Financial Position - As of September 30, 2024, the Company and its subsidiaries had total consolidated assets of $1.48 billion, total consolidated liabilities of $1.36 billion, and shareholders' equity of $120.2 million[160]. - Total assets increased by $17.3 million or 1.18% to $1.48 billion at September 30, 2024, primarily due to increases in total loans and intangible assets[224]. - Total liabilities increased by $16.5 million or 1.23% to $1.36 billion at September 30, 2024, mainly due to increases in total deposits and finance lease liabilities[228]. - Shareholders' equity increased by $751,000 or 0.6% to $120.2 million at September 30, 2024, primarily due to a decrease in accumulated other comprehensive loss[231]. Loan and Credit Quality - The Bank's position in individually evaluated loans consisted of 49 loans totaling $19.6 million, with 16 loans valued at $3.1 million using the present value of future cash flows method[170]. - The Bank allocated $9.8 million to the allowance for credit losses (ACL) for commercial loans, which represent 57.9% of the Bank's entire loan portfolio[171]. - The provision for credit losses was $9.0 million in Q3 2024, significantly higher than $0.8 million in Q3 2023, with net charge-offs of $8.7 million representing 1.29% of average loans[187]. - Nonperforming loans decreased by 34.0% to $16.2 million, or 1.8% of total loans, as of September 30, 2024[204]. - The ratio of delinquent loans to total loans increased to 4.1% as of September 30, 2024, up from 3.8% at December 31, 2023, with delinquent loans increasing by $3.9 million[207]. - The allowance for credit losses was $17.3 million as of September 30, 2024, compared to $16.0 million at December 31, 2023, reflecting a ratio of 1.87% to total loans[240]. - Total nonperforming loans to total loans was 1.75% as of September 30, 2024, compared to 1.92% at December 31, 2023[238]. Income and Expenses - Net income for Q3 2024 decreased to a net loss of $4.6 million or $0.75 per share, compared to a net income of $2.2 million or $0.35 per share in Q3 2023[184]. - Net interest income for Q3 2024 was $11.7 million, an increase of 16.6% from Q3 2023, driven by a $3.5 million increase in interest and dividend income[185]. - Noninterest income increased by 43.1% to $1.7 million in Q3 2024, with notable increases in interchange fees and earnings on bank-owned life insurance[188]. - Noninterest expense totaled $10.3 million in Q3 2024, an increase of $2.6 million from Q3 2023, primarily due to transaction-related expenses from the East Syracuse branch acquisition[189]. - The efficiency ratio for Q3 2024 was 75.28%, impacted by acquisition-related expenses, compared to 67.93% in Q3 2023[190]. - Salaries and benefits were $5.0 million in Q3 2024, increasing $805,000 or 19.4% from the year-ago quarter, driven by transaction-related bonuses and higher personnel costs[214]. - Professional and other services expense was $1.8 million in Q3 2024, up $1.3 million or 269.9% from the previous year, mainly attributed to branch acquisition-related expenses[213]. Deposits and Funding - Total deposits increased by $76.1 million, or 6.8%, from December 31, 2023, primarily due to $186.0 million in deposits from the East Syracuse branch acquisition[199]. - Core deposits, which exclude certificates of deposit of $250,000 or more, accounted for 77.45% of the Company's total deposit base of $1.20 billion[199]. - Total deposits increased to $1,196.2 million as of September 30, 2024, up from $1,120.1 million at December 31, 2023, representing a growth of 6.8%[201]. - The average cost of deposits acquired in the East Syracuse branch acquisition was approximately 1.99%[181]. - The Company had $222.3 million in outstanding commitments to extend credit and standby letters of credit as of September 30, 2024[252]. - A significant decrease in deposits could lead the Company to seek alternative funding sources, potentially increasing interest expenses[248]. Capital and Ratios - As of September 30, 2024, total core capital to risk-weighted assets was $147,211 thousand, representing a ratio of 14.52%[234]. - Total Tier 1 capital to risk-weighted assets was $134,471 thousand, with a ratio of 13.26% as of September 30, 2024[237]. - The ratio of total capital to risk-weighted assets was 13.26% as of September 30, 2024, down from 13.80% at December 31, 2023[237]. - The total Tier 1 common equity to risk-weighted assets ratio was 13.26% as of September 30, 2024, down from 13.80% at December 31, 2023[237]. Other Key Developments - On October 1, 2024, the Company completed the sale of its interest in FitzGibbons to Marshall & Sterling Enterprises, Inc.[160]. - The Company maintains a noncontributory defined benefit pension plan, which has been frozen since May 14, 2012, to reduce earnings volatility[174]. - Management performed an annual evaluation of goodwill and intangible assets for possible impairment, determining that the carrying value of goodwill was not impaired as of December 31, 2023[180]. - The Company invests excess funds in short-term interest-earning assets to maintain liquidity for lending requirements[247]. - The Company maintains a quality control program for closed loans, considering potential repurchase risks to be minimal[246]. - The management continuously monitors liquidity and reported compliance with liquidity policy guidelines as of September 30, 2024[251].

