Pathfinder Bancorp, Inc. Announces Second Quarter 2025 Results
Pathfinder Bancorp (NASDAQ: PBHC) reported Q2 2025 net income of $31,000 (less than $0.01 per share), down from $3.0 million ($0.47/share) in Q1 2025 and $2.0 million ($0.32/share) in Q2 2024. The significant decline was primarily due to a $3.1 million pre-tax loss from the July 2025 sale of $9.3 million in nonperforming loans.
Key metrics include: Net interest income of $10.8 million with 3.11% net interest margin, total deposits of $1.22 billion, and total loans of $909.7 million. The company's efficiency ratio improved to 65.66%. Notably, nonperforming loans decreased to $11.7 million (1.28% of total loans), showing a 52.3% improvement from June 2024.
The bank demonstrated strong core deposit growth, reaching 78.47% of total deposits, while maintaining focus on commercial lending which grew to $549.1 million, representing 60.4% of total loans.
Pathfinder Bancorp (NASDAQ: PBHC) ha riportato un utile netto di 31.000 dollari nel secondo trimestre del 2025 (meno di 0,01 dollari per azione), in calo rispetto ai 3,0 milioni di dollari (0,47 dollari per azione) del primo trimestre 2025 e ai 2,0 milioni di dollari (0,32 dollari per azione) del secondo trimestre 2024. Il forte calo è stato principalmente causato da una perdita ante imposte di 3,1 milioni di dollari derivante dalla vendita, avvenuta a luglio 2025, di 9,3 milioni di dollari di prestiti non performanti.
I principali indicatori includono: un reddito netto da interessi di 10,8 milioni di dollari con un margine netto da interessi del 3,11%, depositi totali pari a 1,22 miliardi di dollari e prestiti totali di 909,7 milioni di dollari. Il rapporto di efficienza dell'azienda è migliorato raggiungendo il 65,66%. È importante notare che i prestiti non performanti sono diminuiti a 11,7 milioni di dollari (1,28% del totale prestiti), mostrando un miglioramento del 52,3% rispetto a giugno 2024.
La banca ha mostrato una forte crescita dei depositi core, arrivando al 78,47% del totale depositi, mantenendo al contempo l'attenzione sul credito commerciale, che è cresciuto fino a 549,1 milioni di dollari, rappresentando il 60,4% del totale prestiti.
Pathfinder Bancorp (NASDAQ: PBHC) reportó un ingreso neto de 31.000 dólares en el segundo trimestre de 2025 (menos de 0,01 dólares por acción), una disminución respecto a los 3,0 millones de dólares (0,47 dólares por acción) del primer trimestre de 2025 y los 2,0 millones de dólares (0,32 dólares por acción) del segundo trimestre de 2024. La caída significativa se debió principalmente a una pérdida antes de impuestos de 3,1 millones de dólares por la venta en julio de 2025 de 9,3 millones de dólares en préstamos improductivos.
Las métricas clave incluyen: ingresos netos por intereses de 10,8 millones de dólares con un margen neto de interés del 3,11%, depósitos totales de 1,22 mil millones de dólares y préstamos totales de 909,7 millones de dólares. La eficiencia de la empresa mejoró a 65,66%. Cabe destacar que los préstamos improductivos disminuyeron a 11,7 millones de dólares (1,28% del total de préstamos), mostrando una mejora del 52,3% desde junio de 2024.
El banco mostró un fuerte crecimiento en depósitos básicos, alcanzando el 78,47% del total de depósitos, mientras mantenía el enfoque en préstamos comerciales, que crecieron a 549,1 millones de dólares, representando el 60,4% del total de préstamos.
Pathfinder Bancorp (NASDAQ: PBHC)는 2025년 2분기 순이익이 31,000달러(주당 0.01달러 미만)로 보고되었으며, 이는 2025년 1분기 300만 달러(주당 0.47달러) 및 2024년 2분기 200만 달러(주당 0.32달러) 대비 감소한 수치입니다. 이 큰 감소는 주로 2025년 7월에 930만 달러 규모의 부실 대출 매각에서 발생한 310만 달러의 세전 손실 때문입니다.
주요 지표로는 3.11% 순이자마진을 기록한 1,080만 달러의 순이자수익, 총 예금 12억 2천만 달러, 총 대출 9억 970만 달러가 있습니다. 회사의 효율성 비율은 65.66%로 개선되었습니다. 특히 부실 대출은 1,170만 달러(총 대출의 1.28%)로 감소하여 2024년 6월 대비 52.3% 개선되었습니다.
은행은 핵심 예금의 강한 성장을 보여 총 예금의 78.47%에 도달했으며, 총 대출의 60.4%를 차지하는 5억 4,910만 달러로 성장한 상업 대출에 집중하는 모습을 유지했습니다.
Pathfinder Bancorp (NASDAQ : PBHC) a annoncé un bénéfice net de 31 000 dollars au deuxième trimestre 2025 (moins de 0,01 dollar par action), en baisse par rapport à 3,0 millions de dollars (0,47 dollar par action) au premier trimestre 2025 et 2,0 millions de dollars (0,32 dollar par action) au deuxième trimestre 2024. Cette forte baisse est principalement due à une perte avant impôts de 3,1 millions de dollars liée à la vente en juillet 2025 de 9,3 millions de dollars de prêts non performants.
Les indicateurs clés comprennent : un revenu net d'intérêts de 10,8 millions de dollars avec une marge nette d'intérêt de 3,11 %, des dépôts totaux de 1,22 milliard de dollars et des prêts totaux de 909,7 millions de dollars. Le ratio d'efficacité de la société s'est amélioré à 65,66 %. Notamment, les prêts non performants ont diminué à 11,7 millions de dollars (1,28 % du total des prêts), affichant une amélioration de 52,3 % par rapport à juin 2024.
La banque a démontré une forte croissance des dépôts de base, atteignant 78,47 % du total des dépôts, tout en maintenant son focus sur le prêt commercial, qui a augmenté à 549,1 millions de dollars, représentant 60,4 % du total des prêts.
Pathfinder Bancorp (NASDAQ: PBHC) meldete für das zweite Quartal 2025 einen Nettogewinn von 31.000 USD (weniger als 0,01 USD pro Aktie), was einen Rückgang gegenüber 3,0 Millionen USD (0,47 USD/Aktie) im ersten Quartal 2025 und 2,0 Millionen USD (0,32 USD/Aktie) im zweiten Quartal 2024 darstellt. Der deutliche Rückgang war hauptsächlich auf einen steuerlichen Vorverlust von 3,1 Millionen USD aus dem Verkauf von 9,3 Millionen USD notleidenden Krediten im Juli 2025 zurückzuführen.
