Business
Pathfinder Bancorp, Inc. Announces First Quarter 2021 Net Income of $2.2 Million, an Increase of 27.5% over 2020
Strong Loan and Deposit Growth in the Quarter Quarterly Cash Dividend Increased 16.7% OSWEGO, N.Y., May 03, 2021 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc.
About this update from Pathfinder Bancorp, Inc.
[{"type":"text","content":"Strong Loan and Deposit Growth in the Quarter Quarterly Cash Dividend Increased 16.7% \nOSWEGO, N.Y., May 03, 2021 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (“Company”) (NASDAQ: PBHC), the holding company for Pathfinder Bank (“Bank”), announced first quarter 2021 net income of $2.2 million compared to $1.6 million for the same three month period in 2020. First quarter net income available to common shareholders was $1.6 million, or $0.36 per basic and diluted share, compared to $1.3 million, or $0.29 per basic and diluted share for the first quarter of 2020. First quarter 2021 total revenue (net interest income and total noninterest income) of $10.4 million increased $878,000, or 9.2%, compared to $9.5 million for the first quarter of 2020. 2021 First Quarter Performance Highlights Total interest-earning assets at March 31, 2021 were $1.2 billion, an increase of $231.2 million, or 23.0%, compared to $1.0 billion at March 31, 2020 and an increase of $77.9 million, or 6.7%, compared to $1.2 billion at December 31, 2020.Total loans at March 31, 2021 were $865.3 million, an increase of $114.8 million, or 15.3%, compared to $750.5 million at March 31, 2020 and an increase of $39.8 million, or 4.8%, compared to $825.5 million at December 31, 2020.Total deposits at March 31, 2021 were $1.07 billion, an increase of $169.0 million, or 18.8%, compared to $899.9 million at March 31, 2020 and an increase of $73.0 million, or 7.3%, compared to $995.9 million at December 31, 2020.Total net interest income, before the provision for loan losses, for first quarter 2021 increased by $781,000, or 10.0%, to $8.6 million from $7.8 million for the prior year period.Funding costs declined to 0.97%, a reduction of 52 basis points from 1.49% in the first quarter of 2020. “At the 12-month mark of the COVID-19 pandemic, our team continues to perform above and beyond expectations, going the extra mile to help our customers weather the pandemic’s economic challenges,” said Thomas W. Schneider, President and Chief Executive Officer. “Along with helping our customers navigate this difficult time, our team’s efforts are providing strong top- and bottom-line results that benefit our shareholders. First quarter total revenue improved by more than 9%, reflecting double-digit improvement to net interest income compared to the first quarter 2020. The bottom-line...