Pathfinder Bancorp, Inc. Announces Financial Results for First Quarter 2025
Pathfinder Bancorp reported strong Q1 2025 financial results with net income of $3.0 million or $0.41 per diluted share, up from $2.1 million or $0.34 per share in Q1 2024. The bank showed significant improvements in several key metrics:
Total deposits reached $1.26 billion, growing 5.0% in Q1 and 10.3% year-over-year. Core deposits increased to 78.31% of total deposits. Net interest income rose to $11.4 million, with net interest margin expanding to 3.31%. The bank's efficiency ratio improved to 66.84%.
Notable achievements include:
- Commercial loans at $542.7 million (59.5% of total loans)
- Nonperforming loans decreased by 40.1% to $13.2 million
- Higher-cost borrowings reduced by 49.3% to $44.6 million
The bank declared a cash dividend of $0.10 per share for both voting and non-voting common stock.
Pathfinder Bancorp ha riportato solidi risultati finanziari nel primo trimestre del 2025, con un utile netto di 3,0 milioni di dollari, pari a 0,41 dollari per azione diluita, in aumento rispetto ai 2,1 milioni di dollari o 0,34 dollari per azione del primo trimestre 2024. La banca ha mostrato miglioramenti significativi in diversi indicatori chiave:
I depositi totali hanno raggiunto 1,26 miliardi di dollari, crescendo del 5,0% nel trimestre e del 10,3% su base annua. I depositi core sono aumentati al 78,31% del totale depositi. Il reddito netto da interessi è salito a 11,4 milioni di dollari, con un margine netto di interesse che si è ampliato al 3,31%. Il rapporto di efficienza della banca è migliorato al 66,84%.
Risultati degni di nota includono:
- Prestiti commerciali pari a 542,7 milioni di dollari (59,5% del totale prestiti)
- Prestiti in sofferenza diminuiti del 40,1% a 13,2 milioni di dollari
- Indebitamento a costo elevato ridotto del 49,3% a 44,6 milioni di dollari
La banca ha dichiarato un dividendo in contanti di 0,10 dollari per azione sia per le azioni ordinarie con diritto di voto che per quelle senza diritto di voto.
Pathfinder Bancorp reportó sólidos resultados financieros en el primer trimestre de 2025, con un ingreso neto de 3.0 millones de dólares, o 0.41 dólares por acción diluida, un aumento respecto a los 2.1 millones o 0.34 dólares por acción en el primer trimestre de 2024. El banco mostró mejoras significativas en varios indicadores clave:
Los depósitos totales alcanzaron 1.26 mil millones de dólares, creciendo un 5.0% en el trimestre y un 10.3% interanual. Los depósitos core aumentaron al 78.31% del total de depósitos. El ingreso neto por intereses subió a 11.4 millones de dólares, con un margen neto de interés que se expandió al 3.31%. El índice de eficiencia del banco mejoró a 66.84%.
Logros destacados incluyen:
- Préstamos comerciales por 542.7 millones de dólares (59.5% del total de préstamos)
- Préstamos en mora disminuyeron un 40.1% a 13.2 millones de dólares
- Préstamos con costos más altos reducidos en un 49.3% a 44.6 millones de dólares
El banco declaró un dividendo en efectivo de 0.10 dólares por acción para acciones comunes con y sin derecho a voto.
Pathfinder Bancorp는 2025년 1분기에 강력한 재무 실적을 보고했으며, 순이익은 300만 달러 또는 희석 주당 0.41달러로, 2024년 1분기 210만 달러 또는 주당 0.34달러에서 증가했습니다. 은행은 여러 주요 지표에서 상당한 개선을 보였습니다:
총 예금은 12억 6천만 달러에 달했으며, 1분기에 5.0%, 연간으로는 10.3% 성장했습니다. 핵심 예금은 총 예금의 78.31%로 증가했습니다. 순이자수익은 1,140만 달러로 상승했으며, 순이자마진은 3.31%로 확대되었습니다. 은행의 효율성 비율은 66.84%로 개선되었습니다.
주요 성과는 다음과 같습니다:
- 상업 대출 5억 4,270만 달러 (총 대출의 59.5%)
- 부실 대출 40.1% 감소하여 1,320만 달러
- 고비용 차입금 49.3% 감소하여 4,460만 달러
은행은 의결권 보통주 및 비의결권 보통주 모두에 대해 주당 0.10달러 현금 배당을 선언했습니다.
Pathfinder Bancorp a annoncé de solides résultats financiers pour le premier trimestre 2025, avec un bénéfice net de 3,0 millions de dollars, soit 0,41 dollar par action diluée, en hausse par rapport à 2,1 millions de dollars ou 0,34 dollar par action au premier trimestre 2024. La banque a enregistré des améliorations significatives dans plusieurs indicateurs clés :
Les dépôts totaux ont atteint 1,26 milliard de dollars, en hausse de 5,0 % au premier trimestre et de 10,3 % sur un an. Les dépôts de base ont augmenté pour représenter 78,31 % des dépôts totaux. Le produit net d’intérêts a augmenté à 11,4 millions de dollars, avec une marge nette d’intérêt qui s’est élargie à 3,31 %. Le ratio d’efficacité de la banque s’est amélioré à 66,84 %.
Réalisations notables :
- Prêts commerciaux à 542,7 millions de dollars (59,5 % du total des prêts)
- Prêts non performants en baisse de 40,1 % à 13,2 millions de dollars
- Emprunts à coût élevé réduits de 49,3 % à 44,6 millions de dollars
La banque a déclaré un dividende en espèces de 0,10 dollar par action pour les actions ordinaires avec et sans droit de vote.
Pathfinder Bancorp meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 3,0 Millionen US-Dollar oder 0,41 US-Dollar je verwässerter Aktie, gegenüber 2,1 Millionen US-Dollar oder 0,34 US-Dollar je Aktie im ersten Quartal 2024. Die Bank zeigte deutliche Verbesserungen in mehreren wichtigen Kennzahlen:
Die Gesamteinlagen erreichten 1,26 Milliarden US-Dollar, was einem Wachstum von 5,0 % im Quartal und 10,3 % im Jahresvergleich entspricht. Die Kern-Einlagen stiegen auf 78,31 % der Gesamteinlagen. Der Nettozinsertrag stieg auf 11,4 Millionen US-Dollar, wobei die Nettozinsmarge auf 3,31 % anstieg. Die Effizienzquote der Bank verbesserte sich auf 66,84 %.
Bemerkenswerte Leistungen umfassen:
- Gewerbliche Kredite in Höhe von 542,7 Millionen US-Dollar (59,5 % der Gesamtkredite)
- Risikobehaftete Kredite gingen um 40,1 % auf 13,2 Millionen US-Dollar zurück
- Höher verzinsliche Verbindlichkeiten wurden um 49,3 % auf 44,6 Millionen US-Dollar reduziert
Die Bank erklärte eine Bardividende von 0,10 US-Dollar je Aktie für stimmberechtigte und nicht stimmberechtigte Stammaktien.
- Net income increased to $3.0M ($0.41/share) in Q1 2025 vs $2.1M ($0.34/share) in Q1 2024
- Total deposits grew 10.3% YoY to $1.26B, with core deposits increasing to 78.31% of total
- Net interest income rose by $2.0M YoY to $11.4M
- Net interest margin expanded to 3.31% from 2.75% year-ago
- Significant reduction in borrowings to $44.6M (down 67.5% YoY)
- Nonperforming loans decreased 32.7% YoY to $13.2M (1.45% of total loans)
- Efficiency ratio improved to 66.84% from 68.29% year-ago
- Commercial loans grew 3.3% YoY to $542.7M
- Total loans decreased 0.7% in Q1 2025 vs Q4 2024
- Consumer and residential loans declined 2.6% during Q1
- Noninterest expense increased to 2.33% of average assets vs 2.16% year-ago
- Net charge-offs increased to $340,000 (0.15% of average loans) vs $30,000 (0.01%) year-ago
Pathfinder Bank’s parent company earned
OSWEGO, N.Y., April 30, 2025 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (“Pathfinder” or the “Company”) (NASDAQ: PBHC) announced its financial results for the first quarter ended March 31, 2025.
The holding company for Pathfinder Bank (“the Bank”) earned net income attributable to common shareholders of
First Quarter 2025 Highlights and Key Developments
- Total deposits were
$1.26 billion at period end, and grew by5.0% in the first quarter and10.3% from March 31, 2024. Core deposits also grew to78.31% of total deposits at period end from76.86% on December 31, 2024 and69.17% on March 31, 2024. In addition to funding lending activity in the quarter, the Company's low-cost deposits enabled reductions in higher-cost borrowings to$44.6 million at period end, down49.3% in the first quarter and67.5% from March 31, 2024. - Total loans were
$912.2 million at period end, compared to$919.0 million on December 31, 2024 and$891.5 million on March 31, 2024. Commercial loans were$542.7 million or59.5% of total loans at period end, compared to$539.7 million on December 31, 2024 and$525.6 million on March 31, 2024. - Nonperforming loans declined to
$13.2 million at period end, and improved by40.1% during the first quarter and32.7% from March 31, 2024. Nonperforming loans also declined to1.45% of total loans at period end, and improved from2.40% on December 31, 2024 and2.20% on March 31, 2024. - Net interest income was
$11.4 million , and increased$1.0 million from the linked quarter and$2.0 million from the first quarter of 2024, while net interest margin (“NIM”) expanded to3.31% from3.02% in the fourth quarter of 2024 and2.75% in the year-ago period. Approximately$347,000 of net interest income and 10 basis points of NIM in the first quarter of 2025 reflected 2024 interest recovered from loans removed from nonaccrual status and income from prepayment fees. - Pre-tax, pre-provision (“PTPP”) net income grew to
$4.2 million , and increased26.0% from the linked quarter and16.9% from the year-ago period. PTPP 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. - The efficiency ratio improved to
66.84% , down from72.01% in the linked quarter and68.29% in the year-ago period. 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.
“Pathfinder’s solid first quarter results reflect the strength of our balance sheet and our growing core deposit franchise. Our continued focus on disciplined loan and deposit pricing has helped expand net interest margin in a challenging economic environment while our efforts toward optimizing non-interest expenses have improved our efficiency measures,” said President and Chief Executive Officer James A. Dowd. “We remain deeply committed to strengthening our proactive credit risk management practices and view our current efforts as the beginning of a sustained, long-term strategy to enhance the quality of our loan portfolio.”
Dowd added, “Our strong results this year and the close relationships we’ve built with businesses and neighbors throughout Central New York give us good reason to feel optimistic. Major investments in our region’s growing tech sector are creating new opportunities, and we’re proud to be part of that momentum. At the same time, we’re staying close to our customers and keeping a careful eye on how recent economic changes and national policy decisions are affecting families and local businesses across our communities.”
