Pathfinder Bancorp (NASDAQ: PBHC) Q1 2026 earnings rebound as credit costs ease
Rhea-AI Filing Summary
Pathfinder Bancorp, Inc. reported first quarter 2026 net income attributable to common shareholders of $2.4 million, or $0.38 per diluted share, compared with a $5.6 million loss in the prior quarter and $3.0 million of net income a year earlier.
Net interest income was $10.3 million with a net interest margin of 3.10%, slightly above the prior quarter but below 3.31% a year ago. Loans were $895.2 million and deposits $1.21 billion, with core deposits rising to 82.01% of total deposits. Asset quality remains pressured, as nonperforming loans increased to 4.26% of total loans, while the allowance for credit losses was $29.0 million, or 3.24% of loans. The company recorded a small credit loss provision benefit of $168,000 and declared a quarterly dividend of $0.10 per share.
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Insights
Pathfinder returned to profitability in Q1 2026, but with weaker margins and higher nonperforming loans.
Pathfinder Bancorp generated net income of $2.4 million in Q1 2026, or $0.38 per diluted share, after an $11.2 million credit loss provision drove a loss in Q4 2025. Pre-tax, pre-provision net income was $2.8 million, down from $4.1 million a year earlier.
Core balance sheet trends were mixed. Total loans of $895.2 million were slightly below the prior year, while commercial loans grew to $549.5 million. Deposits were $1.21 billion, with core deposits rising to 82.01% of total deposits, indicating a shift toward more stable funding.
Credit quality remains a key focus. Nonperforming loans rose to $38.2 million, or 4.26% of total loans, from 1.45% a year earlier, largely tied to identified higher-risk commercial relationships. The allowance for credit losses was $29.0 million (3.24% of loans), and Q1 saw a small provision benefit of $168,000 as net charge-offs dropped to an annualized 0.13%.
8-K Event Classification
Key Figures
Key Terms
net interest margin financial
allowance for credit losses financial
nonperforming loans financial
pre-tax, pre-provision net income financial
efficiency ratio financial
tangible common equity to tangible assets financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
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Emerging growth company
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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 April 29, 2026, Pathfinder Bancorp, Inc. issued a press release disclosing its first quarter 2026 financial results. A copy of the press release is included as Exhibit 99.1 to this report.
The information in Item 2.02 to this Form 8-K and Exhibit 99.1 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 Results
Exhibit No. |
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Description |
99.1 |
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Press Release dated April 29, 2026 |
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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.
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PATHFINDER BANCORP, INC. |
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Date: |
April 29, 2026 |
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By: |
/s/ James A. Dowd |
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James A. Dowd |
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President and Chief Executive Officer |
Exhibit 99.1
Investor/Media Contacts
James A. Dowd, President, CEO
Justin K. Bigham, Executive Vice President, CFO
Telephone: (315) 343-0057
Pathfinder Bancorp, Inc. Announces Financial Results for the
First Quarter of 2026
Pathfinder earns $0.38 per share in the first quarter of 2026 while growing core deposits and
commercial loans, expanding net interest margin from the fourth quarter of 2025, and reporting
credit performance that benefited from last year’s loan portfolio review and reserve build
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 $2.4 million or $0.38 per diluted share in the first quarter of 2026, compared to a net loss of $5.6 million, or $0.88 per diluted share in the fourth quarter of 2025 and net income of $3.0 million or $0.47 per diluted share in the first quarter of 2025.
First Quarter 2026 Highlights and Key Developments
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“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.”
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(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 $10.3 million, a decrease of $170,000, or 1.6%, from the fourth quarter of 2025. A decrease in total interest and dividend income of $792,000 in the first quarter of 2026, from the linked quarter, was primarily attributed to an average yield decrease of 13 basis points on all interest-earning assets. A 26 basis point decrease in average loan yields in the first quarter of 2026, from the linked quarter, is primarily driven by the transfer of three commercial relationships to nonperforming status as well as maturities and payoffs of higher yielding loans and their replacement with new originations at lower rates. A 17 basis point increase in taxable securities average yield in the first quarter of 2026, from the linked quarter, reflected a decline in average taxable investment securities balances which the Company views as temporary. In addition, average balances of loans, taxable securities and tax-exempt securities declined in the first quarter of 2026, from the linked quarter, by $2.8 million, $23.4 million and $314,000, respectively. Compared to the linked quarter, first quarter 2026 income from loan interest, taxable securities, tax-exempt securities and dividends decreased by $626,000, $82,000, $50,000, and $34,000, respectively, while income from federal funds sold remained flat. A decrease in total interest expense in the first quarter of 2026, from the linked quarter, of $622,000 was attributed to a 17 basis point decline in the average cost of total interest-bearing liabilities, including a reduction of 23 basis points in the average cost of interest-bearing deposits that was partially offset by increases of 6 basis points in the average cost of borrowings and 161 basis points in the average cost of subordinated loans. Fourth quarter 2025 average cost of subordinated loans benefited by 136 basis points, or $103,000, from a reversal of deferred expenses related to subordinated notes that reset from fixed to floating-rate interest after October 15, 2025.
