Business
Pathfinder Bancorp, Inc. Announces Fourth Quarter 2022 Net Income of $3.5 Million and Full Year Net Income of $12.9 Million
Results Include Record Earnings, Strong Loan Growth, Continued Solid Asset Quality And Prudent Expense Management OSWEGO, N.Y., Jan. 31, 2023 (GLOBE NEWSWIRE)
About this update from Pathfinder Bancorp, Inc.
[{"type":"text","content":"Results Include Record Earnings, Strong Loan Growth, Continued Solid Asset Quality And Prudent Expense Management\nOSWEGO, N.Y., Jan. 31, 2023 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (“Company”) (NASDAQ: PBHC), the holding company for Pathfinder Bank (“Bank”), announced fourth quarter 2022 net income available to common shareholders of $3.5 million, or $0.58 per basic and diluted share, compared to $3.9 million, or $0.64 per basic and diluted share, for the fourth quarter of 2021. For the full year 2022, total net income attributable to Pathfinder Bancorp, Inc. was $12.9 million, or $2.13 per basic and diluted share, compared to $12.4 million, or $2.07 per basic and diluted share, in 2021. 2022 Fourth Quarter and Full Year Performance Highlights Fourth quarter 2022 total revenue (net interest income and total noninterest income) of $13.0 million increased $1.9 million, or 17.0%, compared to the fourth quarter of 2021. Full year total revenue of $47.3 million increased $2.8 million, or 6.3%, compared to 2021.Total interest-earning assets on December 31, 2022 of $1.31 billion increased by $100.9 million, or 8.3%, from December 31, 2021 and included $897.8 million in total loans at December 31, 2022.Total deposits on December 31, 2022 were $1.13 billion, an increase of $70.1 million, or 6.6%, compared to one year prior. A shift to interest-bearing deposits, and the rapidly rising interest rate environment, led to the 20 basis point increase in deposit funding costs to 0.76% for the year.Total net interest income for fourth quarter 2022 of $11.2 million increased by $1.5 million, or 14.9%, from the prior year period, and increased $3.1 million, or 8.1%, to $41.4 million for full year 2022 compared to 2021.Noninterest expense of $7.2 million for the fourth quarter of 2022 remained stable when compared to the year-ago quarter. Noninterest expense was $28.9 million for the full year of 2022, an increase of $1.4 million, or 5.0%, compared to 2021. “Fourth quarter 2022 results were highlighted by strong revenue growth, focused expense management and continued strong credit quality metrics, which contributed to another record full year earnings and profitability in 2022. Heading into 2023, Pathfinder Bancorp is well positioned to continue our growth trajectory,” said James A. Dowd, President and Chief Executive Officer. “Full year ne...