Net Interest Income and Net Interest Margin
First quarter 2025 net interest income was
A decrease in interest expense of
Net interest margin was
Noninterest Income
First quarter 2025 noninterest income totaled
Compared to the linked quarter, first quarter 2025 noninterest income reflected a reduction of
Compared to the year-ago period, first quarter 2025 noninterest income included increases of
Noninterest Expense
Noninterest expense totaled
Salaries and benefits were
Building and occupancy was
Data processing expense was
Annualized noninterest expense represented
Net Income
For the first quarter of 2025, net income attributable to common shareholders was
Statement of Financial Condition
As of March 31, 2025, the Company’s statement of financial condition reflects total assets of
Loans totaled
With respect to liabilities, deposits totaled
Shareholders' equity totaled
Asset Quality
The Company's asset quality metrics reflect ongoing efforts the Bank is undertaking as part of its commitment to continuously improve its credit risk management approach.
Nonperforming loans were
Net charge offs (“NCOs”) after recoveries were
Provision for credit loss expense was
The Company believes it is sufficiently collateralized and reserved, with an Allowance for Credit Losses (“ACL”) of
Liquidity
The Company has diligently ensured a strong liquidity profile as of March 31, 2025 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 were
At the end of the current quarter, Pathfinder Bancorp had an available additional funding capacity of
Cash Dividend Declared
On March 31, 2025, 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 April 18, 2025 will be eligible for the dividend, which is scheduled for disbursement on May 9, 2025. 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 March 31, 2025 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 over
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 measure.
Investor/Media Contacts
James A. Dowd, President, CEO
Justin K. Bigham, Senior Vice President, CFO
Telephone: (315) 343-0057
| PATHFINDER BANCORP, INC. | ||||||||||||||||||||
| Selected Financial Information (Unaudited) | ||||||||||||||||||||
| (Amounts in thousands, except per share amounts) | ||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||
| SELECTED BALANCE SHEET DATA: | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Cash and due from banks | $ | 18,606 | $ | 13,963 | $ | 18,923 | $ | 12,022 | $ | 13,565 | ||||||||||
| Interest-earning deposits | 32,862 | 17,609 | 16,401 | 19,797 | 15,658 | |||||||||||||||
| Total cash and cash equivalents | 51,468 | 31,572 | 35,324 | 31,819 | 29,223 | |||||||||||||||
| Available-for-sale securities, at fair value | 284,051 | 269,331 | 271,977 | 274,977 | 279,012 | |||||||||||||||
| Held-to-maturity securities, at amortized cost | 155,704 | 158,683 | 161,385 | 166,271 | 172,648 | |||||||||||||||
| Marketable equity securities, at fair value | 4,401 | 4,076 | 3,872 | 3,793 | 3,342 | |||||||||||||||
| Federal Home Loan Bank stock, at cost | 2,906 | 4,590 | 5,401 | 8,702 | 7,031 | |||||||||||||||
| Loans | 912,150 | 918,986 | 921,660 | 888,263 | 891,531 | |||||||||||||||
| Less: Allowance for credit losses | 17,407 | 17,243 | 17,274 | 16,892 | 16,655 | |||||||||||||||
| Loans receivable, net | 894,743 | 901,743 | 904,386 | 871,371 | 874,876 | |||||||||||||||
| Premises and equipment, net | 19,233 | 19,009 | 18,989 | 18,878 | 18,332 | |||||||||||||||
| Assets held-for-sale | - | - | - | 3,042 | 3,042 | |||||||||||||||
| Operating lease right-of-use assets | 1,356 | 1,391 | 1,425 | 1,459 | 1,493 | |||||||||||||||
| Finance lease right-of-use assets | 16,478 | 16,676 | 16,873 | 4,004 | 4,038 | |||||||||||||||
| Accrued interest receivable | 6,748 | 6,881 | 6,806 | 7,076 | 7,170 | |||||||||||||||
| Foreclosed real estate | - | - | - | 60 | 82 | |||||||||||||||
| Intangible assets, net | 5,832 | 5,989 | 6,217 | 76 | 80 | |||||||||||||||
| Goodwill | 5,056 | 5,056 | 5,752 | 4,536 | 4,536 | |||||||||||||||
| Bank owned life insurance | 24,889 | 24,727 | 24,560 | 24,967 | 24,799 | |||||||||||||||
| Other assets | 22,472 | 25,150 | 20,159 | 25,180 | 23,968 | |||||||||||||||
