Executive Summary

Q3 2025 EPS was $0.18, down 28% year over year and down 31% sequentially, as higher noninterest expense and a higher provision offset strong net interest income growth .
Net interest income rose 12.9% YoY to $20.2M and net interest margin expanded to 4.16% (+4 bps YoY), supported by higher asset yields and loan/deposit growth .
Asset quality weakened: non-performing assets increased to $12.0M (0.53% of assets), driven by a $4.7M CRE relationship placed on non-accrual; allowance coverage rose modestly to 1.50% of loans .
Deposits grew 19.5% YTD to $1.90B with a diversified mix (49% retail/19% commercial/32% municipal), while Pioneer completed a wealth acquisition adding $73M AUM; the company also repurchased 463,126 shares at $12.82 .

What Went Well and What Went Wrong

Net interest income grew 12.9% YoY to $20.2M, with average asset yields up 22 bps and net interest margin at 4.16% (+4 bps YoY), reflecting loan growth and prudent funding cost management .
Deposits increased $308.8M YTD to $1.90B, with estimated uninsured deposits at 14.5% of total, indicating stable funding and improved mix .
Strategic expansion: closed the acquisition of Brown Financial Management Group, LLC, adding $73M of AUM; CEO: “continued executing on our strategy of being ‘More Than a Bank’” .

EPS fell to $0.18 vs $0.25 in Q3 2024 and $0.26 in Q2 2025 due to higher provision ($785k vs credit of $870k last year) and a 20% YoY increase in noninterest expense (litigation-related costs and higher compensation) .
Asset quality deteriorated with non-performing assets rising to $12.0M (0.53% of assets) from $5.2M at year-end, largely from a $4.7M CRE relationship moving to non-accrual .
Noninterest income decreased 7.4% YoY to $3.8M, reflecting absence of securities gains vs prior periods and lower other income; bank-owned life insurance death benefit boosted earlier quarters, not repeating in Q3 .

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD)	$22.885M (18.767 + 4.118)	$22.008M (18.283 + 3.725)	$22.864M (18.058 + 4.806)	$23.233M (19.418 + 3.815)
EPS (Basic)	$0.25	$0.23	$0.26	$0.18
Net Income	$6.308M	$5.763M	$6.451M	$4.330M
Net Interest Income	$17.897M	$19.083M	$19.608M	$20.203M
Provision for Credit Losses	$(0.870)M credit	$0.800M	$1.550M	$0.785M
Noninterest Income	$4.118M	$3.725M	$4.806M	$3.815M
Noninterest Expense	$14.689M	$14.591M	$14.727M	$17.624M
Net Interest Margin	4.12%	4.12%	4.13%	4.16%
Efficiency Ratio	66.72%	63.97%	60.32%	73.38%
ROAA	1.32%	1.14%	1.26%	0.82%
ROAE	8.37%	7.58%	8.23%	5.45%

KPIs

KPI	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Total Assets	—	$2.069B	$2.096B	$2.243B
Net Loans Receivable	—	$1.487B	$1.543B	$1.614B
Deposits	—	$1.722B	$1.742B	$1.895B
Non-performing Assets ($)	—	$10.7M	$11.5M	$12.0M
NPA / Assets	—	0.52%	0.55%	0.53%
Allowance for Credit Losses ($)	—	$22.8M (1.51% loans)	$23.8M (1.52%)	$24.6M (1.50%)
Tier 1 Leverage Ratio	—	11.74%	11.93%	11.45%
Stock Repurchases (shares; avg price)	—	130,813 @ $11.87	282,836 @ $11.59	463,126 @ $12.82

Deposit Mix

Mix	Q1 2025	Q2 2025	Q3 2025
Retail	47%	53%	49%
Commercial	20%	20%	19%
Municipal	33%	27%	32%
Estimated Uninsured (net of affiliate/collateralized)	15.7%	15.2%	14.5%

Loan Category Growth vs Dec 31, 2024

Category	Q1 2025 Δ	Q2 2025 Δ	Q3 2025 Δ
Residential Mortgage	+$30.8M	+$52.6M	+$74.1M
Commercial Real Estate	+$9.5M	+$17.6M	+$55.0M
Commercial Construction	+$11.9M	+$32.3M	+$32.5M
Commercial & Industrial	+$1.3M	+$5.6M	+$16.8M
Home Equity	−$1.8M	+$0.176M	+$2.7M
Consumer	+$1.9M	+$1.9M	+$1.1M

