Valuation & Earnings - Pioneer Bancorp reported revenue of $31.81 million and earnings per share (EPS) of $0.80, while Carter Bankshares reported higher revenue of $243.10 million and EPS of $1.36, indicating stronger financial performance for Carter Bankshares [2][3] - Carter Bankshares has a lower price-to-earnings (P/E) ratio of 14.69 compared to Pioneer Bancorp's P/E ratio of 18.39, suggesting that Carter Bankshares is currently more affordable [2][3] Volatility & Risk - Pioneer Bancorp has a beta of 0.45, indicating its stock price is 55% less volatile than the S&P 500, while Carter Bankshares has a beta of 0.62, indicating it is 38% less volatile than the S&P 500 [3] Profitability - Pioneer Bancorp has a net margin of 16.17%, return on equity (ROE) of 6.38%, and return on assets (ROA) of 0.95%. In comparison, Carter Bankshares has a net margin of 12.37%, ROE of 7.65%, and ROA of 0.65% [5] Analyst Recommendations - Carter Bankshares has a consensus price target of $22.00, indicating a potential upside of 10.11%. Analysts view Carter Bankshares more favorably than Pioneer Bancorp, which has no buy ratings [7] Insider & Institutional Ownership - 41.5% of Carter Bankshares shares are held by institutional investors, compared to only 2.5% of Pioneer Bancorp shares held by company insiders, indicating stronger institutional confidence in Carter Bankshares [8] Summary - Carter Bankshares outperforms Pioneer Bancorp in 8 out of 13 factors compared, highlighting its overall stronger position in the market [9]

Table of Contents 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 OR 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 (Commission File No.) (I.R.S. Employer Identification No.) 652 Albany Shaker Road, ...

Exhibit 99.1 652 Albany Shaker Road, Albany, NY 12211 News Release Pioneer Bancorp, Inc. Reports Third Quarter 2025 Results Net Income of $4.3 Million Albany, N.Y. – October 30, 2025 – Pioneer Bancorp, Inc. ("Pioneer") (NASDAQ: PBFS), a leading financial institution in New York's Capital Region, today reported the results for the three and nine months ended September 30, 2025. Net income for the three months ended September 30, 2025 was $4.3 million, or $0.18 per basic and diluted share, as compared to $6.3 ...

Table of Contents 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 June 30, 2025 OR ☐ 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 ...

Exhibit 99.1 FOR IMMEDIATE RELEASE: Pioneer Bancorp, Inc. Reports Second Quarter 2025 Results Net Income of $6.5 Million Albany, N.Y. – July 30, 2025 – Pioneer Bancorp, Inc. ("Pioneer") (NASDAQ: PBFS), a leading financial institution in New York's Capital Region, today reported the results for the three and six months ended June 30, 2025. Net income for the three months ended June 30, 2025 was $6.5 million, or $0.26 per basic and diluted share, as compared to $3.9 million, or $0.16 per basic and diluted sha ...

