Pathfinder Bancorp, Inc. Announces Financial Results for the First Quarter of 2026
Rhea-AI Summary
Pathfinder Bancorp (NASDAQ: PBHC) reported first-quarter 2026 net income attributable to common shareholders of $2.4 million, or $0.38 per diluted share. Core deposits and commercial loans grew, net interest margin expanded sequentially to 3.10%, and the allowance for credit losses was $29.0 million (3.24% of loans).
Deposits were $1.21 billion, loans were $895.2 million, and the company declared a quarterly dividend of $0.10 per share.
AI-generated analysis. Not financial advice.
Positive
- Net income of $2.4 million (Q1 2026)
- Core deposits grew to $993.7 million (82.0% of deposits)
- Commercial loans increased to $549.5 million (61.4% of loans)
Negative
- Net interest margin down 21 bps YoY to 3.10%
- Efficiency ratio rose to 75.65%
- Total loans declined to $895.2 million from $912.2 million YoY
News Market Reaction – PBHC
On the day this news was published, PBHC gained 2.21%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Pre-news, PBHC showed a modest +1.49% move with light volume, while close peers were mixed: AUBN -2.04%, UBCP -1.27%, LSBK +0.47%, others flat. This points to stock-specific factors rather than a unified regional-bank move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 29 | Q4/FY 2025 earnings | Negative | -4.0% | Q4 2025 and full-year net losses driven by $11.2M credit loss provision. |
| Oct 30 | Q3 2025 earnings | Positive | -0.8% | Return to profit with improved credit trends and higher allowance for losses. |
| Jul 30 | Q2 2025 earnings | Negative | -3.8% | Earnings collapse driven by $3.1M loss on sale of nonperforming loans. |
| Apr 30 | Q1 2025 earnings | Positive | +5.7% | Strong profit, higher NIM, core deposit growth, and better asset quality metrics. |
| Jan 31 | Q4/FY 2024 earnings | Negative | +0.1% | Lower full-year 2024 earnings vs 2023 despite solid Q4 performance. |
Earnings headlines have produced generally muted to slightly negative reactions (average move -0.56%), with both positive and negative surprises sometimes met by counter-directional price moves.
Across the last five earnings releases since Jan 2025, Pathfinder’s results have swung from solid profitability in Q4 2024 and Q1 2025 to minimal earnings in Q2 2025 and a sizeable Q4 2025 loss tied to credit provisioning. Credit quality actions, including higher allowance for credit losses and nonperforming loan management, have been recurring themes. Today’s Q1 2026 report, showing renewed profitability, follows that same credit-focused narrative and builds on the prior reserve build and loan review described in late 2025 and early 2026 filings.
Historical Comparison
Over the past five earnings releases, PBHC’s average next-day move was -0.56%, showing generally cautious market responses even when results showed operational progress.
Earnings history shows a shift from strong profitability in late 2024 and early 2025 to weak or negative results in mid and late 2025 as credit issues surfaced and reserves were built. The Q1 2026 report fits a recovery phase, with earnings returning while the elevated allowance for credit losses established in Q4 2025 remains a key backdrop.
Market Pulse Summary
This announcement highlights a return to profitability in Q1 2026, with net income of $2.4M or $0.38 per share, modest net interest margin expansion to 3.10%, and growth in core deposits and commercial loans. It also confirms that credit costs eased after last year’s comprehensive loan review, leaving an allowance for credit losses of $29.0M (3.24% of loans). Investors may focus on trends in NIM, efficiency ratio, and credit quality in upcoming quarters to gauge the durability of this recovery.
Key Terms
allowance for credit losses financial
net interest margin financial
nonaccrual status financial
held-for-sale financial
nonperforming loans financial
efficiency ratio financial
basis points financial
subordinated loans financial
AI-generated analysis. Not financial advice.
Pathfinder earns
OSWEGO, N.Y., April 29, 2026 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (“Pathfinder” or the “Company”) (NASDAQ: PBHC) announced its financial results for the first quarter ended March 31, 2026.
The holding company for Pathfinder Bank (“the Bank”) reported net income attributable to common shareholders of
First Quarter 2026 Highlights and Key Developments
- First quarter 2026 net income reflected a
$168,000 provision benefit attributed to lower net charge offs and overall credit performance that resulted in a small reserve reduction for loans in the first three months of this year. Fourth quarter 2025’s net loss resulted primarily from an$11.2 million credit loss provision expense, reflecting a risk-based reserve build that increased the allowance for credit losses (“ACL”) following a forward-looking assessment of loans with unique risk characteristics identified through a comprehensive review of approximately90% of the Bank’s commercial portfolio. First quarter 2025 provision expense was$457,000 . - Specific reserves, including those previously established in conjunction with last year’s comprehensive commercial portfolio review, represented
63.8% of the Company’s ACL at the end of the first quarter of 2026. The ACL was$29.0 million , or3.24% of total loans, on March 31, 2026, compared to$29.4 million , or3.28% of loans, on December 31, 2025, and$17.4 million , or1.91% of loans, on March 31, 2025. - Loans totaled
$895.2 million at March 31, 2026, compared to$896.7 million at December 31, 2025, and$912.2 million on March 31, 2025. Commercial loans grew to$549.5 million or61.4% of total loans at March 31, 2026, compared to$543.7 million at December 31, 2025, and$542.7 million at March 31, 2025. - Deposits totaled
$1.21 billion at March 31, 2026, compared to$1.18 billion at December 31, 2025, and$1.26 billion at March 31, 2025. Core deposits grew to$993.7 million or82.01% of total deposits at March 31, 2026, compared to$947.2 million at December 31, 2025, and$990.2 million at March 31, 2025. - Net interest income was
$10.3 million in the first quarter of 2026, compared to$10.5 million in the fourth quarter of 2025 and$11.4 million in the first quarter of 2025. Net interest margin (“NIM”) was3.10% in the first quarter of 2026, compared to3.09% in the linked quarter and3.31% in the year-ago period. Approximately$347,000 of net interest income and 10 basis points of NIM in the year-ago period reflected 2024 interest recovered from loans removed from nonaccrual status and income from prepayment fees in the first quarter of 2025. - Noninterest expense of
$8.7 million represented2.48% of average assets on an annualized basis in the first quarter of 2026, compared to$9.2 million or2.51% of average assets in the fourth quarter of 2025 and$8.4 million or2.33% of average assets in the first quarter of 2025. - The efficiency ratio was
75.65% in the first quarter of 2026, compared to74.96% for the fourth quarter of 2025 and67.19% in the first quarter of 2025(1). - Pre-tax, pre-provision (“PTPP”) net income was
$2.8 million in the first quarter of 2026, compared to$3.1 million for the fourth quarter 2025 and$4.1 million in the first quarter of 2025(1). - Quarterly cash dividends payable to common stockholders of
$0.10 per share were declared on March 30, 2026 and are payable on May 8, 2026.
