OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, recently reported a net loss of $4.6 million, or 75 cents per share, in the third quarter, compared to net income of $2.2 million, or 35 cents a share, in the same quarter in 2023. The net loss reflected $9 million in […]
OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, recently reported a net loss of $4.6 million, or 75 cents per share, in the third quarter, compared to net income of $2.2 million, or 35 cents a share, in the same quarter in 2023.
The net loss reflected $9 million in provision expense that primarily resulted from a comprehensive loan-portfolio review that Pathfinder said it chose to undertake as part of its commitment to continuously improve its credit-risk management approach, per the earnings report issued on Oct. 30. Following its conclusion, the banking company recorded net charge offs of $8.7 million in the third quarter and reduced nonperforming loans by 34 percent to $16.2 million at quarter end, or 1.8 percent of total loans.
Deposits at Pathfinder totaled $1.2 billion at the end of the third quarter, up from $1.1 billion at the end of the second quarter and up from $1.13 billion at the conclusion of the third quarter of 2023.
Pathfinder Bank is a New York State-chartered commercial bank headquartered in Oswego that has 12 full-service offices located in its market areas consisting of Oswego and Onondaga counties, and one limited purpose office in Oneida County.
