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Pathfinder Bancorp, Inc. Announces Third Quarter 2024 Results

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Pathfinder Bancorp reported a Q3 2024 net loss of $4.6 million ($0.75 per share), compared to net income of $2.0 million in Q2 2024. The loss reflected $9.0 million in provision expense from a comprehensive loan portfolio review. Net interest income increased to $11.7 million, with net interest margin expanding to 3.34%. The company completed its East Syracuse branch acquisition in July 2024, assuming $186.0 million in deposits and acquiring $30.6 million in assets. Total deposits reached $1.20 billion, while total loans were $921.7 million at period end. Nonperforming loans were reduced by 34.0% to $16.2 million, representing 1.8% of total loans.

Pathfinder Bancorp ha riportato una perdita netta nel terzo trimestre del 2024 di 4,6 milioni di dollari (0,75 dollari per azione), rispetto a un utile netto di 2,0 milioni di dollari nel secondo trimestre del 2024. La perdita ha riflettuto una spesa in accantonamento di 9,0 milioni di dollari emersa da una revisione completa del portafoglio prestiti. Il reddito netto da interessi è aumentato a 11,7 milioni di dollari, con un margine di interesse netto che si è ampliato al 3,34%. La compagnia ha completato l'acquisizione della filiale di East Syracuse a luglio 2024, assumendo 186,0 milioni di dollari in depositi e acquisendo 30,6 milioni di dollari in attivi. I depositi totali hanno raggiunto 1,20 miliardi di dollari, mentre i prestiti totali ammontavano a 921,7 milioni di dollari alla fine del periodo. I prestiti in sofferenza sono stati ridotti del 34,0% a 16,2 milioni di dollari, rappresentando l'1,8% del totale dei prestiti.

Pathfinder Bancorp reportó una pérdida neta de 4.6 millones de dólares en el tercer trimestre de 2024 (0.75 dólares por acción), en comparación con una rentabilidad neta de 2.0 millones de dólares en el segundo trimestre de 2024. La pérdida reflejó un gasto de provisión de 9.0 millones de dólares derivado de una revisión exhaustiva de la cartera de préstamos. Los ingresos netos por intereses aumentaron a 11.7 millones de dólares, con un margen de interés neto que se expandió al 3.34%. La compañía completó la adquisición de su sucursal en East Syracuse en julio de 2024, asumiendo depósitos de 186.0 millones de dólares y adquiriendo activos por 30.6 millones de dólares. Los depósitos totales alcanzaron 1.20 mil millones de dólares, mientras que los préstamos totales ascendían a 921.7 millones de dólares al final del período. Los préstamos en mora se redujeron en un 34.0% a 16.2 millones de dólares, representando el 1.8% del total de los préstamos.

Pathfinder Bancorp는 2024년 3분기에 460만 달러(주당 0.75달러)의 순손실을 기록했으며, 이는 2024년 2분기의 200만 달러 순이익과 비교됩니다. 이 손실은 종합 대출 포트폴리오 검토에서 발생한 900만 달러의 충당금 지출을 반영했습니다. 순이자 수익은 1170만 달러로 증가했으며, 순이자 마진은 3.34%로 확대되었습니다. 회사는 2024년 7월에 East Syracuse 지점 인수를 완료하고, 이에 따라 1억 8600만 달러의 예금을 인수하고 3060만 달러의 자산을 획득했습니다. 총 예금은 12억 달러에 도달했으며, 총 대출은 기간 말에 9억 2170만 달러에 달했습니다. 부실 대출은 34.0% 감소하여 1620만 달러로 줄어들었으며, 이는 총 대출의 1.8%를 차지합니다.

Pathfinder Bancorp a enregistré une perte nette de 4,6 millions de dollars au troisième trimestre 2024 (0,75 dollar par action), contre un bénéfice net de 2,0 millions de dollars au deuxième trimestre 2024. La perte a été causée par des charges de provision de 9,0 millions de dollars résultant d'un examen complet du portefeuille de prêts. Le revenu net d'intérêts a augmenté à 11,7 millions de dollars, avec une marge d'intérêt nette s'étendant à 3,34%. L'entreprise a finalisé l'acquisition de sa succursale d'East Syracuse en juillet 2024, prenant en charge 186,0 millions de dollars de dépôts et acquérant 30,6 millions de dollars d'actifs. Les dépôts totaux ont atteint 1,20 milliard de dollars, tandis que les prêts totaux s'élevaient à 921,7 millions de dollars à la fin de la période. Les prêts non performants ont été réduits de 34,0% à 16,2 millions de dollars, représentant 1,8% des prêts totaux.

Pathfinder Bancorp meldete im dritten Quartal 2024 einen Nettoverlust von 4,6 Millionen Dollar (0,75 Dollar pro Aktie), verglichen mit einem Nettogewinn von 2,0 Millionen Dollar im zweiten Quartal 2024. Der Verlust spiegelte 9,0 Millionen Dollar an Rückstellungen wider, die aus einer umfassenden Überprüfung des Kreditportfolios resultierten. Die Nettozins-Einnahmen stiegen auf 11,7 Millionen Dollar, während sich die Nettozinsmarge auf 3,34% erweiterte. Das Unternehmen schloss im Juli 2024 die Akquisition seiner Filiale in East Syracuse ab, übernahm 186,0 Millionen Dollar an Einlagen und erwarb Vermögenswerte im Wert von 30,6 Millionen Dollar. Die Gesamteinlagen erreichten 1,20 Milliarden Dollar, während die Gesamtdarlehen zum Periodenende 921,7 Millionen Dollar betrugen. Die notleidenden Darlehen wurden um 34,0% auf 16,2 Millionen Dollar reduziert, was 1,8% der Gesamtdarlehen entspricht.

