<p><strong>Pathfinder Bancorp</strong>（PBHC -3.81%），一家总部位于纽约中部的社区银行公司，于 2025 年 7 月 30 日发布了截至 2025 年 6 月 30 日的第二季度财报。最重要的消息是进行了一次重大信用风险清理，包括出售 930 万美元的不良贷款。这导致了 310 万美元的税前亏损，并且是近期净收入的最大降幅。没有可供比较的分析师估计。稀释后每股收益（GAAP）低于 0.01 美元，而上个季度为 0.47 美元，去年同期为 0.32 美元。收入（非 GAAP）为 1227.7 万美元。总体而言，本季度以果断的风险管理举措为特征。这些行动提高了短期成本，但也改善了公司的基础资产质量和效率结果。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第一季度</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（GAAP）</td>
<td>\&lt;$0.01</td>
<td>$0.41</td>
<td>$0.32</td>
<td>（&gt;100%）</td>
</tr>
<tr>
<td>收入（非 GAAP）</td>
<td>1230 万美元</td>
<td>1260 万美元</td>
<td>1060 万美元</td>
<td>15.8%</td>
</tr>
<tr>
<td>净利息收入</td>
<td>1080 万美元</td>
<td>1140 万美元</td>
<td>950 万美元</td>
<td>14.1%</td>
</tr>
<tr>
<td>净利息差</td>
<td>3.11%</td>
<td>3.31%</td>
<td>2.78%</td>
<td>0.33 个百分点</td>
</tr>
<tr>
<td>效率比率（非 GAAP）</td>
<td>65.66%</td>
<td>66.84%</td>
<td>74.36%</td>
<td>（8.7）个百分点</td>
</tr>
<tr>
<td>税前、预提准备净收入（非 GAAP）</td>
<td>420 万美元</td>
<td>420 万美元</td>
<td>280 万美元</td>
<td>52.4%</td>
</tr>
</tbody>
</table>
<h2>关于 Pathfinder Bancorp 的业务和战略重点</h2>
<p>Pathfinder Bancorp 是一家区域性社区银行，在纽约的奥斯威戈县拥有强大的市场份额，持有该县近一半的存款份额。它运营着 11 家全方位服务的分行和一家汽车银行，专注于个人银行、商业服务和市政客户。公司的主要业务是向个人、企业和地方政府提供贷款，重点是商业房地产和市政贷款。</p>
<p>最近，它集中精力扩展商业贷款产品，旨在增加高收益的商业银行活动，同时建立稳定、低成本的存款基础。战略举措还包括提高运营效率、管理信用风险以及适应新的贷款损失会计标准等监管变化。这些因素——贷款质量、高效融资和合规性——是公司持续成功的核心。</p>
<h2>季度回顾：信用行动、盈利能力和银行业务</h2>
<p>决定性事件是出售 930 万美元的不良和分类贷款组合，这些贷款与单一借款人相关，导致 310 万美元的税前亏损。这一举措伴随着 260 万美元的净冲销和 120 万美元的高额贷款损失准备。公司评论道：“这些包括 2025 年 7 月出售的 930 万美元不良和分类贷款，涉及一个地方商业关系，记录为 310 万美元的税前亏损，作为持有待售贷款的成本或市场调整（“LOCOM HFS 调整”），每稀释股净额为 0.40 美元，扣除税款，以及 260 万美元的净冲销（“NCOs”），反映在 120 万美元的准备费用中。” 尽管这些短期损失，不良贷款降至 1170 万美元（占总贷款的 1.28%），与前一年相比有所改善。信用损失准备金现在覆盖了 136.74% 的不良贷款，远高于 2024 年第二季度报告的 68.98%。这些数字表明资产负债表得到了加强，但短期收益感受到了清理遗留风险的成本。</p>
<p>在收入方面，核心盈利指标尽管经历了信用清理，但仍然保持稳定。净利息收入反映了扣除融资成本后的贷款收益，因第一季度的一次性项目略有下降，但与一年前相比显著上升（GAAP）。净利息差显示银行在贷款上赚取的收益与为这些贷款提供资金所支付的费用之间的差距，从 2025 年第一季度的 3.31% 压缩至 3.11%，尽管仍高于一年前的水平。税前、预提准备净收入这一指标剔除了一次性信用成本，反映了核心收益，与 2025 年第一季度持平，但较 2024 年第二季度大幅上升；这是一个非 GAAP 指标。</p>
<p>非利息收入，包括费用和其他运营收入，受到 310 万美元贷款出售减记的重大影响，导致该数字为负。排除这一事件后，重复性费用来源如借记卡交易费和存款服务费保持稳定，借记卡费用较上季度增加了 179,000 美元。非利息支出，包括薪资和分行运营，因冬季成本降低和费用控制而较上季度下降，尽管新分行费用和工资上涨使这一数字略高于 2024 年第二季度水平。效率比率，作为非利息支出效率的非 GAAP 指标，改善至 65.66%，显著低于 2024 年第二季度的 74.36%，反映了更好的费用管理。</p>
<p>在贷款方面，总贷款（GAAP）为 9.097 亿美元，较第一季度略有下降，因为一些余额被转入待售贷款。银行继续优先考虑商业贷款，商业贷款占总组合的 60.4%，金额为 5.491 亿美元。住宅和消费贷款略微下降，但与 2024 年第二季度相比有所上升。在融资方面，总存款为 12.2 亿美元，较第一季度下降，主要由于季节性市政存款波动和高成本定期存款的减少。重要的是，核心存款——通常更稳定且成本较低——增长至 78.47% 的所有存款，高于 2024 年第二季度的 67.98%。这一变化增强了银行未来时期的融资能力。</p>
<p>资本和流动性状况依然强劲。截至 2025 年 6 月 30 日，股东权益总额为 1.244 亿美元，第二季度减少了 48.3 万美元，降幅为 0.4%。公司超出监管要求，核心资本与风险加权资产的比率为 15.97%。有形普通股权占资产的比例为 7.61%。截至 2025 年 6 月 30 日，Pathfinder Bancorp 通过纽约联邦住房贷款银行报告的借款能力为 1.245 亿美元，未使用的信用额度为 4650 万美元，突显了良好的流动性管理。贷款与存款比率为 74.45%，仍低于 2024 年第二季度的水平。</p>
<p>董事会将季度股息维持在每股 0.10 美元，按期末股价 15.34 美元计算，收益率为 2.61%。股息水平与近期几个季度保持不变，表明尽管面临短期盈利压力，仍持续承诺。</p>
<p>管理层未提供即将到来的季度或 2025 财年的具体定量指导。相反，领导层强调继续专注于增长低成本核心存款和扩大商业贷款，特别是在中央纽约地区受益于新的制造投资。公司还强调，监管和信贷相关费用在本季度的一次性支出后，可能会恢复到正常水平。</p>
