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 Income

	For the three months ended		For the six months ended
(In thousands, except per share data)	June 30, 2024	June 30, 2023	June 30, 2024	June 30, 2023
Interest and dividend income:
Loans, including fees	$12,489	$11,791	$24,757	$22,449
Debt securities:
Taxable	5,736	4,173	11,343	7,920
Tax-exempt	498	479	1,006	934
Dividends	178	123	307	201
Federal funds sold and interest earning deposits	121	55	219	160
Total interest and dividend income	19,022	16,621	37,632	31,664
Interest expense:
Interest on deposits	7,626	5,625	15,037	9,662
Interest on short-term borrowings	1,226	578	2,340	950
Interest on long-term borrowings	201	203	395	397
Interest on subordinated debt	489	483	980	955
Total interest expense	9,542	6,889	18,752	11,964
Net interest income	9,480	9,732	18,880	19,700
Provision for (benefit from) credit losses:
Loans	304	1,185	1,014	1,877
Held-to-maturity securities	(74)	(29)	(59)	(29)
Unfunded commitments	60	(16)	61	(16)
Total provision for credit losses	290	1,140	1,016	1,832
Net interest income after provision for credit losses	9,190	8,592	17,864	17,868
Noninterest income:
Service charges on deposit accounts	330	303	639	570
Earnings and gain on bank owned life insurance	167	143	324	301
Loan servicing fees	112	67	200	139
Net realized gains (losses) on sales and redemptions of investment securities	16	-	(132)	73
Net realized losses on sales of marketable equity securities	(139)	(169)	(31)	(169)
Gains on sales of loans and foreclosed real estate	40	117	58	142
Debit card interchange fees	191	112	310	433
Insurance agency revenue	260	271	657	691
Other charges, commissions & fees	234	243	923	499
Total noninterest income	1,211	1,087	2,948	2,679
Noninterest expense:
Salaries and employee benefits	4,399	3,906	8,728	8,089
Building and occupancy	914	979	1,730	1,831
Data processing	550	483	1,078	1,036
Professional and other services	696	503	1,258	1,039
Advertising	116	166	221	372
FDIC assessments	228	222	457	441
Audits and exams	123	158	293	317
Insurance agency expense	232	283	517	544
Community service activities	39	66	91	96
Foreclosed real estate expenses	30	18	55	32
Other expenses	581	390	1,186	901
Total noninterest expense	7,908	7,174	15,614	14,698
Income before provision for income taxes	2,493	2,505	5,198	5,849
Provision for income taxes	481	530	1,013	1,199
Net income attributable to noncontrolling interest and Pathfinder Bancorp, Inc.	2,012	1,975	4,185	4,650
Net income (loss) attributable to noncontrolling interest	12	(7)	65	69
Net income attributable to Pathfinder Bancorp Inc.	$2,000	$1,982	$4,120	$4,581
Voting Earnings per common share - basic and diluted	$0.32	$0.32	$0.66	$0.75
Series A Non-Voting Earnings per common share- basic and diluted	$0.32	$0.32	$0.66	$0.75
Dividends per common share (Voting and Series A Non-Voting)	$0.10	$0.09	$0.20	$0.18

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