Pathfinder Bancorp Inc

For the period ended Mar 31, 2024. Filed May 15, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 15, 2024

PBHC$16.75+0.2%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows

	For the three months ended March 31,
(In thousands)	2024	2023
OPERATING ACTIVITIES
Net income attributable to Pathfinder Bancorp, Inc.	$2,120	$2,599
Adjustments to reconcile net income to net cash flows from operating activities:
Provision for credit losses	726	692
Proceeds from sales of loans	1,042	962
Originations of loans held-for-sale	(1,024)	(918)
Realized (gains) losses on sales, redemptions and calls of:
Loans	(18)	(25)
Available-for-sale investment securities	143	370
Held-to-maturity investment securities	5	6
Marketable securities	(108)	-
Depreciation	339	355
Amortization of mortgage servicing rights	(14)	(13)
Amortization of deferred loan fees and costs	(105)	(74)
Amortization of operating leases	28	28
Amortization of deferred financing from subordinated debt	47	44
Earnings on bank owned life insurance	(157)	(158)
Net amortization of premiums and discounts on investment securities	22	769
Amortization of intangible assets	5	5
Stock based compensation and ESOP expense	77	151
Net change in accrued interest receivable	116	543
Net change in other assets and liabilities	(2,740)	708
Net cash inflows from operating activities	504	6,044
INVESTING ACTIVITIES
Purchase of available-for-sale securities	(40,740)	(12,882)
Purchase of held-to-maturity securities	(3,014)	(8,999)
Purchase of marketable securities	(28)	(264)
Purchase of Federal Home Loan Bank stock	(2,896)	(2,637)
Proceeds from redemption of Federal Home Loan Bank stock	4,613	3,393
Proceeds from maturities and principal reductions of available-for-sale securities	16,029	2,341
Proceeds from maturities and principal reductions of held-to-maturity securities	8,929	1,682
Proceeds from sales, redemptions and calls of:
Available-for-sale securities	3,434	17,396
Held-to-maturity securities	696	39
Real estate acquired through foreclosure	68	-
Net change in loans	5,735	(10,468)
Purchase of premises and equipment	(230)	(168)
Net cash outflows from investing activities	(7,404)	(10,567)

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FINANCING ACTIVITIES
Net change in demand deposits, NOW accounts, savings accounts, money management deposit accounts, MMDA accounts and escrow deposits	6,271	(16,091)
Net change in time deposits	23,657	37,991
Net change in brokered deposits	(3,882)	(3,068)
Net change in short-term borrowings	(34,103)	(16,797)
Payments on long-term borrowings	(4,050)	(2,700)
Proceeds from long-term borrowings	-	2,705
Proceeds from exercise of stock options	5	-
Cash dividends paid to common voting shareholders	(424)	(419)
Cash dividends paid to common non-voting shareholders	(124)	(124)
Cash dividends paid on warrants	(12)	(11)
Change in noncontrolling interest, net	53	76
Net cash (outflows) inflows from financing activities	(12,609)	1,562
Change in cash and cash equivalents	(19,509)	(2,961)
Cash and cash equivalents at beginning of period	48,732	35,282
Cash and cash equivalents at end of period	$29,223	$32,321
CASH PAID DURING THE PERIOD FOR:
Interest	$9,492	$493
Income taxes	-	-
RESTRICTED CASH
Collateral deposits for hedge position included in cash and due from banks	-	1,600

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.