Wichtige Kennzahlen sind: Nettozinsertrag von 10,8 Millionen USD mit einer Nettozinsmarge von 3,11 %, Gesamteinlagen von 1,22 Milliarden USD und Gesamtkredite von 909,7 Millionen USD. Die Effizienzquote des Unternehmens verbesserte sich auf 65,66 %. Bemerkenswert ist, dass notleidende Kredite auf 11,7 Millionen USD (1,28 % der Gesamtkredite) sanken, was eine Verbesserung von 52,3 % seit Juni 2024 bedeutet.
Die Bank zeigte ein starkes Wachstum der Kerneinlagen und erreichte 78,47 % der Gesamteinlagen, während sie weiterhin den Fokus auf gewerbliche Kredite legte, die auf 549,1 Millionen USD anwuchsen und 60,4 % der Gesamtkredite ausmachen.
- Nonperforming loans significantly reduced by 52.3% year-over-year to $11.7 million
- Core deposits improved to 78.47% of total deposits from 67.98% year-over-year
- Commercial loan portfolio grew to $549.1 million, up 4.1% year-over-year
- Efficiency ratio improved to 65.66% from 74.36% year-over-year
- Net interest margin increased to 3.11% from 2.78% year-over-year
- Net income dropped to $31,000 from $3.0 million in previous quarter
- $3.1 million pre-tax loss from sale of nonperforming loans
- Net charge-offs increased to $2.6 million (1.14% of average loans)
- Total deposits decreased 3.4% quarter-over-quarter
- Net interest income declined 5.2% from previous quarter to $10.8 million
Insights
Pathfinder's proactive $9.3M nonperforming loan sale significantly impacted Q2 earnings but strengthens long-term asset quality despite short-term pain.
Pathfinder's Q2 results reflect a strategic but painful decision to clean up its balance sheet through the sale of $9.3 million in nonperforming and classified loans from a single commercial relationship dating back to 2013. This transaction resulted in a $3.1 million pre-tax loss (or $0.40 per share after tax), dramatically reducing quarterly earnings to just $31,000 or less than $0.01 per share, compared to $3.0 million ($0.47/share) in Q1 and $2.0 million ($0.32/share) in Q2 2024.
The strategic value of this move is evident in the significant improvement in asset quality metrics. Nonperforming loans decreased to $11.7 million (1.28% of total loans), down 11.7% quarter-over-quarter and an impressive 52.3% year-over-year. This balance sheet cleanup, combined with $2.6 million in net charge-offs, represents management's commitment to strengthening the bank's foundation even at the expense of short-term earnings.
Core banking performance showed resilience despite these one-time items. Net interest margin was 3.11%, down from 3.31% in Q1 (which benefited from recovered interest and prepayment fees) but up significantly from 2.78% a year ago. The efficiency ratio improved to 65.66% from 74.36% year-over-year, indicating better operational performance. Commercial loans grew to $549.1 million, increasing 1.2% during the quarter despite the loan sale.
The deposit profile continues to improve, with core deposits now representing 78.47% of total deposits, up from 67.98% a year ago. This shift toward more stable, lower-cost funding provides a stronger foundation for future profitability as the bank continues to emphasize relationship-based lending in Central New York.
Looking forward, Pathfinder appears positioned for more normalized earnings after absorbing these significant credit-related costs. The bank's proactive approach to credit risk management, combined with its disciplined expense control and focus on core deposit growth, should support improved performance in coming quarters as it operates with a cleaner balance sheet.
Results reflect July 2025 sale of
OSWEGO, N.Y., July 30, 2025 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (“Pathfinder” or the “Company”) (NASDAQ: PBHC) announced its financial results for the second quarter ended June 30, 2025.
The holding company for Pathfinder Bank (“the Bank”) reported net income attributable to common shareholders of
Second Quarter 2025 Highlights and Key Developments
- The Company continued to undertake proactive measures in the second quarter to mitigate credit risk and enhance asset quality metrics for the long term. These included the July 2025 sale of
$9.3 million in nonperforming and classified loans associated with one local commercial relationship for a pre-tax loss of$3.1 million recorded as a second quarter 2025 lower of cost or market adjustment to loans held for sale (“LOCOM HFS adjustment”), representing$0.40 per diluted share net of tax, as well as$2.6 million in net charge offs (“NCOs”) that are reflected in provision expense of$1.2 million . - Nonperforming loans declined to
$11.7 million at period end, improving by11.7% during the second quarter and52.3% from June 30, 2024. Nonperforming loans also declined to1.28% of total loans at period end, improving from1.45% on March 31, 2025 and2.76% on June 30, 2024. - Total deposits were
$1.22 billion at period end, compared to$1.26 billion on March 31, 2025 and$1.10 billion on June 30, 2024. During the second quarter of 2025, total balances declined on reductions in higher-cost time and money market accounts, as well as regular municipal deposit seasonality. Core deposits grew to78.47% of total deposits at period end from78.31% on March 31, 2025 and67.98% on June 30, 2024. - Total loans were
$909.7 million at period end, reflecting the move of$3.2 million in balances to held-for-sale status for the July 2025 sale of nonperforming and classified loans, compared to$912.2 million on March 31, 2025 and$888.3 million on June 30, 2024. Commercial loans grew to$549.1 million or60.4% of total loans at period end, compared to$542.7 million on March 31, 2025 and$527.2 million on June 30, 2024. - Net interest income was
$10.8 million and net interest margin (“NIM”) was3.11% in the second quarter of 2025. Linked quarter results reflected 2024 interest recovered from loans removed from nonaccrual status and income from prepayment fees, adding approximately$347,000 t o net interest income of$11.4 million and 10 basis points to NIM of3.31% . Second quarter 2024 net interest income was$9.5 million and NIM was2.78% . - The efficiency ratio was
65.66% , compared to67.19% in the linked quarter and74.36% in the year-ago period. The efficiency ratio, which is not a financial metric under generally accepted accounting principles (“GAAP”), is a measure that the Company believes is helpful to understanding its level of non-interest expense as a percentage of total revenue. - Pre-tax, pre-provision (“PTPP”) net income was
$4.2 million , compared to$4.2 million in the linked quarter and$2.8 million in the year-ago period. PTPP net income, which is not a financial metric under GAAP, is a measure that the Company believes is helpful to understanding profitability without giving effect to income taxes and provision for credit losses.
“Pathfinder’s more exacting approach to proactive credit risk mitigation continues to be implemented, with measures taken to proactively address certain loans experiencing credit deterioration resulting in elevated charge offs and the sale of nonperforming and classified commercial loans associated with a single in-market commercial relationship,” said President and Chief Executive Officer James A. Dowd. “These steps were taken as part of our ongoing efforts to enhance Pathfinder’s asset quality and resilience over the long term.”