Exhibit 99.1 Investor/Media Contacts James A. Dowd, President, CEO Justin K. Bigham, Senior Vice President, CFO Telephone: (315) 343-0057 Pathfinder Bancorp, Inc. Announces Third Quarter 2024 Results Results reflect branch-acquisition-related expenses, as well as provision expense resulting from a comprehensive loan portfolio review that significantly reduced nonperformers, as Pathfinder positions the Bank for organic growth in its Central New York markets OSWEGO, N.Y., October 30, 2024 (GLOBE NEWSWIRE) -- ...

Financial Position - As of June 30, 2024, the Company and its subsidiaries had total consolidated assets of $1.45 billion, total consolidated liabilities of $1.32 billion, and shareholders' equity of $123.3 million[128]. - The Company is required to consolidate 100% of FitzGibbons Agency, LLC, despite owning only 51% of the membership interest, resulting in a noncontrolling interest of $826,000[128]. - Total assets decreased by $19.6 million, or 1.34%, to $1.45 billion as of June 30, 2024, compared to December 31, 2023[195]. - Total liabilities decreased by $23.5 million, or 1.7%, to $1.32 billion at June 30, 2024[197]. - Shareholders' equity increased by $3.8 million, or 3.2%, to $123.3 million at June 30, 2024, driven by net income of $4.1 million[198]. Loan and Credit Quality - The Bank's position in individually evaluated loans consisted of 58 loans totaling $19.3 million, with 17 loans valued at $3.1 million using the present value of future cash flows method[136]. - The Bank allocated $7.5 million to the allowance for credit losses (ACL) for commercial loans, which represent 52.0% of the Bank's entire loan portfolio totaling $461.2 million[137]. - The total loan delinquency ratio was 4.8% as of June 30, 2024, down from 5.5% at March 31, 2024, and 3.8% at December 31, 2023[181]. - The allowance for credit losses was $16.9 million as of June 30, 2024, compared to $16.0 million at December 31, 2023, with a ratio of 1.89% to total loans[207]. - Potential problem loans totaled $40.6 million at June 30, 2024, an increase of $2.5 million from $43.1 million at December 31, 2023[211]. - The ratio of nonperforming loans to total loans was 2.76% as of June 30, 2024, compared to 1.92% at December 31, 2023[205]. - The total amount of nonaccrual loans was $24.5 million as of June 30, 2024, up from $17.2 million at December 31, 2023[204]. - As of June 30, 2024, total nonperforming assets were $24.6 million, an increase of $7.2 million from $17.4 million at December 31, 2023, and $4.0 million from $20.6 million at June 30, 2023[205]. Income and Earnings - Net income for the second quarter of 2024 was $2.0 million, an increase of $18,000 or 0.9% from the second quarter of 2023[148]. - Basic and diluted earnings per voting common share for the second quarter of 2024 were both $0.32, unchanged from the same period in 2023[148]. - Noninterest income for Q2 2024 was $1.2 million, an increase of $124,000 or 11.4% compared to Q2 2023[183]. - Total noninterest income for the six months ended June 30, 2024, reached $2.9 million, up $269,000 from the same period in 2023[186]. - Recurring noninterest income increased by $155,000 or 13.6% year-over-year, driven by a $79,000 rise in debit card interchange fees[184]. Interest Income and Expenses - Net interest income for the second quarter of 2024 decreased by $252,000 or 2.6% to $9.5 million compared to the second quarter of 2023[148]. - Total interest income for the six months ended June 30, 2024, was $5.968 million, an increase from $5.714 million in the same period of 2023[174]. - Total interest expense for the six months ended June 30, 2024, was $6.788 million, compared to $6.387 million for the same period in 2023[174]. - The net interest margin for the second quarter of 2024 was 2.78%, down from 2.96% in the second quarter of 2023[171]. - Average loan yield increased by 44 basis points, contributing to an increase in interest income of $698,000 for the second quarter of 2024[170]. Deposits and Funding - Total deposits at the end of the second quarter of 2024 were $1.10 billion, unchanged from June 30, 2023[148]. - Total deposits decreased by $18.8 million, or 1.7%, from December 31, 2023, primarily due to seasonal fluctuations of municipal depositors[175]. - As of June 30, 2024, 55.9% of the Company's deposit base of $1.10 billion consisted of core deposits, which are considered more stable[175]. - The average cost of deposits acquired in the East Syracuse branch acquisition was approximately 1.99%[146]. - The Company will continue to emphasize retail and business core deposits by providing a full range of deposit product offerings[175]. Expenses and Taxation - The Bank's noninterest expense for the second quarter of 2024 was $7.9 million, an increase of $734,000 or 10.2% from the same period in 2023[157]. - Salaries and employee benefits rose by $493,000 or 12.6% in Q2 2024, attributed to headcount increases and wage inflation[188]. - The effective tax rate decreased to 19.3% for Q2 2024, down from 21.2% in Q2 2023, primarily due to fluctuations in permanent tax differences[191]. - Professional and other services expenses increased by $193,000 or 38.4% in Q2 2024, largely due to nonrecurring expenses related to technology enhancements[188]. Capital and Regulatory Compliance - The Bank met the regulatory definition of a "well-capitalized" institution with a leverage capital ratio exceeding 5% and a Tier 1 risk-based capital ratio exceeding 8% as of June 30, 2024[199]. - Total Tier 1 capital to risk-weighted assets was 14.79% as of June 30, 2024, compared to 13.80% at December 31, 2023[203]. - Total core capital to risk-weighted assets increased to 16.04% at June 30, 2024, from 15.05% at December 31, 2023[203].

