Business
Pathfinder Bancorp, Inc. Announces First Quarter 2022 Net Income of $3.0 Million
Continued Revenue Growth, Improved Asset Quality Metrics, Strong Quarterly Earnings Results Include Increases in Outstanding Loans, Net Interest Margin
About this update from Pathfinder Bancorp, Inc.
[{"type":"text","content":"Continued Revenue Growth, Improved Asset Quality Metrics, Strong Quarterly Earnings Results Include Increases in Outstanding Loans, Net Interest Margin Expansion, Improved Funding Costs and Strong Asset Quality OSWEGO, N.Y., May 02, 2022 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (“Company”) (NASDAQ: PBHC), the holding company for Pathfinder Bank (“Bank”), announced an increase in first quarter 2022 net income of $796,000, or 37.0%, as compared to the first quarter of 2021. Net income for the quarter ended March 31, 2022 was $3.0 million, or $0.49 per basic and diluted common share, compared to $2.2 million, or $0.36 per basic and diluted common share, for the first quarter of 2021. First quarter 2022 total revenue (net interest income and total noninterest income) of $11.1 million increased $665,000, or 6.4%, compared to the first quarter of 2021. First Quarter 2022 Performance Highlights Total interest-earning assets on March 31, 2022 of $1.25 billion increased by $12.2 million, or 1.0%, from $1.24 million at March 31, 2021 and $37.8 million, or 3.1%, from $1.21 billion at December 31, 2021.Total loans were $855.6 million at the end of the first quarter of 2022 compared to $865.3 million one year prior and $832.5 million at the end of December 31, 2021. Excluding PPP-related loans, total loans grew by $56.7 million, or 7.2%, from March 31, 2021 and $29.2 million, or 3.6%, from year-end 2021.Total deposits on March 31, 2022 were $1.11 billion, an increase of $45.2 million, or 4.2%, compared to $1.07 billion one year prior and $58.7 million, or 5.6%, from $1.06 billion at December 31, 2021.A more beneficial deposit mix contributed to a 28 basis point reduction in deposit funding costs to 0.43% for the first quarter 2022, as compared to 0.71% in the prior year’s first quarter. Total funding costs decreased 36 basis points to 0.61% from the prior year’s first quarter.Total first quarter 2022 net interest income of $9.5 million increased by $907,000, or 10.6%, from the prior year period, while net interest margin expanded to 3.06%, up 21 basis points over the prior year period.Tangible book value per common share of $17.45 is up 2.4% from $17.04 one year prior. “Our Company delivered a solid performance in the first quarter of 2022, achieving continued loan growth, further improvement in profitability and strong asset quality,” s...