Business
Pathfinder Bancorp, Inc. Announces Fourth Quarter 2020 Net Income of $1.9 Million and Full Year Net Income of $7.0 Million
Continued Loan and Deposit Growth, Effective Noninterest Expense Management and Reduced Funding Costs OSWEGO, N.Y., Feb. 01, 2021 (GLOBE NEWSWIRE) --
About this update from Pathfinder Bancorp, Inc.
[{"type":"text","content":"Continued Loan and Deposit Growth, Effective Noninterest Expense Management and Reduced Funding Costs\nOSWEGO, N.Y., Feb. 01, 2021 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (“Company”) (NASDAQ: PBHC), the holding company for Pathfinder Bank (“Bank”), announced fourth quarter 2020 net income of $1.9 million as compared to $1.9 million for the same three month period in 2019. Fourth quarter net income available to common shareholders was $1.5 million, or $0.33 per basic and diluted share, compared to $1.5 million, or $0.32 per basic and diluted share for the fourth quarter of 2019. Fourth quarter 2020 total revenue (net interest income and total noninterest income) of $10.0 million increased $896,000, or 9.9%, compared to $9.1 million for the fourth quarter of 2019. Total net income increased $2.7 million, or 62.5%, in 2020 to $7.0 million, as compared to $4.3 million in 2019. Net income available to common shareholders for 2020 was $5.4 million compared to $3.6 million for the previous year. Earnings per basic and diluted share for 2020 was $1.17 compared to $0.80 per basic and diluted share for 2019. Total revenue for 2020 was $38.5 million, an increase of $5.3 million, or 16.1%, compared to $33.1 million for 2019. 2020 Fourth Quarter and Full Year Performance Highlights Total interest-earning assets at December 31, 2020 were $1.2 billion, an increase of $127.0 million, or 12.3%, compared to $1.0 billion at the end of 2019.Total loans of $825.5 million at December 31, 2020 increased by $44.0 million, or 5.6%, from $781.5 million at December 31, 2019.Total deposits of $995.9 million at December 31, 2020 increased by $114.0 million, or 12.9%, compared to $881.9 million at December 31, 2019.Total net interest income for 2020 increased by $3.8 million, or 13.4%, to $32.0 million from $28.2 million for the prior year.Noninterest expense of $24.8 million for 2020, represents a reduction of $950,000, or 3.7%, compared to $25.7 million for 2019.Funding cost declined to 1.19% for 2020, a reduction of 48 basis points from 1.67% in 2019.Asset quality metrics, as measured by net loan charge-offs to average loans, remained stable at 0.08% in 2020, compared to 0.09% for 2019, and nonperforming loans to total loans were 1.63% at December 31, 2020, compared to 0.67% at December 31, 2019. “While 2020 began like any other year, with considerab...