Business
Pathfinder Bancorp, Inc. Announces First Quarter 2024 Net Income of $2.1 Million
Strategic Growth and Prudent Expense Management Shape Bank Performance Despite Economic Challenges OSWEGO, N.Y., April 29, 2024 (GLOBE NEWSWIRE) -- Pathfinder
About this update from Pathfinder Bancorp, Inc.
[{"type":"text","content":"Strategic Growth and Prudent Expense Management Shape Bank Performance Despite Economic Challenges\nOSWEGO, N.Y., April 29, 2024 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (“Company”) (NASDAQ: PBHC), the holding company for Pathfinder Bank (“Bank”), announced first quarter 2024 net income available to common shareholders of $2.1 million, or $0.34 per basic and diluted share, compared to $2.6 million, or $0.43 per basic and diluted share, for the first quarter of 2023. 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 2024 was $11.1 million, a decrease of $423,000, or 3.7%, when compared to the same quarter in 2023. Performance Highlights for Three Months Ended March 31, 2024: The Bank's Board of Directors announced an 11.1% increase in its quarterly dividend to $0.10 per share.Pathfinder Bancorp, Inc. reported an increase in interest and dividend income of 23.7% to $18.6 million for the quarter ended March 31, 2024, up from $15.0 million in the same period of 2023.Total interest expense for the three months ended March 31, 2024, increased to $9.2 million, up 81.5% from $5.1 million in the first quarter of 2023.Net interest income after provision for credit losses totaled $8.7 million for the quarter, a decrease from the $9.3 million after provision reported for the corresponding quarter of 2023.Net interest margin for the quarter decreased to 2.75%, a 27 basis points change from 3.02% reported in the same prior year quarter.Noninterest income for the quarter reached $1.7 million and reflected modest growth from $1.6 million in the first quarter of 2023.Noninterest expenses for the quarter totaled $7.7 million, a slight increase from $7.5 million in the same period last year.The Company’s net income for the quarter decreased to $2.1 million from the $2.6 million reported in the same period of 2023.Total loans decreased to $891.5 million at the end of the first quarter of 2024, down $18.6 million, or 2.0%, from March 31, 2023, and $5.7 million or 0.6% from December 31, 2023. Pathfinder Bancorp, Inc. entered the first quarter of 2024 with a foundation grounded in effective risk management and guided by its measured plans for continued strategic growth. In a financial landscape marked by elevated interest rates and freq...