Business
Pathfinder Bancorp, Inc. Announces Second Quarter 2022 Net Income of $3.3 Million
Continued Strong Asset Quality and Improved Margins Support Earnings Growth OSWEGO, N.Y., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc.
About this update from Pathfinder Bancorp, Inc.
[{"type":"text","content":"Continued Strong Asset Quality and Improved Margins Support Earnings Growth\nOSWEGO, N.Y., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (“Company”) (NASDAQ: PBHC), the holding company for Pathfinder Bank (“Bank”), announced an increase in second quarter 2022 net income of $263,000, or 8.74%, as compared to the second quarter of 2021. Net income for the quarter ended June 30, 2022 was $3.3 million, or $0.54 per basic and diluted common share, compared to $3.0 million, or $0.50 per basic and diluted common share, for the second quarter of 2021. Second quarter 2022 total revenue (net interest income and total noninterest income) of $11.3 million decreased $376,000, or 3.2%, compared to the second quarter of 2021. Second Quarter 2022 and Six Month Performance Highlights Total interest-earning assets at June 30, 2022, of $1.28 billion increased by $89.6 million, or 7.53%, from $1.19 billion at June 30, 2021 and $67.2 million, or 5.6%, from $1.21 billion at December 31, 2021.Total loans were $866.3 million at the end of the second quarter of 2022 compared to $835.0 million one year prior and $832.5 million at December 31, 2021. Excluding PPP-related loans, total loans grew by $80.1 million, or 10.3%, from June 30, 2021, and $48.3 million, or 5.94%, from year end 2021.Total deposits at June 30, 2022 were $1.14 billion, an increase of $106.2 million, or 10.29%, compared to $1.03 billion one year prior and $82.5 million, or 7.8%, from $1.06 billion at December 31, 2021.A more beneficial deposit mix contributed to a 4 basis point reduction in deposit funding costs to 0.50% for the second quarter 2022, as compared to 0.54% in the prior year’s second quarter. Total funding costs decreased 8 basis points to 0.69% from the prior year’s second quarter of 0.77%.Total second quarter 2022 net interest income of $10.0 million decreased by $238,000, or 2.3%, from the prior year period, and net interest margin contracted to 3.14%, down 28 basis points from the prior year period.Tangible book value per common share of $17.18 was up 3.6% from $16.59 a year ago. “The second quarter of 2022 was another strong quarter for our Company, with continued loan growth and outstanding credit quality,” said James A. Dowd, President and Chief Executive Officer. “Our success in the first half of the year can be attributed to our very deliberate balanc...