From GlobeNewswire: 2025-01-31 16:17:00

Pathfinder Bancorp, Inc. reported fourth quarter results, including earnings per share (EPS) of $0.69, deposit and commercial loan growth, and a gain from the sale of its insurance agency. The company earned net income of $4.3 million in Q4, compared to a net loss of $4.6 million in Q3 of 2024.

Key developments in the fourth quarter of 2024 included a provision expense of $988,000, net interest income of $10.8 million, and non-interest income of $4.9 million. Total deposits reached $1.20 billion, with total loans at $919.0 million. The Bank’s loan-to-deposit ratio was 76.3% on December 31, 2024.

President and CEO James A. Dowd highlighted core net interest income growth and net interest margin expansion as key contributors to fourth quarter earnings. The Bank’s focus on disciplined asset and liability pricing, core deposit franchise, and commercial lending in Central New York drove performance.

Net interest income in Q4 was $10.8 million, a decrease from Q3 but an increase from the same period in 2023. Net interest margin was 3.15% in Q4 of 2024, compared to 2.74% in the same period the year before, driven by reductions in borrowing and funding costs.

Non-interest income in Q4 totaled $4.9 million, including a $3.2 million gain from the sale of the insurance agency. Compared to the linked quarter, Q4 non-interest income also reflected increases in loan servicing fees, service charges on deposit accounts, and net realized gains on investment securities.

Non-interest expense in Q4 totaled $8.5 million, including costs related to the insurance agency sale and branch acquisition. Salaries and benefits were $4.1 million, with building and occupancy expenses at $1.3 million.

As of December 31, 2024, Pathfinder Bancorp’s statement of financial condition showed total assets of $1.47 billion, loans of $919.0 million, and deposits of $1.20 billion. The Bank’s asset quality metrics reflect ongoing efforts to improve its credit risk management approach.

A cash dividend of $0.10 per share was declared for holders of both voting common and non-voting common stock. The dividend, payable on February 7, 2025, aligns with the Company’s commitment to delivering shareholder value. Pathfinder Bancorp’s closing stock price was $17.50 per share at the end of 2024.



Read more at GlobeNewswire:: Pathfinder Bancorp, Inc. Announces Financial Results