remained on accrual status. In addition, there were no collateral dependent held to maturity debt securities as of September 30, 2025 and December 31, 2024. An allowance for credit losses on held to maturity debt securities is recorded to account for expected lifetime credit losses.

The following table sets forth information with regard to contractual maturities of debt securities (dollars in thousands). Securities not due at a single maturity date are shown separately.


	September 30, 2025
	Amortized		Estimated
	Cost		Fair Value
Securities available for sale:
Due in one year or less	$	69,216	$	69,291
Due after one to five years		44,807		45,019
Due after five to ten years		14,259		14,207
Due after ten years		125,384		125,992
	$	253,666	$	254,509

Securities held to maturity:
Due in one year or less	$	2,102	$	2,093
Due after one to five years		10,282		10,379
Due after five to ten years		31,909		26,097
	$	44,293	$	38,569

Maturities of mortgage-backed securities and collateralized mortgage obligations are included based on their contractual lives. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

There were no sales of securities available for sale for the three and nine months ended September 30, 2025. During the three and nine months ended September 30, 2024, the Company received $350,000 in proceeds from the sale of securities available for sale, realizing net gains of $165,000.

There were no sales of securities held to maturity for the three and nine months ended September 30, 2025 and 2024.

During the nine months ended September 30, 2024, the Company received $3.1 million in proceeds from the sale of equity securities.

At September 30, 2025, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of the Company’s equity. As of September 30, 2025 and December 31, 2024, the carrying value of available for sale securities pledged to secure Federal Home Loan Bank of New York (“FHLBNY”) advances and municipal deposits was $251.0 million and $313.6 million, respectively.

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4.NET LOANS RECEIVABLE

A summary of net loans receivable is as follows (dollars in thousands):



	September 30, 2025		December 31, 2024
Commercial:
Real estate	$	469,793	$	414,835
Commercial and industrial		125,267		108,474
Construction		163,470		130,959
Total commercial		758,530		654,268
Residential mortgages		763,684		689,569
Home equity loans and lines		97,586		94,928
Consumer		18,732		17,564
		1,638,532		1,456,329
Allowance for credit losses		(24,600)		(21,754)
Net loans receivable	$	1,613,932	$	1,434,575

Accrued interest receivable on loans totaled $7.3 million and $6.3 million at September 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on loans is included in accrued interest receivable on the consolidated statements of condition, and is excluded from the estimate of credit losses.

Net deferred loan costs totaled $11.2 million and $9.8 million at September 30, 2025 and December 31, 2024, respectively, and are included in net loans receivable.

The allowance for credit losses on loans estimate uses a four quarter reasonable and supportable forecast period based on economic forecast from the Federal Open Market Committee (“FOMC”) of the Federal Reserve's projections of civilian unemployment and year-over-year U.S. gross domestic product (“GDP”) growth. The forecast will revert to long-term economic conditions over a four quarter reversion period on a straight-line basis. A qualitative factor framework has been developed to adjust the quantitative loss rates for asset-specific risk characteristics or current conditions at the reporting date.

The following tables present the activity in the allowance for credit losses by portfolio segment (dollars in thousands):


	For the Three Months Ended September 30, 2025
	Beginning								Ending
	Balance		Provisions		Charge-offs		Recoveries		Balance
Commercial	$	13,317		1,074	$	(27)	$	9	$	14,373
Residential mortgages		8,628		(190)		—		13		8,451
Home equity loans and lines of credit		1,189		(7)		—		—		1,182
Consumer		670		(77)		(17)		18		594
Allowance for credit losses - loans		23,804		800		(44)		40		24,600
Allowance for credit losses - off-balance sheet credit exposures		2,240		(45)		—		—		2,195
Total	$	26,044	$	755	$	(44)	$	40	$	26,795

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	For the Three Months Ended September 30, 2024
	Beginning								Ending
	Balance		Provisions		Charge-offs		Recoveries		Balance
Commercial	$	12,504	$	(1,009)	$	(24)	$	207	$	11,678
Residential mortgages		7,706		95		(14)		—		7,787
Home equity loans and lines of credit		1,244		(73)		—		—		1,171
Consumer		347		290		(36)		1		602
Allowance for credit losses - loans		21,801		(697)		(74)		208		21,238
Allowance for credit losses - off-balance sheet credit exposures		1,899		(127)		—		—		1,772
Total	$	23,700	$	(824)	$	(74)	$	208	$	23,010


	For the Nine Months Ended September 30, 2025
	Beginning								Ending
	Balance		Provisions		Charge-offs		Recoveries		Balance
Commercial	$	12,067	$	2,378	$	(96)	$	24	$	14,373
Residential mortgages		7,930		480		(4)		45		8,451
Home equity loans and lines of credit		1,185		20		(23)		—		1,182
Consumer		572		57		(65)		30		594
Allowance for credit losses - loans		21,754		2,935		(188)		99		24,600
Allowance for credit losses - off-balance sheet credit exposures		2,190		5		—		—		2,195
Total	$	23,944	$	2,940	$	(188)	$	99	$	26,795


	For the Nine Months Ended September 30, 2024

	Beginning								Ending
	Balance		Provisions		Charge-offs		Recoveries		Balance
Commercial	$	12,674	$	(1,208)	$	(24)		236	$	11,678
Residential mortgages		6,970		949		(132)		—		7,787
Home equity loans and lines of credit		1,339		(171)		—		3		1,171
Consumer		379		321		(102)		4		602
Allowance for credit losses - loans		21,362		(109)		(258)		243		21,238
Allowance for credit losses - off-balance sheet credit exposures		1,681		91		—		—		1,772
Total	$	23,043	$	(18)	$	(258)	$	243	$	23,010

The following tables present the balance in the allowance for credit losses and the recorded investment in loans by portfolio segment (dollars in thousands):

Pioneer Bancorp, Inc./MD 10-Q