UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ (Exact Name of Company as Specified in its Charter) Maryland (State of Other Jurisdiction of Incorporation) 001-36695 (Commission File No.) 38-3941859 ...

PART I [Business](index=4&type=section&id=Item%201.%20Business) Pathfinder Bancorp, Inc. operates as a bank holding company through Pathfinder Bank, focusing on commercial and residential lending and deposit gathering in New York, with **$1.29 billion** in consolidated assets as of December 31, 2021 Consolidated Financial Highlights (as of December 31, 2021) | Metric | Value (in millions) | | :--- | :--- | | Total Consolidated Assets | $1,290 | | Total Deposits | $1,060 | | Shareholders' Equity | $110.3 | - The Bank's primary business involves attracting public deposits to fund a loan portfolio concentrated in commercial real estate, residential real estate, and commercial business loans, also investing in various government and corporate debt securities[20](index=20&type=chunk) - The company operates through ten branch offices, primarily serving Oswego and Onondaga Counties in New York, with a dominant deposit market share of **45.0%** in Oswego County as of June 30, 2021[37](index=37&type=chunk)[42](index=42&type=chunk) - The company has strategically shifted its focus to increase commercial real estate and commercial business lending to diversify its loan portfolio and reduce interest rate sensitivity[43](index=43&type=chunk) - As of December 31, 2021, the company employed **173 team members**, with approximately **74%** being women, emphasizing a strong workplace culture grounded in its stated mission and values[24](index=24&type=chunk)[26](index=26&type=chunk) [Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, Pathfinder Bancorp, Inc. is not required to provide a detailed list of risk factors in this section - As a smaller reporting company, Pathfinder Bancorp, Inc. is not required to provide a detailed list of risk factors in this section[184](index=184&type=chunk) [Unresolved Staff Comments](index=28&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved comments from the SEC staff - There are no unresolved staff comments as of the filing date[185](index=185&type=chunk) [Properties](index=28&type=section&id=Item%202.%20Properties) The company operates eleven offices across three counties, with premises and equipment valued at **$21.7 million** as of December 31, 2021, comprising owned and leased locations - The aggregate net book value of the Bank's premises and equipment was **$21.7 million** at December 31, 2021[187](index=187&type=chunk) Office Locations and Ownership Status | County | Number of Offices | Ownership Status | | :--- | :--- | :--- | | Oswego | 7 | Mostly Owned | | Onondaga | 3 | Mix of Owned and Leased | | Oneida | 1 | Leased (Loan Production Office) | [Legal Proceedings](index=30&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in routine legal proceedings, primarily foreclosures, which management does not expect to materially impact its financial condition or operations - Management asserts that ongoing legal claims and lawsuits are not expected to materially impact the Company's consolidated financial condition[190](index=190&type=chunk) [Mine Safety Disclosure](index=30&type=section&id=Item%204.%20Mine%20Safety%20Disclosure) This section on mine safety disclosures is not applicable to the company's operations - Mine safety disclosures are not applicable to the company's operations[191](index=191&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=30&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on NASDAQ under "PBHC," with **322 shareholders** as of March 22, 2022, and a history of regular quarterly cash dividends - The company's common stock trades on the NASDAQ Capital Market under the symbol "PBHC"[192](index=192&type=chunk) - No shares of common stock were repurchased during the fourth quarter of 2021[193](index=193&type=chunk) Equity Compensation Plan Information (as of Dec 31, 2021) | Plan Category | Securities to be issued upon exercise | Weighted-average exercise price | Securities remaining for future issuance | | :--- | :--- | :--- | :--- | | Approved by security holders | 264,270 | $10.98 | 4,382 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) For 2021, net income increased **78.5% to $12.4 million**, driven by higher net interest income and lower loan loss provisions, with total assets growing to **$1.29 billion** and improved credit quality Key Performance Metrics (2021 vs. 2020) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Net Income | $12.4 million | $7.0 million | | Diluted EPS | $2.07 | $1.17 | | Return on Average Assets | 0.98% | 0.60% | | Return on Average Equity | 11.91% | 7.43% | | Net Interest Margin | 3.21% | 2.88% | - The significant increase in net income was primarily due to a **21.0%** increase in net interest income and a **$3.7 million** decrease in the provision for loan losses, reflecting improved credit quality and economic conditions[248](index=248&type=chunk)[249](index=249&type=chunk)[250](index=250&type=chunk) - Total assets increased by **$57.7 million (4.7%)** to **$1.29 billion**, mainly driven by growth in investment securities and loans, funded by a **$59.4 million** increase in deposits[255](index=255&type=chunk) - Credit quality showed significant improvement, with nonperforming loans