Pathfinder Bancorp, Inc. · NASDAQ:PBHC
Pathfinder Bancorp — Shareholder Meeting (June 2026)
46 slides from Pathfinder Bancorp's shareholder meeting presentation, Jun 4, 2026
Slide 1: Annual Meeting of Shareholders June 4, 2026
ANNUAL MEETING OF SHAREHOLDERS June 4, 2026 | NASDAQ:PBHC 2026 William A. Barclay Chairman of the Board James A. “Jim” Dowd President & CEO Justin K. Bigham EVP & CFO
Slide 2: Welcoming Remarks
WELCOMING REMARKS William A. Barclay | Chairman of the Board
Slide 3: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements may be included in this presen
Slide 4: Agenda
Agenda 2026 Annual Meeting of Shareholders Introduction of Directors, Management and Guests Conduct of the Meeting Notice and proxy Report of Inspector of Elections Meeting proposals Call for vote Management Presentation, Questions & Answers to Follow Results of Shareholder Vote Meeting Adjournment
Slide 5: Board of Directors
Board of Directors Pathfinder Bancorp, Inc. Director Since Eric Allyn 2022 David A. Ayoub 2012 William A. Barclay 2011 Meghan Crawford-Hamlin 2022 James A. Dowd 2023 John P. Funiciello 2011 Adam C. Gagas 2014 Melanie Littlejohn 2016 Tony Scavuzzo 2023 John F. Sharkey, III 2014 Lloyd “Buddy” Stemple
Slide 6: Executive Officers
Executive Officers Name Title Current Position Since James A. Dowd, CPA President & Chief Executive Officer 2022 Justin K. Bigham, CPA Executive Vice President, Chief Financial Officer 2024 Robert G. Butkowski Senior Vice President, Chief Operating Officer 2024 Joseph P. McManus Senior Vice Presiden
Slide 7: Independent Registered Public Accounting Firm
Independent Registered Public Accounting Firm Jamie L. Card, CPA Partner, Bonadio & Company, LLP
Slide 8: Business of Annual Meeting of Shareholders
Business of Annual Meeting of Shareholders The election of four directors for a three-year term: David Ayoub William Barclay James Dowd John Sharkey The ratification of the appointment of Bonadio & Co., LLP as our independent registered public accounting firm for the year ending December 31, 2026.
Slide 9: Executive Management Presentation
EXECUTIVE MANAGEMENT PRESENTATION James A. Dowd President and Chief Executive Officer Justin K. Bigham Executive Vice President and Chief Financial Officer
Slide 10: Who We Are
Who We Are Our North Star: To be the most trusted and recommended bank in Central New York, measured by the strength of our relationships, the loyalty of our customers, and the long-term value we deliver to our shareholders and communities. At Pathfinder Bank, relationships are our business. Everyth
Slide 11: At a Glance
At a Glance Employee Commitment 26.4% of our team members have been with us for 10 years or more (as of May 1, 2026). We continue to invest in retention, leadership development, and team engagement as strategic priorities for 2026 and beyond.
