Times Union: Pioneer bank sees net income rise


"Pioneer Bank said its net income of $21.9 million for the fiscal year ending June 30 was up $11.7 million from the prior fiscal year.

Interest income was up almost 55 percent, at $65.5 million compared to $23.2 million the prior year.
In a prepared statement, President and CEO Thomas Amell said Pioneer’s results reflect the financial benefit from expansion of net interest margin and solid growth in loan portfolio, despite the heightened market volatility and a challenging economic environment. Amell also noted that Pioneer in July closed on the acquisition of Hudson Financial LLC, a move that should expand the bank’s wealth management business."

Read the full story from the Times Union here.