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 Income

	For the three months ended		For the nine months ended
(In thousands, except per share data)	September 30, 2024	September 30, 2023	September 30, 2024	September 30, 2023
Interest and dividend income:
Loans, including fees	$14,425	$12,470	$39,182	$34,919
Debt securities:
Taxable	5,664	4,488	17,007	12,408
Tax-exempt	469	507	1,475	1,441
Dividends	149	140	456	341
Federal funds sold and interest earning deposits	492	66	711	226
Total interest and dividend income	21,199	17,671	58,831	49,335
Interest expense:
Interest on deposits	7,633	6,223	22,670	15,885
Interest on short-term borrowings	1,136	674	3,476	1,624
Interest on long-term borrowings	202	222	597	619
Interest on subordinated debt	496	492	1,476	1,447
Total interest expense	9,467	7,611	28,219	19,575
Net interest income	11,732	10,060	30,612	29,760
Provision for (benefit from) credit losses:
Loans	9,104	798	10,118	2,675
Held-to-maturity securities	(31)	5	(90)	(24)
Unfunded commitments	(104)	30	(43)	14
Total provision for credit losses	8,969	833	9,985	2,665
Net interest income after provision for credit losses	2,763	9,227	20,627	27,095
Noninterest income:
Service charges on deposit accounts	392	343	1,031	913
Earnings and gain on bank owned life insurance	361	165	685	466
Loan servicing fees	79	99	279	238
Net realized (losses) gains on sales and redemptions of investment securities	(188)	(13)	(320)	60
Net realized gains (losses) on sales of marketable equity securities	62	(39)	31	(208)
Gains on sales of loans and foreclosed real estate	90	41	148	183
Loss on sale of premises and equipment	(36)	-	(36)	-
Debit card interchange fees	300	22	610	455
Insurance agency revenue	367	310	1,024	1,001
Other charges, commissions & fees	280	265	1,203	764
Total noninterest income	1,707	1,193	4,655	3,872
Noninterest expense:
Salaries and employee benefits	4,959	4,154	13,687	12,243
Building and occupancy	1,134	868	2,864	2,699
Data processing	672	483	1,750	1,519
Professional and other services	1,820	492	3,078	1,531
Advertising	165	144	386	516
FDIC assessments	228	222	685	663
Audits and exams	123	159	416	476
Insurance agency expense	308	273	825	817
Community service activities	20	55	111	151
Foreclosed real estate expenses	27	44	82	76
Other expenses	803	759	1,989	1,660
Total noninterest expense	10,259	7,653	25,873	22,351
(Loss) income before provision for income taxes	(5,789)	2,767	(591)	8,616
(Benefit) provision for income taxes	(1,173)	573	(160)	1,772
Net (loss) income attributable to noncontrolling interest and Pathfinder Bancorp, Inc.	(4,616)	2,194	(431)	6,844
Net income attributable to noncontrolling interest	28	18	93	87
Net (loss) income attributable to Pathfinder Bancorp Inc.	$(4,644)	$2,176	$(524)	$6,757
Voting Earnings per common share - basic and diluted	$(0.75)	$0.35	$(0.09)	$1.10
Series A Non-Voting Earnings per common share- basic and diluted	$(0.75)	$0.35	$(0.09)	$1.10
Dividends per common share (Voting and Series A Non-Voting)	$0.10	$0.09	$0.30	$0.27

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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.