secwatch.observer — SEC 8-K summary
======================================

Issuer:     Pathfinder Bancorp, Inc. (PBHC)
CIK:        0001609065
Form:       8-K
Filed at:   2023-05-02T23:59:59+00:00
Accession:  0000950170-23-016713
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1609065/000095017023016713/0000950170-23-016713-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1609065/000095017023016713/pbhc-20230502.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-016713

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer