# Pioneer Bancorp (PBFS.US)

Canonical: https://gigainvestors.com/s/PBFS

Analysis as of: 2026-10-16T07:31:04.122Z. Financial observations: FY2017–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $17.73 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- Financial history: 9 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 0.65×

Chart: Net income; fiscal year observations.

- FY2017: $5.6M

- FY2018: $11M

- FY2019: $19M

- FY2020: $5.2M

- FY2021: $1.1M

- FY2022: $10M

- FY2023: $22M

- FY2024: $15M

- FY2025: $20M

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- median cost/income ratio exceeds 65%

- Bank / P&C ROTE, median of available years: 5.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 2.4%

- Cost / income, median: 73.3%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 5.7%

- FY2018: 10.7%

- FY2019: 16.8%

- FY2020: 2.4%

- FY2021: 0.5%

- FY2022: 4.4%

- FY2023: 8.6%

- FY2024: 5.4%

- FY2025: 6.5%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 4.7%

- Book return interval: 8 years

- Starting book value per share: $8.80

- Ending book value per share: $12.68

Chart: Annual book + dividend return; fiscal year observations.

- FY2018: 9.8%

- FY2019: -53.0%

- FY2020: 88.7%

- FY2021: 6.6%

- FY2022: 0.9%

- FY2023: 10.4%

- FY2024: 10.3%

- FY2025: 13.2%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 10.4%

- Diluted shares, 5-year annual growth: -0.4%

- Share growth excluding flagged crisis recapitalisations: 10.4%

- Five-year share growth excluding flagged crisis recapitalisations: -0.4%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.05×

- Book value created per share: $3.88

- Earnings retained per share after dividends and buybacks: $3.71

Chart: Shares (first year = 100); fiscal year observations.

- FY2017: 100

- FY2018: 100

- FY2019: 224

- FY2020: 224

- FY2021: 224

- FY2022: 225

- FY2023: 225

- FY2024: 226

- FY2025: 220

### accounting: fail

- credit provisions persistently exceed same-year peers

- Financial accounting warning count: 1

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 2

- Years credit losses exceeded peer median: 4

## Holders

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 116% since Oct 2023 · net income +32.9%

Story as of 2026-10-16T09:59:22.255Z; price observation 2026-10-15.

### Net income · FY2025

net income +32.9%; source https://www.sec.gov/Archives/edgar/data/1769663/000110465926027092/pbfs-20251231x10k.htm; observed 2026-03-12.

- FY2017: $5.6M 

- FY2018: $11M 

- FY2019: $19M 

- FY2020: $5.2M 

- FY2021: $1.1M 

- FY2022: $10M 

- FY2023: $22M 

- FY2024: $15M 

- FY2025: $20M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are USD 96.3 million.

- Source: https://www.sec.gov/Archives/edgar/data/1769663/000110465926027092/pbfs-20251231x10k.htm#000110465926027092 (filed 2026-03-12); FY2025: revenue 96288000.

### Why customers stay

It earns 5.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); 9-year return on tangible equity observations [[2017,0.05730014653207424],[2018,0.10657386210923381],[2019,0.16762603245682853],[2020,0.024231405729203084],[2021,0.0047094937622164795],[2022,0.044433589528560434],[2023,0.0857997302632865],[2024,0.05397986543944421],[2025,0.06511614470825001]]; median 0.05730014653207424. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 9 years; bought back USD 11.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1769663/000110465926027092/pbfs-20251231x10k.htm (filed 2026-03-12); FY2025: cash repurchases 11294000 USD.

### Are managers owners

Insiders own 59.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-04); PBFS.US SharesStats.PercentInsiders = 59.375 percentage points; cache date 2026-10-04.

### What the price says

The price is 4.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Closing price 17.73 USD; reporting-to-trading FX 1; FY2025 annual sales per share 3.919458641871434; price multiple 4.523583897681954. FY2025 cash earnings/share 0.8257940498052279. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2019-07: $14.40 per share

- 2019-08: $14.02 per share

- 2019-09: $12.49 per share

- 2019-10: $13.50 per share

- 2019-11: $13.28 per share

- 2019-12: $15.31 per share

- 2020-01: $14.68 per share

- 2020-02: $13.62 per share

- 2020-03: $10.38 per share

- 2020-04: $10.58 per share

- 2020-05: $9.55 per share

- 2020-06: $9.15 per share

- 2020-07: $8.70 per share

- 2020-08: $8.04 per share

- 2020-09: $8.88 per share

- 2020-10: $9.46 per share

- 2020-11: $10.42 per share

- 2020-12: $10.57 per share

- 2021-01: $10.45 per share

- 2021-02: $10.80 per share

- 2021-03: $11.65 per share

- 2021-04: $11.76 per share

- 2021-05: $12.21 per share

- 2021-06: $12.02 per share

- 2021-07: $11.57 per share

- 2021-08: $12.29 per share

- 2021-09: $12.64 per share

- 2021-10: $12.66 per share

- 2021-11: $12.48 per share

- 2021-12: $11.32 per share

- 2022-01: $11.56 per share

- 2022-02: $10.56 per share

- 2022-03: $10.52 per share

- 2022-04: $10.40 per share

- 2022-05: $10.09 per share

- 2022-06: $9.80 per share

- 2022-07: $9.71 per share

- 2022-08: $9.35 per share

- 2022-09: $9.52 per share

- 2022-10: $10.31 per share

- 2022-11: $11.75 per share

- 2022-12: $11.40 per share

- 2023-01: $11.25 per share

- 2023-02: $11.31 per share

- 2023-03: $9.86 per share

- 2023-04: $8.82 per share

- 2023-05: $8.54 per share

- 2023-06: $8.95 per share

- 2023-07: $9.83 per share

- 2023-08: $9.01 per share

- 2023-09: $8.54 per share

- 2023-10: $8.20 per share

- 2023-11: $8.28 per share

- 2023-12: $10.01 per share

- 2024-01: $9.75 per share

- 2024-02: $9.32 per share

- 2024-03: $9.81 per share

- 2024-04: $8.86 per share

- 2024-05: $10.00 per share

- 2024-06: $10.01 per share

- 2024-07: $11.15 per share

- 2024-08: $11.00 per share

- 2024-09: $10.97 per share

- 2024-10: $11.20 per share

- 2024-11: $11.78 per share

- 2024-12: $11.52 per share

- 2025-01: $11.58 per share

- 2025-02: $11.90 per share

- 2025-03: $11.71 per share

- 2025-04: $11.22 per share

- 2025-05: $11.40 per share

- 2025-06: $12.03 per share

- 2025-07: $12.27 per share

- 2025-08: $13.11 per share

- 2025-09: $13.06 per share

- 2025-10: $13.14 per share

- 2025-11: $13.30 per share

- 2025-12: $13.48 per share

- 2026-01: $14.15 per share

- 2026-02: $14.11 per share

- 2026-03: $13.92 per share

- 2026-04: $14.23 per share

- 2026-05: $14.93 per share

- 2026-06: $17.07 per share

- 2026-07: $17.22 per share

- 2026-08: $17.46 per share

- 2026-09: $17.76 per share

- 2026-10: $17.73 per share

## Annual estimated value (USD per share)

- FY2022: low $4.26 per share, central $4.68 per share, high $5.20 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1769663/000110465926027092/pbfs-20251231x10k.htm); period 2025-12-31, filed 2026-03-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.