Positive
  • Net interest income increased to $11.7 million, up 23.8% from Q2 2024
  • Net interest margin expanded to 3.34%, up 56 basis points from Q2 2024
  • Successful East Syracuse branch acquisition with 97% deposit retention
  • Nonperforming loans reduced by 34% to $16.2 million
  • Total deposits increased 8.6% to $1.20 billion in Q3 2024
Negative
  • Q3 2024 net loss of $4.6 million compared to $2.0 million profit in Q2 2024
  • $9.0 million provision expense from loan portfolio review
  • Net charge-offs of $8.7 million in Q3 2024
  • Non-interest expense increased by $2.4 million to $10.3 million
  • Shareholders equity decreased by $3.1 million (2.5%) in Q3 2024

Insights

The Q3 2024 results reveal significant challenges and strategic moves for Pathfinder Bancorp. The $4.6 million net loss, driven by a $9.0 million provision expense, reflects a major cleanup of the loan portfolio. However, there are several positive developments worth noting:

Key positives include:

  • Net interest income increased for 3rd straight quarter to $11.7 million
  • NIM expanded to 3.34%
  • Successful integration of East Syracuse branch adding $186.0 million in deposits
  • Reduction in nonperforming loans by 34.0%

The strategic sale of FitzGibbons Agency for $2.0 million and improved deposit mix following the branch acquisition position the bank for better performance going forward. While the large provision expense is concerning, the aggressive approach to credit quality management suggests a forward-looking strategy to strengthen the balance sheet.

The comprehensive loan portfolio review and subsequent actions demonstrate proactive risk management but expose concerning credit quality issues. The $8.7 million in net charge-offs, including $4.9 million from commercial loans and $2.5 million from solar loan pools, indicates previous underwriting weaknesses.

The allowance for credit losses now stands at 1.87% of total loans and 106.8% of nonperforming loans, suggesting adequate coverage post-cleanup. The reduction in nonperforming loans to $16.2 million or 1.75% of total loans represents meaningful improvement in asset quality metrics. The appointment of a new Chief Credit Officer signals commitment to enhanced risk management practices going forward.

Results reflect branch-acquisition-related expenses, as well as provision expense resulting from a comprehensive loan portfolio review that significantly reduced nonperformers, as Pathfinder positions the Bank for organic growth in its Central New York markets

OSWEGO, N.Y., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (“Pathfinder” or the “Company”) (NASDAQ: PBHC) announced its financial results for the third quarter ended September 30, 2024.

The holding company for Pathfinder Bank (“the Bank”) reported a third quarter 2024 net loss attributable to common shareholders of $4.6 million or $0.75 per share, compared to net income available to common shareholders of $2.0 million or $0.32 per share in the second quarter of 2024 and $2.2 million or $0.35 per share in the third quarter of 2023.

Third Quarter 2024 Highlights and Key Developments

  • The net loss reflected $9.0 million in provision expense that primarily resulted from a comprehensive loan portfolio review that the Bank elected to undertake as part of its commitment to continuously improve its credit risk management approach. Following its conclusion, the Company recorded net charge offs of $8.7 million in the quarter and reduced nonperforming loans by 34.0% to $16.2 million at period end, or 1.8% of total loans. The allowance for credit losses on September 30, 2024 represented 1.87% and 106.8% of total and nonperforming loans, respectively.
  • Net interest income increased for the third consecutive quarter to $11.7 million, including the benefit of a catch-up interest payment of $887,000. Net interest income increased $2.3 million from $9.5 million in the linked quarter ended June 30, 2024 and $1.7 million from $10.1 million in the third quarter of 2023. Net interest margin (“NIM”) expanded for the third consecutive quarter to 3.34%, including the benefit of 25 basis points from the catch-up interest payment. NIM increased 56 basis points from the linked quarter and 27 basis points from the year-ago period.
  • Non-interest income was $1.7 million, including a net death benefit of $175,000 on bank owned life insurance ("BOLI"), compared to $1.2 million in each of the linked and year-ago quarters.
  • Non-interest expense was $10.3 million, including $1.6 million in transaction-related expenses for the previously announced July 2024 closing of the East Syracuse branch acquisition, in addition to third quarter 2024 operating costs of approximately $462,000 associated with Pathfinder’s newest location. Non-interest expense was $7.9 million in the linked quarter and $7.7 million in the year-ago period.
  • Pre-tax, pre-provision net income was $3.4 million, including the effect of transaction-related expenses, compared to $2.8 million in the linked quarter and $3.6 million in the year-ago period. Pre-tax, pre-provision net income, which is not a financial metric under generally accepted accounting principles (“GAAP”), is a measure that the Company believes is helpful to understanding profitability without giving effect to income taxes and provision for credit losses.
  • Total deposits were $1.20 billion at period end, compared to $1.10 billion on June 30, 2024 and $1.13 billion on September 30, 2023. The Bank’s loan-to-deposit ratio was 77.1% on September 30, 2024.
  • Total loans were $921.7 million at period end, compared to $888.3 million on June 30, 2024 and $896.1 million on September 30, 2023.

“Pathfinder is well positioned for organic growth opportunities in our attractive Central New York markets, having closed the third quarter with significantly reduced levels of nonperformers, healthy reserves, strong capital ratios, and abundant liquidity,” said President and Chief Executive Officer James A. Dowd. “Having completed a thorough, top-to-bottom review of the loan portfolio at the end of September, we believe it is sufficiently collateralized and reserved. Going forward, we intend to take a more exacting loss-mitigation approach, and Pathfinder's ongoing underwriting and credit risk management processes can be expected to reflect the combined expertise of our entire management team and professional staff, including our recently appointed Chief Credit Officer Joseph Serbun and Chief Financial Officer Justin Bigham.”

Dowd added, “Our financial performance also reflects the positive impact of Pathfinder Bank’s in-market core deposit franchise and immediate contributions from our recent East Syracuse branch acquisition, including higher loan and deposit balances, lower funding costs, revenue growth, and NIM expansion.  Looking ahead, as we end 2024 and begin the new year, we intend to tightly manage operating expenses and expect continued benefits from our core deposit franchise as a source of low-cost, relationship-based funding for commercial and retail loan growth in our local markets.”

East Syracuse Branch Acquisition
As previously announced, Pathfinder Bank completed the purchase of its East Syracuse branch on July 19, 2024, assuming $186.0 million in associated deposits and acquiring $30.6 million in assets including $29.9 million in loans. Acquired assets include a core deposit intangible (“CDI”) valued at $6.3 million, and the valuation of acquired loans resulted in an estimated discount of $1.8 million.

The addition of the East Syracuse branch significantly increased the Bank's customer base, which expanded the number of Pathfinder's relationships by approximately 25% and grew non-brokered deposits by 21.5%.