“We’re pleased to report first quarter results that included positive earnings momentum, core-deposit and commercial-loan growth, and sequential-quarter NIM expansion, as well as lower net charge offs and overall credit performance that benefited from the comprehensive portfolio review and meaningful risk-based reserve build completed last year,” President and Chief Executive Officer James Dowd said. “We believe that the Company is appropriately reserved for potential exposures to the commercial credits with unique risk characteristics that we identified in 2025’s portfolio review.”
Dowd added, “Throughout 2026, we intend to continue strengthening Pathfinder’s relationship-based core deposit base and driving high-quality commercial loan growth, while intensifying efforts to prudently increase local residential and consumer lending within in our Central New York markets, supported by significant liquidity, a strong balance sheet, and a robust credit framework.”
(1) Non-GAAP financial metric. See “Notes on Non-GAAP Financial Measures” and non-GAAP reconciliation included herein for the most directly comparable financial measures.
Net Interest Income and Net Interest Margin
First quarter 2026 net interest income was
First quarter 2026 NIM was
First quarter 2026 net interest income was
First quarter 2026 NIM was
Noninterest Income
First quarter 2026 noninterest income totaled
Compared to the linked quarter, first quarter 2026 noninterest income reflected increases of
Compared to the year-ago period, first quarter 2026 noninterest income reflected increases of
Noninterest Expense
Noninterest expense totaled
Salaries and benefits expense was
Building and occupancy expense was
Data processing expense was
Other expenses were
Annualized noninterest expense represented
(2) Non-GAAP financial metric. See “Notes on Non-GAAP Financial Measures” and non-GAAP reconciliation included herein for the most directly comparable financial measures.
Net Income
First quarter 2026 net income attributable to common shareholders was
Statement of Financial Condition
As of March 31, 2026, the Company’s statement of financial condition reflects total assets of
Loans totaled
Investment securities totaled
With respect to liabilities, deposits totaled
Core 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 declined to
A credit loss provision benefit of
The Company believes it is sufficiently collateralized and reserved, with an ACL of
Specific reserves, including those established in conjunction with 2025’s comprehensive commercial portfolio review, represented
Liquidity
The Company has diligently ensured a strong liquidity profile as of March 31, 2026 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
On March 31, 2026, Pathfinder Bancorp had an available additional funding capacity of
Cash Dividend Declared
On March 30, 2026, 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 17, 2026 will be eligible for the dividend, which is scheduled for disbursement on May 8, 2026. 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, 2026 stood at
About Pathfinder Bancorp, Inc.
Pathfinder Bancorp, Inc. (NASDAQ: PBHC) is the bank holding company for Pathfinder Bank, which serves Central New York customers throughout Oswego, Syracuse, and their neighboring communities. Strategically located branches, 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. 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 include, but are not limited to, statements regarding expected earnings normalization, future credit costs, the adequacy of the allowance for credit losses, reduced incremental reserve pressure, potential expansion of regulatory capital ratios, dividend sustainability, liquidity capacity, funding availability, and the Company’s business strategy and outlook for 2026 and beyond.
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, competitive and regulatory 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 expressed or implied by the forward-looking statements as a result of numerous factors. Although it is not possible to identify all factors that may cause actual results to differ, such 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 prevailing interested rates; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; the risk that actual credit losses, borrower performance, collateral values, or loan migration patterns differ from management’s forward-looking estimates or assumptions; fluctuations in the adequacy of the allowance for credit losses; decreases in deposit levels or changes in deposit mix that may necessitate increased borrowing to fund loans and investments; access to wholesale or other funding sources; operational risks including, cybersecurity, fraud, model risk and natural disasters; credit risk management; and the risk that the Company may not be successful in the implementation of its business strategy.
Additional factors that could cause actual results to differ materially are described in the Company’s Annual Report on Form 10-K and other periodic filings with the Securities and Exchange Commission (“SEC”), which are available at the SEC’s website, www.sec.gov. While the Company believes it has identified and discussed the material risks affecting its business, there may be additional risks and uncertainties not currently known or considered immaterial that could affect the forward-looking statements made herein.
Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictions of future results. Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by applicable law.
Notes on Non-GAAP Financial Measures
This release contains certain non-GAAP financial measures, including, but not limited to the efficiency ratio, pre-tax, pre-provision net income, tangible common equity, tangible book value per share, and return on average tangible common equity. 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 generally accepted accounting principles in the United States (“GAAP”), or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable GAAP measure.
The Company believes these non-GAAP financial measures provide useful information to investors by assisting in the evaluation of the Company’s operating performance, operating efficiency, financial condition, and trends, and by facilitating comparisons with prior periods and with peer institutions. In particular, management uses these measures to assess expense control relative to revenue generation, underlying profitability excluding certain non-recurring or non-operational items, and capital strength on a basis that it believes is meaningful for internal planning and external analysis.
These non-GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP and should be considered only in conjunction with the Company’s GAAP financial results.
Pursuant to the requirements of Regulation G, the Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures within this release.
| PATHFINDER BANCORP, INC. | ||||||||||||||||||||
| Selected Financial Information (Unaudited) | ||||||||||||||||||||
| (Amounts in thousands, except per share amounts) | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| SELECTED BALANCE SHEET DATA: | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Cash and due from banks | $ | 13,915 | $ | 11,521 | $ | 19,317 | $ | 16,183 | $ | 18,606 | ||||||||||
| Interest-earning deposits | 25,244 | 19,649 | 21,255 | 15,292 | 32,862 | |||||||||||||||
| Total cash and cash equivalents | 39,159 | 31,170 | 40,572 | 31,475 | 51,468 | |||||||||||||||
| Available-for-sale securities, at fair value | 272,971 | 276,815 | 294,457 | 300,951 | 284,051 | |||||||||||||||
| Held-to-maturity securities, at amortized cost | 122,432 | 130,324 | 142,538 | 157,892 | 155,704 | |||||||||||||||
| Marketable equity securities, at fair value | 6,207 | 6,034 | 5,352 | 4,881 | 4,401 | |||||||||||||||
| Federal Home Loan Bank stock, at cost | 2,169 | 2,560 | 3,488 | 5,278 | 2,906 | |||||||||||||||
| Loans held-for-sale | 5,700 | 5,900 | - | 3,161 | - | |||||||||||||||
| Loans, net of deferred fees | 895,202 | 896,670 | 898,520 | 909,723 | 912,150 | |||||||||||||||
| Less: Allowance for credit losses | 28,966 | 29,436 | 18,654 | 15,983 | 17,407 | |||||||||||||||
| Loans receivable, net | 866,236 | 867,234 | 879,866 | 893,740 | 894,743 | |||||||||||||||
| Premises and equipment, net | 17,882 | 18,008 | 18,760 | 19,047 | 19,233 | |||||||||||||||
| Operating lease right-of-use assets | 1,072 | 1,098 | 1,124 | 1,115 | 1,356 | |||||||||||||||
| Finance lease right-of-use assets | 15,687 | 15,885 | 16,082 | 16,280 | 16,478 | |||||||||||||||
| Accrued interest receivable | 5,832 | 6,328 | 6,498 | 6,889 | 6,748 | |||||||||||||||
| Foreclosed real estate | 137 | 137 | 137 | 83 | - | |||||||||||||||
| Intangible assets, net | 5,205 | 5,362 | 5,518 | 5,675 | 5,832 | |||||||||||||||
| Goodwill | 5,056 | 5,056 | 5,056 | 5,056 | 5,056 | |||||||||||||||
| Bank owned life insurance | 31,631 | 31,374 | 31,145 | 31,045 | 24,889 | |||||||||||||||
| Other assets | 24,606 | 23,351 | 21,675 | 22,551 | 22,472 | |||||||||||||||
| Total assets | $ | 1,421,982 | $ | 1,426,636 | $ | 1,472,268 | $ | 1,505,119 | $ | 1,495,337 | ||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY: | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Interest-bearing deposits | $ | 1,005,092 | $ | 987,471 | $ | 1,028,782 | $ | 1,030,155 | $ | 1,061,166 | ||||||||||
| Noninterest-bearing deposits | 206,635 | 196,377 | 196,299 | 191,732 | 203,314 | |||||||||||||||
| Total deposits | 1,211,727 | 1,183,848 | 1,225,081 | 1,221,887 | 1,264,480 | |||||||||||||||
| Short-term borrowings | 15,000 | 44,000 | 38,000 | 75,500 | 27,000 | |||||||||||||||
| Long-term borrowings | 12,374 | 14,074 | 18,702 | 20,977 | 17,628 | |||||||||||||||
| Subordinated debt | 30,155 | 30,155 | 30,258 | 30,206 | 30,156 | |||||||||||||||
| Accrued interest payable | 451 | 424 | 1,134 | 813 | 844 | |||||||||||||||
| Operating lease liabilities | 1,282 | 1,304 | 1,326 | 1,313 | 1,560 | |||||||||||||||
| Finance lease liabilities | 16,295 | 16,390 | 16,479 | 16,566 | 16,655 | |||||||||||||||
| Other liabilities | 11,115 | 13,990 | 14,949 | 13,444 | 12,118 | |||||||||||||||
| Total liabilities | 1,298,399 | 1,304,185 | 1,345,929 | 1,380,706 | 1,370,441 | |||||||||||||||
| Shareholders' equity: | ||||||||||||||||||||
| Voting common stock shares issued and outstanding | 4,876,213 | 4,805,361 | 4,794,225 | 4,788,109 | 4,761,182 | |||||||||||||||
| Voting common stock | $ | 49 | $ | 48 | $ | 48 | $ | 48 | $ | 48 | ||||||||||
| Non-voting common stock | 14 | 14 | 14 | 14 | 14 | |||||||||||||||
| Additional paid in capital | 55,095 | 54,390 | 53,974 | 53,645 | 53,103 | |||||||||||||||
| Retained earnings | 75,140 | 73,366 | 79,560 | 79,564 | 80,163 | |||||||||||||||
| Accumulated other comprehensive loss | (6,715 | ) | (5,367 | ) | (7,257 | ) | (8,858 | ) | (8,432 | ) | ||||||||||
| Total shareholders' equity | 123,583 | 122,451 | 126,339 | 124,413 | 124,896 | |||||||||||||||
| Total liabilities and shareholders' equity | $ | 1,421,982 | $ | 1,426,636 | $ | 1,472,268 | $ | 1,505,119 | $ | 1,495,337 | ||||||||||
The above information is unaudited and preliminary, based on the Company's data available at the time of presentation.