Dowd added, “Growing our Central New York core deposit franchise remains an ongoing area of focus, as it continues to serve as a valuable source of low-cost funding for local, relationship-based lending opportunities with small- and middle-market businesses and consumers in our attractive regional markets.”
Net Interest Income and Net Interest Margin
Second quarter 2025 net interest income was
A decrease in interest and dividend income of
Net interest margin was
Second quarter 2025 net interest income was
Net interest margin was
Noninterest Income
Second quarter 2025 noninterest income includes the
Second quarter 2025 noninterest income totaled negative
Compared to the linked quarter, second quarter 2025 noninterest income reflected increases of
Compared to the year-ago period, second quarter 2025 noninterest income included increases of
Noninterest Expense
Noninterest expense totaled
Salaries and benefits were
Building and occupancy was
Data processing expense was
No FDIC assessment expense was recorded in the second quarter of 2025, due to modest over-accruals in prior periods, compared to
Annualized noninterest expense represented
Net Income
For the second quarter of 2025, net income attributable to common shareholders was
Statement of Financial Condition
As of June 30, 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
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 June 30, 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
On June 30, 2025, Pathfinder Bancorp had an available additional funding capacity of
Cash Dividend Declared
On June 30, 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 July 18, 2025 will be eligible for the dividend, which is scheduled for disbursement on August 8, 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 June 30, 2025 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 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.
| PATHFINDER BANCORP, INC. | ||||||||||||||||||||
| Selected Financial Information (Unaudited) | ||||||||||||||||||||
| (Amounts in thousands, except per share amounts) | ||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||
| SELECTED BALANCE SHEET DATA: | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| ASSETS: | ||||||||||||||||||||
| Cash and due from banks | $ | 16,183 | $ | 18,606 | $ | 13,963 | $ | 18,923 | $ | 12,022 | ||||||||||
| Interest-earning deposits | 15,292 | 32,862 | 17,609 | 16,401 | 19,797 | |||||||||||||||
| Total cash and cash equivalents | 31,475 | 51,468 | 31,572 | 35,324 | 31,819 | |||||||||||||||
| Available-for-sale securities, at fair value | 300,951 | 284,051 | 269,331 | 271,977 | 274,977 | |||||||||||||||
| Held-to-maturity securities, at amortized cost | 157,892 | 155,704 | 158,683 | 161,385 | 166,271 | |||||||||||||||
| Marketable equity securities, at fair value | 4,881 | 4,401 | 4,076 | 3,872 | 3,793 | |||||||||||||||
| Federal Home Loan Bank stock, at cost | 5,278 | 2,906 | 4,590 | 5,401 | 8,702 | |||||||||||||||
| Loans held-for-sale | 3,161 | - | - | - | - | |||||||||||||||
| Loans, net of deferred fees | 909,723 | 912,150 | 918,986 | 921,660 | 888,263 | |||||||||||||||
| Less: Allowance for credit losses | 15,983 | 17,407 | 17,243 | 17,274 | 16,892 | |||||||||||||||
| Loans receivable, net | 893,740 | 894,743 | 901,743 | 904,386 | 871,371 | |||||||||||||||
| Premises and equipment, net | 19,047 | 19,233 | 19,009 | 18,989 | 18,878 | |||||||||||||||
| Assets held-for-sale | - | - | - | - | 3,042 | |||||||||||||||
| Operating lease right-of-use assets | 1,115 | 1,356 | 1,391 | 1,425 | 1,459 | |||||||||||||||
| Finance lease right-of-use assets | 16,280 | 16,478 | 16,676 | 16,873 | 4,004 | |||||||||||||||
| Accrued interest receivable | 6,889 | 6,748 | 6,881 | 6,806 | 7,076 | |||||||||||||||
| Foreclosed real estate | 83 | - | - | - | 60 | |||||||||||||||
| Intangible assets, net | 5,675 | 5,832 | 5,989 | 6,217 | 76 | |||||||||||||||
| Goodwill | 5,056 | 5,056 | 5,056 | 5,752 | 4,536 | |||||||||||||||
| Bank owned life insurance | 31,045 | 24,889 | 24,727 | 24,560 | 24,967 | |||||||||||||||
| Other assets | 22,551 | 22,472 | 25,150 | 20,159 | 25,180 | |||||||||||||||
| Total assets | $ | 1,505,119 | $ | 1,495,337 | $ | 1,474,874 | $ | 1,483,126 | $ | 1,446,211 | ||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY: | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Interest-bearing deposits | $ | 1,030,155 | $ | 1,061,166 | $ | 990,805 | $ | 986,103 | $ | 932,132 | ||||||||||
| Noninterest-bearing deposits | 191,732 | 203,314 | 213,719 | 210,110 | 169,145 | |||||||||||||||
| Total deposits | 1,221,887 | 1,264,480 | 1,204,524 | 1,196,213 | 1,101,277 | |||||||||||||||
| Short-term borrowings | 75,500 | 27,000 | 61,000 | 60,315 | 127,577 | |||||||||||||||
| Long-term borrowings | 20,977 | 17,628 | 27,068 | 39,769 | 45,869 | |||||||||||||||
| Subordinated debt | 30,206 | 30,156 | 30,107 | 30,057 | 30,008 | |||||||||||||||
| Accrued interest payable | 813 | 844 | 546 | 236 | 2,092 | |||||||||||||||
| Operating lease liabilities | 1,313 | 1,560 | 1,591 | 1,621 | 1,652 | |||||||||||||||
| Finance lease liabilities | 16,566 | 16,655 | 16,745 | 16,829 | 4,359 | |||||||||||||||
| Other liabilities | 13,444 | 12,118 | 11,810 | 16,986 | 9,203 | |||||||||||||||
| Total liabilities | 1,380,706 | 1,370,441 | 1,353,391 | 1,362,026 | 1,322,037 | |||||||||||||||
| Shareholders' equity: | ||||||||||||||||||||
| Voting common stock shares issued and outstanding | 4,788,109 | 4,761,182 | 4,745,366 | 4,719,788 | 4,719,788 | |||||||||||||||
| Voting common stock | $ | 48 | $ | 48 | $ | 47 | $ | 47 | $ | 47 | ||||||||||
| Non-voting common stock | 14 | 14 | 14 | 14 | 14 | |||||||||||||||
| Additional paid in capital | 53,645 | 53,103 | 52,750 | 53,231 | 53,182 | |||||||||||||||
| Retained earnings | 79,564 | 80,163 | 77,816 | 73,670 | 78,936 | |||||||||||||||
| Accumulated other comprehensive loss | (8,858 | ) | (8,432 | ) | (9,144 | ) | (6,716 | ) | (8,786 | ) | ||||||||||
| Unearned ESOP shares | - | - | - | - | (45 | ) | ||||||||||||||
| Total Pathfinder Bancorp, Inc. shareholders' equity | 124,413 | 124,896 | 121,483 | 120,246 | 123,348 | |||||||||||||||
| Noncontrolling interest | - | - | - | 854 | 826 | |||||||||||||||
| Total equity | 124,413 | 124,896 | 121,483 | 121,100 | 124,174 | |||||||||||||||
| Total liabilities and shareholders' equity | $ | 1,505,119 | $ | 1,495,337 | $ | 1,474,874 | $ | 1,483,126 | $ | 1,446,211 | ||||||||||
The above information is unaudited and preliminary, based on the Company's data available at the time of presentation.
