Pathfinder Bancorp Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits
UNITED STATES
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Section 2 – Financial Information
Item 2.02 – Results of Operations and Financial Condition
On January 31, 2025, Pathfinder Bancorp, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2024. Subsequent to this release, the Company identified that it unintentionally excluded accrued interest related to certain brokered certificates of deposit from interest expense. As a result, net interest income and net income were overstated by approximately $443,000 and $377,000 for the fourth quarter of 2024, respectively. Net income previously reported of $4.3 million, or $0.69 per share, in the fourth quarter of 2024 has been revised to $3.9 million, or $0.63 per share. Net income previously reported for the year ended December 31, 2024 of $3.8 million, or $0.60 per share, has been revised to $3.4 million, or $0.54 per share. Net interest margin previously reported for the full year 2024 of 3.01% has been revised to 2.98%.
The corrected financial statements will be reflected in the Company’s forthcoming Annual Report on Form 10-K.
The information in Item 2.02 to this Form 8-K shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth in such filing.
Item 9.01 – Financial Statements and Exhibits
Exhibit No. |
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Description |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
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PATHFINDER BANCORP, INC. |
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Date: |
March 4, 2025 |
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By: |
/s/ James A. Dowd |
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James A. Dowd |
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President and Chief Executive Officer |