Pathfinder Bancorp Q2 net income $2.0M, EPS $0.32, down 39% YoY; PCL spikes to $1.1M on two large loans

Pathfinder Bancorp, Inc.

Net income $2.0M ($0.32 diluted EPS) vs $3.3M ($0.54) in Q2 2022, down 39.4% YoY.
Provision for credit losses surged to $1.1M from $59k due to deterioration in two large CRE/commercial loan relationships totaling $13.1M.
Net interest margin 2.96% vs 3.14% in Q2 2022; total revenue $10.8M, down 4.0% YoY.
Total assets $1.39B, down 0.54% from year-end; deposits decreased $24.3M or 2.2% to $1.10B.
Management expects some charge-offs next quarter from the two problem credits; loan growth guided ~4% annually.

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 second quarter 2023 results: revenue $10.8 million, net income $2.0 million, EPS $0.32 per basic and diluted share.

Period: second quarter 2023
Revenue: $10.8 million
Net income: $2.0 million
EPS: $0.32 per basic and diluted share
Result: reported results

Exact text from the filing

The Company's total revenue, which is comprised of net interest income, before provision for credit losses, and total noninterest income, for the second quarter of 2023 was $10.8 million, decreasing by $456,000, or 4.0%, compared to the same quarter in 2022. Performance Highlights for the Three Months Ended June 30, 2023 • The Company reported net income of $2.0

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Pathfinder Bancorp, Inc. reported the six months ended June 30, 2023 results: net income $4.6 million.

Period: the six months ended June 30, 2023
Net income: $4.6 million
Result: reported results

Exact text from the filing

The Company reported net income of $4.6 million, for the six months ended June 30, 2023, a decrease of $1.6 million, or 26.4%, compared to the net income for the same six month period in the prior year.

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Pathfinder Bancorp, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-036499

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