<p>投资者应继续关注资产质量的趋势，特别注意任何进一步的信贷清理成本以及不良贷款和准备金覆盖的持续改善。关注存款的组成和成本变化、核心盈利能力的可持续性以及商业领域的贷款量。董事会决定维持每季度 0.10 美元的股息，传递出在短期盈利波动中稳定的信号。</p>
<p><em>收入和净收入采用美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>

PBHC

<p>Pathfinder Bancorp (PBHC) 在 2025 年第二季度报告了显著的利润下降，因出售了 930 万美元的不良贷款，导致税前亏损 310 万美元。稀释后每股收益降至不到 0.01 美元，较 2025 年第一季度的 0.47 美元大幅下滑。尽管进行了信用风险清理，净利息收入同比保持稳定，效率比率改善至 65.66%。该银行继续专注于商业贷款，商业贷款占其贷款组合的 60.4%，而核心存款增加至总存款的 78.47%</p>

<p><strong>Pathfinder Bancorp</strong>(PBHC -3.81%), a community banking company headquartered in Central New York, released its second quarter earnings on July 30, 2025, for the period ending June 30, 2025. The most significant news was a major credit risk clean-up, including the sale of $9.3 million in nonperforming loans. This resulted in a pre-tax loss of $3.1 million and the sharpest decline in net income in recent periods. There were no analyst estimates available for comparison. Diluted earnings per share (GAAP) came in at less than $0.01, compared to $0.47 last quarter and $0.32 a year ago. Revenue (non-GAAP) was $12.277 million. Overall, the quarter was marked by decisive risk management moves. These actions raised short-term costs but also improved the company's underlying asset quality and efficiency results.</p>
<div class="lb-trans"><p><strong>Pathfinder Bancorp</strong>（PBHC -3.81%），一家总部位于纽约中部的社区银行公司，于 2025 年 7 月 30 日发布了截至 2025 年 6 月 30 日的第二季度财报。最重要的消息是进行了一次重大信用风险清理，包括出售 930 万美元的不良贷款。这导致了 310 万美元的税前亏损，并且是近期净收入的最大降幅。没有可供比较的分析师估计。稀释后每股收益（GAAP）低于 0.01 美元，而上个季度为 0.47 美元，去年同期为 0.32 美元。收入（非 GAAP）为 1227.7 万美元。总体而言，本季度以果断的风险管理举措为特征。这些行动提高了短期成本，但也改善了公司的基础资产质量和效率结果。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2025</th>
<th>Q1 2025</th>
<th>Q2 2024</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS (GAAP)</td>
<td>&lt;$0.01</td>
<td>$0.41</td>
<td>$0.32</td>
<td>(&gt;100%)</td>
</tr>
<tr>
<td>Revenue (Non-GAAP)</td>
<td>$12.3 million</td>
<td>$12.6 million</td>
<td>$10.6 million</td>
<td>15.8%</td>
</tr>
<tr>
<td>Net Interest Income</td>
<td>$10.8 million</td>
<td>$11.4 million</td>
<td>$9.5 million</td>
<td>14.1%</td>
</tr>
<tr>
<td>Net Interest Margin</td>
<td>3.11%</td>
<td>3.31%</td>
<td>2.78%</td>
<td>0.33 pp</td>
</tr>
<tr>
<td>Efficiency Ratio (Non-GAAP)</td>
<td>65.66%</td>
<td>66.84%</td>
<td>74.36%</td>
<td>(8.7) pp</td>
</tr>
<tr>
<td>Pre-tax, Pre-provision Net Income (Non-GAAP)</td>
<td>$4.2 million</td>
<td>$4.2 million</td>
<td>$2.8 million</td>
<td>52.4%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第一季度</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（GAAP）</td>
<td>\&lt;$0.01</td>
<td>$0.41</td>
<td>$0.32</td>
<td>（&gt;100%）</td>
</tr>
<tr>
<td>收入（非 GAAP）</td>
<td>1230 万美元</td>
<td>1260 万美元</td>
<td>1060 万美元</td>
<td>15.8%</td>
</tr>
<tr>
<td>净利息收入</td>
<td>1080 万美元</td>
<td>1140 万美元</td>
<td>950 万美元</td>
<td>14.1%</td>
</tr>
<tr>
<td>净利息差</td>
<td>3.11%</td>
<td>3.31%</td>
<td>2.78%</td>
<td>0.33 个百分点</td>
</tr>
<tr>
<td>效率比率（非 GAAP）</td>
<td>65.66%</td>