At acquisition, the average cost of deposits assumed with the branch acquisition was 1.99% (excluding the CDI) and as of September 30, 2024, the Bank retained approximately 97% of deposit balances. The Company utilized a portion of the low-cost liquidity provided by the transaction to pay down $74.4 million in borrowings and $106.0 million in high-cost brokered deposits during the third quarter of 2024.

Insurance Business Divestiture
On October 15, 2024, Pathfinder announced that it sold its interest in the FitzGibbons Agency, LLC, which contributed $28,000 to the Company’s net income and 24 basis points to its consolidated efficiency ratio in the third quarter of 2024, to Marshall & Sterling Enterprises, Inc. Reflecting an active insurance brokerage market and the FitzGibbons Agency’s success since initiating its partnership with the Bank 13 years ago, Pathfinder will receive approximately $2.0 million from the sale, which closed on October 1, 2024, and the Company expects to recognize a portion of that amount as a net gain in the fourth quarter of 2024.

Net Interest Income and Net Interest Margin
Third quarter 2024 net interest income was $11.7 million, an increase of 23.8% from the second quarter of 2024. An increase in interest and dividend income of $2.2 million was primarily attributed to average yield increases of 67 basis points on loans including 39 basis points from an $887,000 catch-up interest payment associated with purchased loan pool positions, 97 basis points on fed funds sold and interest-earning deposits, and 45 basis points on all earning assets. The corresponding increase in loan interest income and federal funds sold and interest-earning deposits was $1.9 million and $371,000, respectively. A decrease in interest expense of $75,000 was attributed to reductions in brokered deposits and short-term borrowings expense associated with paydowns of brokered deposits and borrowings utilizing a portion of the low-cost liquidity provided by the Bank’s East Syracuse branch acquisition.

Net interest margin was 3.34% in the third quarter of 2024 compared to 2.78% in the second quarter of 2024. The increase of 56 basis points was driven by improvements in earning asset yields and funding costs, as well as 25 basis points attributed to the catch-up interest payment received in the third quarter of 2024.

Third quarter 2024 net interest income was $11.7 million, an increase of 16.6% from the third quarter of 2023. An increase in interest and dividend income of $3.5 million was primarily attributed to average yield increases of 74 basis points on loans including 39 basis points from the catch-up interest payment, 67 basis points on taxable investment securities, 227 basis points on fed funds sold and interest-earning deposits, and 65 basis points on all earning assets. The corresponding increase in loan interest income, taxable investment securities, and federal funds sold and interest-earning deposits was $2.0 million, $1.2 million, and $426,000, respectively. Increased interest and dividend income was partially offset by an increase in interest expense of $1.9 million.  This increase in interest expense was predominantly the result of higher interest rates and balances associated with borrowing and higher average rates paid on interest-bearing deposits, compared to the third quarter of 2023.

Net interest margin was 3.34% in the third quarter of 2024 compared to 3.07% in the third quarter of 2023. The increase of 27 basis points was driven by improvements in earning asset yields and lower average borrowings, partially offset by higher funding costs, as well as 25 basis points attributed to the catch-up interest payment received in the third quarter of 2024.

Noninterest Income
Noninterest income totaled $1.7 million in the third quarter of 2024, an increase of $496,000 or 41.0% from the second quarter of 2024 and an increase of $514,000 or 43.1% from the third quarter of 2023.

Compared to the linked quarter, noninterest income growth included increases of $194,000 in earnings and gain on BOLI including the net death benefit of $175,000, $109,000 in debit card interchange fees, and $62,000 in service charges on deposit accounts, as well as a $33,000 decrease in loan servicing fees. Noninterest income growth from the linked quarter also reflected an increase of $204,000 in net realized losses on sales and redemptions of investment securities, as well as increases of $201,000 in net realized gains on sales of marketable equity securities and $50,000 in gains on sales of loans and foreclosed real estate.

Compared to the year-ago quarter, noninterest income growth for the third quarter of 2024 included increases of $278,000 in interchange fees, $196,000 in earnings and gain on BOLI including the net death benefit of $175,000 on BOLI, and $49,000 in service charges on deposit accounts, as well as a $20,000 decrease in loan servicing fees. Noninterest income growth from the year-ago quarter also reflected a $178,000 increase in net realized losses on sales and redemptions of investment securities, as well as increases of $101,000 in net realized gains on sales of marketable equity securities and $49,000 in gains on sales of loans and foreclosed real estate.

Prior to the October 1, 2024 sale of the Company’s insurance agency asset, it contributed $367,000 to noninterest income in the third quarter of 2024, compared to $260,000 and $310,000 in the linked and year-ago quarters, respectively.
  
Noninterest Expense
Noninterest expense totaled $10.3 million in the third quarter of 2024, increasing $2.4 million and $2.6 million from the linked and year-ago quarters, respectively. The increase was primarily due to $1.6 million in transaction-related expenses for the East Syracuse branch acquisition, in addition to third quarter 2024 operating costs of approximately $462,000 associated with operating Pathfinder Bank’s newest location.

Professional and other services expense was $1.8 million in the third quarter, increasing $1.1 million and $1.3 million from the linked and year-ago quarters, respectively. The increase was primarily attributed to branch acquisition-related expenses.

Salaries and benefits were $5.0 million in the third quarter of 2024, increasing $560,000 and $805,000 from the linked and year-ago quarters, respectively. The increase was primarily due to $141,000 transaction-related bonuses to employees, $115,000 reduced salary cost deferrals (“ASC 310-20”) associated with reduced lending volumes, and $80,000 of ongoing personnel-related costs associated with operating the branch acquired early in the third quarter of 2024. The remaining increase was primarily driven by higher salaries and benefits costs associated with merit increases and wage inflation.

Building and occupancy was $1.1 million in the third quarter of 2024, increasing $220,000 and $266,000 from the linked and year-ago quarters, respectively. These increases were due to ongoing facilities-related costs of approximately $322,000 associated with operating the branch acquired early in the third quarter of 2024, partially offset by seasonal reductions in building and occupancy expense categories when compared to the second quarter of 2024.

Prior to the October 1, 2024 sale of the Company’s insurance agency asset, it incurred $308,000 of noninterest expense in the third quarter of 2024, compared to $232,000 and $273,000 in the linked and year-ago quarters, respectively.

