Wed, May 15, 2:25 PM (72 days ago)
Pathfinder Bancorp, Inc. reported a net income of $2.1 million for Q1 2024, down 18.4% from $2.6 million in Q1 2023. Earnings per share dropped to $0.34 from $0.43. The return on average assets decreased by 16 basis points to 0.59%. Net interest income before provision for credit losses decreased by 5.7% to $9.4 million, driven by a 138 basis points increase in the average cost of interest-bearing liabilities, partially offset by an 88 basis points increase in the average yield on interest-earning assets. The net interest margin decreased to 2.75% from 3.02%. Total assets decreased by $12.1 million to $1.45 billion, primarily due to lower interest-earning deposits and loans. Nonperforming loans to total loans increased to 2.2%, with nonperforming assets rising to $19.7 million from $17.4 million at year-end 2023. The allowance for credit losses was $16.7 million, covering 84.8% of nonperforming loans. Noninterest income rose by $145,000 to $1.7 million, while noninterest expense increased by $182,000 to $7.7 million. The effective tax rate slightly decreased to 19.7%. Total deposits increased by $26.0 million to $1.15 billion, while borrowings decreased by $34.1 million. The Bank remains well-capitalized with a Tier 1 capital ratio of 14.39%.