Business
Pathfinder Bancorp, Inc. Announces First Quarter 2020 Total Net Income of $1.7 Million Improves 228.8% over 2019
Net Income of $1.3 Million Available to Common Shareholders Improves 157.4% Over 2019 Describes Response to COVID-19 Pandemic For First Quarter 2020:
About this update from Pathfinder Bancorp, Inc.
[{"type":"text","content":"Net Income of $1.3 Million Available to Common Shareholders Improves 157.4% Over 2019\n Describes Response to COVID-19 Pandemic For First Quarter 2020: Year-Over-Year Total Revenue Increased 24.7%, Interest Earning Assets Up $93.6 Million (10.3%), and Noninterest Expense Declined 6.9% OSWEGO, N.Y., May 18, 2020 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (“Company”) (NASDAQ: PBHC), the holding company for Pathfinder Bank (“Bank”), announced first quarter 2020 net income attributable to the Company of $1.7 million compared to $514,000 for the first quarter of 2019. Further, the Company announced first quarter 2020 net income available to common shareholders of $1.3 million, or $0.29 per diluted share, compared to net income of $514,000, or $0.12 per diluted share, for the first quarter of 2019. First quarter 2020 revenue (net interest income and total noninterest income) of $9.5 million, was up $1.9 million, or 24.7%, compared to $7.6 million for the first quarter of 2019, reflecting increases to both net interest income and total noninterest income. Performance Highlights - First Quarter 2020 Net interest income of $7.8 million increased by 18.8%, compared to $6.5 million for the first quarter of 2019Total interest-earning assets for the first quarter of 2020 were $1.0 billion, an increase of $93.6 million, or 10.3%, from $913.0 million for the first quarter of 2019Total loans of $750.5 million at March 31, 2020 represented growth of $92.9 million, or 14.1%, from $657.6 million at March 31, 2019Total deposits at March 31, 2020 were $899.9 million, an increase of $94.3 million, or 11.7%, compared to $805.5 million at March 31, 2019 and an increase of $18.0 million, or 2.0%, compared to $881.9 million at December 31, 2019Asset quality metrics remained stable with annualized net loan charge-offs to average loans of 0.07% for the first quarter of 2020, compared to 0.10% for the first quarter of 2019 and 0.09% for the fourth quarter of 2019The first quarter 2020 provision for loan losses was $1.1 million, an increase of $923,000 compared to $144,000 for the prior year first quarter, and an increase of $455,000 compared to the fourth quarter of 2019 “Based in large part on the Company’s strong balance sheet position at the end of 2019, the Company booked solid first quarter results. As the quarter progressed, particularly in March, w...