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue/EPS/Margins/OpEx/Tax	Q3 2025 and FY 2025	Not provided	Not provided	Maintained “no formal guidance” in releases
Dividends	Q3 2025	Not discussed	Not discussed	—

No formal quantitative guidance was provided in Q1–Q3 2025 releases; commentary focused on strategy, deposit/loan trends, margin, and asset quality .

No Q3 2025 earnings call transcript was available in the document catalog. Themes below reflect press release narratives.

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3)	Trend
“More Than a Bank” diversification	Emphasis on noninterest income contribution (13% in Q1; 15% in Q2) and broad product set	Acquisition of Brown Financial Management Group adding $73M AUM; continued expansion of wealth/insurance	Positive diversification momentum
Net interest margin dynamics	NIM up to 4.12% (Q1) and 4.13% (Q2), driven by asset yields and loan growth	NIM 4.16% (+4 bps YoY), asset yields +22 bps; funding cost +16 bps	Gradual expansion with rising asset yields
Deposit mix and funding	Strong growth with mix shifting to MM/CDs; lower uninsured ratio (15.2% in Q2)	Continued growth to $1.90B; uninsured down to 14.5%; diversified base (49% retail/19% commercial/32% municipal)	Improved breadth and lower uninsured
Asset quality (CRE non-accruals)	NPA rose to $10.7M (Q1) and $11.5M (Q2), driven by $4.7M CRE relationship	NPA $12.0M; allowance 1.50% of loans; low NCOs	Deterioration persists but charge-offs remain minimal
Operating expenses	Q2 expenses fell YoY on lower legal/other expenses; share-based comp recognized	Q3 expenses +20% YoY on salaries/benefits and litigation-related expense	Expense pressure re-emerges

CEO on Q3 strategy: “We experienced positive momentum for the quarter with growth in net interest income and margin… and prudently managed funding costs. In addition, we have continued executing on our strategy of being ‘More Than a Bank’ by completing the acquisition of Brown Financial Management Group, LLC...” .
CEO on Q2 performance: “record net income of $6.5 million… continued positive momentum… 15% of revenue generated by noninterest income sources” .
CEO on Q1: “positive momentum… growth in net interest income and margin… 13% of revenue generated by noninterest income sources” .

No earnings call transcript or Q&A was available for Q3 2025 in the document catalog.

Consensus EPS and revenue estimates for Q3 2025 were unavailable in S&P Global for PBFS; coverage appears limited (no EPS consensus; no revenue consensus count). Values retrieved from S&P Global.*
S&P Global actual “Revenue” for Q3 2025 was $23.233M*, which aligns with net interest income after provision ($19.418M) + noninterest income ($3.815M) reported in the 8‑K .
With no formal consensus, analysts will likely recalibrate expense and provision assumptions given higher litigation-related costs and continued CRE non-accrual impacts .

*Values retrieved from S&P Global.

Earnings quality mixed: core NIM continued to expand and net interest income grew, but EPS fell on higher provision and operating costs; monitor sustainability of expense trajectory and provisioning needs .
Asset quality watch: rising NPAs tied to specific CRE exposures; low charge-offs and higher allowance provide buffer, but further deterioration could pressure earnings .
Funding strength: robust, diversified deposit growth and declining uninsured deposit ratio support balance sheet resilience and margin opportunities .
Strategic diversification: wealth acquisition adds $73M AUM and supports noninterest income; track integration and incremental fee revenue contribution in coming quarters .
Capital deployment: substantial buybacks (463k shares in Q3) signal confidence and support per-share metrics; remaining authorization nearly exhausted .
Operating leverage risk: Q3 efficiency ratio worsened to 73.38%; sustained revenue growth and normalization of litigation/comp cost will be key for margin of safety .
Near-term trade lens: headline margin strength vs. asset quality/expense overhang; stock may react to incremental disclosures on CRE resolution and expense normalization cadence .