| Total assets | $ | 1,495,337 | $ | 1,474,874 | $ | 1,483,126 | $ | 1,446,211 | $ | 1,453,672 | ||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY: | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Interest-bearing deposits | $ | 1,061,166 | $ | 990,805 | $ | 986,103 | $ | 932,132 | $ | 969,692 | ||||||||||
| Noninterest-bearing deposits | 203,314 | 213,719 | 210,110 | 169,145 | 176,421 | |||||||||||||||
| Total deposits | 1,264,480 | 1,204,524 | 1,196,213 | 1,101,277 | 1,146,113 | |||||||||||||||
| Short-term borrowings | 27,000 | 61,000 | 60,315 | 127,577 | 91,577 | |||||||||||||||
| Long-term borrowings | 17,628 | 27,068 | 39,769 | 45,869 | 45,869 | |||||||||||||||
| Subordinated debt | 30,156 | 30,107 | 30,057 | 30,008 | 29,961 | |||||||||||||||
| Accrued interest payable | 844 | 546 | 236 | 2,092 | 1,963 | |||||||||||||||
| Operating lease liabilities | 1,560 | 1,591 | 1,621 | 1,652 | 1,682 | |||||||||||||||
| Finance lease liabilities | 16,655 | 16,745 | 16,829 | 4,359 | 4,370 | |||||||||||||||
| Other liabilities | 12,118 | 11,810 | 16,986 | 9,203 | 9,505 | |||||||||||||||
| Total liabilities | 1,370,441 | 1,353,391 | 1,362,026 | 1,322,037 | 1,331,040 | |||||||||||||||
| Shareholders' equity: | ||||||||||||||||||||
| Voting common stock shares issued and outstanding | 4,761,182 | 4,745,366 | 4,719,788 | 4,719,788 | 4,719,788 | |||||||||||||||
| Voting common stock | 48 | 47 | 47 | 47 | 47 | |||||||||||||||
| Non-Voting common stock | 14 | 14 | 14 | 14 | 14 | |||||||||||||||
| Additional paid in capital | 53,103 | 52,750 | 53,231 | 53,182 | 53,151 | |||||||||||||||
| Retained earnings | 80,163 | 77,816 | 73,670 | 78,936 | 77,558 | |||||||||||||||
| Accumulated other comprehensive loss | (8,432 | ) | (9,144 | ) | (6,716 | ) | (8,786 | ) | (8,862 | ) | ||||||||||
| Unearned ESOP shares | - | - | - | (45 | ) | (90 | ) | |||||||||||||
| Total Pathfinder Bancorp, Inc. shareholders' equity | 124,896 | 121,483 | 120,246 | 123,348 | 121,818 | |||||||||||||||
| Noncontrolling interest | - | - | 854 | 826 | 814 | |||||||||||||||
| Total equity | 124,896 | 121,483 | 121,100 | 124,174 | 122,632 | |||||||||||||||
| Total liabilities and shareholders' equity | $ | 1,495,337 | $ | 1,474,874 | $ | 1,483,126 | $ | 1,446,211 | $ | 1,453,672 | ||||||||||
The above information is unaudited and preliminary, based on the Company's data available at the time of presentation.
| 2025 | 2024 | |||||||||||||||||||
| SELECTED INCOME STATEMENT DATA: | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
| Interest and dividend income: | ||||||||||||||||||||
| Loans, including fees | $ | 13,672 | $ | 13,523 | $ | 14,425 | $ | 12,489 | $ | 12,268 | ||||||||||
| Debt securities: | ||||||||||||||||||||
| Taxable | 5,185 | 5,312 | 5,664 | 5,736 | 5,607 | |||||||||||||||
| Tax-exempt | 402 | 445 | 469 | 498 | 508 | |||||||||||||||
| Dividends | 93 | 164 | 149 | 178 | 129 | |||||||||||||||
| Federal funds sold and interest-earning deposits | 89 | 82 | 492 | 121 | 98 | |||||||||||||||
| Total interest and dividend income | 19,441 | 19,526 | 21,199 | 19,022 | 18,610 | |||||||||||||||
| Interest expense: | ||||||||||||||||||||
| Interest on deposits | 6,945 | 7,823 | 7,633 | 7,626 | 7,411 | |||||||||||||||
| Interest on short-term borrowings | 545 | 700 | 1,136 | 1,226 | 1,114 | |||||||||||||||
| Interest on long-term borrowings | 65 | 136 | 202 | 201 | 194 | |||||||||||||||
| Interest on subordinated debt | 475 | 490 | 496 | 489 | 491 | |||||||||||||||
| Total interest expense | 8,030 | 9,149 | 9,467 | 9,542 | 9,210 | |||||||||||||||
| Net interest income | 11,411 | 10,377 | 11,732 | 9,480 | 9,400 | |||||||||||||||
| Provision for (benefit from) credit losses: | ||||||||||||||||||||
| Loans | 504 | 988 | 9,104 | 304 | 710 | |||||||||||||||
| Held-to-maturity securities | - | (5 | ) | (31 | ) | (74 | ) | 15 | ||||||||||||
| Unfunded commitments | (47 | ) | 5 | (104 | ) | 60 | 1 | |||||||||||||
| Total provision for credit losses | 457 | 988 | 8,969 | 290 | 726 | |||||||||||||||
| Net interest income after provision for credit losses | 10,954 | 9,389 | 2,763 | 9,190 | 8,674 | |||||||||||||||
