Tax benefit narrows 2025 loss at Pathfinder Bancorp (NASDAQ: PBHC)

Rhea-AI Filing Summary

Pathfinder Bancorp, Inc. updated its previously released fourth-quarter and full-year 2025 results after recording a non-cash $1.5 million additional income tax benefit for the quarter ended December 31, 2025.

The income tax benefit for the fourth quarter of 2025 was revised to $3.0 million, and the full-year 2025 income tax benefit was revised to $2.2 million. This reduced the reported net loss for the fourth quarter from $7.0 million, or $(1.11) per diluted share, to $5.6 million, or $(0.88) per diluted share. For the full year 2025, the net loss was revised from $3.4 million, or $(0.54) per diluted share, to $1.9 million, or $(0.31) per diluted share.

The change stems from an updated analysis of deferred tax assets as of December 31, 2025, which increased those balances and the associated income tax benefit. The adjustment does not affect cash taxes or operational cash flows and will be reflected in the forthcoming Form 10-K.

Insights

Banking accounting analyst

Non-cash tax adjustment narrows Pathfinder’s 2025 losses without changing cash flows.

Pathfinder Bancorp revised its 2025 results after identifying an additional $1.5 million income tax benefit tied to deferred tax assets as of December 31, 2025. This increased the fourth-quarter income tax benefit to $3.0 million and the full-year benefit to $2.2 million.

The revision meaningfully reduced reported net losses. The fourth-quarter 2025 net loss narrowed from $7.0 million to $5.6 million, and the full-year loss declined from $3.4 million to $1.9 million. Per-share losses improved accordingly, to $(0.88) for the quarter and $(0.31) for the year.

The filing emphasizes that the $1.5 million tax benefit is non-cash and does not change cash taxes payable or operational cash flows. Investors evaluating performance will likely focus on how the forthcoming Form 10-K presents underlying pre-tax trends alongside this one-time deferred tax asset adjustment.

PATHFINDER BANCORP, INC.false000160906500016090652026-02-272026-02-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 27, 2026

(Exact name of Registrant as specified in its charter)

Commission File Number: 001-36695

Maryland	38-3941859
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification Number)

214 West First Street, Oswego, NY 13126

(Address of Principal Executive Office) (Zip Code)

(315) 343-0057

(Issuer's Telephone Number including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14d-2(b))
☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	PBHC	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Section 2 – Financial Information

Item 2.02 – Results of Operations and Financial Condition

On January 29, 2026, Pathfinder Bancorp, Inc. (the “Company”) issued a press release and reported its financial results for the fourth quarter and year ended December 31, 2025. Subsequent to the January 29, 2026 earnings press release, the Company recorded an additional income tax benefit of $1.5 million for the quarter ended December 31, 2025. As a result, the income tax benefit for the fourth quarter of 2025 was revised to $3.0 million, and the income tax benefit for the year ended December 31, 2025 was revised to $2.2 million.

The Company previously reported a net loss of $7.0 million, or $(1.11) per diluted share, for the fourth quarter of 2025. After recording the additional income tax benefit, the net loss for the fourth quarter of 2025 has been revised to $5.6 million, or $(0.88) per diluted share. For the year ended December 31, 2025, the Company previously reported a net loss of $3.4 million, or $(0.54) per diluted share. After recording the additional income tax benefit, the net loss for the year ended December 31, 2025, has been revised to $1.9 million, or $(0.31) per diluted share.

The income tax adjustment reflects an updated analysis of the Company’s deferred tax assets as of December 31, 2025. Deferred tax asset balances are measured based on temporary differences between the financial statement carrying amounts and the tax basis of assets and liabilities. The adjustment to these balances resulted in an increase to the Company’s deferred tax assets and a corresponding increase in income tax benefit for the fourth quarter of 2025.

The $1.5 million adjustment for income tax benefit is non-cash in nature and does not affect the Company’s cash taxes payable or operational cash flows.

The corrected financial statements will be reflected in the Company’s forthcoming Annual Report on Form 10-K.

The information in Item 2.02 to this Form 8-K shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth in such filing.

Item 9.01 – Financial Statements and Exhibits

Exhibit No.		Description
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

				PATHFINDER BANCORP, INC.
Date:	February 27, 2026		By:	/s/ James A. Dowd
				James A. Dowd
				President and Chief Executive Officer

FAQ

How did Pathfinder Bancorp (PBHC) change its Q4 2025 results?

Pathfinder Bancorp revised Q4 2025 results after recording an additional non-cash $1.5 million income tax benefit. This increased the quarter’s tax benefit to $3.0 million and reduced the reported net loss from $7.0 million to $5.6 million.

What is Pathfinder Bancorp’s revised net loss for full-year 2025?

Pathfinder Bancorp’s revised net loss for 2025 is $1.9 million, or $(0.31) per diluted share. Previously, the company reported a net loss of $3.4 million, or $(0.54) per diluted share, before updating its income tax benefit figures.

How did the additional tax benefit affect PBHC’s earnings per share?

The added tax benefit improved Pathfinder’s diluted EPS. For Q4 2025, loss per share changed from $(1.11) to $(0.88). For full-year 2025, diluted loss per share improved from $(0.54) to $(0.31) after the adjustment.

Is Pathfinder Bancorp’s $1.5 million tax adjustment a cash item?

No. Pathfinder Bancorp states the $1.5 million income tax benefit adjustment is non-cash. It arises from remeasuring deferred tax assets and does not change the company’s cash taxes payable or its operational cash flows for 2025.

Why did Pathfinder Bancorp revise its deferred tax assets for 2025?

Pathfinder Bancorp performed an updated analysis of its deferred tax assets as of December 31, 2025. Measuring temporary differences between book and tax values led to higher deferred tax asset balances and a larger income tax benefit, which reduced reported net losses.

Where will Pathfinder’s corrected 2025 financials be reported?

The company indicates the corrected 2025 financial statements will appear in its forthcoming Annual Report on Form 10-K. That report will incorporate the higher income tax benefit and the revised net loss and earnings-per-share figures for 2025.

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