Pathfinder Bancorp Inc

For the period ended Sep 30, 2024. Filed Nov 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.

Sep 30, 2024 · Filed Nov 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 nine months ended September 30,
(In thousands)	2024	2023
OPERATING ACTIVITIES
Net income (loss) attributable to Pathfinder Bancorp, Inc.	$(524)	$6,757
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Provision for credit losses	9,985	2,665
Proceeds from sales of loans held-for-sale	4,519	4,244
Originations of loans held-for-sale	(4,410)	(4,013)
Realized (gains) losses on sales, redemptions and calls of:
Foreclosed real estate	(39)	29
Loans	(109)	(212)
Available-for-sale investment securities	139	(79)
Held-to-maturity investment securities	181	19
Marketable securities	(31)	208
Depreciation	1,049	1,051
Amortization of mortgage servicing rights	(31)	(35)
Amortization of deferred loan fees and costs	71	(183)
Operating lease expense	(341)	(65)
Amortization of deferred financing fees from subordinated debt	143	134
(Losses) earnings on bank owned life insurance	83	(466)
Net amortization of premiums and discounts on investment securities	(133)	1,633
Amortization of intangible assets	115	13
Stock based compensation and ESOP expense	247	374
Net change in accrued interest receivable	480	(426)
Net change in other assets and liabilities	2,470	(4,645)
Net cash inflows from operating activities	13,864	7,003
INVESTING ACTIVITIES
Purchase of available-for-sale securities	(71,015)	(49,256)
Purchase of held-to-maturity securities	(10,573)	(12,787)
Purchase of marketable securities	(635)	(1,359)
Purchase of Federal Home Loan Bank stock	(9,477)	(13,415)
Proceeds from redemption of Federal Home Loan Bank stock	12,824	13,573
Proceeds from maturities and principal reductions of available-for-sale securities	58,749	12,921
Proceeds from maturities and principal reductions of held-to-maturity securities	24,678	20,878
Proceeds from sales, redemptions and calls of:
Available-for-sale securities	3,449	17,396
Held-to-maturity securities	3,823	278
Real estate acquired through foreclosure	167	288
Net change in loans	(33,300)	(736)
Acquisition of core deposit intangible asset	(6,271)	-
Proceeds from sale of assets held-for-sale	3,007	-
Purchase of premises and equipment	(1,621)	(1,670)
Net cash outflows from investing activities	(26,195)	(13,889)

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FINANCING ACTIVITIES
Net change in demand deposits, NOW accounts, savings accounts, money management deposit accounts, MMDA accounts and escrow deposits	94,078	(67,468)
Net change in time deposits	95,175	74,902
Net change in brokered deposits	(113,107)	(5,011)
Net change in short-term borrowings	(65,365)	(3,635)
Payments on long-term borrowings	(20,850)	(6,525)
Proceeds from long-term borrowings	10,700	4,776
Proceeds from exercise of stock options	5	623
Cash dividends paid to common voting shareholders	(1,367)	(1,264)
Cash dividends paid to common non-voting shareholders	(414)	(373)
Cash dividends paid on warrants	(25)	(34)
Change in noncontrolling interest, net	93	87
Net cash outflows from financing activities	(1,077)	(3,922)
Change in cash and cash equivalents	(13,408)	(10,808)
Cash and cash equivalents at beginning of period	48,732	35,282
Cash and cash equivalents at end of period	$35,324	$24,474
CASH PAID DURING THE PERIOD FOR:
Interest	$30,228	$18,819
Income taxes	600	2,500
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.