| Noninterest income: | ||||||||||||||||||||
| Service charges on deposit accounts | 374 | 405 | 392 | 330 | 309 | |||||||||||||||
| Earnings and gain on bank owned life insurance | 162 | 169 | 361 | 167 | 157 | |||||||||||||||
| Loan servicing fees | 101 | 96 | 79 | 112 | 88 | |||||||||||||||
| Net realized (losses) gains on sales and redemptions of investment securities | (8 | ) | 249 | (188 | ) | 16 | (148 | ) | ||||||||||||
| Gain on asset sale 1 & 2 | - | 3,169 | - | - | - | |||||||||||||||
| Net realized gains (losses) on sales of marketable equity securities | 218 | 166 | 62 | (139 | ) | 108 | ||||||||||||||
| Gains on sales of loans and foreclosed real estate | 65 | 39 | 90 | 40 | 18 | |||||||||||||||
| Loss on sale of premises and equipment | - | - | (36 | ) | - | - | ||||||||||||||
| Debit card interchange fees | 1 | 265 | 300 | 191 | 119 | |||||||||||||||
| Insurance agency revenue 1 | - | 49 | 367 | 260 | 397 | |||||||||||||||
| Other charges, commissions & fees | 284 | 299 | 280 | 234 | 689 | |||||||||||||||
| Total noninterest income | 1,197 | 4,906 | 1,707 | 1,211 | 1,737 | |||||||||||||||
| Noninterest expense: | ||||||||||||||||||||
| Salaries and employee benefits | 4,450 | 4,123 | 4,959 | 4,399 | 4,329 | |||||||||||||||
| Building and occupancy | 1,347 | 1,254 | 1,134 | 914 | 816 | |||||||||||||||
| Data processing | 666 | 721 | 672 | 550 | 528 | |||||||||||||||
| Professional and other services | 606 | 608 | 1,820 | 696 | 562 | |||||||||||||||
| Advertising | 141 | 218 | 165 | 116 | 105 | |||||||||||||||
| FDIC assessments | 229 | 231 | 228 | 228 | 229 | |||||||||||||||
| Audits and exams | 114 | 123 | 123 | 123 | 170 | |||||||||||||||
| Insurance agency expense 1 | - | 456 | 308 | 232 | 285 | |||||||||||||||
| Community service activities | 11 | 19 | 20 | 39 | 52 | |||||||||||||||
| Foreclosed real estate expenses | 21 | 20 | 27 | 30 | 25 | |||||||||||||||
| Other expenses | 691 | 771 | 803 | 581 | 605 | |||||||||||||||
| Total noninterest expense | 8,433 | 8,544 | 10,259 | 7,908 | 7,706 | |||||||||||||||
| Income (loss) before provision for income taxes | 3,718 | 5,751 | (5,789 | ) | 2,493 | 2,705 | ||||||||||||||
| Provision (benefit) for income taxes | 744 | 492 | (1,173 | ) | 481 | 532 | ||||||||||||||
| Net income (loss) attributable to noncontrolling interest and Pathfinder Bancorp, Inc. | 2,974 | 5,259 | (4,616 | ) | 2,012 | 2,173 | ||||||||||||||
| Net income attributable to noncontrolling interest 1 | - | 1,352 | 28 | 12 | 53 | |||||||||||||||
| Net income (loss) attributable to Pathfinder Bancorp Inc. | $ | 2,974 | $ | 3,907 | $ | (4,644 | ) | $ | 2,000 | $ | 2,120 | |||||||||
| Voting Earnings per common share - basic | $ | 0.48 | $ | 0.63 | $ | (0.75 | ) | $ | 0.32 | $ | 0.34 | |||||||||
| Voting Earnings per common share - diluted | $ | 0.41 | $ | 0.63 | $ | (0.75 | ) | $ | 0.32 | $ | 0.34 | |||||||||
| Series A Non-Voting Earnings per common share- basic | $ | 0.48 | $ | 0.63 | $ | (0.75 | ) | $ | 0.32 | $ | 0.34 | |||||||||
| Series A Non-Voting Earnings per common share- diluted | $ | 0.41 | $ | 0.63 | $ | (0.75 | ) | $ | 0.32 | $ | 0.34 | |||||||||
| Dividends per common share (Voting and Series A Non-Voting) | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||||||
1 Although the Company owned
2 The
The above information is unaudited and preliminary, based on the Company's data available at the time of presentation.
| 2025 | 2024 | |||||||||||||||||||
| FINANCIAL HIGHLIGHTS: | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
| Selected Ratios: | ||||||||||||||||||||
| Return on average assets | 0.81 | % | 1.07 | % | -1.25 | % | 0.56 | % | 0.59 | % | ||||||||||
| Return on average common equity | 9.64 | % | 12.85 | % | -14.79 | % | 6.49 | % | 7.01 | % | ||||||||||
| Return on average equity | 9.64 | % | 12.85 | % | -14.79 | % | 6.49 | % | 7.01 | % | ||||||||||
| Return on average tangible common equity 1 | 10.52 | % | 14.17 | % | -15.28 | % | 6.78 | % | 7.32 | % | ||||||||||
| Net interest margin | 3.31 | % | 3.02 | % | 3.34 | % | 2.78 | % | 2.75 | % | ||||||||||
| Loans / deposits | 72.14 | % | 76.29 | % | 77.05 | % | 80.66 | % | 77.79 | % | ||||||||||
