PBHC

EX-99.1

2 pbhc-ex99_1.htm

EX-99.1

EX-99.1

Investor/Media Contacts

James A. Dowd, President, CEO

Justin K. Bigham, Executive Vice President, CFO

Telephone: (315) 343-0057

Pathfinder Bancorp, Inc. Announces Financial Results for the Third Quarter of 2026

Pathfinder reported earnings of $0.32 per diluted share, with continued progress resolving previously identified commercial credits, disciplined deposit pricing, a focus on relationship-based deposits, and sequential-quarter net interest income growth.

OSWEGO, N.Y., November 2, 2026 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (“Pathfinder” or the “Company”) (NASDAQ: PBHC) announced its financial results for the third quarter ended September 30, 2026.

The holding company for Pathfinder Bank (“the Bank”) reported net income of $2.1 million, or $0.32 per diluted share, in the third quarter of 2026, compared to $2.7 million, or $0.42 per diluted share, in the second quarter of 2026, and $626,000, or $0.10 per diluted share, in the third quarter of 2025.

Third Quarter 2026 Highlights and Key Developments

• Third quarter 2026 net income reflected provision expense of $231,000, attributed to quantitative and qualitative factor adjustments to the allowance for credit losses (“ACL”), compared to a provision benefit of $155,000 in the second quarter of 2026 and provision expense of $3.5 million in the third quarter of 2025.

• The Company’s ACL, which reflects the risk-based reserve build undertaken in the second half of 2025 to absorb future loss resolution activity related to commercial individually analyzed loans ("IALs"), was $22.7 million, or 2.60% of total loans, on September 30, 2026, $26.9 million, or 3.03% of loans, on June 30, 2026, and $18.7 million, or 2.08%, on September 30, 2025. Specific reserves, including those previously established in conjunction with last year’s comprehensive commercial portfolio review, represented 57.4% of the ACL at the end of the third quarter of 2026. Net charge-offs (“NCOs”) were $4.3 million in the third quarter of 2026, driven primarily by commercial IALs and fully covered by previously established specific reserves. NCOs were $1.9 million in the second quarter of 2026 and $670,000 in the third quarter of 2025.

• Loans totaled $873.0 million at September 30, 2026, compared to $889.0 million at June 30, 2026, and $898.5 million at September 30, 2025. Commercial loans were $531.6 million or 60.9% of total loans at September 30, 2026, compared to $544.6 million at June 30, 2026 and $543.7 million at September 30, 2025.

• Deposits totaled $1.16 billion at September 30, 2026, compared to $1.17 billion at June 30, 2026, and $1.23 billion at September 30, 2025, reflecting intentional runoff of higher-cost time and brokered deposits, as well as municipal deposit seasonality. Core deposits were $957.1 million or 82.6% of total deposits on September 30, 2026, compared to $961.6 million on June 30, 2026, and $960.1 million on September 30, 2025.

• Net interest income was $10.7 million in the third quarter of 2026, compared to $10.5 million in the second quarter of 2026 and $11.6 million in the third quarter of 2025. Net interest margin (“NIM”) was 3.07% in the third quarter of 2026, compared to 3.08% in the second quarter of 2026 and 3.34% in the year-ago period. In the third quarter of 2025, prepayment penalty income contributed $260,000 and 7 basis points to net interest income and NIM, respectively.

• The average cost of total deposits improved to 2.04% in the third quarter of 2026, down 3 basis points from the second quarter of 2026 and 24 basis points from the third quarter of 2025, while the average cost of interest-bearing deposits was 2.48%, unchanged from the linked quarter and down 23 basis points from the year-ago period.

• Noninterest expense was $9.4 million, or 2.51% of average assets on an annualized basis in the third quarter of 2026. Noninterest expense was $8.7 million or 2.39% of average assets in the second quarter of 2026 and $8.9 million or 2.40% of average assets in the third quarter of 2025.

• The efficiency ratio was 78.13% in the third quarter of 2026, compared to 74.26% in the second quarter of 2026 and 68.78% in the third quarter of 2025(1).

• Pre-tax, pre-provision (“PTPP”) net income was $2.6 million in the third quarter of 2026, compared to $3.0 million in the second quarter of 2026 and $4.1 million in the third quarter of 2025(1).

• Quarterly cash dividends payable to common stockholders of $0.10 per share were declared on September 28, 2026 and are payable on November 6, 2026.

“Third quarter results demonstrate continued execution of our strategy for strengthening our relationship-focused community bank,” President and Chief Executive Officer James Dowd said. “Credit performance continued to reflect the orderly resolution of previously identified commercial credits, with net charge-offs fully covered by specific reserves previously established for those exposures. In addition, recen

SEC.gov | Request Rate Threshold Exceeded

U.S. Securities and Exchange Commission

You’ve Exceeded the SEC’s Traffic Limit

Your request rate has exceeded the SEC’s maximum allowable requests per second. Your access to SEC.gov will be limited for 10 minutes.