First quarter 2026 NIM was 3.10%, compared to 3.09% in the linked quarter. The 1 basis point increase from the linked quarter resulted from a reduction in the cost of interest-bearing deposits and other liabilities, which more than offset lower earning asset yields.
First quarter 2026 net interest income was $10.3 million, a decrease of $1.1 million, or 9.4%, from the year-ago period. Approximately $347,000 of first quarter 2025 net interest income reflected 2024 interest recovered from loans removed from nonaccrual status and income from prepayment fees. A decrease in total interest and dividend income of $1.9 million in the first quarter of 2026, from the year-ago period, was primarily attributed to an average yield decrease of 38 basis points on all interest-earning assets. Average loan yields decreased 49 basis points from the year-ago period, reflecting in part a 15 basis point benefit recognized in the first quarter of 2025 attributable to 2024 interest recovered on loans removed from nonaccrual status and income from prepayment fees. The remaining decrease was driven by maturities and payoffs of higher-yielding loans, new originations at lower rates, and elevated nonperforming loans for which specific reserves were established as appropriate prior to the first quarter of 2026. A 14 basis point decrease in taxable securities average yield in the first quarter of 2026, from the year-ago period, reflected a decline in average taxable investment securities balances which the Company views as temporary, as well as decrease in average yield due to a declining rate environment. In addition, average balances of loans, taxable securities and tax-exempt securities declined in the first quarter of 2026, from the year-ago period, by $14.1 million, $39.3 million, and $1.0 million, respectively. Compared to the year-ago period, first quarter 2026 decreases in income from loan interest, taxable securities, tax-exempt securities, and dividends of $1.3 million, $586,000, $67,000, and $44,000, respectively, were partially offset by an increase in income from federal funds sold of $73,000. A decrease in total interest expense in the first quarter of 2026, from the year-ago period, of $868,000 was attributed to a 22 basis point decline in the average cost of total interest-bearing liabilities, including a reduction of 31 basis points in the average cost of interest-bearing deposits that was partially offset
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by an increase of 34 basis points in the average cost of borrowings, as well as an increase of 230 basis points in the average cost of subordinated loans that reset from bearing fixed to floating-rate interest after October 15, 2025.
First quarter 2026 NIM was 3.10%, compared to 3.31% in the year-ago period. The decrease of 21 basis points primarily reflected lower earning asset yields that more than offset the reduction in the cost of interest-bearing deposits and other liabilities. In addition, approximately 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 Income
First quarter 2026 noninterest income totaled $1.1 million, including a loss of $203,000 for fair value adjustments made in the period to $6.3 million in substandard loans that were transferred to held-for-sale status in the fourth quarter of 2025. Active sale negotiations remain ongoing. Fourth quarter 2025 noninterest income of $1.3 million included a loss of $398,000 that was recorded with the initial transfer of these same loans to held-for-sale status, as well as a loss of $37,000 on the sale of premises and equipment, and a reduction of $115,000 for final settlement costs associated with the insurance agency business sold in October 2024. First quarter 2025 noninterest income totaled $1.2 million.
Compared to the linked quarter, first quarter 2026 noninterest income reflected increases of $27,000 in debit card interchange fees and $26,000 in earnings and gain on BOLI, as well as a decrease of $5,000 in service charges on deposit accounts. In addition, compared to the linked quarter, first quarter 2026 noninterest income also reflected increases of $53,000 in gains on sales of loans and foreclosed real estate and $14,000 in loan servicing fees, as well as decreases of $591,000 in net unrealized gains on marketable equity securities and $2,000 in net realized losses on sales and redemptions of investment securities. Net unrealized gains on marketable equity securities, which include two limited partnership equity method investments, remains a variable contributor to noninterest income, decreasing $591,000 in the first quarter of 2026 from the linked quarter.
Compared to the year-ago period, first quarter 2026 noninterest income reflected increases of $94,000 in earnings and gains on BOLI, $138,000 in debit card interchange fees, and $2,000 in service charges on deposit accounts. In addition, compared to the year-ago period, first quarter 2026 noninterest income included increases of $121,000 in gains on sales of loans and foreclosed real estate and $3,000 in net realized losses on sales and redemptions of investment securities, as well as decreases of $142,000 in net unrealized gains on marketable equity securities and $12,000 in loan servicing fees. Net unrealized gains on marketable equity securities, which include two limited partnership equity method investments, remains a variable contributor to noninterest income, decreasing $142,000 in the first quarter of 2026 from the year-ago quarter.
