Pioneer Bankcorp announces first quarter earnings of $2.91 million or $2.64 per share

CLEWISTON, FL, April 27, 2026 — Pioneer Bankcorp, Inc. (OTC Markets: PBKC), the parent company of First Bank, reported its financial results for the first quarter of 2026, covering the period ended March 31, 2026. These results are compared to the first quarter of 2025, which ended March 31, 2025.

Highlights of 2026 Performance

·         Net Income: $2.91 million, an 18.6% increase year-over-year.

·         Earnings Per Share: $2.64, up 21.7% from the prior-year quarter.

·         Interest Income: $10.21 million, a 12.1% increase year-over-year, while interest expense increased 1.5%.

·         Net Interest Income: $8.07 million, a 15.3% increase from the prior-year quarter.

·         Net Yield on Average Interest Earning Assets: 4.17%, an increase of 7.8% from the prior-year quarter.

·         Return on Assets and Equity: Return on average assets was 1.42%, an increase of 12.7%, and return on average equity was 15.83%, compared to 15.82% in the prior-year quarter.

·         Operating Efficiency: Overhead efficiency ratio improved to 55.50% from 57.76% in the prior-year quarter.

Balance Sheet Growth

·         Total Assets: Increased 1.1% to $822.4 million.

·         Net Loans: Increased 8.2% to $474.8 million.

·         Investments: Increased 15.3% to $224.0 million.

·         Deposits: Decreased 0.1% to $734.5 million.

·         Stockholders' Equity: Increased 15.4% to $74.2 million.

·         Tangible Book Value Per Share: Increased 18.3% to $67.31.

Capital and Credit Quality

·         Tier 1 Leverage Ratio: Increased to 9.43%.

·         Total Risk-Based Capital Ratio: Increased to 16.00%.

·         Non-Performing Assets to Total Assets: 0.02%.

·         Loans Past Due More Than 90 Days to Total Loans: 0.00%.

·         Allowance for Credit Losses to Total Loans: Increased to 1.78%.

Management Commentary

Andrew Couse, President & CEO, commented, " Reporting these outstanding results during Community Banking Month is especially meaningful. It is a wonderful reminder that the community banking model, executed with long-term focus by a team of great bankers has an enduring place in our economy. We are dedicated to maintaining strong fundamentals and driving profitable organic growth from within our local markets."

He further stated, " We continue to see improvement in our Net Interest Margin and expect this trend to continue throughout the year.  We see very little weakness in our loan portfolio; however, we continue to build our provision, a prudent move due to the uncertainties in the overall economy. With strong capital, liquidity, reserves and earnings, we are well positioned to thrive across a wide array of possible scenarios.”

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Dollars in thousands, except per share amounts)

For the three months ended March 31st

(1) Annualized for all periods presented             

For additional information, please contact:

Andrew Couse, President & CEO                                   or                                             Mark Deitz, EVP & CFO

863-902-3401                                                                                                                 863-902-3459    

acouse@first1bank.com                                                                                                mdeitz@first1bank.com

About Pioneer Bankcorp, Inc

Pioneer Bankcorp, Inc. is the Bank holding company for First Bank (the “Bank”) and is located at 300 East Sugarland Highway, Clewiston, Florida. Full-service branch offices are also located in the following communities:

·         Labelle - 301 State Road 80

·         Clewiston - 101 South Berner Rd.

·         Fort Myers - 11741 Palm Beach Boulevard

·         Moore Haven - 24704 US Highway 27

·         Belle Glade - 325 South Main Street

·         Immokalee - 316 North 15th Street

First Bank is engaged in financial planning and the sale of brokerage service products under the trademark First1Financial. First Bank can be found online at www.first1bank.com.

Non-GAAP Financial Measures

This report refers to the overhead efficiency ratio, which is computed by dividing non-interest expense by the sum of net interest income and non-interest income. This is a non-GAAP financial measure that we believe provides investors with important information regarding our operational efficiency. Comparison of our efficiency ratio with those of other companies may not be possible because other companies may calculate the efficiency ratio differently. Such information is not in accordance with generally accepted accounting principles in the United States (GAAP) and should not be construed as such. Management believes such financial information is meaningful to the reader in understanding operating performance but cautions that such information should not be viewed as a substitute for GAAP. Pioneer Bankcorp, Inc in referring to its net income, is referring to income under GAAP.

Forward-Looking Statements

Information in this press release may contain “forward-looking statements.” These statements reflect management's current beliefs as to the expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. As such, actual results and outcomes may materially differ from what may be expressed or forecast in such forward-looking statements. Factors that could cause a difference include, among others: changes in the national and local economies or market conditions; changes in interest rates, deposit levels, loan demand and asset quality, including real estate and other collateral values; changes in banking regulations and accounting principles, policies, or guidelines; and the impact of competition from traditional or new sources. These and other factors that may emerge could cause decisions and actual results to differ materially from current expectations. Pioneer Bankcorp, Inc takes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this press release.