Business
Pathfinder Bancorp, Inc. Announces Second Quarter 2021 Quarterly Net Income of $3.0 Million, an Increase of 63.4% over 2020
Year-To-Date Net Income Up 46.2% Over 2020 Strong Revenue Growth, Stable Asset Quality Metrics, Record Quarterly Earnings OSWEGO, N.Y., Aug. 02, 2021 (GLOBE
About this update from Pathfinder Bancorp, Inc.
[{"type":"text","content":"Year-To-Date Net Income Up 46.2% Over 2020 Strong Revenue Growth, Stable Asset Quality Metrics, Record Quarterly Earnings OSWEGO, N.Y., Aug. 02, 2021 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (“Company”) (NASDAQ: PBHC), the holding company for Pathfinder Bank (“Bank”), announced second quarter 2021 net income of $3.0 million compared to $1.8 million for the same three month period in 2020. Second quarter 2021 net income available to common shareholders was $3.0 million, or $0.50 per basic and diluted voting common share, compared to $1.8 million, or $0.31 per basic and diluted share, for the second quarter of 2020. Second quarter 2021 total revenue (net interest income and total noninterest income) of $11.6 million increased $2.5 million, or 27.0%, compared to $9.2 million for the second quarter of 2020. Net income attributable to Pathfinder Bancorp, Inc. for the first six months of 2021 was $5.2 million, compared to $3.5 million for the same six-month period of 2020. Basic and diluted earnings per voting common share for the first six months of 2021 was $0.87, compared to $0.60 per basic and diluted share in the comparable period in 2020. 2021 Second Quarter and Six Month Performance Highlights Total interest-earning assets at June 30, 2021 were $1.19 billion, an increase of $94.8 million, or 8.7%, compared to $1.09 billion at June 30, 2020, and an increase of $29.9 million compared to $1.16 billion at December 31, 2020.Total loans at June 30, 2021 were $835.0 million, an increase of $28.9 million, or 3.6%, compared to $806.0 million at June 30, 2020, and an increase of $9.5 million compared to $825.5 million at December 31, 2020.Total deposits at June 30, 2021 were $1.03 billion, an increase of $61.1 million, or 6.3%, compared to $970.6 million at June 30, 2020, and an increase of $35.8 million compared to $995.9 million at December 31, 2020.Total net interest income for the second quarter 2021 increased by $2.6 million, or 33.7%, to $10.2 million from $7.6 million for the prior year period, and total six-month net interest income was $18.8 million, up $3.4 million, or 21.8%, compared to $15.4 million for the prior year period.Funding costs declined to 0.77%, a reduction of 49 basis points from 1.26% in the second quarter of 2020.Noninterest expense increased to $6.8 million for the second quarter of 2021, representing an i...