Pioneer Bancorp, Inc./MD Debt Disclosure
10. BORROWINGS
The Company has the ability to borrow (Non-Repo Advances) in an amount up to 30% of its total assets from the FHLBNY. All borrowings from the FHLBNY are collateralized by FHLBNY stock, certain qualifying loans, and certain available for sale securities. In addition, overall credit exposure, including Non-Repo Advances, cannot exceed 50% of total assets. FHLBNY borrowings have prepayment penalties.
At December 31, 2025, the Company pledged approximately $777.1 million of residential mortgage, home equity and commercial loans as collateral for borrowings and stand-by letters of credit at the FHLBNY. At December 31, 2025, the maximum amount of funding available from the FHLBNY was $622.0 million, of which $50.0 million was utilized for borrowings and $245.0 million was utilized for irrevocable stand-by letters of credit issued to secure municipal deposits.
Borrowings outstanding at December 31, 2025 represented FHLBNY Advances of $50.0 million with a rate of 3.96% with an original maturity of one year or less.
At December 31, 2024, the Company pledged approximately $672.3 million of residential mortgage, home equity and commercial loans as collateral for borrowings and stand-by letters of credit at the FHLBNY. At December 31, 2024, the maximum amount of funding available from the FHLBNY was $536.1 million, of which $40.0 million was utilized for borrowings and $150.0 million was utilized for irrevocable stand-by letters of credit issued to secure municipal deposits.
Borrowings outstanding at December 31, 2024 represented FHLBNY Advances of $40.0 million with a rate of 4.57% with an original maturity of one year or less.
At December 31, 2025 and 2024, the Company had an unsecured $20.0 million line of credit available with an unrelated financial institution; there were no outstanding draws on the line at December 31, 2025 and 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Sep 25, 2024 | |
| 2023 | Sep 26, 2023 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.