Pathfinder Bancorp Q3 net income $2.2M, down 31% YoY; $3.9M charge-offs on two loans

Pathfinder Bancorp, Inc.

Net income $2.2M ($0.35 EPS) vs $3.2M ($0.52) in Q3 2022; revenue after provision $10.4M, -7.2%.
Net interest income after provision $9.2M, -8.4%; interest expense surged to $7.6M from $2.6M.
Recorded $3.9M in charge-offs on two large CRE/commercial relationships; loans total $11.5M at quarter-end.
Total assets $1.40B; deposits stable at $1.13B (+$2.4M since Dec 2022); equity $113.8M.
Management expects continued margin pressure; guides ~4% annual loan growth for next 12-24 months.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Pathfinder Bancorp, Inc. reported third quarter 2023 results: revenue $10.4 million, net income $2.2 million, EPS $0.35 per basic and diluted share.

Period: third quarter 2023
Revenue: $10.4 million
Net income: $2.2 million
EPS: $0.35 per basic and diluted share
Result: reported results

Exact text from the filing

or $0.52 per basic and diluted share, earned in the third quarter of 2022. The Company's total revenue for the third quarter of 2023, after provision for credit losses, was $10.4 million, a decrease of $811,000, or 7.2%, compared to the same quarter in 2022. The Company's total revenue for the nine months ended September 30, 2023, after provision for credit

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Source: SEC EDGAR

accession 0000950170-23-057559

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