Financial Performance - Net income for the three months ended March 31, 2025, was $5,763,000, compared to $4,719,000 for the same period in 2024, reflecting a year-over-year increase of 22.1%[12] - The company reported a basic net earnings per common share of $0.23 for Q1 2025, up from $0.19 in Q1 2024, representing a growth of 21.1%[12] - Net income applicable to common stock for the three months ended March 31, 2025, was $5,763,000, compared to $4,719,000 for the same period in 2024, reflecting an increase of about 22%[133] - Net interest income for the three months ended March 31, 2025, was $19.1 million, compared to $17.3 million for the same period in 2024, reflecting an increase of 10.5%[163] - The net interest margin improved to 4.12% for the three months ended March 31, 2025, compared to 3.96% for the same period in 2024[163] - Total shareholders' equity increased by $6.1 million, or 2.0%, to $310.7 million, mainly due to net income and an increase in accumulated other comprehensive income[183] Asset and Deposit Growth - Total assets increased to $2,068,985,000 as of March 31, 2025, up from $1,979,730,000 at December 31, 2024, representing a growth of 4.5%[10] - Total deposits increased to $1,721,647,000 as of March 31, 2025, compared to $1,586,183,000 at December 31, 2024, an increase of 8.5%[10] - Cash and cash equivalents at the end of Q1 2025 were $139,626,000, compared to $96,521,000 at the end of Q4 2024, an increase of 44.6%[17] - Total gross unrealized losses on available for sale securities were $3.4 million as of December 31, 2024, primarily due to changes in interest rates rather than credit quality[36] Loan and Credit Quality - As of March 31, 2025, net loans receivable totaled $1,487.2 million, an increase from $1,434.6 million as of December 31, 2024, representing a growth of 3.7%[43] - The allowance for credit losses on loans increased to $22.8 million as of March 31, 2025, up from $21.8 million at the end of 2024, reflecting a rise of 4.8%[46] - Total non-accrual loans amounted to $10,695,000, with $5,864,000 in real estate and $3,867,000 in residential mortgages[51] - Total past due loans over 90 days still on accrual were $9,734,000, with $5,878,000 in commercial real estate and $2,081,000 in residential mortgages[51] - The total classified loans increased to $28.8 million at March 31, 2025, from $24.7 million at December 31, 2024, with substandard loans rising by $2.9 million[205] Noninterest Income and Expenses - Noninterest income decreased to $3,725,000 in Q1 2025 from $4,234,000 in Q1 2024, a decline of 11.9%[12] - Total noninterest income in scope for the three months ended March 31, 2025, was $3,651,000, slightly up from $3,638,000 in 2024, showing a marginal increase of about 0.4%[132] - Non-interest expense decreased to $14,591,000 in Q1 2025 from $15,429,000 in Q1 2024, a reduction of 5.4%[12] - Non-interest income decreased by $509,000, or 12.0%, to $3.7 million, primarily due to a lack of net gains on equity securities compared to the previous year[196] Legal and Regulatory Matters - The Company has a potential exposure of $54.4 million related to legal matters as of March 31, 2025, which is in addition to any accrued liabilities[84] - The Company and the Bank are vigorously defending against multiple legal claims and proceedings, which could have a material adverse effect on their business and financial condition[86] - The New York State Department of Financial Services conducted investigations into the Bank's practices associated with the Mann Parties, leading to the Bank's conversion to a national bank on April 1, 2024[105] Strategic Focus and Future Outlook - The company aims to grow through deepening client relationships and diversifying its products and services, focusing on lower-cost core deposits and selective acquisitions[151] - The company’s strategy emphasizes delivering long-term value to stockholders while expanding product and service offerings to meet evolving client needs[152] - The Company is evaluating the impact of new accounting standards on its consolidated financial statements, effective for fiscal years beginning after December 15, 2024[26][28]