For the third quarter of 2024, annualized noninterest expense represented 2.75% of average assets, including 8 basis points from insurance agency expense and 43 basis points from acquisition-related expenses.  The efficiency ratio was 75.28%, including 24 basis points and 1,186 basis points attributed to the insurance business and acquisition-related expenses, respectively.  The efficiency ratio, which is not a financial metric under GAAP, is a measure that the Company believes is helpful to understanding its level of non-interest expense as a percentage of total revenue. For the linked and year-ago quarters, annualized noninterest expense represented 2.19% and 2.20% of average assets, respectively. The efficiency ratio was 74.08% and 67.93% in the linked and year-ago periods.

Statement of Financial Condition
As of September 30, 2024, the Company’s statement of financial condition reflects total assets of $1.48 billion, compared to $1.45 billion and $1.40 billion recorded on June 30, 2024 and September 30, 2023, respectively.

The increase in assets during the third quarter of 2024 was primarily due to higher total loan balances, including $29.9 million in primarily consumer, residential, and home equity loans acquired with the East Syracuse branch transaction in the third quarter of 2024.

Loans totaled $921.7 million on September 30, 2024, increasing 3.8% during the third quarter and 2.9% from one year prior. Consumer and residential loans totaled $388.7 million, increasing 7.6% during the third quarter and 4.8% from one year prior. Commercial loans totaled $534.5 million, increasing 1.4% during the third quarter and 1.7% from one year prior.

With respect to liabilities, deposits totaled $1.20 billion on September 30, 2024, increasing 8.6% during the third quarter and 6.1% from one year prior. The increase in deposits during the third quarter of 2024 reflects $186.0 million assumed with the East Syracuse branch acquisition, offset by a reduction of $106.0 million in brokered deposits utilizing lower-cost liquidity provided by the transaction, as well as seasonal fluctuations in municipal deposits. The Company also utilized liquidity provided by the transaction to reduce short-term borrowings, which totaled $60.3 million on September 30, 2024 as compared to $127.6 million on June 30, 2024 and $56.7 million on September 30, 2023.

Shareholders equity totaled $120.3 million on September 30, 2024, down $3.1 million or 2.5% in the third quarter and $6.5 million or 5.7% from one year prior. The decrease reflects lower retained earnings attributed primarily to the elevated third quarter 2024 provision expense’s impact on net income in the period, which more than offset a significant reduction in accumulated other comprehensive loss (“AOCL”). AOCL improved to $6.7 million on September 30, 2024, declining $2.1 million or 23.6% during the third quarter and $6.6 million or 49.7% from one year prior, reflecting a favorable change in the interest rate environment.

Asset Quality
The Company’s asset quality metrics reflect the comprehensive loan portfolio review completed at the end of the third quarter of 2024.

Nonperforming loans were reduced by 34.0% in the third quarter of 2024 to $16.2 million or 1.75% of total loans on September 30, 2024. Nonperforming loans were $24.5 million or 2.76% of total loans on June 30, 2024 and $16.2 million or 1.80% of total loans on September 30, 2023.

Gross loan charge offs totaled $8.8 million in the third quarter of 2024, following completion of the portfolio review. Gross loan charge offs included $4.9 million for 13 nonperforming commercial loans, as well as $2.5 million for nonperforming positions primarily associated with secured solar purchased loan pools acquired in 2021.

Net charge offs (“NCOs”) after recoveries were $8.7 million or an annualized 1.29% of average loans in the third quarter of 2024, compared to $66,000 or 0.02% in the linked quarter and $3.8 million or 0.61% in the prior year period.

The $9.0 million provision for credit losses expense in the third quarter of 2024 primarily resulted from a replenishment of the allowance for credit losses (“ACL”) for commercial loan reserves and an adjustment to the lifetime loss estimate for solar purchased loan pool positions, which followed completion of the Company’s loan portfolio review. The Company believes it is sufficiently collateralized and reserved, with its ACL of $17.3 million on September 30, 2024 increasing by $382,000 from June 30, 2024 and $1.5 million from September 30, 2023. As a percentage of total loans, ACL represented 1.87% on September 30, 2024, 1.90% on June 30, 2024, and 1.76% on September 30, 2023.

Liquidity
The Company has diligently ensured a strong liquidity profile as of September 30, 2024 to meet its ongoing financial obligations. The Bank’s liquidity management, as evaluated by its cash reserves and operational cash flows from loan repayments and investment securities, remains robust and is effectively managed by the institution’s leadership.

The Bank’s analysis indicates that expected cash inflows from loans and investment securities are more than sufficient to meet all projected financial obligations.  Total deposits increased to $1.20 billion on September 30, 2024 from $1.10 billion on June 30, 2024 and $1.13 billion on September 30, 2023. Core deposits increased to 77.45% of total deposits on September 30, 2024, from 67.98% on June 30, 2024 and 69.83% on September 30, 2023. This further underscores the success of the Bank’s strategic initiatives to enhance its core deposit franchise, including targeted marketing campaigns and customer engagement programs aimed at deepening banking relationships and enhancing deposit stability.

At the end of the current quarter, Pathfinder Bancorp had an available additional funding capacity of $105.2 million with the Federal Home Loan Bank of New York, which complements its liquidity reserves. Moreover, the Bank maintains additional unused credit lines totaling $27.3 million, which provide a buffer for additional funding needs. These facilities, including access to the Federal Reserve’s Discount Window, are part of a comprehensive liquidity strategy that ensures flexibility and readiness to respond to any funding requirements.

Cash Dividend Declared
On September 30, 2024, Pathfinder’s Board of Directors declared a cash dividend of $0.10 per share for holders of both voting common and non-voting common stock.

In addition, this dividend also extends to the notional shares of the Company’s warrants. Shareholders registered by October 18, 2024 will be eligible for the dividend, which is scheduled for disbursement on November 8, 2024. This distribution aligns with Pathfinder Bancorp’s philosophy of consistent and reliable delivery of shareholder value.

Evaluating the Company’s market performance, the closing stock price as of September 30, 2024 stood at $15.83 per share. This positions the dividend yield at an attractive 2.53%.

About Pathfinder Bancorp, Inc.
Pathfinder Bancorp, Inc. (NASDAQ: PBHC) is the commercial bank holding company for Pathfinder Bank, which serves Central New York customers throughout Oswego, Syracuse and their neighboring communities. Strategically located branches averaging approximately $100 million in deposits per location, as well as diversified consumer, mortgage and commercial loan portfolios, reflect the state-chartered Bank’s commitment to in-market relationships and local customer service. The Company also offers investment services to individuals and businesses. At September 30, 2024, the Oswego-headquartered Company had assets of $1.48 billion, loans of $921.7 million, and deposits of $1.20 billion. More information is available at pathfinderbank.com and ir.pathfinderbank.com.