| Core deposits/deposits 2 | 78.31 | % | 76.86 | % | 77.45 | % | 67.98 | % | 69.17 | % | ||||||||||
| Annualized non-interest expense / average assets | 2.33 | % | 2.33 | % | 2.75 | % | 2.19 | % | 2.16 | % | ||||||||||
| Commercial real estate / risk-based capital 3 | 182.62 | % | 186.73 | % | 189.47 | % | 169.73 | % | 163.93 | % | ||||||||||
| Efficiency ratio 1 | 66.84 | % | 72.01 | % | 75.28 | % | 74.08 | % | 68.29 | % | ||||||||||
| Other Selected Data: | ||||||||||||||||||||
| Average yield on loans | 5.97 | % | 5.87 | % | 6.31 | % | 5.64 | % | 5.48 | % | ||||||||||
| Average cost of interest bearing deposits | 2.76 | % | 3.12 | % | 3.11 | % | 3.21 | % | 3.07 | % | ||||||||||
| Average cost of total deposits, including non-interest bearing | 2.29 | % | 2.59 | % | 2.59 | % | 2.72 | % | 2.61 | % | ||||||||||
| Deposits/branch 4 | $ | 105,373 | $ | 100,377 | $ | 99,684 | $ | 100,116 | $ | 104,192 | ||||||||||
| Pre-tax, pre-provision net income 1 | $ | 4,183 | $ | 3,321 | $ | 3,368 | $ | 2,767 | $ | 3,579 | ||||||||||
| Total revenue 1 | $ | 12,616 | $ | 11,865 | $ | 13,627 | $ | 10,675 | $ | 11,285 | ||||||||||
| Share and Per Share Data: | ||||||||||||||||||||
| Cash dividends per share | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||||||
| Book value per common share | $ | 20.33 | $ | 19.83 | $ | 19.71 | $ | 20.22 | $ | 19.97 | ||||||||||
| Tangible book value per common share 1 | $ | 18.56 | $ | 18.03 | $ | 17.75 | $ | 19.46 | $ | 19.21 | ||||||||||
| Basic and diluted weighted average shares outstanding - Voting | 4,749 | 4,733 | 4,714 | 4,708 | 4,701 | |||||||||||||||
| Basic earnings per share - Voting 5 | $ | 0.48 | $ | 0.63 | $ | (0.75 | ) | $ | 0.32 | $ | 0.34 | |||||||||
| Diluted earnings per share - Voting 5 | $ | 0.41 | $ | 0.63 | $ | (0.75 | ) | $ | 0.32 | $ | 0.34 | |||||||||
| Basic and diluted weighted average shares outstanding - Series A Non-Voting | 1,380 | 1,380 | 1,380 | 1,380 | 1,380 | |||||||||||||||
| Basic earnings per share - Series A Non-Voting 5 | $ | 0.48 | $ | 0.63 | $ | (0.75 | ) | $ | 0.32 | $ | 0.34 | |||||||||
| Diluted earnings per share - Series A Non-Voting 5 | $ | 0.41 | $ | 0.63 | $ | (0.75 | ) | $ | 0.32 | $ | 0.34 | |||||||||
| Common shares outstanding at period end | 6,144 | 6,126 | 6,100 | 6,100 | 6,100 | |||||||||||||||
| Pathfinder Bancorp, Inc. Capital Ratios: | ||||||||||||||||||||
| Company tangible common equity to tangible assets 1 | 7.68 | % | 7.54 | % | 7.36 | % | 8.24 | % | 8.09 | % | ||||||||||
| Company Total Core Capital (to Risk-Weighted Assets) | 15.89 | % | 15.66 | % | 15.55 | % | 16.19 | % | 16.23 | % | ||||||||||
| Company Tier 1 Capital (to Risk-Weighted Assets) | 12.24 | % | 12.00 | % | 11.84 | % | 12.31 | % | 12.33 | % | ||||||||||
| Company Tier 1 Common Equity (to Risk-Weighted Assets) | 11.75 | % | 11.51 | % | 11.33 | % | 11.83 | % | 11.85 | % | ||||||||||
| Company Tier 1 Capital (to Assets) | 8.82 | % | 8.64 | % | 8.29 | % | 9.16 | % | 9.16 | % | ||||||||||
| Pathfinder Bank Capital Ratios: | ||||||||||||||||||||
| Bank Total Core Capital (to Risk-Weighted Assets) | 14.86 | % | 14.65 | % | 14.52 | % | 16.04 | % | 15.65 | % | ||||||||||
| Bank Tier 1 Capital (to Risk-Weighted Assets) | 13.61 | % | 13.40 | % | 13.26 | % | 14.79 | % | 14.39 | % | ||||||||||
| Bank Tier 1 Common Equity (to Risk-Weighted Assets) | 13.61 | % | 13.40 | % | 13.26 | % | 14.79 | % | 14.39 | % | ||||||||||
| Bank Tier 1 Capital (to Assets) | 9.80 | % | 9.64 | % | 9.13 | % | 10.30 | % | 10.13 | % | ||||||||||
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 Construction and development, multifamily, and non-owner occupied CRE loans as a percentage of Pathfinder Bank total capital.
4 Includes 11 full-service branches and one motor bank for December 31 and September 30, 2024, respectively. Includes 10 full-service branches and one motor bank for all periods prior.
5 Basic and diluted earnings per share are calculated based upon the two-class method. Weighted average shares outstanding do not include unallocated ESOP shares.
The above information is unaudited and preliminary, based on the Company's data available at the time of presentation.