Financial Performance - Net income for the first quarter of 2025 was $5.8 million, or $0.23 per share, compared to $4.7 million, or $0.19 per share for the same period in 2024, representing a 23.4% increase in net income year-over-year[2] - Net interest income for the quarter was $19.1 million, up $1.8 million, or 10.1%, from $17.3 million in the same quarter of 2024[6] - Net interest income rose to $19,083,000 for the three months ended March 31, 2025, compared to $17,331,000 for the same period in 2024, an increase of 10.1%[27] - Basic earnings per share increased to $0.23 in Q1 2025, up from $0.19 in Q1 2024, marking a growth of 21.1%[27] - Return on average assets improved to 1.14% in Q1 2025, compared to 0.98% in Q1 2024[28] - The efficiency ratio decreased to 63.97% in Q1 2025 from 71.55% in Q1 2024, indicating improved operational efficiency[28] Asset and Loan Growth - Total assets increased by $89.3 million, or 4.5%, to $2.07 billion at March 31, 2025, from $1.98 billion at December 31, 2024[18] - Net loans receivable rose by $52.6 million, or 3.7%, to $1.49 billion at March 31, 2025, primarily driven by growth in the residential mortgage loan portfolio[19] - Total assets increased to $2,068,985,000 as of March 31, 2025, from $1,979,730,000 as of December 31, 2024, representing a growth of 4.5%[27] - Total deposits rose to $1,721,647,000 as of March 31, 2025, compared to $1,586,183,000 as of December 31, 2024, an increase of 8.5%[27] - Deposits increased by $135.5 million, or 8.5%, to $1.72 billion at March 31, 2025, with significant growth in money market accounts and non-interest-bearing demand accounts[21] Credit Quality - Non-performing assets increased to $10.7 million, or 0.52% of total assets, at March 31, 2025, up from $5.2 million, or 0.27% of total assets, at December 31, 2024[10] - The provision for credit losses was $800,000 for the first quarter of 2025, significantly higher than $80,000 for the same period in 2024, reflecting changes in economic conditions and loan portfolio growth[13] - Non-performing loans as a percentage of total loans increased to 0.71% in Q1 2025 from 0.65% in Q1 2024[28] - The allowance for credit losses as a percentage of total loans decreased to 1.51% in Q1 2025 from 1.62% in Q1 2024[28] Shareholder Equity - Shareholders' equity increased by $6.1 million, or 2.0%, to $310.7 million at March 31, 2025, primarily due to net income and an increase in accumulated other comprehensive income[22] Other Financial Metrics - The average yield on interest-earning assets increased by 32 basis points to 5.62% for the three months ended March 31, 2025, compared to 5.30% for the same period in 2024[7] - The number of full-time equivalent employees increased slightly to 268 in Q1 2025 from 267 in Q1 2024, indicating stable workforce levels[28] - Noninterest income decreased by $509,000, or 12.0%, to $3.7 million for the three months ended March 31, 2025, compared to $4.2 million for the same period in 2024[14]

Financial Performance - Net income for the six months ended December 31, 2024 was $9.6 million, a 45.5% increase from $6.6 million for the same period in 2023[2] - Net interest income for the six months ended December 31, 2024 was $35.5 million, an increase of $3.5 million, or 10.9%, from $32.0 million for the same period in 2023[5] - Noninterest income for the six months ended December 31, 2024 was $8.8 million, a 4.8% increase from $8.4 million for the same period in 2023[13] - Noninterest expense for the six months ended December 31, 2024 was $31.6 million, an increase of $1.4 million, or 4.8%, from $30.2 million for the same period in 2023[14] - The effective tax rate increased to 22.6% for the six months ended December 31, 2024, compared to 20.6% for the same period in 2023[15] - The efficiency ratio for the six months ended December 31, 2024, was 71.47%, compared to 74.76% for the same period in 2023, indicating improved operational efficiency[27] Asset and Loan Growth - Total assets increased by $84.3 million, or 4.4%, to $1.98 billion at December 31, 2024, compared to $1.90 billion at June 30, 2024[16] - Net loans receivable rose by $90.5 million, or 6.7%, to $1.43 billion at December 31, 2024, driven by growth in residential mortgage loans[17] - Total assets rose to $1,979.73 million at December 31, 2024, up from $1,895.40 million at June 30, 2024[26] Deposits and Equity - Total deposits increased by $35.9 million, or 2.3%, to $1.59 billion at December 31, 2024, compared to $1.55 billion at June 30, 2024[19] - Shareholders' equity increased by $8.0 million, or 2.7%, to $304.6 million as of December 31, 2024, driven by net income of $9.6 million and an increase in accumulated other comprehensive income[20] Non-Performing Assets - Non-performing assets decreased to $5.2 million, or 0.27% of total assets, down from $9.2 million, or 0.49% of total assets, at June 30, 2024[10] - Non-performing loans as a percentage of total loans decreased to 0.36% as of December 31, 2024, down from 0.93% in the prior year[27] Capital and Stock Repurchase - The bank's Tier 1 capital to average assets ratio was 12.07% at December 31, 2024, exceeding the federal "well capitalized" standard[20] - Pioneer repurchased 287,389 shares of its common stock at an average price of $10.81 per share during the six months ended December 31, 2024, with 905,108 shares remaining available for repurchase[21] Employment Growth - The number of full-time equivalent employees increased to 272 as of December 31, 2024, compared to 262 a year earlier, reflecting growth in operations[27] Interest Income - Interest income increased by $7.2 million, or 17.3%, to $48.8 million for the six months ended December 31, 2024, compared to $41.6 million for the same period in 2023[7] - Interest income for the three months ended December 31, 2024, was $24.45 million, up from $21.49 million in the same period of 2023, representing a year-over-year increase of 9.1%[26]