as a percentage of total loans decreasing from **2.58%** at year-end 2020 to **1.00%** at year-end 2021[256](index=256&type=chunk) - The Bank participated in the Paycheck Protection Program (PPP), originating **1,177 loans** totaling **$111.7 million** since inception, with **$19.3 million** in PPP loans remaining outstanding as of year-end 2021[51](index=51&type=chunk)[237](index=237&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=65&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Pathfinder Bancorp, Inc. is not required to provide quantitative and qualitative disclosures about market risk - As a smaller reporting company, Pathfinder Bancorp, Inc. is not required to provide quantitative and qualitative disclosures about market risk[360](index=360&type=chunk) [Financial Statements and Supplementary Data](index=66&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents consolidated financial statements, an unqualified auditor's opinion, and management's effective internal control report, noting critical audit matters related to loan losses and loans - The independent auditor, Bonadio & Co., LLP, issued an unqualified opinion on the consolidated financial statements[372](index=372&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2021[364](index=364&type=chunk) - The auditor identified two critical audit matters: the allowance for loan losses, due to subjective judgments in qualitative adjustments, and the accounting for loans, due to material weaknesses that existed for a portion of the year[377](index=377&type=chunk)[380](index=380&type=chunk)[381](index=381&type=chunk) Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Total Cash and Cash Equivalents | $37,149 | $43,464 | | Loans Receivable, Net | $819,524 | $812,718 | | Total Investment Securities | $352,198 | $301,335 | | **Total Assets** | **$1,285,177** | **$1,227,443** | | **Liabilities & Equity** | | | | Total Deposits | $1,055,346 | $995,907 | | Total Borrowings & Subordinated Loans | $106,661 | $121,450 | | **Total Shareholders' Equity** | **$110,633** | **$97,722** | [Changes In and Disagreements With Accountants on Accounting and Financial Disclosure](index=143&type=section&id=Item%209.%20Changes%20In%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants regarding accounting and financial disclosure - There were no disagreements with accountants on accounting and financial disclosure[691](index=691&type=chunk) [Controls and Procedures](index=143&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of December 31, 2021, having remediated a material weakness identified in the prior year - The CEO and CFO concluded that disclosure controls and procedures were effective as of December 31, 2021[693](index=693&type=chunk) - A material weakness identified in the 2020 Form 10-K related to related party transactions and loan controls has been remediated as of December 31, 2021[694](index=694&type=chunk)[696](index=696&type=chunk)[697](index=697&type=chunk) [Other Information](index=144&type=section&id=Item%209B.%20Other%20Information) The company reports no other information in this section - There is no other information to report[699](index=699&type=chunk) PART III [Directors, Executive Officers, Corporate Governance, Executive Compensation, and Related Matters](index=144&type=section&id=Item%2010-14) Information for Items 10 through 14, covering directors, executive officers, corporate governance, and related matters, is incorporated by reference from the 2022 Proxy Statement - Information for Items 10, 11, 12, 13, and 14 is incorporated by reference from the company's Proxy Statement for the 2022 Annual Meeting of Shareholders[702](index=702&type=chunk)[703](index=703&type=chunk)[704](index=704&type=chunk)[705](index=705&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=146&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements and exhibits filed with the Form 10-K, with schedules omitted as information is either inapplicable or included elsewhere - The consolidated financial statements for 2021 and 2020 are filed as part of this report[708](index=708&type=chunk) - All financial statement schedules were omitted because the information was inapplicable or included in the MD&A section[708](index=708&type=chunk) [Form 10-K Summary](index=148&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company did not provide a Form 10-K summary - No Form 10-K summary is provided[710](index=710&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 001-36695 (Commission File No.) 38-3941859 (I.R.S. Employer Identification No.) 214 West First Street, Oswego, NY 13126 (Address of Principal Executive Office) (Zip Code) (315) 343-0057 (Issuer's Telephone Number including area code) For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) O ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ (Exact Name of Company as Specified in its Charter) Maryland (State of Other Jurisdiction of Incorporation) 001-36695 (Commission Fil ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ (Exact Name of Company as Specified in its Charter) Maryland (State of Other Jurisdiction of Incorporation) 001-36695 (Commission File No.) 38-3941859 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File No. 001-36695 PATHFINDER BANCORP, INC. (Exact name of registrant as specified in its charter) Maryland 38-3941859 (State or other jurisdict ...