Pathfinder Bancorp Inc

For the period ended Jun 30, 2024. Filed Aug 14, 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.

Jun 30, 2024 · Filed Aug 14, 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 six months ended June 30,
(In thousands)	2024	2023
OPERATING ACTIVITIES
Net income attributable to Pathfinder Bancorp, Inc.	$4,120	$4,581
Adjustments to reconcile net income to net cash flows from operating activities:
Provision for credit losses	1,016	1,832
Proceeds from sales of loans held-for-sale	2,534	2,798
Originations of loans held-for-sale	(2,592)	(2,609)
Realized (gains) losses on sales, redemptions and calls of:
Foreclosed real estate	-	28
Loans	58	(170)
Available-for-sale investment securities	127	(79)
Held-to-maturity investment securities	5	6
Marketable securities	31	-
Depreciation	674	706
Amortization of mortgage servicing rights	(24)	(19)
Amortization of deferred loan fees and costs	(154)	(68)
Operating lease expense	55	58
Amortization of deferred financing fees from subordinated debt	94	88
Earnings on bank owned life insurance	(324)	(301)
Net amortization of premiums and discounts on investment securities	(17)	1,201
Amortization of intangible assets	9	9
Stock based compensation and ESOP expense	153	266
Net change in accrued interest receivable	210	23
Net change in other assets and liabilities	(3,953)	(6,447)
Net cash inflows from operating activities	2,022	1,903
INVESTING ACTIVITIES
Purchase of available-for-sale securities	(59,740)	(17,809)
Purchase of held-to-maturity securities	(3,517)	(12,787)
Purchase of marketable securities	(618)	(491)
Purchase of Federal Home Loan Bank stock	(6,812)	(8,214)
Proceeds from redemption of Federal Home Loan Bank stock	6,858	7,660
Proceeds from maturities and principal reductions of available-for-sale securities	38,964	6,564
Proceeds from maturities and principal reductions of held-to-maturity securities	15,876	11,225
Proceeds from sales, redemptions and calls of:
Available-for-sale securities	3,449	17,396
Held-to-maturity securities	706	49
Real estate acquired through foreclosure	68	227
Net change in loans	8,999	8,023
Purchase of premises and equipment	(1,111)	(662)
Net cash inflows from investing activities	3,122	11,181

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FINANCING ACTIVITIES
Net change in demand deposits, NOW accounts, savings accounts, money management deposit accounts, MMDA accounts and escrow deposits	(38,565)	(71,567)
Net change in time deposits	23,657	59,337
Net change in brokered deposits	(3,882)	(12,100)
Net change in short-term borrowings	1,897	9,203
Payments on long-term borrowings	(4,050)	(3,525)
Proceeds from long-term borrowings	-	7,776
Proceeds from exercise of stock options	5	368
Cash dividends paid to common voting shareholders	(897)	(841)
Cash dividends paid to common non-voting shareholders	(262)	(248)
Cash dividends paid on warrants	(25)	(23)
Change in noncontrolling interest, net	65	69
Net cash outflows from financing activities	(22,057)	(11,551)
Change in cash and cash equivalents	(16,913)	1,533
Cash and cash equivalents at beginning of period	48,732	35,282
Cash and cash equivalents at end of period	$31,819	$36,815
CASH PAID DURING THE PERIOD FOR:
Interest	$18,905	$11,380
Income taxes	600	-
NON-CASH INVESTING ACTIVITY
Real estate acquired in exchange for loans	-	333

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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.