Financial Performance - Net income for the three months ended September 30, 2024, was $6,308 thousand, compared to $3,419 thousand for the same period in 2023, reflecting an increase of 84.5%[6] - Comprehensive income for the three months ended September 30, 2024, was $8,006 thousand, compared to $4,447 thousand for the same period in 2023, reflecting an increase of 79.5%[7] - Net income for the three months ended September 30, 2024, was $6,308,000, compared to $3,419,000 for the same period in 2023, representing an increase of 84.4%[11] - Basic and diluted earnings per common share for the three months ended September 30, 2024, were both $0.25, compared to $0.14 for the same period in 2023[139] Asset and Liability Growth - Total assets increased to $2,014,602 thousand as of September 30, 2024, up from $1,895,404 thousand on June 30, 2024, representing an increase of 6.3%[5] - Total liabilities increased to $1,710,801 thousand as of September 30, 2024, from $1,598,876 thousand on June 30, 2024, an increase of 7.0%[5] - Total deposits grew to $1,675,280 thousand as of September 30, 2024, up from $1,550,252 thousand on June 30, 2024, marking an increase of 8.1%[5] - Total shareholders' equity increased to $296,528,000 as of July 1, 2024, up from $271,771,000 as of September 30, 2023, reflecting a growth of 9.1%[9] Income Components - Net interest income after provision for credit losses rose to $18,767 thousand for the three months ended September 30, 2024, compared to $15,140 thousand for the same period in 2023, an increase of 24.3%[6] - Noninterest income increased to $4,118 thousand for the three months ended September 30, 2024, compared to $3,574 thousand for the same period in 2023, a rise of 15.3%[6] - The company reported total noninterest income of $4,118,000 for the three months ended September 30, 2024, compared to $3,574,000 for the same period in 2023, representing an increase of 15.2%[137] Credit Loss Provisions - The provision for credit losses was $(870) thousand for the three months ended September 30, 2024, compared to $750 thousand for the same period in 2023, indicating a reduction in credit loss provisions[6] - The provision for credit losses for the three months ended September 30, 2024, was $(870,000), compared to $750,000 for the same period in 2023, indicating a shift in credit loss management[11] - The total allowance for credit losses, including off-balance sheet credit exposures, was $23,010 as of September 30, 2024[37] Loan Portfolio - As of September 30, 2024, net loans receivable totaled $1,399,725, an increase of 4.1% from $1,344,069 as of June 30, 2024[36] - Total commercial loans increased to $643,988, up 2.0% from $625,781 as of June 30, 2024[36] - Residential mortgages rose to $665,027, an increase of 4.9% from $633,779[36] - The allowance for credit losses on loans decreased to $21,238 from $21,801, reflecting a reduction of 2.6%[37] Securities and Investments - As of September 30, 2024, the total available for sale securities amounted to $263,934, with gross unrealized losses of $(1,857) and an estimated fair value of $262,533[23] - The estimated fair value of securities available for sale was $262,533,000, with $216,760,000 classified as Level 1 inputs[125] - The company does not intend to sell available for sale securities in an unrealized loss position, which are expected to recover as they approach maturity[29] Mergers and Acquisitions - The company completed the acquisition of assets from Hudson Financial LLC for $2,000,000 in cash and $1,500,000 in contingent consideration, aimed at expanding its wealth management services[21] - The company announced a merger of Pioneer Commercial Bank into Pioneer Bank, effective October 1, 2024, enhancing its municipal deposit banking services[12] Legal and Regulatory Matters - The estimated range of possible losses related to legal proceedings is $0 to $54.4 million as of September 30, 2024[82] - The bank's potential monetary exposure related to fraudulent activity with the Mann Entities was approximately $18.5 million, with a recognized charge of $2.5 million in the first fiscal quarter of 2020[87] - The New York State Department of Financial Services conducted investigations into the Bank's practices, which may lead to regulatory actions[112] Employee Compensation and Benefits - Stock-based compensation expense for the three months ended September 30, 2024, was $343,000, reflecting the company's commitment to employee incentives[11] - The net periodic pension cost for the three months ended September 30, 2024, was $(57,000), compared to $153,000 for the same period in 2023[68] - Total compensation expense recognized in connection with the ESOP for the three months ended September 30, 2024, was $138,000, up from $117,000 for the same period in 2023[71]

