Pathfinder Bancorp(US:PBHC) Globenewswire·2025-01-31 21:17Core Financial Performance - Pathfinder Bancorp reported a net income of $4.3 million or $0.69 per share for the fourth quarter of 2024, benefiting from a $1.4 million gain on the sale of its insurance agency [2][3] - The company experienced a net loss of $4.6 million or $0.75 per share in the third quarter of 2024, compared to a net income of $2.5 million or $0.41 per share in the fourth quarter of 2023 [3] - For the full year 2024, net income was $3.8 million or $0.60 per share, down from $9.3 million or $1.51 per share in 2023 [3] Net Interest Income and Margin - Fourth quarter 2024 net interest income was $10.8 million, a decrease of 7.8% from the third quarter but an increase of 18.1% from the fourth quarter of 2023 [6][9] - The net interest margin (NIM) for the fourth quarter was 3.15%, down from 3.34% in the previous quarter but up from 2.74% in the same period last year [8][10] - Full-year net interest income was $41.4 million in 2024, compared to $38.9 million in 2023 [7] Non-Interest Income and Expenses - Non-interest income totaled $4.9 million in the fourth quarter of 2024, including a $3.2 million pre-tax gain from the insurance agency sale, compared to $1.7 million in the linked quarter [11][12] - Non-interest expense was $8.5 million in the fourth quarter, decreasing from $10.3 million in the linked quarter but increasing from $7.0 million in the year-ago period [15] - Salaries and benefits accounted for $4.1 million in the fourth quarter, reflecting a decrease from the linked quarter but an increase from the year-ago period [17] Asset Quality and Provision for Credit Losses - Nonperforming loans were $22.1 million or 2.40% of total loans as of December 31, 2024, up from 1.75% in the previous quarter [25] - Provision for credit loss expense was $988,000 in the fourth quarter, significantly lower than $9.0 million in the linked quarter [27] - The allowance for credit losses (ACL) was $17.2 million, representing 1.88% of total loans [28] Liquidity and Deposits - Total deposits were $1.20 billion at the end of the fourth quarter, reflecting a 2.7% annualized growth from the previous quarter and a 7.5% increase from the year-ago period [23][30] - The company maintained a strong liquidity profile with an available additional funding capacity of $113.8 million with the Federal Home Loan Bank of New York [31] Shareholder Value - A cash dividend of $0.10 per share was declared on December 23, 2024, with a dividend yield of 2.29% based on a closing stock price of $17.50 per share as of December 31, 2024 [32][33]