Forward-Looking Statements
Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions, or future or conditional verbs, such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are based on current beliefs and expectations of the Company’s and the Bank’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s and the Bank’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: risks related to the real estate and economic environment, particularly in the market areas in which the Company and the Bank operate; fiscal and monetary policies of the U.S. Government; inflation; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of the allowance for credit losses; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company’s filings with the Securities and Exchange Commission, which are available at the SEC’s website, www.sec.gov.

This release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a registrant’s historical or future financial performance, financial position, or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet, or statement of cash flows (or equivalent statements) of the registrant; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, the Company has provided reconciliations within the release of the non-GAAP financial measures to the most directly comparable GAAP financial.


PATHFINDER BANCORP, INC.               
Selected Financial Information (Unaudited)               
(Amounts in thousands, except per share amounts)               
                
  2024  2023 
SELECTED BALANCE SHEET DATA: September 30,  June 30,  March 31,  December 31,  September 30, 
ASSETS:               
Cash and due from banks $18,923  $12,022  $13,565  $12,338  $12,822 
Interest-earning deposits  16,401   19,797   15,658   36,394   11,652 
Total cash and cash equivalents  35,324   31,819   29,223   48,732   24,474 
Available-for-sale securities, at fair value  271,977   274,977   279,012   258,716   206,848 
Held-to-maturity securities, at amortized cost  161,385   166,271   172,648   179,286   185,589 
Marketable equity securities, at fair value  3,872   3,793   3,342   3,206   3,013 
Federal Home Loan Bank stock, at cost  5,401   8,702   7,031   8,748   5,824 
Loans  921,660   888,263   891,531   897,207   896,123 
Less: Allowance for credit losses  17,274   16,892   16,655   15,975   15,767 
Loans receivable, net  904,386   871,371   874,876   881,232   880,356 
Premises and equipment, net  18,989   18,878   18,332   18,441   18,491 
Assets held-for-sale  -   3,042   3,042   3,042   3,042 
Operating lease right-of-use assets  1,425   1,459   1,493   1,526   1,559 
Finance lease right-of-use assets  16,873   4,004   4,038   4,073   4,108 
Accrued interest receivable  6,806   7,076   7,170   7,286   6,594 
Foreclosed real estate  -   60   82   151   189 
Intangible assets, net  6,217   76   80   85   88 
Goodwill  5,752   4,536   4,536   4,536   4,536 
Bank owned life insurance  24,560   24,967   24,799   24,641   24,479 
Other assets  20,159   25,180   23,968   22,097   31,459 
Total assets $1,483,126  $1,446,211  $1,453,672  $1,465,798  $1,400,649 
                
LIABILITIES AND SHAREHOLDERS' EQUITY:               
Deposits:               
Interest-bearing deposits $986,103  $932,132  $969,692  $949,898  $953,143 
Noninterest-bearing deposits  210,110   169,145   176,421   170,169   174,710 
Total deposits  1,196,213   1,101,277   1,146,113   1,120,067   1,127,853 
Short-term borrowings  60,315   127,577   91,577   125,680   56,698 
Long-term borrowings  39,769   45,869   45,869   49,919   53,915 
Subordinated debt  30,057   30,008   29,961   29,914   29,867 
Accrued interest payable  236   2,092   1,963   2,245   1,731 
Operating lease liabilities  1,621   1,652   1,682   1,711   1,739 
Finance lease liabilities  16,829   4,359   4,370   4,381   4,391 
Other liabilities  16,986   9,203   9,505   11,625   10,013 
Total liabilities  1,362,026   1,322,037   1,331,040   1,345,542   1,286,207 
Shareholders' equity:               
Voting common stock shares issued and outstanding  4,719,788   4,719,788   4,719,788   4,719,288   4,713,353 
Voting common stock  47   47   47   47   47 
Non-Voting common stock  14   14   14   14   14 
Additional paid in capital  53,231   53,182   53,151   53,114   52,963 
Retained earnings  73,670   78,936   77,558   76,060   74,282 
Accumulated other comprehensive loss  (6,716)  (8,786)  (8,862)  (9,605)  (13,356)
Unearned ESOP shares  -   (45)  (90)  (135)  (180)
Total Pathfinder Bancorp, Inc. shareholders' equity  120,246   123,348   121,818   119,495   113,770 
Noncontrolling interest  854   826   814   761   672 
Total equity  121,100   124,174   122,632   120,256   114,442 
Total liabilities and shareholders' equity $1,483,126  $1,446,211  $1,453,672  $1,465,798  $1,400,649 

The above information is preliminary and based on the Company's data available at the time of presentation.


