CLEWISTON, FL, July 22, 2025 – Pioneer Bankcorp, Inc (OTC Markets: PBKC), the holding company for First Bank, today reported earnings for the six months ended June 30, 2025. Comparisons to 2024 noted below are for the six months ending June 30, 2024.

The Company reported net income of $5.43 million or $4.81 per fully diluted common share, compared with $4.17 million or $3.69 per fully diluted common share earned in 2024.

YTD loan yields increased from 5.55% to 5.94%, and net interest income increased from $12.18 million in 2024 to $14.74 million in 2025. Income from investments increased from $2.61 millionin2024to$3.07 million in 2025.The net interest margin rose from 3.50% to 3.94%. This change reflects an increase in the yield on earning assets, which resulted from higher rates on new loans, adjustments to existing loan rates, and the replacement of lower yielding investments with those at current market yields.

Non-interest income decreased 6.7% from $2.46 million in 2024 to $2.29 million in 2025 and non-interest expenses increased 6.3% from $8.96 million in 2024 to $9.52 million in 2025.  

Theprovisionforloanlosses increased slightly from $225 thousand in 2024 to $375 thousand in 2025, andtheallowance for credit losses was $7.95 million or 1.67 % of total loans as of June 30, 2025. The balance in the reserve for unfunded commitments required by CECL was $616,000 and non-performing assets were .00 % of total assets.

Total assets as of June 30, 2025, were $799.7 million, an increase of 9.9% from $727.4 million reported as of June 30, 2024. Net loans increasedto$467.7millionat June 30, 2025,comparedto$423.7 millionat June 30, 2024,a 10.4%increase. The investment portfolio increased by 3.3% year over year and stood at $197.9 million at June 30, 2025. Total deposits were $719.5 million, an increase of 9.2% from $659.1 million. Liquidity remains strong and well above our policy minimums, and our loan-to-deposit ratio was 65.7%.

Andrew Couse, President & CEO, stated, "The financial results for the first half of 2025 demonstrate substantial growth in net income, primarily driven by ongoing improvements in our Net Interest Margin. Combined with consistently strong asset quality, these factors provide a solid foundation for continued robust performance throughout the remainder of the year."

He continued “I am incredibly proud of our lending team for their exceptional performance in the first half of the year. Their dedication and hard work have resulted in $84 million in new loan production, significantly increasing our overall loan portfolio by $31 million. This achievement is a testament to their expertise and commitment to delivering value to our customers and communities.”