Business
Pathfinder Bancorp, Inc. Announces First Quarter 2023 Net Income of $2.6 Million
Results Highlight Stable Liquidity, Strong Asset Quality, Expanding Revenue and Expanding Reach OSWEGO, N.Y., May 02, 2023 (GLOBE NEWSWIRE) -- Pathfinder
About this update from Pathfinder Bancorp, Inc.
[{"type":"text","content":"Results Highlight Stable Liquidity, Strong Asset Quality, Expanding Revenue and Expanding Reach\nOSWEGO, N.Y., May 02, 2023 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (“Company”) (NASDAQ: PBHC), the holding company for Pathfinder Bank (“Bank”), announced first quarter 2023 net income available to common shareholders of $2.6 million, or $0.43 per basic and diluted share. The first quarter results in 2023 were slightly lower than the $3.0 million, or $0.49 per basic and diluted share earned in the first quarter of 2022. The Company's total revenue, which is comprised of net interest income, before provision for credit losses, and total noninterest income, for the first quarter of 2023 was $11.6 million, increasing by $490,000, or 4.4%, compared to the same quarter in 2022. First Quarter 2023 Performance Highlights Notable growth in total interest-earning assets, which increased to $1.32 billion for the quarter ended on March 31, 2023, up 5.9% from $1.25 billion for the quarter ended March 31, 2022 and up 0.8% from $1.31 billion for the quarter ended December 31, 2022.Total loans increased to $910.2 million at the end of the first quarter of 2023, reflecting a $54.6 million, or 6.4%, increase from March 31, 2022, and a $12.4 million, or 1.4%, increase from year-end 2022.Total deposits reached $1.14 billion on March 31, 2023, a 2.7% increase from March 31, 2022, and a 1.7% increase from December 31, 2022. The growth in deposits in the first quarter of 2023 was an indication of continued stability within the Bank’s deposit base.Net interest income, before the provision for credit losses, increased by 5.3% to $10.0 million in the first quarter of 2023 compared to the prior year period, as the net interest margin contracted by only four basis points to 3.02%, despite significant upward pressure on the Bank's cost of funds.Tangible book value per common share rose by 1.7% to $17.75, up from $17.45 one year prior, including the effects of a $0.36 per share one-time adjustment recorded in the quarter related to the Company’s transition to the Current Expected Credit Loss methodology for calculating credit loss reserves on financial assets. James A. Dowd, President, and Chief Executive Officer, expressed his confidence in the Bank's long-term growth prospects, citing its commitment to providing exceptional service to customers in Central...