CONDENSED FINANCIAL STATEMENTS OF PIONEER BANCORP, INC. (Tables)

12 Months Ended

Dec. 31, 2025

CONDENSED FINANCIAL STATEMENTS OF PIONEER BANCORP, INC.

Schedule of condensed statement of financial condition


Pioneer Bancorp, Inc.
Condensed Statements of Condition
(in thousands)
		As of December 31,
		2025			2024
Assets
Cash and cash equivalents		$	30,759		$	44,052
Investment in subsidiary			283,511			250,267
Loan receivable			10,143			10,596
Other assets			21			6
Total assets		$	324,434		$	304,921

Liabilities and Shareholders’ Equity
Total liabilities		$	573		$	368
Total shareholders’ equity			323,861			304,553
Total liabilities and shareholders’ equity		$	324,434		$	304,921

Schedule of condensed statement of operations


Pioneer Bancorp, Inc.
Condensed Statements of Operations
(in thousands)
		For the			For the						For the
		Year Ended			Six Months Ended						Fiscal Year Ended
		December 31,			December 31,						June 30,
		2025			2024			2023			2024
Income
Interest-earning assets		$	1,943		$	941		$	444		$	930
Total income			1,943			941			444			930

Operating Expenses
Other			216			130			116			192
Total operating expenses			216			130			116			192

Income before tax expense and equity in undistributed net income of subsidiary			1,727			811			328			738
Income tax expense			461			217			88			198
Income before equity in undistributed net income of subsidiary			1,266			594			240			540
Equity in undistributed net income of subsidiary			19,021			9,006			6,371			14,720
Net income		$	20,287		$	9,600		$	6,611		$	15,260

Schedule of condensed statement of cash flow


Pioneer Bancorp, Inc.
Condensed Statements of Cash Flow
(in thousands)
		For the			For the						For the
		Calendar Year Ended			Six Months Ended						Fiscal Year Ended
		December 31,			December 31,						June 30,
		2025			2024			2023			2024
Cash flow from operating activities:
Net income		$	20,287		$	9,600		$	6,611		$	15,260

Adjustments to reconcile net income to cash provided by operating activities:
Undistributed income of subsidiary			(19,021)			(9,006)			(6,371)			(14,720)
Net (increase) decrease in other assets			(15)			532			367			200
Net increase in other liabilities			205			357			184			11
Net cash provided by operating activities			1,456			1,483			791			751

Cash flow from investing activities:
Decrease in loan receivable			453			387			393			393
Investment in subsidiaries			(5,050)			—			—			—
Net cash provided by investing activities			(4,597)			387			393			393

Cash flow from financing activities:
Repurchase of common stock			(11,294)			(3,146)			—			(1,075)
Proceeds from exercise of options, net			76			—			—			—
Purchase of employee restricted shares to fund statutory tax withholding			(145)			—			—			—
Other			1,211			629			(113)			(55)
Net cash used in financing activities			(10,152)			(2,517)			(113)			(1,130)
Net (decrease) increase in cash and cash equivalents			(13,293)			(647)			1,071			14
Cash and cash equivalents at beginning of year			44,052			44,699			44,685			44,685
Cash and cash equivalents at end of year		$	30,759		$	44,052		$	45,756		$	44,699