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Pathfinder Bancorp Inc (PBHC-0.88%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net loss attributable to common shareholders of $4.6 million, or $0.75 per share, for the third quarter of 2024, compared to net income of $2.2 million, or $0.35 per share, for the same quarter in 2023.
Net interest income increased by 16.6% to $11.7 million in the third quarter of 2024, driven by higher interest income from loans and investment securities, partially offset by increased interest expense.
The provision for credit losses was $9.0 million in the third quarter of 2024, up from $833,000 in the same quarter of 2023, primarily due to a comprehensive loan portfolio review.
Noninterest income totaled $1.7 million in the third quarter of 2024, an increase of 43.1% from the third quarter of 2023, with significant contributions from interchange fees and bank owned life insurance gains.
Noninterest expense increased to $10.3 million in the third quarter of 2024, up from $7.7 million in the third quarter of 2023, largely due to acquisition-related expenses and costs associated with the East Syracuse branch.
Total assets increased by 1.18% to $1.48 billion at September 30, 2024, primarily due to increases in loans and intangible assets, offset by decreases in cash and investment securities.
Total deposits increased by 6.8% to $1.20 billion, with a significant contribution from the East Syracuse branch acquisition.
The allowance for credit losses was $17.3 million at September 30, 2024, representing 1.87% of total loans, up from 1.78% at December 31, 2023.
Pathfinder Bank remains well-capitalized, with a total core capital to risk-weighted assets ratio of 14.52% as of September 30, 2024.
The company completed the acquisition of the East Syracuse branch from Berkshire Bank (BHLB+0.27%) on July 19, 2024, assuming $186.0 million in deposits and acquiring $29.9 million in loans.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pathfinder Bancorp Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.