| Six Months Ended June 30, | 2025 | 2024 | ||||||||||||||||||||||||||
| SELECTED INCOME STATEMENT DATA: | 2025 | 2024 | Q2 | Q1 | Q4 | Q3 | Q2 | |||||||||||||||||||||
| Interest and dividend income: | ||||||||||||||||||||||||||||
| Loans, including fees | $ | 26,778 | $ | 24,757 | $ | 13,106 | $ | 13,672 | $ | 13,523 | $ | 14,425 | $ | 12,489 | ||||||||||||||
| Debt securities: | ||||||||||||||||||||||||||||
| Taxable | 10,707 | 11,343 | 5,522 | 5,185 | 5,312 | 5,664 | 5,736 | |||||||||||||||||||||
| Tax-exempt | 867 | 1,006 | 465 | 402 | 445 | 469 | 498 | |||||||||||||||||||||
| Dividends | 114 | 307 | 21 | 93 | 164 | 149 | 178 | |||||||||||||||||||||
| Federal funds sold and interest-earning deposits | 157 | 219 | 68 | 89 | 82 | 492 | 121 | |||||||||||||||||||||
| Total interest and dividend income | 38,623 | 37,632 | 19,182 | 19,441 | 19,526 | 21,199 | 19,022 | |||||||||||||||||||||
| Interest expense: | ||||||||||||||||||||||||||||
| Interest on deposits | 14,263 | 15,037 | 7,318 | 6,945 | 7,823 | 7,633 | 7,626 | |||||||||||||||||||||
| Interest on short-term borrowings | 1,040 | 2,340 | 495 | 545 | 700 | 1,136 | 1,226 | |||||||||||||||||||||
| Interest on long-term borrowings | 137 | 395 | 72 | 65 | 136 | 202 | 201 | |||||||||||||||||||||
| Interest on subordinated debt | 958 | 980 | 483 | 475 | 490 | 496 | 489 | |||||||||||||||||||||
| Total interest expense | 16,398 | 18,752 | 8,368 | 8,030 | 9,149 | 9,467 | 9,542 | |||||||||||||||||||||
| Net interest income | 22,225 | 18,880 | 10,814 | 11,411 | 10,377 | 11,732 | 9,480 | |||||||||||||||||||||
| Provision for (benefit from) credit losses: | ||||||||||||||||||||||||||||
| Loans | 1,677 | 1,014 | 1,173 | 504 | 988 | 9,104 | 304 | |||||||||||||||||||||
| Held-to-maturity securities | 5 | (59 | ) | 5 | - | (5 | ) | (31 | ) | (74 | ) | |||||||||||||||||
| Unfunded commitments | (28 | ) | 61 | 19 | (47 | ) | 5 | (104 | ) | 60 | ||||||||||||||||||
| Total provision for credit losses | 1,654 | 1,016 | 1,197 | 457 | 988 | 8,969 | 290 | |||||||||||||||||||||
| Net interest income after provision for credit losses | 20,571 | 17,864 | 9,617 | 10,954 | 9,389 | 2,763 | 9,190 | |||||||||||||||||||||
| Noninterest income: | ||||||||||||||||||||||||||||
| Service charges on deposit accounts | 754 | 639 | 380 | 374 | 405 | 392 | 330 | |||||||||||||||||||||
| Earnings and gain on bank owned life insurance | 318 | 324 | 156 | 162 | 169 | 361 | 167 | |||||||||||||||||||||
| Loan servicing fees | 198 | 200 | 97 | 101 | 96 | 79 | 112 | |||||||||||||||||||||
| Net realized (losses) gains on sales and redemptions of investment securities | (8 | ) | (132 | ) | - | (8 | ) | 249 | (188 | ) | 16 | |||||||||||||||||
| Gain on asset sale 1 & 2 | - | - | - | - | 3,169 | - | - | |||||||||||||||||||||
| Net unrealized gains (losses) on marketable equity securities | 638 | (31 | ) | 420 | 218 | 166 | 62 | (139 | ) | |||||||||||||||||||
| Gains on sales of loans and foreclosed real estate | 148 | 58 | 83 | 65 | 39 | 90 | 40 | |||||||||||||||||||||
| LOCOM HFS adjustment 3 | (3,064 | ) | - | (3,064 | ) | - | - | - | - | |||||||||||||||||||
| Loss on sale of premises and equipment | - | - | - | - | - | (36 | ) | - | ||||||||||||||||||||
| Debit card interchange fees | 181 | 310 | 180 | 1 | 265 | 300 | 191 | |||||||||||||||||||||
| Insurance agency revenue 1 | - | 657 | - | - | 49 | 367 | 260 | |||||||||||||||||||||
| Other charges, commissions & fees | 514 | 923 | 230 | 284 | 299 | 280 | 234 | |||||||||||||||||||||
| Total noninterest (loss) income | (321 | ) | 2,948 | (1,518 | ) | 1,197 | 4,906 | 1,707 | 1,211 | |||||||||||||||||||
| Noninterest expense: | ||||||||||||||||||||||||||||
| Salaries and employee benefits | 8,975 | 8,728 | 4,525 | 4,450 | 4,123 | 4,959 | 4,399 | |||||||||||||||||||||
| Building and occupancy | 2,577 | 1,730 | 1,230 | 1,347 | 1,254 | 1,134 | 914 | |||||||||||||||||||||
| Data processing | 1,333 | 1,078 | 667 | 666 | 721 | 672 | 550 | |||||||||||||||||||||
| Professional and other services | 1,384 | 1,258 | 778 | 606 | 608 | 1,820 | 696 | |||||||||||||||||||||
| Advertising | 218 | 221 | 77 | 141 | 218 | 165 | 116 | |||||||||||||||||||||
| FDIC assessments | 229 | 457 | - | 229 | 231 | 228 | 228 | |||||||||||||||||||||
| Audits and exams | 174 | 293 | 60 | 114 | 123 | 123 | 123 | |||||||||||||||||||||
| Amortization expense | 314 | 8 | 157 | 157 | 27 | 124 | 5 | |||||||||||||||||||||
| Insurance agency expense 1 | - | 517 | - | - | 456 | 308 | 232 | |||||||||||||||||||||
| Community service activities | 39 | 91 | 28 | 11 | 19 | 20 | 39 | |||||||||||||||||||||
| Foreclosed real estate expenses | 50 | 55 | 29 | 21 | 20 | 27 | 30 | |||||||||||||||||||||
| Other expenses | 1,201 | 1,178 | 510 | 691 | 744 | 679 | 576 | |||||||||||||||||||||
| Total noninterest expense | 16,494 | 15,614 | 8,061 | 8,433 | 8,544 | 10,259 | 7,908 | |||||||||||||||||||||
| Income (loss) before provision for income taxes | 3,756 | 5,198 | 38 | 3,718 | 5,751 | (5,789 | ) | 2,493 | ||||||||||||||||||||
| Provision (benefit) for income taxes | 751 | 1,013 | 7 | 744 | 492 | (1,173 | ) | 481 | ||||||||||||||||||||
