Pathfinder Bancorp, Inc. Announces Third Quarter 2024 Results
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.
- 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
- 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
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
The comprehensive loan portfolio review and subsequent actions demonstrate proactive risk management but expose concerning credit quality issues. The
The allowance for credit losses now stands at
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
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 by34.0% to$16.2 million at period end, or1.8% of total loans. The allowance for credit losses on September 30, 2024 represented1.87% and106.8% 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 to3.34% , 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 was77.1% 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
The addition of the East Syracuse branch significantly increased the Bank's customer base, which expanded the number of Pathfinder's relationships by approximately
At acquisition, the average cost of deposits assumed with the branch acquisition was
Insurance Business Divestiture
On October 15, 2024, Pathfinder announced that it sold its interest in the FitzGibbons Agency, LLC, which contributed
Net Interest Income and Net Interest Margin
Third quarter 2024 net interest income was
Net interest margin was
Third quarter 2024 net interest income was
Net interest margin was
Noninterest Income
Noninterest income totaled
Compared to the linked quarter, noninterest income growth included increases of
Compared to the year-ago quarter, noninterest income growth for the third quarter of 2024 included increases of
Prior to the October 1, 2024 sale of the Company’s insurance agency asset, it contributed
Noninterest Expense
Noninterest expense totaled
Professional and other services expense was
Salaries and benefits were
Building and occupancy was
Prior to the October 1, 2024 sale of the Company’s insurance agency asset, it incurred
For the third quarter of 2024, annualized noninterest expense represented
Statement of Financial Condition
As of September 30, 2024, the Company’s statement of financial condition reflects total assets of
The increase in assets during the third quarter of 2024 was primarily due to higher total loan balances, including
Loans totaled
With respect to liabilities, deposits totaled
Shareholders equity totaled
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
Gross loan charge offs totaled
Net charge offs (“NCOs”) after recoveries were
The
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
At the end of the current quarter, Pathfinder Bancorp had an available additional funding capacity of
Cash Dividend Declared
On September 30, 2024, Pathfinder’s Board of Directors declared a cash dividend of
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
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
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
(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 | 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
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