<td>66.84%</td>
<td>74.36%</td>
<td>（8.7）个百分点</td>
</tr>
<tr>
<td>税前、预提准备净收入（非 GAAP）</td>
<td>420 万美元</td>
<td>420 万美元</td>
<td>280 万美元</td>
<td>52.4%</td>
</tr>
</tbody>
</table>
</div><h2>About Pathfinder Bancorp’s Business and Strategic Focus</h2>
<div class="lb-trans"><h2>关于 Pathfinder Bancorp 的业务和战略重点</h2>
</div><p>Pathfinder Bancorp is a regional community bank with a strong presence in Oswego County, New York, holding nearly half the county's deposit share. It operates 11 full-service branches and one motor bank, focusing on personal banking, business services, and municipal clients. The company’s primary business is lending to individuals, businesses, and local governments, focusing on commercial real estate and municipal loans.</p>
<div class="lb-trans"><p>Pathfinder Bancorp 是一家区域性社区银行，在纽约的奥斯威戈县拥有强大的市场份额，持有该县近一半的存款份额。它运营着 11 家全方位服务的分行和一家汽车银行，专注于个人银行、商业服务和市政客户。公司的主要业务是向个人、企业和地方政府提供贷款，重点是商业房地产和市政贷款。</p>
</div><p>Recently, it has concentrated on expanding commercial loan products, aiming to increase higher-yielding commercial banking activity while growing a base of stable, low-cost deposits. Strategic initiatives also include improving operational efficiency, managing credit risk, and adapting to regulatory changes such as new loan loss accounting standards. These factors -- loan quality, efficient funding, and regulatory compliance -- are central to the company’s ongoing success.</p>
<div class="lb-trans"><p>最近，它集中精力扩展商业贷款产品，旨在增加高收益的商业银行活动，同时建立稳定、低成本的存款基础。战略举措还包括提高运营效率、管理信用风险以及适应新的贷款损失会计标准等监管变化。这些因素——贷款质量、高效融资和合规性——是公司持续成功的核心。</p>
</div><h2>Quarter Review: Credit Actions, Profitability, and Banking Operations</h2>
<div class="lb-trans"><h2>季度回顾：信用行动、盈利能力和银行业务</h2>
</div><p>The defining event was the sale of a $9.3 million portfolio of nonperforming and classified loans linked to a single borrower, resulting in a $3.1 million pre-tax loss. This move came alongside net charge-offs totaling $2.6 million and an elevated loan loss provision of $1.2 million. The company commented, “These included the July 2025 sale of $9.3 million in nonperforming and classified loans associated with one local commercial relationship for a pre-tax loss of $3.1 million recorded as a lower of cost or market adjustment to loans held for sale (“LOCOM HFS adjustment”), representing $0.40 per diluted share net of tax, as well as $2.6 million in net charge offs (“NCOs”) that are reflected in provision expense of $1.2 million.” Despite these short-term hits, nonperforming loans dropped to $11.7 million (1.28% of total loans), improving both sequentially and compared to the prior year. The allowance for credit losses now covers 136.74% of nonperforming loans, much higher than the 68.98% reported in Q2 2024. These figures indicate a strengthened balance sheet, but short-term earnings felt the cost of clearing legacy risks.</p>