Current guidelines limit each user to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests. To ensure that SEC.gov remains available to all users, we reserve the right to block IP addresses that submit excessive requests.

The block will be lifted automatically by waiting 10 minutes. Continuing to exceed the SEC’s maximum allowable request rate during the time-out period will extend the duration of the time-out period. To ensure fair access for all users, please reduce the rate of your requests and visit SEC.gov again after the 10 minute time-out period has passed.

For best practices on efficiently downloading information from SEC.gov, including the latest EDGAR filings, visit sec.gov/developer. You can also sign up for email updates on the SEC open data program, including best practices that make it more efficient to download data, and SEC.gov enhancements that may impact scripted downloading processes. For more information, contact opendata@sec.gov.

For more information, please see the SEC’s Web Site Privacy and Security Policy. Thank you for your interest in the U.S. Securities and Exchange Commission.

Reference ID: 0.e618d017.1785586128.2efcb473

More Information

Internet Security Policy

By using this site, you are agreeing to security monitoring and auditing. For security purposes, and to ensure that the public service remains available to users, this government computer system employs programs to monitor network traffic to identify unauthorized attempts to upload or change information or to otherwise cause damage, including attempts to deny service to users.

Unauthorized attempts to upload information and/or change information on any portion of this site are strictly prohibited and are subject to prosecution under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see Title 18 U.S.C. §§ 1001 and 1030).

To ensure our website performs well for all users, the SEC monitors the frequency of requests for SEC.gov content to ensure automated searches do not impact the ability of others to access SEC.gov content. We reserve the right to block IP addresses that submit excessive requests. Current guidelines limit users to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests.

If a user or application submits more than 10 requests per second, further requests from the IP address(es) may be limited for a brief period. Once the rate of requests has dropped below the threshold for 10 minutes, the user may resume accessing content on SEC.gov. This SEC practice is designed to limit excessive automated searches on SEC.gov and is not intended or expected to impact individuals browsing the SEC.gov website.

Note that this policy may change as the SEC manages SEC.gov to ensure that the website performs efficiently and remains available to all users.

Note: We do not offer technical support for developing or debugging scripted downloading processes.

SEC.gov | Request Rate Threshold Exceeded

U.S. Securities and Exchange Commission

You’ve Exceeded the SEC’s Traffic Limit

Your request rate has exceeded the SEC’s maximum allowable requests per second. Your access to SEC.gov will be limited for 10 minutes.

Current guidelines limit each user to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests. To ensure that SEC.gov remains available to all users, we reserve the right to block IP addresses that submit excessive requests.

The block will be lifted automatically by waiting 10 minutes. Continuing to exceed the SEC’s maximum allowable request rate during the time-out period will extend the duration of the time-out period. To ensure fair access for all users, please reduce the rate of your requests and visit SEC.gov again after the 10 minute time-out period has passed.

For best practices on efficiently downloading information from SEC.gov, including the latest EDGAR filings, visit sec.gov/developer. You can also sign up for email updates on the SEC open data program, including best practices that make it more efficient to download data, and SEC.gov enhancements that may impact scripted downloading processes. For more information, contact opendata@sec.gov.

For more information, please see the SEC’s Web Site Privacy and Security Policy. Thank you for your interest in the U.S. Securities and Exchange Commission.

Reference ID: 0.c706d217.1784462915.eb05bc3c

More Information

Internet Security Policy

By using this site, you are agreeing to security monitoring and auditing. For security purposes, and to ensure that the public service remains available to users, this government computer system employs programs to monitor network traffic to identify unauthorized attempts to upload or change information or to otherwise cause damage, including attempts to deny service to users.

Unauthorized attempts to upload information and/or change information on any portion of this site are strictly prohibited and are subject to prosecution under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see Title 18 U.S.C. §§ 1001 and 1030).

To ensure our website performs well for all users, the SEC monitors the frequency of requests for SEC.gov content to ensure automated searches do not impact the ability of others to access SEC.gov content. We reserve the right to block IP addresses that submit excessive requests. Current guidelines limit users to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests.

If a user or application submits more than 10 requests per second, further requests from the IP address(es) may be limited for a brief period. Once the rate of requests has dropped below the threshold for 10 minutes, the user may resume accessing content on SEC.gov. This SEC practice is designed to limit excessive automated searches on SEC.gov and is not intended or expected to impact individuals browsing the SEC.gov website.

Note that this policy may change as the SEC manages SEC.gov to ensure that the website performs efficiently and remains available to all users.

Note: We do not offer technical support for developing or debugging scripted downloading processes.