Financial Performance - Net income for the three months ended September 30, 2024 was $6.3 million, or $0.25 per share, compared to $3.4 million, or $0.14 per share for the same period in 2023, representing an increase of 85.3%[2] - Net interest income increased by $2.0 million, or 12.6%, to $17.9 million for the three months ended September 30, 2024, compared to $15.9 million for the same period in 2023[4] - Noninterest income rose to $4.1 million, an increase of $544,000, or 15.2%, compared to $3.6 million for the same period in 2023, driven by growth in insurance and wealth management services[10] - Net income for the period reached $6,308 thousand, compared to $3,419 thousand, marking a significant increase of approximately 84.5%[24] - Earnings per share (diluted) increased to $0.25 from $0.14, representing a growth of approximately 78.6%[24] Asset and Loan Growth - Net loans receivable increased by $55.7 million, or 4.1%, to $1.40 billion at September 30, 2024, primarily driven by growth in residential mortgage and commercial real estate loans[14] - Total assets rose to $2.01 billion, an increase of $119.2 million, or 6.3%, from $1.90 billion at June 30, 2024[13] - Total assets increased to $2,014,602 thousand from $1,895,404 thousand, representing a growth of approximately 6.3%[23] Deposit and Equity Changes - Deposits increased by $125.0 million, or 8.1%, to $1.68 billion at September 30, 2024, with significant growth in non-interest-bearing demand accounts[16] - Shareholders' equity increased by $7.3 million, or 2.5%, to $303.8 million at September 30, 2024, primarily due to net income and an increase in accumulated other comprehensive income[17] Asset Quality and Efficiency - Non-performing assets decreased to $5.4 million, or 0.27% of total assets, down from $9.2 million, or 0.49% at June 30, 2024, indicating improved asset quality[8] - Non-performing loans as a percentage of total loans decreased to 0.38% from 1.18%, showcasing improved asset quality[26] - The efficiency ratio improved to 66.72% from 74.01%, reflecting better cost management[26] - Return on average assets improved to 1.32% from 0.73%, indicating enhanced efficiency in asset utilization[26] Operational Changes - The number of full-time equivalent employees increased to 275 from 263, indicating growth in operational capacity[26] - The merger of Pioneer Commercial Bank with Pioneer Bank was completed on October 1, 2024, enhancing the bank's municipal deposit banking services[19] Risk Management - Provision for credit losses was $(870) thousand, compared to $750 thousand, suggesting a proactive approach to risk management[24] - Total capital to risk-weighted assets ratio remained stable at 19.45%, slightly down from 19.57%, indicating strong capital adequacy[26] Share Repurchase - The company repurchased 114,389 shares of its common stock at an average price of $10.46 per share during the quarter, with 1,078,108 shares remaining available for repurchase under the program[18]