Slide 12: Market Leadership and Reach
Market Leadership and Reach Expanded growth and reach through strategic acquisitions. #1 in Oswego County: 43.91% of all deposits* #4 in combined Oswego and Onondaga counties: 8.61% market share* among 16 institutions, topping all local banks 7 branches in Oswego County 5 branches in Onondaga County
Slide 13: Who We Serve
Who We Serve Pathfinder Bank offers a comprehensive suite of banking products and services to individuals, families, businesses, and municipalities throughout the Central New York Region. We continue to focus on: Expanding our presence and growing relationships within the Onondaga County market. Dee
Slide 14: Who We Serve: Community Involvement
Who We Serve At Pathfinder Bank, community involvement is an extension of who we are. Through sponsorships, employee volunteer efforts, and local partnerships, we are proud to support the organizations and initiatives that strengthen our region. Our efforts include: Volunteerism & Board-Level Leader
Slide 15: Executive Level Leadership
Executive Level Leadership James A. Dowd Title: President & CEO Role Since: 2022 Banking Experience: 31 Justin K. Bigham Title: Chief Financial Officer Role Since: 2024 Banking Experience: 23 Robert G. Butkowski Title: Chief Operating Officer Role Since: 2024 Banking Experience: 29 Joseph F. McManus
Slide 16: 2025 Pivot
2025 Pivot Focus on profitable growth, operating consistency, and capitalizing on significant regional growth opportunities Healthy Capital and Abundant Liquidity Capital ratios remain strong, meaningfully exceeding “well capitalized” minimums, following 2025 reserve build Tangible common equity to
Slide 17: Exceptional Marketplace Opportunity
EXCEPTIONAL MARKETPLACE OPPORTUNITY
Slide 18: Central New York's Next Era of Growth Has Begun
Central New York’s Next Era of Growth Has Begun Micron’s historic investment is serving as a catalyst for long-term regional growth, investment, and development. Key highlights: Micron’s $100 billion investment in its planned megafab campus in Clay, NY is the largest private investment in New York S
Slide 19: A Region Preparing for Long-Term Expansion
A Region Preparing for Long-Term Expansion Infrastructure, Housing & Workforce Investment $500 million Green CHIPS Community Investment Fund $200 million ON-RAMP workforce development initiative in Syracuse Long-term investment accelerating across: housing and community development transportation an
Slide 20: Positioned Within Emerging Growth Corridors
Positioned Within Emerging Growth Corridors Additional major investment activity across Central New York is occurring within and around Pathfinder Bank’s regional footprint. Advanced Manufacturing & Technology TTM Technologies: $130 million advanced manufacturing facility planned in DeWitt ON Semico
Slide 21: Banking on the Growth Around Us
Banking on the Growth Around Us As Central New York experiences significant economic expansion, Pathfinder is positioned to support the businesses, households, developers, municipalities, and communities growing alongside it.
Slide 22: Valuable Core Deposit Franchise
Valuable Core Deposit Franchise
Slide 23: Central New York Core Deposit Growth Opportunity
Central New York Core Deposit Growth Opportunity Built on Leading Local Deposit Franchise Significant opportunity to gain market share from out-of-market multinational and superregional competitors, with a 1% share gain representing more than $140 million in deposits, or approximately 12% growth Inv
Slide 24: Record of Core Deposit Growth to Date
Record of Core Deposit Growth to Date Core deposit growth (4.4% CAGR) outpacing total deposit growth (3.3% CAGR) since the end of 2021 Boosted with 2024 acquisition of low-cost core deposits acquired with what is now Pathfinder Bank’s East Syracuse branch Intentional runoff of higher-cost brokered d
Slide 25: Granular Deposit Mix
Granular Deposit Mix Focus remains on non-maturity deposit growth Reduced non-relationship CDs* and brokered deposits by $82.6 million, or 13.3% CAGR, since 2024 Increased non-maturity deposits by $89.8 million, or 10.2% CAGR, since 2024 Time deposit growth is limited to relationship-based CDs* Incr
Slide 26: Commercial Asset Quality Reset
COMMERCIAL ASSET QUALITY RESET
Slide 27: 2024 Leadership & Foundation
2024 Leadership & Foundation Appointed new CFO and Chief Credit Officer in 2H24 Began implementing more rigorous and proactive commercial credit risk management practices Completed $9.0 million reserve build following review of nonperforming commercial loans and purchased loan pools 2025 Enhanced Un
Slide 28: Prudent reserve actions strengthened coverage
Prudent reserve actions strengthened coverage for identified commercial credit exposures Allowance for credit losses increased to 3.28% of loans at year-end exceeding all peers* Reserve actions and conservative collateral valuation designed to reduce future earnings volatility associated with identi
