Pathfinder Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Pathfinder Bancorp, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and operations.</b>

AI Summary

Pathfinder Bancorp, Inc. (PBHC) filed a Annual Report (10-K) with the SEC on March 22, 2024. The filing is an annual report (10-K) for Pathfinder Bancorp, Inc. for the fiscal year ending December 31, 2023. The company is incorporated in Maryland (MD) and operates in the State Commercial Banks sector (SIC 6022). Key addresses include 214 West First Street, Oswego, NY 13126 for both business and mailing. The filing references various financial instruments and portfolio segments, including consumer and commercial loans, and pension plans. Specific dates mentioned range from 2021 to 2029, indicating a focus on historical data and future projections.

Why It Matters

For investors and stakeholders tracking Pathfinder Bancorp, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Pathfinder Bancorp's financial health, operational activities, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and outlook. The detailed segment and loan data within the filing offer insights into the company's lending strategies, asset quality, and exposure to different market risks, which can inform investment decisions.

Risk Assessment

Risk Level: medium — Pathfinder Bancorp, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive but routine disclosure. Specific risks are not detailed in the provided header information, suggesting a need to review the full document for a precise risk assessment.

Analyst Insight

Review the full 10-K filing to identify specific financial performance metrics, risk factors, and management's outlook for Pathfinder Bancorp, Inc.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240322 — Filing Date (Filed as of date)
• 6022 — SIC Code (State Commercial Banks)
• 315-343-0057 — Business Phone (Contact number)

Key Players & Entities

• Pathfinder Bancorp, Inc. (company) — Filer name
• 0000950170-24-035248 (other) — Accession Number
• 20231231 (date) — Conformed period of report
• 20240322 (date) — Filed as of date
• 6022 (other) — Standard Industrial Classification for State Commercial Banks
• MD (other) — State of incorporation
• NY (other) — State of business address
• PBHC (company) — Ticker symbol

FAQ

Industry Context

Pathfinder Bancorp, Inc. operates as a commercial bank, a sector characterized by its role in financial intermediation, lending, and deposit-taking.

Regulatory Implications

As a commercial bank, Pathfinder Bancorp is subject to extensive regulation by federal and state authorities to ensure financial stability and protect consumers.

What Investors Should Do

1. Analyze the full 10-K for detailed financial statements, including balance sheets, income statements, and cash flow statements.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers and future outlook.
3. Review the risk factors section for potential challenges and uncertainties facing Pathfinder Bancorp.

Year-Over-Year Comparison

This is the initial filing data provided for the 2023 10-K. Comparative data from previous filings is not available in this extract.

Key Financial Figures

• $20 — 10-K $20 UNITED STATES SECURITIES AND EXCHANGE
• $0.01 — nge on which registered Common Stock, $0.01 par value PBHC The NASDAQ Stock Mar
• $14.10 — reported by the NASDAQ Capital Market ($14.10), was approximately $ 68.1 million. A
• $5.2 million — rmed in connection with the issuance of $5.2 million in trust preferred securities. At Dec
• $1.47 b — ompany had total consolidated assets of $1.47 billion, total deposits of $1.12 billion
• $1.12 billion — ets of $1.47 billion, total deposits of $1.12 billion and shareholders' equity of $120.3 mill
• $120.3 million — .12 billion and shareholders' equity of $120.3 million plus a noncontrolling interest of $761,
• $761,000 — llion plus a noncontrolling interest of $761,000, which represents the 49% of the FitzGi
• $10,000 — ring Oaks resulted in a pre-tax gain of $10,000 in 2023. Additionally, the Bank owns
• $1.3 million — e brokerage business with approximately $1.3 million in annual revenues. The activities of P
• $263,000 — s of PRMC resulted in pre-tax income of $263,000 in 2023. The Company's 51% controlling
• $134,000 — st in this entity resulted in income of $134,000 for the Company on a consolidated basis
• $216,750 — survey reports, median home values were $216,750 in Onondaga County and $162,500 in Oswe
• $162,500 — es were $216,750 in Onondaga County and $162,500 in Oswego County at the end of 2023. Ho
• $500,000 — n the future with a target loan size of $500,000 to $2.0 million to small businesses and

Filing Documents

• pbhc-20231231.htm (10-K) — 10660KB
• pbhc-ex21.htm (EX-21) — 18KB
• pbhc-ex23.htm (EX-23) — 5KB
• pbhc-ex31_1.htm (EX-31.1) — 14KB
• pbhc-ex31_2.htm (EX-31.2) — 14KB
• pbhc-ex32.htm (EX-32) — 10KB
• pbhc-ex97.htm (EX-97) — 34KB
• 0000950170-24-035248.txt (&nbsp;) — 47886KB
• pbhc-20231231.xsd (EX-101.SCH) — 4499KB
• pbhc-20231231_htm.xml (XML) — 13189KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 24 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 25 Item 2.

