Times Union: Pioneer Bancorp reports $3.2M in quarterly net income
“Pioneer Bancorp of Colonie reported quarterly net income of $3.2 million, substantially down from its earnings a year ago.
The results are for the three months that ended Dec. 31, which is the company's fiscal second quarter. Pioneer Bancorp is the holding company for Pioneer Bank.
Pioneer's net income for the same period last year was $6.2 million.
Despite the decrease in net income, Pioneer CEO Thomas Amell called the results "solid" and noted in a statement that the bank, like others, is "navigating a challenging economic environment" amid high interest rates that has shrunk net interest margin."