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Noninterest Expense
Noninterest expense totaled $8.7 million in the first quarter of 2026, compared to $9.2 million in the fourth quarter of 2025 and $8.4 million in the first quarter of 2025.
Salaries and benefits expense was $4.9 million in the first quarter of 2026, decreasing $67,000 from the linked quarter and increasing $407,000 from the year-ago period. The decrease from the linked period primarily reflected seasonally higher employee benefit expenses and a year-end pension plan expense adjustment in the fourth quarter of 2025, partially offset by general increases in salaries and seasonal payroll tax fluctuations recognized during the first quarter of 2026. The increase from the year-ago period was primarily driven by general increases in salaries and strategic changes in workforce composition since early 2025, with the addition of more senior, key personnel across the organization, as well as higher payroll taxes and stock-based compensation in the first quarter of 2026.
Building and occupancy expense was $1.3 million in the first quarter of 2026, decreasing $10,000 from the linked quarter and decreasing $20,000 from the year-ago quarter. The decreases from the linked and year-ago quarters reflected modest reductions across multiple building and occupancy expense categories, partially offset by higher utilities costs.
Data processing expense was $733,000 in the first quarter of 2026, increasing $35,000 from the linked quarter and increasing $67,000 from the year-ago period. The increases from the linked and year-ago quarters reflected higher costs primarily associated with data, ATM, and other technology maintenance costs.
Other expenses were $475,000 in the first quarter of 2026, decreasing $323,000 from the linked quarter and $216,000 from the year-ago period. The decrease from the linked quarter reflected a one-time $100,000 charitable contribution and $162,000 in fees related to the aforementioned loans held-for-sale during the fourth quarter of 2025. The year-over-year decrease reflected a heightened focus on practices and procedures as they relate to procurement, vendors, and accounts-payable, as well as a general emphasis on operating expense discipline.
Annualized noninterest expense represented 2.48% of average assets in the first quarter of 2026, compared to 2.51% and 2.33% in the linked and year-ago periods. The efficiency ratio was 75.65% in the first quarter of 2026 compared to 74.96% and 67.19% in the linked and year-ago periods, respectively(2).
Net Income
First quarter 2026 net income attributable to common shareholders was $2.4 million, or $0.38 per basic and diluted share, compared to a fourth quarter 2025 net loss attributable to common shareholders of $5.6 million, or $0.89 per basic share and $0.88 per diluted share, and first quarter 2025 net income of $3.0 million, or $0.48 per basic share and $0.47 per diluted share.
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(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.
Statement of Financial Condition
As of March 31, 2026, the Company’s statement of financial condition reflects total assets of $1.42 billion, compared to $1.43 billion on December 31, 2025, and $1.50 billion on March 31, 2025.
Loans totaled $895.2 million on March 31, 2026, decreasing $1.5 million or 0.2% during the first quarter of 2026 and $16.9 million or 1.9% from one year prior. Consumer and residential loans totaled $347.0 million on March 31, 2026, decreasing $7.3 million or 2.1% during the first quarter of 2026 and $24.0 million or 6.5% from one year prior. Commercial loans totaled $549.5 million on March 31, 2026, increasing $5.8 million or 1.1% during the first quarter of 2026 and $6.7 million or 1.2% from one year prior.
Investment securities totaled $401.6 million on March 31, 2026, decreasing $11.6 million or 2.8% from the linked quarter and $42.5 million or 9.6% from the year-ago period. The decrease from December 31, 2025 was primarily due to $16.6 million of prepayments in mortgage obligation securities and $2.1 million of calls. The decrease from March 31, 2025 was primarily driven by $47.4 million in prepayments and $17.2 million in calls.
With respect to liabilities, deposits totaled $1.21 billion on March 31, 2026, increasing $27.9 million or 2.4% during the first quarter of 2026 and decreasing $52.8 million or 4.2% from one year prior. The increase from December 31, 2025 reflects growth in MMDA deposits and both interest- and non-interest-bearing demand deposits, partially offset by runoff of higher-cost time deposits. The decrease from March 31, 2025 was primarily driven by runoff of higher-cost brokered deposits and time deposits, partially offset by growth in MMDA deposits and both interest- and non-interest-bearing demand deposits.
Core deposits totaled $993.7 million on March 31, 2026, increasing $46.5 million or 4.9% during the first quarter of 2026 and increasing $3.5 million or 0.4% from one year prior.