Properties

Properties 26 Item 3.

Legal Proceedings

Legal Proceedings 27 Item 4. Mine Safety Disclosure 27 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27 Item 6. Reserved 27 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 120 Item 9A

Controls and Procedures

Controls and Procedures 120 Item 9B. Other Information 120 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 120 PART III Item 10. Directors, Executive Officers and Corporate Governance 120 Item 11.

Executive Compensation

Executive Compensation 121 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 121 Item 13. Certain Relationships and Related Transactions, and Director Independence 121 Item 14. Principal Accounting Fees and Services 121 PART IV Item 15. Exhibits and Financial Statement Schedules 122 Item 16. Form 10-K Summary 124 - 2 - PART I

Forward-Looking Statements

Forward-Looking Statements This report includes forward-looking statements within the meaning of Sections 27A of the Securities Act of 1933, as amended, and 21E of the Securities Exchange Act of 1934, as amended, that involve inherent risks and uncertainties. These forward-looking statements concern the financial condition, results of operations, plans, objectives, future performance and business of Pathfinder Bancorp, Inc. and its subsidiary, including statements preceded by, followed by or that include words or phrases such as "believes," "expects," "anticipates," "plans," "trend," "objective," "continue," "remain," "pattern" or similar expressions or future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may" or similar expressions. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors that might cause such a difference include, but are not limited to: (1) general economic conditions may be less favorable than expected; (2) competitive pressures among depository institutions may increase significantly; (3) changes in the interest rate environment may reduce interest margins; (4) loan origination and sale volumes, charge-offs and credit loss provisions may vary substantially from period to period; (5)the impact of a pandemic or other health crises and the government's response to such pandemic or crises on our operations as well as those of our customers and on the economy generally and in our market area specifically; (6) political developments, wars or other hostilities may disrupt or increase volatility in securities markets or other economic conditions; (7) legislative or regulatory changes or actions may adversely affect the businesses in which Pathfinder Bancorp, Inc. is engaged; (8) changes and trends in the securities markets may adversely impact Pathfinder Bancorp, Inc.; (9) a delayed or incomplete resolution

: BUSINESS

ITEM 1: BUSINESS GENERAL Pathfinder Bancorp, Inc. Pathfinder Bancorp, Inc. (the "Company") is a Maryland corporation incorporated in 2014 and headquartered in Oswego, New York. The primary business of the Company is its investment in Pathfinder Bank (the "Bank") which is 100% owned by the Company. The Company is a registered bank holding company subject to supervision and regulation by the Board of Governors of the Federal Reserve System (the "Federal Reserve Board"). The Company is also subject to supervision and regulation by the New York State Department of Financial Services (the "NYSDFS"). The Company owns a non-consolidated Delaware statutory trust subsidiary, Pathfinder Statutory Trust II, of which 100% of the common equity is owned by the Company. Pathfinder Statutory Trust II was formed in connection with the issuance of $5.2 million in trust preferred securities. At December 31, 2023 and 2022, 6,099,571 and 6,032,112 shares of Company common stock (voting and non-voting) were outstanding, respectively. Following shareholder approval obtained on June 4, 2021, the Company converted 1,380,283, or 100%, of its previously-outstanding shares of Series B Convertible Perpetual Preferred Stock to an equal number of Series A Non-Voting Common Stock. Neither the previously-issued Series B Convertible Perpetual Preferred Stock, nor the Series A Non-Voting Common Stock had, or will have, dividend or liquidation preference over the Company's existing Voting Common Stock. Holders of the Series A Non-Voting Common Stock will be entitled to receive dividends, if and when declared by the Company's Board of Directors, in the same per share amount as paid on the Company's Voting Common Stock. At December 31, 2023, the Company had total consolidated assets of $1.47 billion, total deposits of $1.12 billion and shareholders' equity of $120.3 million plus a noncontrolling interest of $761,000, which represents the 49% of the FitzGibbons Agency, LLC not owned by the

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View this 10-K filing on SEC EDGAR