| Net income (loss) attributable to noncontrolling interest and Pathfinder Bancorp, Inc. | 3,005 | 4,185 | 31 | 2,974 | 5,259 | (4,616 | ) | 2,012 | ||||||||||||||||||||
| Net income attributable to noncontrolling interest 1 | - | 65 | - | - | 1,352 | 28 | 12 | |||||||||||||||||||||
| Net income (loss) attributable to Pathfinder Bancorp Inc. | $ | 3,005 | $ | 4,120 | $ | 31 | $ | 2,974 | $ | 3,907 | $ | (4,644 | ) | $ | 2,000 | |||||||||||||
| Voting Earnings per common share - basic | $ | 0.48 | $ | 0.66 | $ | - | $ | 0.48 | $ | 0.63 | $ | (0.75 | ) | $ | 0.32 | |||||||||||||
| Voting Earnings per common share - diluted 4 | $ | 0.47 | $ | 0.66 | $ | - | $ | 0.47 | $ | 0.63 | $ | (0.75 | ) | $ | 0.32 | |||||||||||||
| Series A Non-Voting Earnings per common share- basic | $ | 0.48 | $ | 0.66 | $ | - | $ | 0.48 | $ | 0.63 | $ | (0.75 | ) | $ | 0.32 | |||||||||||||
| Series A Non-Voting Earnings per common share- diluted 4 | $ | 0.47 | $ | 0.66 | $ | - | $ | 0.47 | $ | 0.63 | $ | (0.75 | ) | $ | 0.32 | |||||||||||||
| Dividends per common share (Voting and Series A Non-Voting) | $ | 0.20 | $ | 0.20 | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||||||||||
1 Although the Company owned
2 The
3 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.
4 Diluted earnings per share for the first quarter of 2025 has been updated to
The above information is unaudited and preliminary, based on the Company's data available at the time of presentation.
| Six Months Ended June 30, | 2025 | 2024 | ||||||||||||||||||||||||||
| FINANCIAL HIGHLIGHTS: | 2025 | 2024 | Q2 | Q1 | Q4 | Q3 | Q2 | |||||||||||||||||||||
| Selected Ratios: | ||||||||||||||||||||||||||||
| Return on average assets | 0.41 | % | 0.58 | % | 0.01 | % | 0.81 | % | 1.07 | % | -1.25 | % | 0.56 | % | ||||||||||||||
| Return on average common equity | 4.83 | % | 6.74 | % | 0.10 | % | 9.64 | % | 12.85 | % | -14.79 | % | 6.49 | % | ||||||||||||||
| Return on average equity | 4.83 | % | 6.74 | % | 0.10 | % | 9.64 | % | 12.85 | % | -14.79 | % | 6.49 | % | ||||||||||||||
| Return on average tangible common equity 1 | 5.34 | % | 7.05 | % | 0.11 | % | 10.52 | % | 14.17 | % | -15.28 | % | 6.78 | % | ||||||||||||||
| Net interest margin | 3.21 | % | 2.77 | % | 3.11 | % | 3.31 | % | 3.02 | % | 3.34 | % | 2.78 | % | ||||||||||||||
| Loans / deposits | 74.45 | % | 80.66 | % | 74.45 | % | 72.14 | % | 76.29 | % | 77.05 | % | 80.66 | % | ||||||||||||||
| Core deposits/deposits 2 | 78.47 | % | 67.98 | % | 78.47 | % | 78.31 | % | 76.86 | % | 77.45 | % | 67.98 | % | ||||||||||||||
| Annualized non-interest expense / average assets | 2.26 | % | 2.20 | % | 2.18 | % | 2.33 | % | 2.33 | % | 2.75 | % | 2.19 | % | ||||||||||||||
| Commercial real estate / risk-based capital 3 | 183.34 | % | 169.73 | % | 183.34 | % | 182.62 | % | 186.73 | % | 189.47 | % | 169.73 | % | ||||||||||||||
| Efficiency ratio 1 | 66.43 | % | 71.29 | % | 65.66 | % | 67.19 | % | 72.25 | % | 75.78 | % | 74.36 | % | ||||||||||||||
| Other Selected Data: | ||||||||||||||||||||||||||||
| Average yield on loans | 5.86 | % | 5.56 | % | 5.75 | % | 5.97 | % | 5.87 | % | 6.31 | % | 5.64 | % | ||||||||||||||
| Average cost of interest bearing deposits | 2.78 | % | 3.14 | % | 2.81 | % | 2.76 | % | 3.12 | % | 3.11 | % | 3.21 | % | ||||||||||||||
| Average cost of total deposits, including non-interest bearing | 2.33 | % | 2.67 | % | 2.37 | % | 2.29 | % | 2.59 | % | 2.59 | % | 2.72 | % | ||||||||||||||
| Deposits/branch 4 | $ | 101,824 | $ | 100,116 | $ | 101,824 | $ | 105,373 | $ | 100,377 | $ | 99,684 | $ | 100,116 | ||||||||||||||
| Pre-tax, pre-provision net income 1 | $ | 8,334 | $ | 6,288 | $ | 4,216 | $ | 4,183 | $ | 3,321 | $ | 3,368 | $ | 2,767 | ||||||||||||||
| Total revenue 1 | $ | 24,828 | $ | 21,902 | $ | 12,277 | $ | 12,616 | $ | 11,865 | $ | 13,627 | $ | 10,675 | ||||||||||||||
| Share and Per Share Data: | ||||||||||||||||||||||||||||
| Cash dividends per share | $ | 0.20 | $ | 0.20 | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | $ | 0.10 | ||||||||||||||
| Book value per common share | $ | 20.17 | $ | 20.22 | $ | 20.17 | $ | 20.33 | $ | 19.83 | $ | 19.71 | $ | 20.22 | ||||||||||||||
| Tangible book value per common share 1 | $ | 18.43 | $ | 19.46 | $ | 18.43 | $ | 18.56 | $ | 18.03 | $ | 17.75 | $ | 19.46 | ||||||||||||||
| Basic and diluted weighted average shares outstanding - Voting | 4,759 | 4,704 | 4,769 | 4,749 | 4,733 | 4,714 | 4,708 | |||||||||||||||||||||
| Basic earnings per share - Voting 5 | $ | 0.48 | $ | 0.66 | $ | - | $ | 0.48 | $ | 0.63 | $ | (0.75 | ) | $ | 0.32 | |||||||||||||
| Diluted earnings per share - Voting 5 & 6 | $ | 0.47 | $ | 0.66 | $ | - | $ | 0.47 | $ | 0.63 | $ | (0.75 | ) | $ | 0.32 | |||||||||||||
| 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 earnings per share - Series A Non-Voting 5 | $ | 0.48 | $ | 0.66 | $ | - | $ | 0.48 | $ | 0.63 | $ | (0.75 | ) | $ | 0.32 | |||||||||||||
| Diluted earnings per share - Series A Non-Voting 5 & 6 | $ | 0.47 | $ | 0.66 | $ | - | $ | 0.47 | $ | 0.63 | $ | (0.75 | ) | $ | 0.32 | |||||||||||||