  Nine Months Ended
September 30,
  2024  2023 
SELECTED INCOME STATEMENT DATA: 2024  2023  Q3  Q2  Q1  Q4  Q3 
Interest and dividend income:                     
Loans, including fees $39,182  $34,919  $14,425  $12,489  $12,268  $12,429  $12,470 
Debt securities:                     
Taxable  17,007   12,408   5,664   5,736   5,607   5,092   4,488 
Tax-exempt  1,475   1,441   469   498   508   506   507 
Dividends  456   341   149   178   129   232   140 
Federal funds sold and interest-earning deposits  711   226   492   121   98   69   66 
Total interest and dividend income  58,831   49,335   21,199   19,022   18,610   18,328   17,671 
Interest expense:                     
Interest on deposits  22,670   15,885   7,633   7,626   7,411   7,380   6,223 
Interest on short-term borrowings  3,476   1,624   1,136   1,226   1,114   1,064   674 
Interest on long-term borrowings  597   619   202   201   194   231   222 
Interest on subordinated debt  1,476   1,447   496   489   491   494   492 
Total interest expense  28,219   19,575   9,467   9,542   9,210   9,169   7,611 
Net interest income  30,612   29,760   11,732   9,480   9,400   9,159   10,060 
Provision for (benefit from) credit losses:                     
Loans  10,118   2,675   9,104   304   710   316   798 
Held-to-maturity securities  (90)  (24)  (31)  (74)  15   (74)  5 
Unfunded commitments  (43)  14   (104)  60   1   23   30 
Total provision for credit losses  9,985   2,665   8,969   290   726   265   833 
Net interest income after provision for credit losses  20,627   27,095   2,763   9,190   8,674   8,894   9,227 
Noninterest income:                     
Service charges on deposit accounts  1,031   913   392   330   309   336   343 
Earnings and gain on bank owned life insurance  685   466   361   167   157   164   165 
Loan servicing fees  279   238   79   112   88   69   99 
Net realized (losses) gains on sales and redemptions of investment securities  (320)  60   (188)  16   (148)  2   (13)
Net realized gains (losses) on sales of marketable equity securities  31   (208)  62   (139)  108   (47)  (39)
Gains on sales of loans and foreclosed real estate  148   183   90   40   18   (2)  41 
Loss on sale of premises and equipment  (36)  -   (36)  -   -   -   - 
Debit card interchange fees  610   455   300   191   119   161   22 
Insurance agency revenue  1,024   1,001   367   260   397   303   310 
Other charges, commissions & fees  1,203   764   280   234   689   332   265 
Total noninterest income  4,655   3,872   1,707   1,211   1,737   1,318   1,193 
Noninterest expense:                     
Salaries and employee benefits  13,687   12,243   4,959   4,399   4,329   3,677   4,154 
Building and occupancy  2,864   2,699   1,134   914   816   864   868 
Data processing  1,750   1,519   672   550   528   499   483 
Professional and other services  3,078   1,531   1,820   696   562   488   492 
Advertising  386   516   165   116   105   155   144 
FDIC assessments  685   663   228   228   229   222   222 
Audits and exams  416   476   123   123   170   259   159 
Insurance agency expense  825   817   308   232   285   216   273 
Community service activities  111   151   20   39   52   49   55 
Foreclosed real estate expenses  82   76   27   30   25   35   44 
Other expenses  1,989   1,660   803   581   605   580   759 
Total noninterest expense  25,873   22,351   10,259   7,908   7,706   7,044   7,653 
(Loss) income before provision for income taxes  (591)  8,616   (5,789)  2,493   2,705   3,168   2,767 
(Benefit) provision for income taxes  (160)  1,772   (1,173)  481   532   590   573 
Net (loss) income attributable to noncontrolling interest and Pathfinder Bancorp, Inc.  (431)  6,844   (4,616)  2,012   2,173   2,578   2,194 
Net income attributable to noncontrolling interest  93   87   28   12   53   42   18 
Net (loss) income attributable to Pathfinder Bancorp Inc. $(524) $6,757  $(4,644) $2,000  $2,120  $2,536  $2,176 
Voting Earnings per common share - basic and diluted $(0.09) $1.10  $(0.75) $0.32  $0.34  $0.41  $0.35 
Series A Non-Voting Earnings per common share- basic and diluted $(0.09) $1.10  $(0.75) $0.32  $0.34  $0.41  $0.35 
Dividends per common share (Voting and Series A Non-Voting) $0.30  $0.27  $0.10  $0.10  $0.10  $0.09  $0.09 

The above information is preliminary and based on the Company's data available at the time of presentation.


  Nine Months
Ended September
30,
  2024  2023 
FINANCIAL HIGHLIGHTS: 2024  2023  Q3  Q2  Q1  Q4  Q3 
Selected Ratios:                     
Return on average assets  -0.05%  0.65%  -1.25%  0.56%  0.59%  0.72%  0.63%
Return on average common equity  -0.57%  7.88%  -14.79%  6.49%  7.01%  8.72%  7.50%
Return on average equity  -0.57%  7.88%  -14.79%  6.49%  7.01%  8.72%  7.50%
Return on average tangible common equity (1)  -0.59%  8.23%  -15.28%  6.78%  7.32%  9.01%  7.75%
Net interest margin  2.97%  3.02%  3.34%  2.78%  2.75%  2.74%  3.07%
Loans/deposits  77.05%  79.45%  77.05%  80.66%  77.79%  80.10%  79.45%
Core deposits/deposits (2)  77.45%  69.83%  77.45%  67.98%  69.17%  69.83%  69.83%
Annualized non-interest expense/average assets  2.39%  2.16%  2.75%  2.19%  2.16%  2.01%  2.20%
Efficiency ratio (1)  72.70%  66.58%  75.28%  74.08%  68.29%  67.25%  67.93%
                      
Other Selected Data:                     
Average yield on loans  5.82%  5.17%  6.31%  5.64%  5.48%  5.55%  5.57%
Average cost of interest bearing deposits  3.12%  2.23%  3.11%  3.21%  3.07%  3.10%  2.65%
Average cost of total deposits, including non-interest bearing  2.64%  1.88%  2.59%  2.72%  2.61%  2.63%  2.24%
Deposits/branch (4) $99,684  $102,532  $99,684  $100,116  $104,192  $101,824  $102,532 
Pre-tax, pre-provision net income (1) $9,714  $11,221  $3,368  $2,767  $3,579  $3,431  $3,613 
Total revenue (1) $35,587  $33,572  $13,627  $10,675  $11,285  $10,475  $11,266 
                      
Share and Per Share Data:                     
Cash dividends per share $0.30  $0.27  $0.10  $0.10  $0.10  $0.09  $0.09 
Book value per common share $19.71  $18.67  $19.71  $20.22  $19.97  $19.59  $18.67 
Tangible book value per common share (1) $17.75  $17.91  $17.75  $19.46  $19.21  $18.83  $17.91 
Basic and diluted weighted average shares outstanding - Voting  4,708   4,640   4,714   4,708   4,701   4,693   4,671 
Basic and diluted earnings per share - Voting (3) $(0.09) $1.10  $(0.75) $0.32  $0.34  $0.41  $0.35 
Basic and diluted weighted average shares outstanding - Series A Non-Voting  1,380   1,380   1,380   1,380   1,380   1,380   1,380 
Basic and diluted earnings per share - Series A Non-Voting (3) $(0.09) $1.10  $(0.75) $0.32  $0.34  $0.41  $0.35 
Common shares outstanding at period end  6,100   6,094   6,100   6,100   6,100   6,100   6,094 
                      