| 2026 | 2025 | |||||||||||||||||||
| SELECTED INCOME STATEMENT DATA: | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
| Interest and dividend income: | ||||||||||||||||||||
| Loans, including fees | $ | 12,357 | $ | 12,983 | $ | 13,799 | $ | 13,106 | $ | 13,672 | ||||||||||
| Debt securities: | ||||||||||||||||||||
| Taxable | 4,599 | 4,681 | 5,307 | 5,522 | 5,185 | |||||||||||||||
| Tax-exempt | 335 | 385 | 455 | 465 | 402 | |||||||||||||||
| Dividends | 49 | 83 | 44 | 21 | 93 | |||||||||||||||
| Federal funds sold and interest-earning deposits | 162 | 162 | 131 | 68 | 89 | |||||||||||||||
| Total interest and dividend income | 17,502 | 18,294 | 19,736 | 19,182 | 19,441 | |||||||||||||||
| Interest expense: | ||||||||||||||||||||
| Interest on deposits | 6,133 | 6,768 | 6,957 | 7,318 | 6,945 | |||||||||||||||
| Interest on short-term borrowings | 266 | 365 | 566 | 495 | 545 | |||||||||||||||
| Interest on long-term borrowings | 114 | 123 | 127 | 72 | 65 | |||||||||||||||
| Interest on subordinated debt | 649 | 528 | 486 | 483 | 475 | |||||||||||||||
| Total interest expense | 7,162 | 7,784 | 8,136 | 8,368 | 8,030 | |||||||||||||||
| Net interest income | 10,340 | 10,510 | 11,600 | 10,814 | 11,411 | |||||||||||||||
| (Benefit from) provision for credit losses: | ||||||||||||||||||||
| Loans | (186 | ) | 11,385 | 3,341 | 1,173 | 504 | ||||||||||||||
| Held-to-maturity securities | - | (86 | ) | - | 5 | - | ||||||||||||||
| Unfunded commitments | 18 | (105 | ) | 153 | 19 | (47 | ) | |||||||||||||
| Total (benefit from) provision for credit losses, net | (168 | ) | 11,194 | 3,494 | 1,197 | 457 | ||||||||||||||
| Net interest income after provision for (benefit from) credit losses | 10,508 | (684 | ) | 8,106 | 9,617 | 10,954 | ||||||||||||||
| Noninterest income (loss): | ||||||||||||||||||||
| Service charges on deposit accounts | 376 | 381 | 404 | 380 | 374 | |||||||||||||||
| Earnings and gain on bank owned life insurance | 256 | 230 | 286 | 156 | 162 | |||||||||||||||
| Loan servicing fees | 89 | 75 | 113 | 97 | 101 | |||||||||||||||
| Net realized losses on sales and redemptions of investment securities | (5 | ) | (3 | ) | (12 | ) | - | (8 | ) | |||||||||||
| Loss on asset sale | - | (115 | ) | - | - | - | ||||||||||||||
| Net unrealized gains on marketable equity securities | 76 | 667 | 145 | 420 | 218 | |||||||||||||||
| Gains on sales of loans and foreclosed real estate | 186 | 133 | 121 | 83 | 65 | |||||||||||||||
| Fair value adjustment to loans held-for-sale 1 | (203 | ) | (398 | ) | - | (3,064 | ) | - | ||||||||||||
| Loss on sale of premises and equipment | - | (37 | ) | - | - | - | ||||||||||||||
| Debit card interchange fees | 139 | 112 | 217 | 180 | 1 | |||||||||||||||
| Other charges, commissions & fees | 213 | 268 | 229 | 230 | 284 | |||||||||||||||
| Total noninterest income (loss) | 1,127 | 1,313 | 1,503 | (1,518 | ) | 1,197 | ||||||||||||||
| Noninterest expense: | ||||||||||||||||||||
| Salaries and employee benefits | 4,857 | 4,924 | 5,005 | 4,525 | 4,450 | |||||||||||||||
| Building and occupancy | 1,327 | 1,337 | 1,399 | 1,230 | 1,347 | |||||||||||||||
| Data processing | 733 | 698 | 641 | 667 | 666 | |||||||||||||||
| Professional and other services | 680 | 657 | 709 | 778 | 606 | |||||||||||||||
| Advertising | 89 | 155 | 86 | 77 | 141 | |||||||||||||||
| FDIC assessments | 204 | 204 | 171 | - | 229 | |||||||||||||||
| Audits and exams | 140 | 169 | 132 | 60 | 114 | |||||||||||||||
| Amortization expense | 157 | 157 | 156 | 157 | 157 | |||||||||||||||
| Community service activities | 21 | 21 | 10 | 28 | 11 | |||||||||||||||
| Foreclosed real estate expenses | 9 | 30 | 26 | 29 | 21 | |||||||||||||||
| Other expenses | 475 | 798 | 602 | 510 | 691 | |||||||||||||||
| Total noninterest expense | 8,692 | 9,150 | 8,937 | 8,061 | 8,433 | |||||||||||||||
| Income (loss) before provision for income taxes | 2,943 | (8,521 | ) | 672 | 38 | 3,718 | ||||||||||||||
| Provision for (benefit from) income taxes | 530 | (2,957 | ) | 46 | 7 | 744 | ||||||||||||||