<div class="lb-trans"><p>决定性事件是出售 930 万美元的不良和分类贷款组合，这些贷款与单一借款人相关，导致 310 万美元的税前亏损。这一举措伴随着 260 万美元的净冲销和 120 万美元的高额贷款损失准备。公司评论道：“这些包括 2025 年 7 月出售的 930 万美元不良和分类贷款，涉及一个地方商业关系，记录为 310 万美元的税前亏损，作为持有待售贷款的成本或市场调整（“LOCOM HFS 调整”），每稀释股净额为 0.40 美元，扣除税款，以及 260 万美元的净冲销（“NCOs”），反映在 120 万美元的准备费用中。” 尽管这些短期损失，不良贷款降至 1170 万美元（占总贷款的 1.28%），与前一年相比有所改善。信用损失准备金现在覆盖了 136.74% 的不良贷款，远高于 2024 年第二季度报告的 68.98%。这些数字表明资产负债表得到了加强，但短期收益感受到了清理遗留风险的成本。</p>
</div><p>On the income side, core profitability metrics held up despite the credit cleanup. Net interest income, which reflects earnings from lending after funding costs, declined slightly from last quarter due to one-time items in Q1, but was up significantly compared to a year earlier (GAAP). The net interest margin, which shows the spread between what the bank earns on loans versus what it pays to fund those loans, compressed to 3.11% from 3.31% in Q1 2025, though it remains above the level posted a year ago. The pre-tax, pre-provision net income figure, which strips out one-time credit costs and gives a view of core earnings, was flat compared to Q1 2025 but up sharply over Q2 2024; this is a non-GAAP metric.</p>
<div class="lb-trans"><p>在收入方面，核心盈利指标尽管经历了信用清理，但仍然保持稳定。净利息收入反映了扣除融资成本后的贷款收益，因第一季度的一次性项目略有下降，但与一年前相比显著上升（GAAP）。净利息差显示银行在贷款上赚取的收益与为这些贷款提供资金所支付的费用之间的差距，从 2025 年第一季度的 3.31% 压缩至 3.11%，尽管仍高于一年前的水平。税前、预提准备净收入这一指标剔除了一次性信用成本，反映了核心收益，与 2025 年第一季度持平，但较 2024 年第二季度大幅上升；这是一个非 GAAP 指标。</p>
</div><p>Noninterest income, which includes fees and other operating income, was heavily impacted by the $3.1 million loan sale write-down, pushing this figure negative. Excluding this event, recurring fee sources such as debit card interchange and deposit service charges showed stability, with debit card fees rising $179,000 from the prior quarter. Noninterest expenses, which include salaries and branch operations, fell from the previous quarter thanks to lower winter costs and expense discipline, although new branch expenses and increased wages kept this figure slightly above Q2 2024 levels. The efficiency ratio, a non-GAAP measure of noninterest expense efficiency, improved to 65.66%, down notably from 74.36% in Q2 2024, reflecting better expense management.</p>
<div class="lb-trans"><p>非利息收入，包括费用和其他运营收入，受到 310 万美元贷款出售减记的重大影响，导致该数字为负。排除这一事件后，重复性费用来源如借记卡交易费和存款服务费保持稳定，借记卡费用较上季度增加了 179,000 美元。非利息支出，包括薪资和分行运营，因冬季成本降低和费用控制而较上季度下降，尽管新分行费用和工资上涨使这一数字略高于 2024 年第二季度水平。效率比率，作为非利息支出效率的非 GAAP 指标，改善至 65.66%，显著低于 2024 年第二季度的 74.36%，反映了更好的费用管理。</p>
</div><p>In lending, total loans (GAAP) ended at $909.7 million, a modest decline from Q1 as some balances were moved into held-for-sale. The bank continues to prioritize commercial loans, which made up 60.4% of the total portfolio at $549.1 million. Residential and consumer loans dipped modestly but edged higher compared to Q2 2024. On the funding side, total deposits were $1.22 billion, dropping from Q1 mainly due to seasonal municipal deposit fluctuations and reductions in higher-cost time deposits. Importantly, core deposits—typically more stable and less costly—grew to 78.47% of all deposits, up from 67.98% in Q2 2024. This shift strengthens the bank's funding profile for future periods.</p>