| Common shares outstanding at period end | 6,168 | 6,100 | 6,168 | 6,141 | 6,126 | 6,100 | 6,100 | |||||||||||||||||||||
| Pathfinder Bancorp, Inc. Capital Ratios: | ||||||||||||||||||||||||||||
| Company tangible common equity to tangible assets 1 | 7.61 | % | 8.24 | % | 7.61 | % | 7.68 | % | 7.54 | % | 7.36 | % | 8.24 | % | ||||||||||||||
| Company Total Core Capital (to Risk-Weighted Assets) | 15.97 | % | 16.19 | % | 15.97 | % | 15.89 | % | 15.66 | % | 15.55 | % | 16.19 | % | ||||||||||||||
| Company Tier 1 Capital (to Risk-Weighted Assets) | 12.31 | % | 12.31 | % | 12.31 | % | 12.24 | % | 12.00 | % | 11.84 | % | 12.31 | % | ||||||||||||||
| Company Tier 1 Common Equity (to Risk-Weighted Assets) | 11.81 | % | 11.83 | % | 11.81 | % | 11.75 | % | 11.51 | % | 11.33 | % | 11.83 | % | ||||||||||||||
| Company Tier 1 Capital (to Assets) | 8.75 | % | 9.16 | % | 8.75 | % | 8.82 | % | 8.64 | % | 8.29 | % | 9.16 | % | ||||||||||||||
| Pathfinder Bank Capital Ratios: | ||||||||||||||||||||||||||||
| Bank Total Core Capital (to Risk-Weighted Assets) | 14.87 | % | 16.04 | % | 14.87 | % | 14.86 | % | 14.65 | % | 14.52 | % | 16.04 | % | ||||||||||||||
| Bank Tier 1 Capital (to Risk-Weighted Assets) | 13.62 | % | 14.79 | % | 13.62 | % | 13.61 | % | 13.40 | % | 13.26 | % | 14.79 | % | ||||||||||||||
| Bank Tier 1 Common Equity (to Risk-Weighted Assets) | 13.62 | % | 14.79 | % | 13.62 | % | 13.61 | % | 13.40 | % | 13.26 | % | 14.79 | % | ||||||||||||||
| Bank Tier 1 Capital (to Assets) | 9.68 | % | 10.30 | % | 9.68 | % | 9.80 | % | 9.64 | % | 9.13 | % | 10.30 | % | ||||||||||||||
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 periods after June 30, 2024. 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.
6 Diluted earnings per share for the first quarter of 2025 has been updated to
The above information is unaudited and preliminary, based on the Company's data available at the time of presentation.
| Six Months Ended June 30, | 2025 | 2024 | ||||||||||||||||||||||||||
| ASSET QUALITY: | 2025 | 2024 | Q2 | Q1 | Q4 | Q3 | Q2 | |||||||||||||||||||||
| Total loan charge-offs | $ | 3,352 | $ | 180 | $ | 2,844 | $ | 508 | $ | 1,191 | $ | 8,812 | $ | 112 | ||||||||||||||
| Total recoveries | 415 | 84 | 247 | 168 | 171 | 90 | 46 | |||||||||||||||||||||
| Net loan charge-offs | 2,937 | 96 | 2,597 | 340 | 1,020 | 8,722 | 66 | |||||||||||||||||||||
| Allowance for credit losses at period end | 15,983 | 16,892 | 15,983 | 17,407 | 17,243 | 17,274 | 16,892 | |||||||||||||||||||||
| Nonperforming loans at period end | 11,689 | 24,490 | 11,689 | 13,232 | 22,084 | 16,170 | 24,490 | |||||||||||||||||||||
| Nonperforming assets at period end | $ | 11,772 | $ | 24,550 | $ | 11,772 | $ | 13,232 | $ | 22,084 | $ | 16,170 | $ | 24,550 | ||||||||||||||
| Annualized net loan charge-offs to average loans | 0.64 | % | 0.02 | % | 1.14 | % | 0.15 | % | 0.44 | % | 3.82 | % | 0.03 | % | ||||||||||||||
| Allowance for credit losses to period end loans | 1.76 | % | 1.90 | % | 1.76 | % | 1.91 | % | 1.88 | % | 1.87 | % | 1.90 | % | ||||||||||||||
| Allowance for credit losses to nonperforming loans | 136.74 | % | 68.98 | % | 136.74 | % | 131.55 | % | 78.08 | % | 106.83 | % | 68.98 | % | ||||||||||||||
| Nonperforming loans to period end loans | 1.28 | % | 2.76 | % | 1.28 | % | 1.45 | % | 2.40 | % | 1.75 | % | 2.76 | % | ||||||||||||||
| Nonperforming assets to period end assets | 0.78 | % | 1.70 | % | 0.78 | % | 0.88 | % | 1.50 | % | 1.09 | % | 1.70 | % | ||||||||||||||
| 2025 | 2024 | |||||||||||||||||||
| LOAN COMPOSITION: | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| 1-4 family first-lien residential mortgages | $ | 240,833 | $ | 243,854 | $ | 251,373 | $ | 255,235 | $ | 250,106 | ||||||||||
| Residential construction | 3,520 | 3,162 | 4,864 | 4,077 | 309 | |||||||||||||||
| Commercial real estate | 381,575 | 381,479 | 377,619 | 378,805 | 370,361 | |||||||||||||||
| Commercial lines of credit | 75,487 | 65,074 | 67,602 | 64,672 | 62,711 | |||||||||||||||
| Other commercial and industrial | 85,578 | 91,644 | 89,800 | 88,247 | 90,813 | |||||||||||||||
| Paycheck protection program loans | 85 | 96 | 113 | 125 | 136 | |||||||||||||||
| Tax exempt commercial loans | 6,349 | 4,446 | 4,544 | 2,658 | 3,228 | |||||||||||||||
| Home equity and junior liens | 49,339 | 52,315 | 51,948 | 52,709 | 35,821 | |||||||||||||||
| Other consumer | 68,439 | 71,681 | 72,710 | 76,703 | 75,195 | |||||||||||||||
| Subtotal loans | 911,205 | 913,751 | 920,573 | 923,231 | 888,680 | |||||||||||||||
| Deferred loan fees | (1,482 | ) | (1,601 | ) | (1,587 | ) | (1,571 | ) | (417 | ) | ||||||||||
| Total loans | $ | 909,723 | $ | 912,150 | $ | 918,986 | $ | 921,660 | $ | 888,263 | ||||||||||
| 2025 | 2024 | |||||||||||||||||||
| DEPOSIT COMPOSITION: | June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||||||
| Savings accounts | $ | 129,252 | $ | 129,898 | $ | 128,753 | $ | 129,053 | $ | 106,048 | ||||||||||
| Time accounts | 341,063 | 349,673 | 360,716 | 352,729 | 368,262 | |||||||||||||||
| Time accounts in excess of | 144,355 | 149,922 | 142,473 | 140,181 | 117,021 | |||||||||||||||