| Net income (loss) | $ | 2,413 | $ | (5,564 | ) | $ | 626 | $ | 31 | $ | 2,974 | |||||||||
| Voting Earnings per common share - basic | $ | 0.38 | $ | (0.89 | ) | $ | 0.10 | $ | - | $ | 0.48 | |||||||||
| Voting Earnings per common share - diluted | $ | 0.38 | $ | (0.88 | ) | $ | 0.10 | $ | - | $ | 0.47 | |||||||||
| Series A Non-Voting Earnings per common share- basic | $ | 0.38 | $ | (0.89 | ) | $ | 0.10 | $ | - | $ | 0.48 | |||||||||
| Series A Non-Voting Earnings per common share- diluted | $ | 0.38 | $ | (0.88 | ) | $ | 0.10 | $ | - | $ | 0.47 | |||||||||
| Dividends per common share (Voting and Series A Non-Voting) | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||||||
1 The loss reflects a valuation adjustment “Lower-of-cost-or-market" adjustment on loans held for sale to their estimated market value based on active sale negotiations.
The above information is unaudited and preliminary, based on the Company's data available at the time of presentation.
| 2026 | 2025 | |||||||||||||||||||
| FINANCIAL HIGHLIGHTS: | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
| Selected Ratios: | ||||||||||||||||||||
| Return on average assets | 0.68 | % | -1.54 | % | 0.17 | % | 0.01 | % | 0.81 | % | ||||||||||
| Return on average common equity | 7.78 | % | -17.29 | % | 1.98 | % | 0.10 | % | 9.64 | % | ||||||||||
| Return on average equity | 7.78 | % | -17.29 | % | 1.98 | % | 0.10 | % | 9.64 | % | ||||||||||
| Return on average tangible common equity 1 | 8.61 | % | -18.67 | % | 2.17 | % | 0.11 | % | 10.73 | % | ||||||||||
| Net interest margin | 3.10 | % | 3.09 | % | 3.34 | % | 3.11 | % | 3.31 | % | ||||||||||
| Loans / deposits | 73.88 | % | 75.74 | % | 73.34 | % | 74.45 | % | 72.14 | % | ||||||||||
| Core deposits/deposits 2 | 82.01 | % | 79.78 | % | 78.37 | % | 78.47 | % | 78.31 | % | ||||||||||
| Annualized non-interest expense / average assets | 2.48 | % | 2.51 | % | 2.40 | % | 2.18 | % | 2.33 | % | ||||||||||
| Commercial real estate / risk-based capital 3 | 189.84 | % | 190.37 | % | 174.67 | % | 183.34 | % | 182.62 | % | ||||||||||
| Efficiency ratio 1 | 75.65 | % | 74.96 | % | 68.78 | % | 65.66 | % | 67.19 | % | ||||||||||
| Other Selected Data: | ||||||||||||||||||||
| Average yield on loans | 5.48 | % | 5.74 | % | 6.09 | % | 5.75 | % | 5.97 | % | ||||||||||
| Average cost of interest-bearing deposits | 2.45 | % | 2.68 | % | 2.71 | % | 2.81 | % | 2.76 | % | ||||||||||
| Average cost of total deposits, including noninterest-bearing | 2.06 | % | 2.24 | % | 2.28 | % | 2.37 | % | 2.29 | % | ||||||||||
| Deposits/branch | $ | 100,977 | $ | 98,654 | $ | 102,090 | $ | 101,824 | $ | 105,373 | ||||||||||
| Pre-tax, pre-provision net income 1 | $ | 2,797 | $ | 3,056 | $ | 4,057 | $ | 4,216 | $ | 4,118 | ||||||||||
| Total revenue 1 | $ | 11,489 | $ | 12,206 | $ | 12,994 | $ | 12,277 | $ | 12,551 | ||||||||||
| Share and Per Share Data: | ||||||||||||||||||||
| Cash dividends per share | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||||||
| Book value per common share | $ | 19.75 | $ | 19.80 | $ | 20.46 | $ | 20.17 | $ | 20.33 | ||||||||||
| Tangible book value per common share 1 | $ | 18.11 | $ | 18.11 | $ | 18.75 | $ | 18.43 | $ | 18.56 | ||||||||||
| Basic weighted average shares outstanding - Voting | 4,838 | 4,799 | 4,790 | 4,769 | 4,749 | |||||||||||||||
| Diluted weighted average shares outstanding - Voting | 4,885 | 4,859 | 4,842 | 4,811 | 4,819 | |||||||||||||||
| Basic earnings per share - Voting 4 | $ | 0.38 | $ | (0.89 | ) | $ | 0.10 | $ | - | $ | 0.48 | |||||||||
| Diluted earnings per share - Voting 4 | $ | 0.38 | $ | (0.88 | ) | $ | 0.10 | $ | - | $ | 0.47 | |||||||||
| 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 4 | $ | 0.38 | $ | (0.89 | ) | $ | 0.10 | $ | - | $ | 0.48 | |||||||||
| Diluted earnings per share - Series A Non-Voting 4 | $ | 0.38 | $ | (0.88 | ) | $ | 0.10 | $ | - | $ | 0.47 | |||||||||
| Common shares outstanding at period end | 6,256 | 6,186 | 6,175 | 6,168 | 6,141 | |||||||||||||||
| Pathfinder Bancorp, Inc. Capital Ratios: | ||||||||||||||||||||
