Pioneer Bancorp, Inc./MD (NASDAQ: PBFS)

Pioneer Bancorp, Inc. operates as a financial holding company through its wholly-owned subsidiary, Pioneer Bank, National Association, which provides commercial and consumer banking services in the Capital Region of New York. The Bank originates commercial real estate, commercial and industrial, commercial construction, residential mortgage, home equity, and consumer loans. It also offers deposit accounts, wealth management, insurance, and human resources consulting services to individuals, businesses, and municipalities across its primary market area.

Pioneer Bancorp, Inc. generates revenue primarily through interest income on its loan portfolio, which includes commercial real estate, commercial and industrial, commercial construction, residential mortgage, home equity, and consumer loans. Additional revenue is derived from service fees on wealth management, insurance, and human resources consulting services provided by its subsidiaries. The Bank also earns income from investments in U. S. Treasury obligations, mortgage-backed securities, collateralized mortgage obligations, municipal securities, and corporate debt securities, as well as fees from loan servicing and deposit account services.

The company operates through the following segments:

• Pioneer Bank, National Association: This segment provides traditional banking services including lending, deposit taking, and investment activities. It originates loans secured by real estate and business assets, offers checking, savings, money market, and certificate of deposit accounts, and invests in government and corporate securities. The Bank serves retail, business, and municipal depositors in Albany, Greene, Rensselaer, Saratoga, Schenectady, and Warren Counties in New York.

• Pioneer Financial Services, Inc.: This segment delivers wealth management services in partnership with LPL Financial, offering investment advice, retirement income planning, estate planning, business succession, and employer retirement planning. It operates from the Bank’s headquarters in Albany, New York, with licensed representatives available in branch offices. As of December 31, 2025, it had $1.4 billion of assets under management.

• Pioneer Insurance Agency, Inc.: This segment offers personal and commercial insurance products, including homeowners, automobile, and comprehensive business insurance, and works with major national insurance companies. It also provides employee benefits products and consulting services under the name Pioneer Benefits Consulting, including group health, dental, disability, and life insurance, as well as defined contribution and defined benefit administration. The agency operates from the Bank’s headquarters in Albany, New York.

• Pioneer Consulting Solutions, Inc.: This segment provides human resources consulting services to business clients through outsourced HR management, project-based HR work such as creating employee handbooks and overseeing audit compliance, and leave management services involving medical, caregiving, or family leave programs. It ensures regulatory compliance with federal and state regulations. The firm operates from the Bank’s headquarters in Albany, New York.

Pioneer Bancorp, Inc. operates in a competitive banking environment dominated by large regional and national banks such as Key Bank, Citizens Bank, M&T Bank, TD Bank, Bank of America, and JP Morgan Chase, which have a significant presence in its market area. The company differentiates itself through its deep local relationships, focus on small- to medium-sized businesses, and diversified financial services offerings beyond traditional banking, including wealth management, insurance, and HR consulting. Its strength lies in its community-oriented approach and ability to serve niche customer segments that larger institutions may overlook.

The company serves retail customers, small and medium-sized businesses, professional firms, not-for-profit organizations, and municipal entities such as towns, cities, school districts, and local government agencies across its primary market area in the Capital Region of New York. Key local employers in the region include GE Vernova, Regeneron Pharmaceuticals, Inc., GlobalFoundries, Albany Med Health System, St. Peter’s Health Partners, Northeast Grocery Inc., Rensselaer Polytechnic Institute, and the State of New York, which represent significant sources of business and municipal deposits.