| Money management accounts | 9,902 | 10,774 | 11,583 | 11,520 | 12,154 | |||||||||||||||
| MMDA accounts | 278,919 | 306,281 | 239,016 | 250,007 | 193,915 | |||||||||||||||
| Demand deposit interest-bearing | 120,083 | 109,941 | 101,080 | 97,344 | 128,168 | |||||||||||||||
| Demand deposit noninterest-bearing | 191,732 | 203,314 | 213,719 | 210,110 | 169,145 | |||||||||||||||
| Mortgage escrow funds | 6,581 | 4,677 | 7,184 | 5,269 | 6,564 | |||||||||||||||
| Total deposits | $ | 1,221,887 | $ | 1,264,480 | $ | 1,204,524 | $ | 1,196,213 | $ | 1,101,277 | ||||||||||
The above information is unaudited and preliminary, based on the Company's data available at the time of presentation.
| Six Months Ended June 30, | 2025 | 2024 | ||||||||||||||||||
| SELECTED AVERAGE BALANCES: | 2025 | 2024 | Q2 | Q1 | Q2 | |||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||
| Loans | $ | 913,658 | $ | 889,988 | $ | 911,347 | $ | 916,207 | $ | 885,384 | ||||||||||
| Taxable investment securities | 425,841 | 433,156 | 435,022 | 416,558 | 434,572 | |||||||||||||||
| Tax-exempt investment securities | 34,394 | 29,053 | 34,314 | 34,475 | 28,944 | |||||||||||||||
| Fed funds sold and interest-earning deposits | 11,497 | 8,669 | 10,070 | 12,939 | 13,387 | |||||||||||||||
| Total interest-earning assets | 1,385,390 | 1,360,866 | 1,390,753 | 1,380,179 | 1,362,287 | |||||||||||||||
| Noninterest-earning assets: | ||||||||||||||||||||
| Other assets | 116,590 | 96,772 | 118,280 | 114,882 | 98,746 | |||||||||||||||
| Allowance for credit losses | (17,377 | ) | (16,498 | ) | (17,342 | ) | (17,413 | ) | (16,905 | ) | ||||||||||
| Net unrealized losses on available-for-sale securities | (10,395 | ) | (10,701 | ) | (10,838 | ) | (9,947 | ) | (10,248 | ) | ||||||||||
| Total assets | $ | 1,474,208 | $ | 1,430,439 | $ | 1,480,853 | $ | 1,467,701 | $ | 1,433,880 | ||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||
| NOW accounts | $ | 112,720 | $ | 97,213 | $ | 113,994 | $ | 111,643 | $ | 92,918 | ||||||||||
| Money management accounts | 10,602 | 11,759 | 10,302 | 10,906 | 12,076 | |||||||||||||||
| MMDA accounts | 277,664 | 212,693 | 298,907 | 256,186 | 214,364 | |||||||||||||||
| Savings and club accounts | 129,752 | 110,119 | 129,736 | 129,769 | 107,558 | |||||||||||||||
| Time deposits | 494,200 | 525,767 | 489,490 | 498,963 | 524,276 | |||||||||||||||
| Subordinated loans | 30,149 | 29,954 | 30,173 | 30,123 | 29,977 | |||||||||||||||
| Borrowings | 66,165 | 133,894 | 61,803 | 70,575 | 141,067 | |||||||||||||||
| Total interest-bearing liabilities | 1,121,252 | 1,121,399 | 1,134,405 | 1,108,165 | 1,122,236 | |||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||
| Demand deposits | 199,123 | 170,313 | 192,186 | 206,137 | 171,135 | |||||||||||||||
| Other liabilities | 29,497 | 16,542 | 29,037 | 29,961 | 17,298 | |||||||||||||||
| Total liabilities | 1,349,872 | 1,308,254 | 1,355,628 | 1,344,263 | 1,310,669 | |||||||||||||||
| Shareholders' equity | 124,336 | 122,185 | 125,225 | 123,438 | 123,211 | |||||||||||||||
| Total liabilities & shareholders' equity | $ | 1,474,208 | $ | 1,430,439 | $ | 1,480,853 | $ | 1,467,701 | $ | 1,433,880 | ||||||||||
| Six Months Ended June 30, | 2025 | 2024 | ||||||||||||||||||
| SELECTED AVERAGE YIELDS: | 2025 | 2024 | Q2 | Q1 | Q2 | |||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||
| Loans | 5.86 | % | 5.56 | % | 5.75 | % | 5.97 | % | 5.64 | % | ||||||||||
| Taxable investment securities | 5.08 | % | 5.38 | % | 5.10 | % | 5.07 | % | 5.44 | % | ||||||||||
| Tax-exempt investment securities | 5.04 | % | 6.93 | % | 5.42 | % | 4.66 | % | 6.88 | % | ||||||||||
| Fed funds sold and interest-earning deposits | 2.73 | % | 5.05 | % | 2.70 | % | 2.75 | % | 3.62 | % | ||||||||||
| Total interest-earning assets | 5.58 | % | 5.53 | % | 5.52 | % | 5.63 | % | 5.59 | % | ||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||
| NOW accounts | 1.16 | % | 1.08 | % | 1.25 | % | 1.07 | % | 1.14 | % | ||||||||||
| Money management accounts | 0.09 | % | 0.11 | % | 0.12 | % | 0.11 | % | 0.10 | % | ||||||||||
| MMDA accounts | 3.16 | % | 3.70 | % | 3.25 | % | 3.06 | % | 3.74 | % | ||||||||||
| Savings and club accounts | 0.25 | % | 0.26 | % | 0.25 | % | 0.25 | % | 0.26 | % | ||||||||||
| Time deposits | 3.66 | % | 3.97 | % | 3.64 | % | 3.69 | % | 4.03 | % | ||||||||||
| Subordinated loans | 6.36 | % | 6.54 | % | 6.40 | % | 6.31 | % | 6.53 | % | ||||||||||
| Borrowings | 3.56 | % | 4.09 | % | 3.67 | % | 3.46 | % | 4.05 | % | ||||||||||
| Total interest-bearing liabilities | 2.92 | % | 3.34 | % | 2.95 | % | 2.90 | % | 3.40 | % | ||||||||||
| Net interest rate spread | 2.66 | % | 2.19 | % | 2.57 | % | 2.73 | % | 2.19 | % | ||||||||||
| Net interest margin | 3.21 | % | 2.77 | % | 3.11 | % | 3.31 | % | 2.78 | % | ||||||||||
| Ratio of average interest-earning assets to average interest-bearing liabilities | 123.56 | % | 121.35 | % | 122.60 | % | 124.55 | % | 121.39 | % | ||||||||||
The above information is unaudited and preliminary based on the Company's data available at the time of presentation.