Second Quarter 2024 Key Results: The average cost of deposits acquired in the East Syracuse branch acquisition was approximately 1.99% (excluding Core Deposit Intangible), and the Company intends to utilize the additional liquidity to pay down approximately $150 million of borrowings that have an average cost of approximately 5.33% in three months ending June 30, which is expected to benefit total funding costs in the third quarter of 2024. The Company filed Form 8-K on July 22, 2024, and announced that it ...

Exhibit 99.1 Investor/Media Contacts James A. Dowd, President, CEO Justin K. Bigham, Senior Vice President, CFO Telephone: (315) 343-0057 Pathfinder Bancorp, Inc. Announces Second Quarter 2024 Net Income of $2.0 Million Net interest margin expanded for the second consecutive quarter, and low-cost deposits acquired with the recently completed East Syracuse branch purchase are expected to benefit total funding costs OSWEGO, N.Y., July 29, 2024 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. ("Company") (NASDAQ: ...

OSWEGO, N.Y., July 22, 2024 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank ("Pathfinder"), announced today that Pathfinder has completed the previously announced purchase and assumption of the East Syracuse, New York branch of Berkshire Bank, the banking subsidiary of Berkshire Hills Bancorp, Inc. In connection with the purchase, Pathfinder assumed approximately $186 million in deposit liabilities and acquired approximately $30 million in loans. "This ac ...

OSWEGO, N.Y., July 01, 2024 (GLOBE NEWSWIRE) -- James A. Dowd, President and CEO of Pathfinder Bancorp, Inc., the bank holding company of Pathfinder Bank (NASDAQ: PBHC) (listing: PathBcp), has announced that the Company has declared a cash dividend of $0.10 per share on the Company's voting common and non-voting common stock, and a cash dividend of $0.10 per notional share for the issued warrant relating to the fiscal quarter ending June 30, 2024. The second quarter 2024 dividend will be payable to all shar ...

The purchase and assumption agreement provides for the transfer by Berkshire Bank to Pathfinder of the facility and other associated assets of the branch, approximately $198 million in deposits, and certain consumer and residential loans with outstanding balances of approximately $32 million. Pathfinder expects the acquisition to generate a favorable internal rate of return and attractive earnings per share accretion, all within a reasonable tangible book value earn back period. About Pathfinder Bancorp, In ...