Pathfinder Bancorp, Inc. Capital Ratios:                     
Company tangible common equity to tangible assets (1)  7.36%  7.82%  7.36%  8.24%  8.09%  7.86%  7.82%
Company Total Core Capital (to Risk-Weighted Assets)  15.55%  17.00%  15.55%  16.19%  16.23%  16.17%  17.00%
Company Tier 1 Capital (to Risk-Weighted Assets)  11.84%  12.39%  11.84%  12.31%  12.33%  12.30%  12.39%
Company Tier 1 Common Equity (to Risk-Weighted Assets)  11.33%  12.91%  11.33%  11.83%  11.85%  11.81%  12.91%
Company Tier 1 Capital (to Assets)  8.29%  9.21%  8.29%  9.16%  9.16%  9.35%  9.21%
                      
Pathfinder Bank Capital Ratios:                     
Bank Total Core Capital (to Risk-Weighted Assets)  14.52%  14.76%  14.52%  16.04%  15.65%  15.05%  14.76%
Bank Tier 1 Capital (to Risk-Weighted Assets)  13.26%  13.51%  13.26%  14.79%  14.39%  13.80%  13.51%
Bank Tier 1 Common Equity (to Risk-Weighted Assets)  13.26%  13.51%  13.26%  14.79%  14.39%  13.80%  13.51%
Bank Tier 1 Capital (to Assets)  9.13%  10.11%  9.13%  10.30%  10.13%  10.11%  10.11%

(1) Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.
(2) Non-brokered deposits excluding certificates of deposit of $250,000 or more.
(3) Basic and diluted earnings per share are calculated based upon the two-class method. Weighted average shares outstanding do not include unallocated ESOP shares.
(4) Includes 11 full-service branches and one motor bank for September 30, 2024. Includes 10 full-service branches and one motor bank for all periods prior.

The above information is preliminary and based on the Company's data available at the time of presentation.


  Nine Months
Ended September
30,
  2024  2023 
ASSET QUALITY: 2024  2023  Q3  Q2  Q1  Q4  Q3 
Total loan charge-offs $8,992  $4,365  $8,812  $112  $68  $211  $3,874 
Total recoveries  174   252   90   46   38   103   45 
Net loan charge-offs  8,818   4,113   8,722   66   30   108   3,829 
Allowance for credit losses at period end  17,274   15,767   17,274   16,892   16,655   15,975   15,767 
Nonperforming loans at period end  16,170   16,173   16,170   24,490   19,652   17,227   16,173 
Nonperforming assets at period end $16,170  $16,362  $16,170  $24,550  $19,734  $17,378  $16,362 
Annualized net loan charge-offs to average loans  1.29%  0.61%  1.29%  0.02%  0.01%  0.47%  0.61%
Allowance for credit losses to period end loans  1.87%  1.76%  1.87%  1.90%  1.87%  1.78%  1.76%
Allowance for credit losses to nonperforming loans  106.83%  97.49%  106.83%  68.98%  84.75%  92.73%  97.49%
Nonperforming loans to period end loans  1.75%  1.80%  1.75%  2.76%  2.20%  1.92%  1.80%
Nonperforming assets to period end assets  1.09%  1.17%  1.09%  1.70%  1.36%  1.19%  1.17%


  2024  2023 
LOAN COMPOSITION: September 30,  June 30,  March 31,  December 31,  September 30, 
1-4 family first-lien residential mortgages $255,235  $250,106  $252,026  $257,604  $252,956 
Residential construction  4,077   309   1,689   1,355   2,090 
Commercial real estate  378,805   370,361   363,467   358,707   362,822 
Commercial lines of credit  64,672   62,711   67,416   72,069   73,497 
Other commercial and industrial  88,247   90,813   91,178   89,803   85,506 
Paycheck protection program loans  125   136   147   158   169 
Tax exempt commercial loans  2,658   3,228   3,374   3,430   3,451 
Home equity and junior liens  52,709   35,821   35,723   34,858   34,666 
Other consumer  76,703   75,195   77,106   79,797   81,319 
Subtotal loans  923,231   888,680   892,126   897,781   896,476 
Deferred loan fees  (1,571)  (417)  (595)  (574)  (353)
Total loans $921,660  $888,263  $891,531  $897,207  $896,123 


  2024  2023 
DEPOSIT COMPOSITION: September 30,  June 30,  March 31,  December 31,  September 30, 
Savings accounts $129,053  $106,048  $111,465  $113,543  $118,406 
Time accounts  352,729   368,262   378,103   377,570   359,011 
Time accounts in excess of $250,000  140,181   117,021   114,514   95,272   96,686 
Money management accounts  11,520   12,154   11,676   12,364   13,052 
MMDA accounts  250,007   193,915   215,101   224,707   235,165 
Demand deposit interest-bearing  97,344   128,168   134,196   119,321   125,585 
Demand deposit noninterest-bearing  210,110   169,145   176,434   170,169   174,712 
Mortgage escrow funds  5,269   6,564   4,624   7,121   5,236 
Total deposits $1,196,213  $1,101,277  $1,146,113  $1,120,067  $1,127,853 

The above information is preliminary and based on the Company's data available at the time of presentation.


  Nine Months Ended
September 30,
  2024  2023 
SELECTED AVERAGE BALANCES: 2024  2023  Q3  Q2  Q3 
Interest-earning assets:               
Loans $898,361  $900,917  $914,467  $885,384  $895,900 
Taxable investment securities  427,311   371,615   415,751   434,572   376,455 
Tax-exempt investment securities  29,499   31,077   30,382   28,944   27,831 
Fed funds sold and interest-earning deposits  20,161   11,750   42,897   13,387   11,395 
Total interest-earning assets  1,375,332   1,315,359   1,403,497   1,362,287   1,311,581 
Noninterest-earning assets:               
Other assets  99,200   99,431   103,856   98,746   102,738 
Allowance for credit losses  (16,511)  (18,043)  (16,537)  (16,905)  (19,028)
Net unrealized losses on available-for-sale securities  (10,184)  (12,919)  (9,161)  (10,248)  (13,275)
Total assets $1,447,837  $1,383,828  $1,481,655  $1,433,880  $1,382,016 
Interest-bearing liabilities:               
NOW accounts $100,922  $94,116  $102,868  $92,918  $90,992 
Money management accounts  11,782   14,651   11,828   12,076   14,503 
MMDA accounts  217,580   241,550   227,247   214,364   218,601 
Savings and club accounts  115,875   127,490   127,262   107,558   121,710 
Time deposits  521,832   472,614   514,050   524,276   493,907 
Subordinated loans  29,978   29,793   30,025   29,977   29,837 
Borrowings  129,943   99,029   122,129   141,067   110,780 
Total interest-bearing liabilities  1,127,912   1,079,243   1,135,409   1,122,236   1,080,330 
Noninterest-bearing liabilities:               
Demand deposits  177,202   174,143   195,765   171,135   169,825 
Other liabilities  19,382   16,100   24,855   17,298   15,768 
Total liabilities  1,324,496   1,269,486   1,356,029   1,310,669   1,265,923 
Shareholders' equity  123,341   114,342   125,626   123,211   116,093 
Total liabilities & shareholders' equity $1,447,837  $1,383,828  $1,481,655  $1,433,880  $1,382,016 