| Company tangible common equity to tangible assets 1 | 8.03 | % | 7.91 | % | 7.92 | % | 7.61 | % | 7.68 | % | ||||||||||
| Company Total Core Capital (to Risk-Weighted Assets) | 16.18 | % | 15.57 | % | 15.81 | % | 15.97 | % | 15.89 | % | ||||||||||
| Company Tier 1 Capital (to Risk-Weighted Assets) | 12.43 | % | 12.29 | % | 12.17 | % | 12.31 | % | 12.24 | % | ||||||||||
| Company Tier 1 Common Equity (to Risk-Weighted Assets) | 11.92 | % | 11.78 | % | 11.68 | % | 11.81 | % | 11.75 | % | ||||||||||
| Company Tier 1 Capital (to Assets) | 8.95 | % | 8.57 | % | 8.79 | % | 8.75 | % | 8.82 | % | ||||||||||
| Pathfinder Bank Capital Ratios: | ||||||||||||||||||||
| Bank Total Core Capital (to Risk-Weighted Assets) | 14.87 | % | 14.72 | % | 14.71 | % | 14.87 | % | 14.86 | % | ||||||||||
| Bank Tier 1 Capital (to Risk-Weighted Assets) | 13.59 | % | 13.45 | % | 13.45 | % | 13.62 | % | 13.61 | % | ||||||||||
| Bank Tier 1 Common Equity (to Risk-Weighted Assets) | 13.59 | % | 13.45 | % | 13.45 | % | 13.62 | % | 13.61 | % | ||||||||||
| Bank Tier 1 Capital (to Assets) | 9.79 | % | 9.41 | % | 9.72 | % | 9.68 | % | 9.80 | % | ||||||||||
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 Basic and diluted earnings per share are calculated based upon the two-class method.
The above information is unaudited and preliminary, based on the Company's data available at the time of presentation.
| 2026 | 2025 | |||||||||||||||||||
| ASSET QUALITY: | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
| Total loan charge-offs | $ | 765 | $ | 767 | $ | 923 | $ | 2,844 | $ | 508 | ||||||||||
| Total recoveries | 481 | 163 | 253 | 247 | 168 | |||||||||||||||
| Net loan charge-offs | 284 | 604 | 670 | 2,597 | 340 | |||||||||||||||
| Allowance for credit losses at period end | 28,966 | 29,436 | 18,654 | 15,983 | 17,407 | |||||||||||||||
| Nonperforming loans at period end | 38,160 | 27,561 | 23,305 | 11,689 | 13,232 | |||||||||||||||
| Nonperforming assets at period end | $ | 38,297 | $ | 27,698 | $ | 23,442 | $ | 11,772 | $ | 13,232 | ||||||||||
| Annualized net loan charge-offs to average loans | 0.13 | % | 0.27 | % | 0.30 | % | 1.14 | % | 0.15 | % | ||||||||||
| Allowance for credit losses to period end loans | 3.24 | % | 3.28 | % | 2.08 | % | 1.76 | % | 1.91 | % | ||||||||||
| Allowance for credit losses to nonperforming loans | 75.91 | % | 106.80 | % | 80.04 | % | 136.74 | % | 131.55 | % | ||||||||||
| Nonperforming loans to period end loans | 4.26 | % | 3.07 | % | 2.59 | % | 1.28 | % | 1.45 | % | ||||||||||
| Nonperforming assets to period end assets | 2.69 | % | 1.94 | % | 1.59 | % | 0.78 | % | 0.88 | % | ||||||||||
| 2026 | 2025 | |||||||||||||||||||
| LOAN COMPOSITION: | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| 1-4 family first-lien residential mortgages | $ | 234,027 | $ | 239,692 | $ | 238,975 | $ | 240,833 | $ | 243,854 | ||||||||||
| Residential construction | 1,259 | 2,039 | 1,406 | 3,520 | 3,162 | |||||||||||||||
| Commercial real estate | 384,739 | 380,311 | 371,683 | 381,575 | 381,479 | |||||||||||||||
| Commercial lines of credit | 80,238 | 75,371 | 79,021 | 75,487 | 65,074 | |||||||||||||||
| Other commercial and industrial | 77,863 | 81,210 | 86,687 | 85,578 | 91,644 | |||||||||||||||
| Paycheck protection program loans | 49 | 63 | 74 | 85 | 96 | |||||||||||||||
| Tax exempt commercial loans | 6,581 | 6,716 | 6,229 | 6,349 | 4,446 | |||||||||||||||
| Home equity and junior liens | 51,442 | 49,783 | 50,106 | 49,339 | 52,315 | |||||||||||||||
| Other consumer | 60,278 | 62,825 | 65,694 | 68,439 | 71,681 | |||||||||||||||
| Subtotal loans | 896,476 | 898,010 | 899,875 | 911,205 | 913,751 | |||||||||||||||
| Deferred loan fees | (1,274 | ) | (1,340 | ) | (1,355 | ) | (1,482 | ) | (1,601 | ) | ||||||||||
| Total loans | $ | 895,202 | $ | 896,670 | $ | 898,520 | $ | 909,723 | $ | 912,150 | ||||||||||
| 2026 | 2025 | |||||||||||||||||||
| DEPOSIT COMPOSITION: | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| Savings accounts | $ | 127,044 | $ | 122,718 | $ | 123,958 | $ | 129,252 | $ | 129,898 | ||||||||||
