Pathfinder Bancorp Q1 net income down 12% to $2.6M; nonperforming loans jump to 2.1%

Pathfinder Bancorp, Inc.

Net income $2.6M ($0.43 EPS) vs $3.0M ($0.49) a year ago; total revenue up 4.4% to $11.6M.
Provision for credit losses surged to $692K from $102K; nonperforming loans ratio rose to 2.1% from 1.0% at Dec 31, 2022.
Adopted CECL on Jan 1, 2023, reducing retained earnings by $2.1M after tax and tangible book by $0.36 per share.
Net interest margin narrowed slightly to 3.02% from 3.06% due to higher deposit costs.
Management cites stable liquidity with deposit growth of 1.7% in quarter; optimistic on Micron-driven regional growth.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Pathfinder Bancorp, Inc. reported first quarter 2023 results: revenue $11.6 million, net income $2.6 million, EPS $0.43 per basic and diluted share.

Period: first quarter 2023
Revenue: $11.6 million
Net income: $2.6 million
EPS: $0.43 per basic and diluted share
Result: reported results

Exact text from the filing

Pathfinder Bancorp, Inc. (“Company”) (NASDAQ: PBHC), the holding company for Pathfinder Bank (“Bank”), announced first quarter 2023 net income available to common shareholders of $2.6 million, or $0.43 per basic and diluted share. The first quarter results in 2023 were slightly lower than the $3.0 million, or $0.49 per basic and diluted share earned in the first quarter of 2022. The Company's total revenue, which is comprised of net interest income, before provision for credit losses, and total noninterest income, for the first quarter of 2023 was $11.6 million, increasing by $490,000, or 4.4%, compared to the same quarter in 2022.

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Source: SEC EDGAR

accession 0000950170-23-016713

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