  Nine Months Ended
September 30,
  2024  2023 
SELECTED AVERAGE YIELDS: 2024  2023  Q3  Q2  Q3 
Interest-earning assets:               
Loans  5.82%  5.17%  6.31%  5.64%  5.57%
Taxable investment securities  5.45%  4.57%  5.59%  5.44%  4.92%
Tax-exempt investment securities  6.67%  6.18%  6.17%  6.88%  7.29%
Fed funds sold and interest-earning deposits  4.70%  2.56%  4.59%  3.62%  2.32%
Total interest-earning assets  5.70%  5.00%  6.04%  5.59%  5.39%
Interest-bearing liabilities:               
NOW accounts  1.06%  0.45%  1.09%  1.14%  0.55%
Money management accounts  0.11%  0.11%  0.10%  0.10%  0.11%
MMDA accounts  3.64%  2.51%  3.54%  3.74%  3.00%
Savings and club accounts  0.26%  0.21%  0.25%  0.26%  0.22%
Time deposits  4.01%  3.05%  4.09%  4.03%  3.55%
Subordinated loans  6.56%  6.48%  6.61%  6.53%  6.60%
Borrowings  4.18%  3.02%  4.38%  4.05%  3.24%
Total interest-bearing liabilities  3.34%  2.42%  3.34%  3.40%  2.82%
Net interest rate spread  2.36%  2.58%  2.70%  2.19%  2.57%
Net interest margin  2.97%  3.02%  3.34%  2.78%  3.07%
Ratio of average interest-earning assets to average interest-bearing liabilities  121.94%  121.88%  123.61%  121.39%  121.41%

The above information is preliminary and based on the Company's data available at the time of presentation.


  Nine Months
Ended September
30,
  2024  2023 
NON-GAAP RECONCILIATIONS: 2024  2023  Q3  Q2  Q1  Q4  Q3 
Tangible book value per common share:                     
Total equity       $120,246  $123,348  $121,818  $119,495  $113,770 
Intangible assets        (11,969)  (4,612)  (4,616)  (4,621)  (4,624)
Tangible common equity (non-GAAP)        108,277   118,736   117,202   114,874   109,146 
Common shares outstanding        6,100   6,100   6,100   6,100   6,094 
Tangible book value per common share (non-GAAP)       $17.75  $19.46  $19.21  $18.83  $17.91 
Tangible common equity to tangible assets:                     
Tangible common equity (non-GAAP)       $108,277  $118,736  $117,202  $114,874  $109,146 
Tangible assets        1,471,157   1,441,599   1,449,056   1,461,177   1,396,025 
Tangible common equity to tangible assets ratio (non-GAAP)        7.36%  8.24%  8.09%  7.86%  7.82%
Return on average tangible common equity:                     
Average shareholders' equity $123,341  $114,342  $125,626  $123,211  $121,031  $116,265  $116,093 
Average intangible assets  4,642   4,631   4,691   4,614   4,619   4,623   4,627 
Average tangible equity (non-GAAP)  118,699   109,711   120,935   118,597   116,412   111,642   111,466 
Net income (loss)  (524)  6,757   (4,644)  2,000   2,120   2,536   2,176 
Net income (loss), annualized $(700) $9,034  $(18,475) $8,044  $8,527  $10,061  $8,633 
Return on average tangible common equity (non-GAAP) (1)  -0.59%  8.23%  -15.28%  6.78%  7.32%  9.01%  7.75%
Revenue, pre-tax, pre-provision net income, and efficiency ratio:                     
Net interest income $30,612  $29,760  $11,732  $9,480  $9,400  $9,159  $10,060 
Total noninterest income  4,655   3,872   1,707   1,211   1,737   1,318   1,193 
Net realized (gains) losses on sales and redemptions of investment securities  (320)  60   (188)  16   (148)  2   (13)
Revenue (non-GAAP) (2)  35,587   33,572   13,627   10,675   11,285   10,475   11,266 
Total non-interest expense  25,873   22,351   10,259   7,908   7,706   7,044   7,653 
Pre-tax, pre-provision net income (non-GAAP) (3) $9,714  $11,221  $3,368  $2,767  $3,579  $3,431  $3,613 
Efficiency ratio (non-GAAP) (4)  72.70%  66.58%  75.28%  74.08%  68.29%  67.25%  67.93%

(1) Return on average tangible common equity equals annualized net income (loss) divided by average tangible equity
(2) Revenue equals net interest income plus total noninterest income less net realized gains or losses on sales and redemptions of investment securities
(3) Pre-tax, pre-provision net income equals revenue less total non-interest expense
(4) Efficiency ratio equals noninterest expense divided by revenue

The above information is preliminary and based on the Company's data available at the time of presentation.

Investor/Media Contacts
James A. Dowd, President, CEO
Justin K. Bigham, Senior Vice President, CFO
Telephone: (315) 343-0057


FAQ

What was Pathfinder Bancorp's (PBHC) net income in Q3 2024?

Pathfinder Bancorp reported a net loss of $4.6 million or $0.75 per share in Q3 2024.

What was PBHC's provision expense in Q3 2024?

PBHC recorded a $9.0 million provision expense primarily from a comprehensive loan portfolio review.

How much were Pathfinder's (PBHC) total deposits as of September 30, 2024?

Total deposits were $1.20 billion as of September 30, 2024, up 8.6% from the previous quarter.

What was the value of PBHC's East Syracuse branch acquisition in July 2024?

The East Syracuse branch acquisition included $186.0 million in deposits and $30.6 million in assets.

Pathfinder Bancorp Inc

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