Slide 29: Comprehensive Commercial Loan Portfolio Review
East Syracuse Branch Acquisition enabled a dramatic reduction in the Bank’s total borrowings and funding costs, significantly improved our deposit mix, supporting net interest margin (NIM) expansion. $88.2 million in individually analyzed commercial loans identified through comprehensive review Revi
Slide 30: Enhanced Operating Discipline
ENHANCED OPERATING DISCIPLINE
Slide 31: Well-Balanced Loan Portfolio
Well-Balanced Loan Portfolio Commercial real estate concentration remained modest at 189.84% of risk-based capital*, providing meaningful capacity for disciplined future growth New commercial origination emphasis on high-quality small- and midsized businesses with multifaceted relationship potential
Slide 32: Well Managed Net Interest Margin
Well Managed Net Interest Margin * Quarterly average Federal Funds Effective Rate, from FRED database, Federal Reserve Bank of St. Louis, fred.stlouisfed.org/series/FEDFUNDS. ** Average cost of total deposits, including noninterest-bearing ^ Core NIM excludes loan and investment prepayment penalty i
Slide 33: Revenue Stability and Earnings Normalization
Revenue Stability and Earnings Normalization * Please see appendix for reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure Core revenue generation remained resilient despite elevated provision expense and strategic portfolio actions Pre-tax, pre-provision e
Slide 34: Disciplined Operating Expense Management
Disciplined Operating Expense Management Organization-wide focus on disciplined expense management and operating efficiency Total noninterest expense increased only 0.6% from 2024 to 2025 despite strategic investments in personnel and infrastructure Noninterest expense as a percentage of average ass
Slide 35: Positioned for Improved Earnings Consistency in 2026
Provision expense normalization supports improved earnings performance in 2026 Enhanced underwriting, portfolio monitoring, and credit governance practices implemented beginning in 2024 2025 reserve actions designed to absorb future loss resolution activity related to individually analyzed commercia
Slide 36: Continuity of Dividend to Common Shareholders
East Syracuse Branch Acquisition enabled a dramatic reduction in the Bank’s total borrowings and funding costs, significantly improved our deposit mix, supporting net interest margin (NIM) expansion. Above-peer dividend yield* supports shareholder returns during earnings normalization Continuity of
Slide 37: Healthy Capital and Abundant Liquidity
HEALTHY CAPITAL AND ABUNDANT LIQUIDITY
Slide 38: Strong Capital and Liquidity Support Long-Term Growth
Strong Capital and Liquidity Support Long-Term Growth Capital Position Regulatory capital ratios continue to meaningfully exceed “well capitalized” thresholds Retained earnings expected to support continued capital accretion over time Resolution of individually analyzed commercial loans expected to
Slide 39: Why Pathfinder
WHY PATHFINDER
Slide 40: Unprecedented Public and Private Investment in Central New York
Unprecedented Public and Private Investment in Central New York Pathfinder is well-positioned to benefit from major investments transforming CNY into a national hub for semiconductors and high tech. Strengthened Credit Framework Attractive Shareholder Value Opportunity Current valuation metrics and
Slide 41: Positive Outlook
Positive Outlook Recent reserve build designed to absorb future resolutions for commercial individually analyzed loans NPLs Individually Analyzed Loans Specific Reserves Provision Expense Pretax Income Earnings Future provision expense associated with individually analyzed loans expected to moderate
Slide 42: Compelling Valuation
Compelling Valuation * Median for peer US commercial banks with MRQ assets of $1B-$5B and listed on the NASDAQ or NYSE, according to S&P Capital IQ Pro ** Please see appendix for reconciliation of this non-GAAP financial measure to the most directly comparable GAAP measure ^ Share price/ annualized
Slide 43: Questions
QUESTIONS
Slide 44: Voting Results
VOTING RESULTS William A. Barclay | Chairman INSPECTOR OF ELECTIONS REPORT Joseph J. Polniak | Corporate Secretary
Slide 45: Thank You For Attending
Thank You For Attending 2026 Annual Meeting of Shareholders Meeting Adjourned June 4, 2026
Slide 46: Appendix: Reconciliation of Non-GAAP Financial Measures
Appendix: Reconciliation of Non-GAAP Financial Measures Used In This Presentation At or for the year ended December 31, 2021 2022 2023 2024 2025 2026 Q1 Tangible book value per common share Total equity (GAAP) $ 110,287 $ 110,997 $ 119,495 $ 121,483 $ 122,451 $ 123,583 Goodwill 4,536 4,536 4,536 5,0