| Time accounts | 283,693 | 317,201 | 333,211 | 341,063 | 349,673 | |||||||||||||||
| Time accounts in excess of | 130,857 | 134,779 | 143,026 | 144,355 | 149,922 | |||||||||||||||
| Money management accounts | 8,483 | 9,539 | 9,539 | 9,902 | 10,774 | |||||||||||||||
| MMDA accounts | 315,982 | 285,564 | 298,653 | 278,919 | 306,281 | |||||||||||||||
| Demand deposit interest-bearing | 134,399 | 110,702 | 115,274 | 120,083 | 109,941 | |||||||||||||||
| Demand deposit noninterest-bearing | 206,635 | 196,377 | 196,299 | 191,732 | 203,314 | |||||||||||||||
| Mortgage escrow funds | 4,634 | 6,968 | 5,121 | 6,581 | 4,677 | |||||||||||||||
| Total deposits | $ | 1,211,727 | $ | 1,183,848 | $ | 1,225,081 | $ | 1,221,887 | $ | 1,264,480 | ||||||||||
The above information is unaudited and preliminary, based on the Company's data available at the time of presentation.
| SELECTED AVERAGE BALANCES: | Q1 | Q4 | Q1 | |||||||||
| Interest-earning assets: | ||||||||||||
| Loans | $ | 902,143 | $ | 904,977 | $ | 916,207 | ||||||
| Taxable investment securities | 377,210 | 400,605 | 416,558 | |||||||||
| Tax-exempt investment securities | 33,472 | 33,786 | 34,475 | |||||||||
| Fed funds sold and interest-earning deposits | 21,143 | 19,963 | 12,939 | |||||||||
| Total interest-earning assets | 1,333,968 | 1,359,331 | 1,380,179 | |||||||||
| Noninterest-earning assets: | ||||||||||||
| Other assets | 120,516 | 113,425 | 114,882 | |||||||||
| Allowance for credit losses | (29,436 | ) | (18,764 | ) | (17,413 | ) | ||||||
| Net unrealized losses on available-for-sale securities | (5,559 | ) | (6,723 | ) | (9,947 | ) | ||||||
| Total assets | $ | 1,419,489 | $ | 1,447,269 | $ | 1,467,701 | ||||||
| Interest-bearing liabilities: | ||||||||||||
| NOW accounts | $ | 125,250 | $ | 116,184 | $ | 111,643 | ||||||
| Money management accounts | 9,110 | 9,636 | 10,906 | |||||||||
| MMDA accounts | 298,555 | 298,510 | 256,186 | |||||||||
| Savings and club accounts | 125,276 | 122,533 | 129,769 | |||||||||
| Time deposits | 441,341 | 465,032 | 498,963 | |||||||||
| Subordinated loans | 30,155 | 30,192 | 30,123 | |||||||||
| Borrowings | 39,982 | 52,125 | 70,575 | |||||||||
| Total interest-bearing liabilities | 1,069,669 | 1,094,212 | 1,108,165 | |||||||||
| Noninterest-bearing liabilities: | ||||||||||||
| Demand deposits | 193,992 | 194,277 | 206,137 | |||||||||
| Other liabilities | 31,817 | 30,037 | 29,961 | |||||||||
| Total liabilities | 1,295,478 | 1,318,526 | 1,344,263 | |||||||||
| Shareholders' equity | 124,011 | 128,743 | 123,438 | |||||||||
| Total liabilities & shareholders' equity | $ | 1,419,489 | $ | 1,447,269 | $ | 1,467,701 | ||||||
| 2026 | 2025 | |||||||||||
| SELECTED AVERAGE YIELDS: | Q1 | Q4 | Q1 | |||||||||
| Interest-earning assets: | ||||||||||||
| Loans | 5.48 | % | 5.74 | % | 5.97 | % | ||||||
| Taxable investment securities | 4.93 | % | 4.76 | % | 5.07 | % | ||||||
| Tax-exempt investment securities | 4.00 | % | 4.56 | % | 4.66 | % | ||||||
| Fed funds sold and interest-earning deposits | 3.06 | % | 3.25 | % | 2.75 | % | ||||||
| Total interest-earning assets | 5.25 | % | 5.38 | % | 5.63 | % | ||||||
| Interest-bearing liabilities: | ||||||||||||
| NOW accounts | 0.95 | % | 1.08 | % | 1.07 | % | ||||||
| Money management accounts | 0.09 | % | 0.17 | % | 0.11 | % | ||||||
| MMDA accounts | 2.65 | % | 2.99 | % | 3.06 | % | ||||||
| Savings and club accounts | 0.22 | % | 0.24 | % | 0.25 | % | ||||||
| Time deposits | 3.43 | % | 3.57 | % | 3.69 | % | ||||||
| Subordinated loans | 8.61 | % | 7.00 | % | 6.31 | % | ||||||
| Borrowings | 3.80 | % | 3.74 | % | 3.46 | % | ||||||
| Total interest-bearing liabilities | 2.68 | % | 2.85 | % | 2.90 | % | ||||||
| Net interest rate spread | 2.57 | % | 2.53 | % | 2.73 | % | ||||||
| Net interest margin | 3.10 | % | 3.09 | % | 3.31 | % | ||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 124.71 | % | 124.23 | % | 124.55 | % | ||||||
The above information is unaudited and preliminary based on the Company's data available at the time of presentation.
