Pathfinder Bancorp Inc. (PBHC) reports earnings

The report was filed on March 31, 2025

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Pathfinder Bancorp Inc. (PBHC-0.38%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.

The filing reports total assets of $1.47 billion, an increase from $1.47 billion at the end of 2023. Total deposits rose to $1.20 billion, while net loans receivable increased to $901.7 million.

Net interest income for the year was $41.0 million, up from $38.9 million in 2023. This increase was driven by higher interest and dividend income, which totaled $78.4 million.

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The company recorded a provision for credit losses of $11.0 million, a significant increase from $2.9 million in 2023. This was attributed to a comprehensive loan portfolio review.

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Noninterest income rose to $9.6 million, largely due to a $3.2 million gain from the sale of insurance agency assets.

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Noninterest expenses increased to $34.4 million, reflecting costs associated with the East Syracuse branch acquisition and technology investments.

Net income attributable to Pathfinder Bancorp Inc. was $3.4 million, down from $9.3 million in 2023. The decrease was primarily due to higher credit loss provisions and increased noninterest expenses.

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The company's shareholders' equity increased to $121.5 million, supported by retained earnings and a decrease in accumulated other comprehensive loss.

Pathfinder Bancorp Inc. remains well-capitalized under regulatory standards, with a total capital ratio of 14.65% at year-end 2024.

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The filing also details various financial activities, including a reduction in short-term borrowings and a strategic focus on core deposit growth.

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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.