Pioneer Bancorp Q3 net income drops on litigation costs
PBFS•Pioneer Bancorp’s Q3 net income fell sharply after a $6.2 million litigation expense, while net interest income rose 17% year over year. The company reached agreements in principle to resolve previously disclosed litigation in October.
1. Litigation weighs on income
Pioneer Bancorp reported sharply lower Q3 net income, citing a $6.2 million litigation expense. Net interest income rose 17% year over year, driven by higher yields and balances of interest-earning assets.
2. Resolution agreements
In October, the company reached agreements in principle to resolve previously disclosed litigation. It did not provide specific financial guidance for upcoming quarters or the full year.