| 2025 | 2024 | |||||||||||||||||||
| ASSET QUALITY: | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
| Total loan charge-offs | $ | 508 | $ | 1,191 | $ | 8,812 | $ | 112 | $ | 68 | ||||||||||
| Total recoveries | 168 | 171 | 90 | 46 | 38 | |||||||||||||||
| Net loan charge-offs | 340 | 1,020 | 8,722 | 66 | 30 | |||||||||||||||
| Allowance for credit losses at period end | 17,407 | 17,243 | 17,274 | 16,892 | 16,655 | |||||||||||||||
| Nonperforming loans at period end | 13,232 | 22,084 | 16,170 | 24,490 | 19,652 | |||||||||||||||
| Nonperforming assets at period end | $ | 13,232 | $ | 22,084 | $ | 16,170 | $ | 24,550 | $ | 19,734 | ||||||||||
| Annualized net loan charge-offs to average loans | 0.15 | % | 0.44 | % | 3.82 | % | 0.03 | % | 0.01 | % | ||||||||||
| Allowance for credit losses to period end loans | 1.91 | % | 1.88 | % | 1.87 | % | 1.90 | % | 1.87 | % | ||||||||||
| Allowance for credit losses to nonperforming loans | 131.55 | % | 78.08 | % | 106.83 | % | 68.98 | % | 84.75 | % | ||||||||||
| Nonperforming loans to period end loans | 1.45 | % | 2.40 | % | 1.75 | % | 2.76 | % | 2.20 | % | ||||||||||
| Nonperforming assets to period end assets | 0.88 | % | 1.50 | % | 1.09 | % | 1.70 | % | 1.36 | % | ||||||||||
| 2025 | 2024 | |||||||||||||||||||
| LOAN COMPOSITION: | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| 1-4 family first-lien residential mortgages | $ | 243,854 | $ | 251,373 | $ | 255,235 | $ | 250,106 | $ | 252,026 | ||||||||||
| Residential construction | 3,162 | 4,864 | 4,077 | 309 | 1,689 | |||||||||||||||
| Commercial real estate | 381,479 | 377,619 | 378,805 | 370,361 | 363,467 | |||||||||||||||
| Commercial lines of credit | 65,074 | 67,602 | 64,672 | 62,711 | 67,416 | |||||||||||||||
| Other commercial and industrial | 91,644 | 89,800 | 88,247 | 90,813 | 91,178 | |||||||||||||||
| Paycheck protection program loans | 96 | 113 | 125 | 136 | 147 | |||||||||||||||
| Tax exempt commercial loans | 4,446 | 4,544 | 2,658 | 3,228 | 3,374 | |||||||||||||||
| Home equity and junior liens | 52,315 | 51,948 | 52,709 | 35,821 | 35,723 | |||||||||||||||
| Other consumer | 71,681 | 72,710 | 76,703 | 75,195 | 77,106 | |||||||||||||||
| Subtotal loans | 913,751 | 920,573 | 923,231 | 888,680 | 892,126 | |||||||||||||||
| Deferred loan fees | (1,601 | ) | (1,587 | ) | (1,571 | ) | (417 | ) | (595 | ) | ||||||||||
| Total loans | $ | 912,150 | $ | 918,986 | $ | 921,660 | $ | 888,263 | $ | 891,531 | ||||||||||
| 2025 | 2024 | |||||||||||||||||||
| DEPOSIT COMPOSITION: | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| Savings accounts | $ | 129,898 | $ | 128,753 | $ | 129,053 | $ | 106,048 | $ | 111,465 | ||||||||||
| Time accounts | 349,673 | 360,716 | 352,729 | 368,262 | 378,103 | |||||||||||||||
| Time accounts in excess of | 149,922 | 142,473 | 140,181 | 117,021 | 114,514 | |||||||||||||||
| Money management accounts | 10,774 | 11,583 | 11,520 | 12,154 | 11,676 | |||||||||||||||
| MMDA accounts | 306,281 | 239,016 | 250,007 | 193,915 | 215,101 | |||||||||||||||
| Demand deposit interest-bearing | 109,941 | 101,080 | 97,344 | 128,168 | 134,196 | |||||||||||||||
| Demand deposit noninterest-bearing | 203,314 | 213,719 | 210,110 | 169,145 | 176,434 | |||||||||||||||
| Mortgage escrow funds | 4,677 | 7,184 | 5,269 | 6,564 | 4,624 | |||||||||||||||
| Total deposits | $ | 1,264,480 | $ | 1,204,524 | $ | 1,196,213 | $ | 1,101,277 | $ | 1,146,113 | ||||||||||
The above information is unaudited and preliminary, based on the Company's data available at the time of presentation.
| 2025 | 2024 | |||||||||||
| SELECTED AVERAGE BALANCES: | Q1 | Q4 | Q1 | |||||||||
| Interest-earning assets: | ||||||||||||
| Loans | $ | 916,207 | $ | 920,855 | $ | 895,335 | ||||||
| Taxable investment securities | 416,558 | 412,048 | 431,114 | |||||||||
| Tax-exempt investment securities | 34,475 | 34,918 | 29,171 | |||||||||
| Fed funds sold and interest-earning deposits | 12,939 | 5,115 | 13,873 | |||||||||
| Total interest-earning assets | 1,380,179 | 1,372,936 | 1,369,493 | |||||||||
| Noninterest-earning assets: | ||||||||||||
| Other assets | 114,882 | 112,654 | 94,677 | |||||||||
| Allowance for credit losses | (17,413 | ) | (17,145 | ) | (16,081 | ) | ||||||
| Net unrealized losses on available-for-sale securities | (9,947 | ) | (8,534 | ) | (11,187 | ) | ||||||
| Total assets | $ | 1,467,701 | $ | 1,459,911 | $ | 1,436,902 | ||||||
| Interest-bearing liabilities: | ||||||||||||
| NOW accounts | $ | 111,643 | $ | 102,862 | $ | 99,688 | ||||||
| Money management accounts | 10,906 | 11,371 | 11,653 | |||||||||
| MMDA accounts | 256,186 | 257,429 | 213,897 | |||||||||
| Savings and club accounts | 129,769 | 128,169 | 112,719 | |||||||||
| Time deposits | 498,963 | 504,009 | 524,368 | |||||||||
| Subordinated loans | 30,123 | 30,076 | 29,930 | |||||||||
| Borrowings | 70,575 | 68,391 | 137,882 | |||||||||