| Six Months Ended June 30, | 2025 | 2024 | ||||||||||||||||||||||||||
| NON-GAAP RECONCILIATIONS: | 2025 | 2024 | Q2 | Q1 | Q4 | Q3 | Q2 | |||||||||||||||||||||
| Tangible book value per common share: | ||||||||||||||||||||||||||||
| Total equity | $ | 124,413 | $ | 124,896 | $ | 121,483 | $ | 120,246 | $ | 123,348 | ||||||||||||||||||
| Intangible assets | (10,731 | ) | (10,888 | ) | (11,045 | ) | (11,969 | ) | (4,612 | ) | ||||||||||||||||||
| Tangible common equity (non-GAAP) | 113,682 | 114,008 | 110,438 | 108,277 | 118,736 | |||||||||||||||||||||||
| Common shares outstanding | 6,168 | 6,144 | 6,126 | 6,100 | 6,100 | |||||||||||||||||||||||
| Tangible book value per common share (non-GAAP) | $ | 18.43 | $ | 18.56 | $ | 18.03 | $ | 17.75 | $ | 19.46 | ||||||||||||||||||
| Tangible common equity to tangible assets: | ||||||||||||||||||||||||||||
| Tangible common equity (non-GAAP) | $ | 113,682 | $ | 114,008 | $ | 110,438 | $ | 108,277 | $ | 118,736 | ||||||||||||||||||
| Tangible assets | 1,494,388 | 1,484,449 | 1,463,829 | 1,471,157 | 1,441,599 | |||||||||||||||||||||||
| Tangible common equity to tangible assets ratio (non-GAAP) | 7.61 | % | 7.68 | % | 7.54 | % | 7.36 | % | 8.24 | % | ||||||||||||||||||
| Return on average tangible common equity: | ||||||||||||||||||||||||||||
| Average shareholders' equity | $ | 124,336 | $ | 122,185 | $ | 125,225 | $ | 123,438 | $ | 121,589 | $ | 125,626 | $ | 123,211 | ||||||||||||||
| Average intangible assets | 10,912 | 4,617 | 10,834 | 10,991 | 11,907 | 4,691 | 4,614 | |||||||||||||||||||||
| Average tangible equity (non-GAAP) | 113,424 | 117,568 | 114,391 | 112,447 | 109,682 | 120,935 | 118,597 | |||||||||||||||||||||
| Net income (loss) | 3,005 | 4,120 | 31 | 2,974 | 3,907 | (4,644 | ) | 2,000 | ||||||||||||||||||||
| Net income (loss), annualized | $ | 6,060 | $ | 8,285 | $ | 124 | $ | 11,831 | $ | 15,543 | $ | (18,475 | ) | $ | 8,044 | |||||||||||||
| Return on average tangible common equity (non-GAAP) 1 | 5.34 | % | 7.05 | % | 0.11 | % | 10.52 | % | 14.17 | % | -15.28 | % | 6.78 | % | ||||||||||||||
| Revenue, pre-tax, pre-provision net income, and efficiency ratio: | ||||||||||||||||||||||||||||
| Net interest income | $ | 22,225 | $ | 18,880 | $ | 10,814 | $ | 11,411 | $ | 10,377 | $ | 11,732 | $ | 9,480 | ||||||||||||||
| Total noninterest income | (321 | ) | 2,948 | (1,518 | ) | 1,197 | 4,906 | 1,707 | 1,211 | |||||||||||||||||||
| Net realized (gains) losses on sales and redemptions of investment securities | (8 | ) | (132 | ) | - | (8 | ) | 249 | (188 | ) | 16 | |||||||||||||||||
| Gains on sales of loans and foreclosed real estate | 148 | 58 | 83 | 65 | 39 | 90 | 40 | |||||||||||||||||||||
| LOCOM HFS adjustment 2 | (3,064 | ) | - | (3,064 | ) | - | - | - | - | |||||||||||||||||||
| Gain on asset sale | - | - | - | - | 3,169 | - | - | |||||||||||||||||||||
| Revenue (non-GAAP) 3 | 24,828 | 21,902 | 12,277 | 12,551 | 11,826 | 13,537 | 10,635 | |||||||||||||||||||||
| Total non-interest expense | 16,494 | 15,614 | 8,061 | 8,433 | 8,544 | 10,259 | 7,908 | |||||||||||||||||||||
| Pre-tax, pre-provision net income (non-GAAP) 4 | $ | 8,334 | $ | 6,288 | $ | 4,216 | $ | 4,183 | $ | 3,321 | $ | 3,368 | $ | 2,767 | ||||||||||||||
| Efficiency ratio (non-GAAP) 5 | 66.43 | % | 71.29 | % | 65.66 | % | 67.19 | % | 72.25 | % | 75.78 | % | 74.36 | % | ||||||||||||||
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, and a gain on the October 2024 sale of the Company's insurance agency asset
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, Senior Vice President, CFO
Telephone: (315) 343-0057
FAQ
What caused PBHC's significant earnings decline in Q2 2025?
How much did Pathfinder Bancorp earn per share in Q2 2025?
What is PBHC's current asset quality status?
What was Pathfinder's net interest margin in Q2 2025?
How much are PBHC's total deposits and loans as of Q2 2025?