<div class="lb-trans"><p>在贷款方面，总贷款（GAAP）为 9.097 亿美元，较第一季度略有下降，因为一些余额被转入待售贷款。银行继续优先考虑商业贷款，商业贷款占总组合的 60.4%，金额为 5.491 亿美元。住宅和消费贷款略微下降，但与 2024 年第二季度相比有所上升。在融资方面，总存款为 12.2 亿美元，较第一季度下降，主要由于季节性市政存款波动和高成本定期存款的减少。重要的是，核心存款——通常更稳定且成本较低——增长至 78.47% 的所有存款，高于 2024 年第二季度的 67.98%。这一变化增强了银行未来时期的融资能力。</p>
</div><p>Capital and liquidity positions remain strong. Shareholders’ equity totaled $124.4 million as of June 30, 2025, decreasing by $483,000 or 0.4% in the second quarter, and the company exceeds regulatory requirements, with a total core capital to risk-weighted assets of 15.97%. Tangible common equity as a percentage of assets stands at 7.61%. Pathfinder Bancorp reported $124.5 million in borrowing capacity through the Federal Home Loan Bank of New York and $46.5 million in unused credit lines as of June 30, 2025, underscoring sound liquidity management. The 74.45% loans-to-deposits ratio remains below the Q2 2024 level.</p>
<div class="lb-trans"><p>资本和流动性状况依然强劲。截至 2025 年 6 月 30 日，股东权益总额为 1.244 亿美元，第二季度减少了 48.3 万美元，降幅为 0.4%。公司超出监管要求，核心资本与风险加权资产的比率为 15.97%。有形普通股权占资产的比例为 7.61%。截至 2025 年 6 月 30 日，Pathfinder Bancorp 通过纽约联邦住房贷款银行报告的借款能力为 1.245 亿美元，未使用的信用额度为 4650 万美元，突显了良好的流动性管理。贷款与存款比率为 74.45%，仍低于 2024 年第二季度的水平。</p>
</div><p>The board maintained the quarterly dividend at $0.10 per share, yielding 2.61% at the period-end share price of $15.34. The dividend level is unchanged from recent quarters, signaling ongoing commitment despite near-term earnings pressure.</p>
<div class="lb-trans"><p>董事会将季度股息维持在每股 0.10 美元，按期末股价 15.34 美元计算，收益率为 2.61%。股息水平与近期几个季度保持不变，表明尽管面临短期盈利压力，仍持续承诺。</p>
</div><p>Management did not provide specific quantitative guidance for the upcoming quarters or fiscal 2025. Instead, leadership emphasized continued focus on growing low-cost core deposits and expanding commercial lending, especially as the Central New York region benefits from new manufacturing investments. The company also highlighted the likelihood of regulatory and credit-related expenses returning to normal levels, following this quarter’s one-time charges.</p>
<div class="lb-trans"><p>管理层未提供即将到来的季度或 2025 财年的具体定量指导。相反，领导层强调继续专注于增长低成本核心存款和扩大商业贷款，特别是在中央纽约地区受益于新的制造投资。公司还强调，监管和信贷相关费用在本季度的一次性支出后，可能会恢复到正常水平。</p>
</div><p>Investors should continue to monitor trends in asset quality, with particular attention to any further credit cleanup costs and ongoing improvements in nonperforming loans and reserve coverage. Watch for changes in the composition and cost of deposits, the sustainability of core profitability, and lending volumes in commercial segments. The board's decision to maintain the $0.10 quarterly dividend offers a signal of stability amid short-term earnings volatility.</p>
<div class="lb-trans"><p>投资者应继续关注资产质量的趋势，特别注意任何进一步的信贷清理成本以及不良贷款和准备金覆盖的持续改善。关注存款的组成和成本变化、核心盈利能力的可持续性以及商业领域的贷款量。董事会决定维持每季度 0.10 美元的股息，传递出在短期盈利波动中稳定的信号。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>收入和净收入采用美国公认会计原则（GAAP）呈现，除非另有说明。</em></p>
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Pathfinder Bancorp (PBHC) 第二季度利润下滑