Shareholders’ equity totaled $123.6 million on March 31, 2026, increasing $1.1 million or 0.9% during the first quarter of 2026 and decreasing $1.3 million or 1.1% from one year prior. The increase from December 31, 2025 primarily reflected a $1.8 million increase in retained earnings, a $1.3 million decrease in accumulated other comprehensive loss (“AOCL”) and a $705,000 increase in additional paid in capital.
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 $38.2 million, or 4.26% of total loans on March 31, 2026, compared to $27.6 million, or 3.07%, of total loans on December 31, 2025, and $13.2 million or 1.45% of total loans on March 31, 2025. The increase primarily reflected certain legacy loans associated with two commercial relationships that may have been less than 90 days delinquent but were identified as having unique risk characteristics through the Company’s 2025 portfolio review, and specific reserves for these exposures were established as appropriate prior to the first quarter of 2026.
Net charge-offs (“NCOs”) after recoveries declined to $284,000, or an annualized 0.13% of average loans in the first quarter of 2026, from $604,000, or 0.27%, in the linked quarter and $340,000, or 0.15% in the year-ago
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period. First quarter 2026 NCOs benefited from $481,000 in recoveries in the first three months of the year, primarily attributed to one commercial loan relationship recovery of $312,500.
A credit loss provision benefit of $168,000 was recorded in the first quarter of 2026, reflecting lower net charge offs and overall credit performance that resulted in a small reserve release in the first three months of this year. Provision for credit loss expense was $11.2 million in the linked quarter, reflecting a $10.8 million increase in the Company’s ACL in the period in conjunction with December 2025’s completion of the Company’s comprehensive commercial loan portfolio review. Provision expense was $457,000 in the year-ago period.
The Company believes it is sufficiently collateralized and reserved, with an ACL of $29.0 million on March 31, 2026, compared to $29.4 million on December 31, 2025, and $17.4 million on March 31, 2025. As a percentage of total loans, ACL represented 3.24% on March 31, 2026, 3.28% on December 31, 2025, and 1.91% on March 31, 2025.
Specific reserves, including those established in conjunction with 2025’s comprehensive commercial portfolio review, represented 63.8% of the Company’s ACL at the end of the first quarter of 2026.
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 $1.21 billion on March 31, 2026, compared to $1.18 billion on December 31, 2025, and $1.26 billion on March 31, 2026. Core deposits, as a percentage of total deposits, represented 82.01% on March 31, 2026, compared to 79.78% on December 31, 2025, and 78.31% on March 31, 2025. The Bank continues to implement strategic initiatives to enhance its core deposit franchise, including targeted marketing campaigns and customer engagement programs aimed at deepening banking relationships and enhancing deposit stability.
On March 31, 2026, Pathfinder Bancorp had an available additional funding capacity of $138.5 million with the Federal Home Loan Bank of New York and $45.0 million with the Federal Reserve Bank, which complements its liquidity reserves. Moreover, the Bank maintains additional unused credit lines totaling $15.0 million, which provide a buffer for additional funding needs. These facilities, including access to the Federal Reserve’s Discount Window, are part of a comprehensive liquidity strategy that ensures flexibility and readiness to respond to any funding requirements.
Cash Dividend Declared
On March 30, 2026, Pathfinder’s Board of Directors declared a cash dividend of $0.10 per share for holders of both voting common and non-voting common stock.
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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 $12.76 per share. This positions the annualized dividend yield at 3.13%.
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
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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.
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PATHFINDER BANCORP, INC. |
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Selected Financial Information (Unaudited) |
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(Amounts in thousands, except per share amounts) |
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2026 |
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2025 |
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SELECTED BALANCE SHEET DATA: |
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March 31, |
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December 31, |
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September 30, |
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June 30, |
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March 31, |
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ASSETS: |
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Cash and due from banks |
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$ |
13,915 |
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$ |
11,521 |
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$ |
19,317 |
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$ |
16,183 |
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$ |
18,606 |
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Interest-earning deposits |
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25,244 |
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19,649 |
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21,255 |
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15,292 |
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32,862 |
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Total cash and cash equivalents |
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39,159 |
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31,170 |
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40,572 |
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31,475 |
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51,468 |
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Available-for-sale securities, at fair value |
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272,971 |
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276,815 |
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294,457 |
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300,951 |
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284,051 |
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Held-to-maturity securities, at amortized cost |
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122,432 |
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130,324 |
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142,538 |
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157,892 |
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155,704 |
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Marketable equity securities, at fair value |
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6,207 |
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6,034 |
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5,352 |
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4,881 |
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4,401 |
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Federal Home Loan Bank stock, at cost |
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2,169 |
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2,560 |
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|
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.
10
|
|
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.
11
|
|
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 $250,000 or more.
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. |
12
|
|
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 $250,000 |
|
|
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.
13
|
|
|
2026 |
|
|
2025 |
|
|||||
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.
14
|
|
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.
15