Financial Position - As of March 31, 2024, the Company and its subsidiaries had total consolidated assets of $1.45 billion, total consolidated liabilities of $1.33 billion, and shareholders' equity of $121.8 million[134]. - The Company reported a total deposit base of $1.146 billion as of March 31, 2024, compared to $1.125 billion on December 31, 2023[182]. - Total assets decreased by $12.1 million or 0.8% to $1.45 billion as of March 31, 2024, driven by lower interest-earning deposits and loans[159]. - Total liabilities decreased by $14.5 million, or 1.1%, to $1.33 billion at March 31, 2024, mainly due to a decrease in borrowed funds[204]. - Shareholders' equity increased by $2.3 million, or 1.9%, to $121.8 million at March 31, 2024, driven by recorded net income of $2.1 million[206]. Loan and Credit Quality - The Bank's position in individually evaluated loans consisted of 72 loans totaling $23.2 million, with 17 loans valued at $1.6 million using the present value of future cash flows method[144]. - The Bank allocated $7.8 million to the allowance for credit losses (ACL) for commercial loans, which represent 56.0% of the Bank's entire loan portfolio totaling $438.6 million[145]. - Nonperforming loans to total loans increased to 2.2% at March 31, 2024, compared to 1.9% at December 31, 2023[159]. - The ratio of delinquent loans to total loans increased to 5.5% at March 31, 2024, compared to 3.7% at December 31, 2023, with delinquent loans increasing by $15.3 million[188]. - The allowance for credit losses increased to $16.7 million at March 31, 2024, compared to $16.0 million at December 31, 2023, with a ratio of 1.87% to total loans[216]. Income and Earnings - The Company recorded net income of $2.1 million for Q1 2024, a decrease of $479,000 or 18.4% compared to $2.6 million in Q1 2023[159]. - Basic and diluted earnings per share decreased to $0.34, down $0.09 from $0.43 in the same quarter last year[159]. - The Company's noninterest income for Q1 2024 was $1.7 million, reflecting an increase of $145,000 compared to Q1 2023[164]. - Total noninterest expense for Q1 2024 was $7.7 million, an increase of $182,000 or 2.4% compared to the same period in 2023[166]. - The effective income tax rate decreased to 19.7% for Q1 2024, down from 20.0% in Q1 2023[159]. Interest Income and Expenses - Net interest income after provision for credit losses decreased by $602,000 or 6.5% to $8.7 million, primarily due to a $50.4 million increase in average interest-bearing liabilities[159]. - Interest and dividend income increased by $3.6 million or 23.7% to $18.6 million for Q1 2024, driven by a $1.6 million increase in loan interest income and a $1.9 million increase from investment securities[175]. - Interest expense for Q1 2024 rose by $4.1 million to $9.2 million, mainly due to a 138 basis points increase in average rates paid on interest-bearing liabilities[178]. - The net interest margin for Q1 2024 was 2.75%, a decrease of 27 basis points from 3.02% in Q1 2023[159]. - For Q1 2024, net interest income decreased by $568,000 or 5.7% to $9.4 million compared to $10.0 million in Q1 2023, primarily due to a 138 basis points increase in the average cost of interest-bearing liabilities[174]. Regulatory Compliance and Capital - The Company exceeded all regulatory required minimum capital ratios, including capital buffer requirements, as of March 31, 2024[208]. - As of March 31, 2024, total core capital to risk-weighted assets was 15.65%, up from 15.05% as of December 31, 2023[211]. - The ratio of total capital to risk-weighted assets was 14.39% as of March 31, 2024, up from 13.80% at December 31, 2023[211]. - Total Tier 1 capital was $145.454 million as of March 31, 2024, compared to $142.927 million at December 31, 2023[211]. Management and Operational Strategies - Management considers the allowance for credit losses, deferred income taxes, and pension obligations as areas requiring significant judgment and could be subject to revision[142]. - The Company plans to continue emphasizing retail and business core deposits to enhance market penetration in the Syracuse area[181]. - Management performed an annual evaluation of goodwill for possible impairment and determined that the carrying value of goodwill was not impaired as of December 31, 2023[153]. - The Company has frozen participation and benefit accruals under its defined benefit pension plan to reduce earnings volatility[148]. - The Company maintains a noncontributory defined benefit pension plan covering most employees, based on years of service and final average salary[148].

Exhibit 99.1 Investor/Media Contacts James A. Dowd, President, CEO Walter F. Rusnak, Senior Vice President, CFO Telephone: (315) 343-0057 Pathfinder Bancorp, Inc. Announces First Quarter 2024 Net Income of $2.1 Million Strategic Growth and Prudent Expense Management Shape Bank Performance Despite Economic Challenges OSWEGO, N.Y., April. 29, 2024 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. ("Company") (NASDAQ: PBHC), the holding company for Pathfinder Bank ("Bank"), announced first quarter 2024 net income a ...