| Total interest-bearing liabilities | 1,108,165 | 1,102,307 | 1,130,137 | |||||||||
| Noninterest-bearing liabilities: | ||||||||||||
| Demand deposits | 206,137 | 206,521 | 169,748 | |||||||||
| Other liabilities | 29,961 | 29,494 | 15,986 | |||||||||
| Total liabilities | 1,344,263 | 1,338,322 | 1,315,871 | |||||||||
| Shareholders' equity | 123,438 | 121,589 | 121,031 | |||||||||
| Total liabilities & shareholders' equity | $ | 1,467,701 | $ | 1,459,911 | $ | 1,436,902 | ||||||
| 2025 | 2024 | |||||||||||
| SELECTED AVERAGE YIELDS: | Q1 | Q4 | Q1 | |||||||||
| Interest-earning assets: | ||||||||||||
| Loans | 5.97 | % | 5.87 | % | 5.48 | % | ||||||
| Taxable investment securities | 5.07 | % | 5.32 | % | 5.32 | % | ||||||
| Tax-exempt investment securities | 4.66 | % | 5.10 | % | 6.97 | % | ||||||
| Fed funds sold and interest-earning deposits | 2.75 | % | 6.41 | % | 2.83 | % | ||||||
| Total interest-earning assets | 5.63 | % | 5.69 | % | 5.44 | % | ||||||
| Interest-bearing liabilities: | ||||||||||||
| NOW accounts | 1.07 | % | 1.19 | % | 1.06 | % | ||||||
| Money management accounts | 0.11 | % | 0.11 | % | 0.10 | % | ||||||
| MMDA accounts | 3.06 | % | 3.23 | % | 3.61 | % | ||||||
| Savings and club accounts | 0.25 | % | 0.26 | % | 0.26 | % | ||||||
| Time deposits | 3.69 | % | 4.25 | % | 3.92 | % | ||||||
| Subordinated loans | 6.31 | % | 6.52 | % | 6.56 | % | ||||||
| Borrowings | 3.46 | % | 4.89 | % | 3.79 | % | ||||||
| Total interest-bearing liabilities | 2.90 | % | 3.32 | % | 3.26 | % | ||||||
| Net interest rate spread | 2.73 | % | 2.37 | % | 2.18 | % | ||||||
| Net interest margin | 3.31 | % | 3.02 | % | 2.75 | % | ||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 124.55 | % | 124.55 | % | 121.18 | % | ||||||
The above information is unaudited and preliminary based on the Company's data available at the time of presentation.
| 2025 | 2024 | |||||||||||||||||||
| NON-GAAP RECONCILIATIONS: | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
| Tangible book value per common share: | ||||||||||||||||||||
| Total equity | $ | 124,896 | $ | 121,483 | $ | 120,246 | $ | 123,348 | $ | 121,818 | ||||||||||
| Intangible assets | (10,888 | ) | (11,045 | ) | (11,969 | ) | (4,612 | ) | (4,616 | ) | ||||||||||
| Tangible common equity (non-GAAP) | 114,008 | 110,438 | 108,277 | 118,736 | 117,202 | |||||||||||||||
| Common shares outstanding | 6,144 | 6,126 | 6,100 | 6,100 | 6,100 | |||||||||||||||
| Tangible book value per common share (non-GAAP) | $ | 18.56 | $ | 18.03 | $ | 17.75 | $ | 19.46 | $ | 19.21 | ||||||||||
| Tangible common equity to tangible assets: | ||||||||||||||||||||
| Tangible common equity (non-GAAP) | $ | 114,008 | $ | 110,438 | $ | 108,277 | $ | 118,736 | $ | 117,202 | ||||||||||
| Tangible assets | 1,484,449 | 1,463,829 | 1,471,157 | 1,441,599 | 1,449,056 | |||||||||||||||
| Tangible common equity to tangible assets ratio (non-GAAP) | 7.68 | % | 7.54 | % | 7.36 | % | 8.24 | % | 8.09 | % | ||||||||||
| Return on average tangible common equity: | ||||||||||||||||||||
| Average shareholders' equity | $ | 123,438 | $ | 121,589 | $ | 125,626 | $ | 123,211 | $ | 121,031 | ||||||||||
| Average intangible assets | 10,991 | 11,907 | 4,691 | 4,614 | 4,619 | |||||||||||||||
| Average tangible equity (non-GAAP) | 112,447 | 109,682 | 120,935 | 118,597 | 116,412 | |||||||||||||||
| Net income (loss) | 2,974 | 3,907 | (4,644 | ) | 2,000 | 2,120 | ||||||||||||||
| Net income (loss), annualized | $ | 11,831 | $ | 15,543 | $ | (18,475 | ) | $ | 8,044 | $ | 8,527 | |||||||||
| Return on average tangible common equity (non-GAAP)1 | 10.52 | % | 14.17 | % | -15.28 | % | 6.78 | % | 7.32 | % | ||||||||||
| Revenue, pre-tax, pre-provision net income, and efficiency ratio: | ||||||||||||||||||||
| Net interest income | $ | 11,411 | $ | 10,377 | $ | 11,732 | $ | 9,480 | $ | 9,400 | ||||||||||
| Total noninterest income | 1,197 | 4,906 | 1,707 | 1,211 | 1,737 | |||||||||||||||
| Net realized (gains) losses on sales and redemptions of investment securities | (8 | ) | 249 | (188 | ) | 16 | (148 | ) | ||||||||||||
| Gain on asset sale | - | 3,169 | - | - | - | |||||||||||||||
| Revenue (non-GAAP)2 | 12,616 | 11,865 | 13,627 | 10,675 | 11,285 | |||||||||||||||
| Total non-interest expense | 8,433 | 8,544 | 10,259 | 7,908 | 7,706 | |||||||||||||||
| Pre-tax, pre-provision net income (non-GAAP)3 | $ | 4,183 | $ | 3,321 | $ | 3,368 | $ | 2,767 | $ | 3,579 | ||||||||||
| Efficiency ratio (non-GAAP)4 | 66.84 | % | 72.01 | % | 75.28 | % | 74.08 | % | 68.29 | % | ||||||||||
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 and gain on sale of insurance agency
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 unaudited and preliminary based on the Company's data available at the time of presentation.
FAQ
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