Second Quarter 2024 Key Results: The average cost of deposits acquired in the East Syracuse branch acquisition was approximately 1.99% (excluding Core Deposit Intangible), and the Company intends to utilize the additional liquidity to pay down approximately $150 million of borrowings that have an average cost of approximately 5.33% in three months ending June 30, which is expected to benefit total funding costs in the third quarter of 2024. The Company filed Form 8-K on July 22, 2024, and announced that it ...

Exhibit 99.1 Investor/Media Contacts James A. Dowd, President, CEO Justin K. Bigham, Senior Vice President, CFO Telephone: (315) 343-0057 Pathfinder Bancorp, Inc. Announces Second Quarter 2024 Net Income of $2.0 Million Net interest margin expanded for the second consecutive quarter, and low-cost deposits acquired with the recently completed East Syracuse branch purchase are expected to benefit total funding costs OSWEGO, N.Y., July 29, 2024 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. ("Company") (NASDAQ: ...

OSWEGO, N.Y., July 22, 2024 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank ("Pathfinder"), announced today that Pathfinder has completed the previously announced purchase and assumption of the East Syracuse, New York branch of Berkshire Bank, the banking subsidiary of Berkshire Hills Bancorp, Inc. In connection with the purchase, Pathfinder assumed approximately $186 million in deposit liabilities and acquired approximately $30 million in loans. Kim Ciar ...

OSWEGO, N.Y., July 22, 2024 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank ("Pathfinder"), announced today that Pathfinder has completed the previously announced purchase and assumption of the East Syracuse, New York branch of Berkshire Bank, the banking subsidiary of Berkshire Hills Bancorp, Inc. In connection with the purchase, Pathfinder assumed approximately $186 million in deposit liabilities and acquired approximately $30 million in loans. "This ac ...

OSWEGO, N.Y., July 01, 2024 (GLOBE NEWSWIRE) -- James A. Dowd, President and CEO of Pathfinder Bancorp, Inc., the bank holding company of Pathfinder Bank (NASDAQ: PBHC) (listing: PathBcp), has announced that the Company has declared a cash dividend of $0.10 per share on the Company's voting common and non-voting common stock, and a cash dividend of $0.10 per notional share for the issued warrant relating to the fiscal quarter ending June 30, 2024. The second quarter 2024 dividend will be payable to all shar ...

The purchase and assumption agreement provides for the transfer by Berkshire Bank to Pathfinder of the facility and other associated assets of the branch, approximately $198 million in deposits, and certain consumer and residential loans with outstanding balances of approximately $32 million. Pathfinder expects the acquisition to generate a favorable internal rate of return and attractive earnings per share accretion, all within a reasonable tangible book value earn back period. About Pathfinder Bancorp, In ...