| 2026 | 2025 | |||||||||||||||||||
| NON-GAAP RECONCILIATIONS: | Q1 | Q4 | Q3 | Q2 | Q1 | |||||||||||||||
| Tangible book value per common share: | ||||||||||||||||||||
| Total equity | $ | 123,583 | $ | 122,451 | $ | 126,339 | $ | 124,413 | $ | 124,896 | ||||||||||
| Intangible assets | (10,261 | ) | (10,418 | ) | (10,574 | ) | (10,731 | ) | (10,888 | ) | ||||||||||
| Tangible common equity (non-GAAP) | 113,322 | 112,033 | 115,765 | 113,682 | 114,008 | |||||||||||||||
| Common shares outstanding | 6,256 | 6,186 | 6,175 | 6,168 | 6,144 | |||||||||||||||
| Tangible book value per common share (non-GAAP) | $ | 18.11 | $ | 18.11 | $ | 18.75 | $ | 18.43 | $ | 18.56 | ||||||||||
| Tangible common equity to tangible assets: | ||||||||||||||||||||
| Tangible common equity (non-GAAP) | $ | 113,322 | $ | 112,033 | $ | 115,765 | $ | 113,682 | $ | 114,008 | ||||||||||
| Tangible assets | 1,411,721 | 1,416,218 | 1,461,694 | 1,494,388 | 1,484,449 | |||||||||||||||
| Tangible common equity to tangible assets ratio (non-GAAP) | 8.03 | % | 7.91 | % | 7.92 | % | 7.61 | % | 7.68 | % | ||||||||||
| Return on average tangible common equity: | ||||||||||||||||||||
| Average shareholders' equity | $ | 124,011 | $ | 128,743 | $ | 126,211 | $ | 125,225 | $ | 123,438 | ||||||||||
| Average intangible assets | 10,363 | 10,520 | 10,677 | 10,834 | 10,991 | |||||||||||||||
| Average tangible equity (non-GAAP) | 113,648 | 118,223 | 115,534 | 114,391 | 112,447 | |||||||||||||||
| Net income (loss) | 2,413 | (5,564 | ) | 626 | 31 | 2,974 | ||||||||||||||
| Net income (loss), annualized | $ | 9,786 | $ | (22,075 | ) | $ | 2,511 | $ | 124 | $ | 12,061 | |||||||||
| Return on average tangible common equity (non-GAAP) 1 | 8.61 | % | -18.67 | % | 2.17 | % | 0.11 | % | 10.73 | % | ||||||||||
| Revenue, pre-tax, pre-provision net income, and efficiency ratio: | ||||||||||||||||||||
| Net interest income | $ | 10,340 | $ | 10,510 | $ | 11,600 | $ | 10,814 | $ | 11,411 | ||||||||||
| Total noninterest income (loss) | 1,127 | 1,313 | 1,503 | (1,518 | ) | 1,197 | ||||||||||||||
| Net realized losses on sales and redemptions of investment securities | (5 | ) | (3 | ) | (12 | ) | - | (8 | ) | |||||||||||
| Gains on sales of loans and foreclosed real estate | 186 | 133 | 121 | 83 | 65 | |||||||||||||||
| Fair value adjustment to loans held-for-sale 2 | (203 | ) | (398 | ) | - | (3,064 | ) | - | ||||||||||||
| Loss on asset sale | - | (115 | ) | - | - | - | ||||||||||||||
| Revenue (non-GAAP) 3 | 11,489 | 12,206 | 12,994 | 12,277 | 12,551 | |||||||||||||||
| Total non-interest expense | 8,692 | 9,150 | 8,937 | 8,061 | 8,433 | |||||||||||||||
| Pre-tax, pre-provision net income (non-GAAP) 4 | $ | 2,797 | $ | 3,056 | $ | 4,057 | $ | 4,216 | $ | 4,118 | ||||||||||
| Efficiency ratio (non-GAAP) 5 | 75.65 | % | 74.96 | % | 68.78 | % | 65.66 | % | 67.19 | % | ||||||||||
1 Return on average tangible common equity equals annualized net income (loss) divided by average tangible equity.
2 The loss reflects a valuation adjustment “Lower-of-cost-or-market" adjustment on loans held for sale to the estimated market value based on sale negotiation terms.
3 Revenue equals net interest income plus total noninterest income, less net realized gains or losses on sales and redemptions of investment securities, sales of loans and foreclosed real estate, fair value adjustment to loans held-for-sale, and sales of assets.
4 Pre-tax, pre-provision net income equals revenue less total non-interest expense.
5 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.
Investor/Media Contacts
James A. Dowd, President, CEO
Justin K. Bigham, Executive Vice President, CFO
Telephone: (315) 343-0057