Financial Position - As of March 31, 2024, the Company and its subsidiaries had total consolidated assets of $1.45 billion, total consolidated liabilities of $1.33 billion, and shareholders' equity of $121.8 million[134]. - The Company reported a total deposit base of $1.146 billion as of March 31, 2024, compared to $1.125 billion on December 31, 2023[182]. - Total assets decreased by $12.1 million or 0.8% to $1.45 billion as of March 31, 2024, driven by lower interest-earning deposits and loans[159]. - Total liabilities decreased by $14.5 million, or 1.1%, to $1.33 billion at March 31, 2024, mainly due to a decrease in borrowed funds[204]. - Shareholders' equity increased by $2.3 million, or 1.9%, to $121.8 million at March 31, 2024, driven by recorded net income of $2.1 million[206]. Loan and Credit Quality - The Bank's position in individually evaluated loans consisted of 72 loans totaling $23.2 million, with 17 loans valued at $1.6 million using the present value of future cash flows method[144]. - The Bank allocated $7.8 million to the allowance for credit losses (ACL) for commercial loans, which represent 56.0% of the Bank's entire loan portfolio totaling $438.6 million[145]. - Nonperforming loans to total loans increased to 2.2% at March 31, 2024, compared to 1.9% at December 31, 2023[159]. - The ratio of delinquent loans to total loans increased to 5.5% at March 31, 2024, compared to 3.7% at December 31, 2023, with delinquent loans increasing by $15.3 million[188]. - The allowance for credit losses increased to $16.7 million at March 31, 2024, compared to $16.0 million at December 31, 2023, with a ratio of 1.87% to total loans[216]. Income and Earnings - The Company recorded net income of $2.1 million for Q1 2024, a decrease of $479,000 or 18.4% compared to $2.6 million in Q1 2023[159]. - Basic and diluted earnings per share decreased to $0.34, down $0.09 from $0.43 in the same quarter last year[159]. - The Company's noninterest income for Q1 2024 was $1.7 million, reflecting an increase of $145,000 compared to Q1 2023[164]. - Total noninterest expense for Q1 2024 was $7.7 million, an increase of $182,000 or 2.4% compared to the same period in 2023[166]. - The effective income tax rate decreased to 19.7% for Q1 2024, down from 20.0% in Q1 2023[159]. Interest Income and Expenses - Net interest income after provision for credit losses decreased by $602,000 or 6.5% to $8.7 million, primarily due to a $50.4 million increase in average interest-bearing liabilities[159]. - Interest and dividend income increased by $3.6 million or 23.7% to $18.6 million for Q1 2024, driven by a $1.6 million increase in loan interest income and a $1.9 million increase from investment securities[175]. - Interest expense for Q1 2024 rose by $4.1 million to $9.2 million, mainly due to a 138 basis points increase in average rates paid on interest-bearing liabilities[178]. - The net interest margin for Q1 2024 was 2.75%, a decrease of 27 basis points from 3.02% in Q1 2023[159]. - For Q1 2024, net interest income decreased by $568,000 or 5.7% to $9.4 million compared to $10.0 million in Q1 2023, primarily due to a 138 basis points increase in the average cost of interest-bearing liabilities[174]. Regulatory Compliance and Capital - The Company exceeded all regulatory required minimum capital ratios, including capital buffer requirements, as of March 31, 2024[208]. - As of March 31, 2024, total core capital to risk-weighted assets was 15.65%, up from 15.05% as of December 31, 2023[211]. - The ratio of total capital to risk-weighted assets was 14.39% as of March 31, 2024, up from 13.80% at December 31, 2023[211]. - Total Tier 1 capital was $145.454 million as of March 31, 2024, compared to $142.927 million at December 31, 2023[211]. Management and Operational Strategies - Management considers the allowance for credit losses, deferred income taxes, and pension obligations as areas requiring significant judgment and could be subject to revision[142]. - The Company plans to continue emphasizing retail and business core deposits to enhance market penetration in the Syracuse area[181]. - Management performed an annual evaluation of goodwill for possible impairment and determined that the carrying value of goodwill was not impaired as of December 31, 2023[153]. - The Company has frozen participation and benefit accruals under its defined benefit pension plan to reduce earnings volatility[148]. - The Company maintains a noncontributory defined benefit pension plan covering most employees, based on years of service and final average salary[148].

Exhibit 99.1 Investor/Media Contacts James A. Dowd, President, CEO Walter F. Rusnak, Senior Vice President, CFO Telephone: (315) 343-0057 Pathfinder Bancorp, Inc. Announces First Quarter 2024 Net Income of $2.1 Million Strategic Growth and Prudent Expense Management Shape Bank Performance Despite Economic Challenges OSWEGO, N.Y., April. 29, 2024 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. ("Company") (NASDAQ: PBHC), the holding company for Pathfinder Bank ("Bank"), announced first quarter 2024 net income a ...

$20 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File No. 001-36695 PATHFINDER BANCORP, INC. (Exact name of registrant as specified in its charter) Maryland 38-3941859 (State or other juris ...

For the quarterly period ended September 30, 2023 OR EXCHANGE ACT OF 1934 For the transition period from _______ to _______ ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES (Exact Name of Company as Specified in its Charter) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 001-36695 (Commission File No.) 38-3941859 (I.R.S. Employer Identification No.) 214 West First ...