Business
Pathfinder Bancorp, Inc. Announces Second Quarter 2024 Net Income of $2.0 Million
Net interest margin expanded for the second consecutive quarter, and low-cost deposits acquired with the recently completed East Syracuse branch purchase are
About this update from Pathfinder Bancorp, Inc.
[{"type":"text","content":"Net interest margin expanded for the second consecutive quarter, and low-cost deposits acquired with the recently completed East Syracuse branch purchase are expected to benefit total funding costs\nOSWEGO, N.Y., July 29, 2024 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (\"Company\") (NASDAQ: PBHC), the holding company for Pathfinder Bank (\"Bank\"), announced second quarter 2024 net income available to common shareholders of $2.0 million, or $0.32 per basic and diluted share, consistent with the $2.0 million, or $0.32 per basic and diluted share, earned in the second 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 second quarter of 2024, was $10.7 million, decreasing by $128,000, or 1.2%, compared to the same quarter in 2023. Second Quarter 2024 Key Results: Net Interest Income of $9.5 million in the quarter decreased by $252,000, or 2.6% from June 30, 2023.Non-Interest Income of $1.2 million in the quarter increased by $124,000, or 11.4% from June 30, 2023 driven by various fees associated with our loan and deposit accounts.Non-Interest Expense of $7.9 million in the quarter increased by $734,000, or 10.2% from June 30, 2023 due primarily to increases in salaries and benefits and professional and other services.Total Deposits were $1.10 billion at the end of the second quarter, relatively flat to June 30, 2023.Total Loans were $888.3 million at the end of the second quarter, reflecting a $2.8 million decrease from June 30, 2023. “Our outlook remains positive, bolstered by the recent acquisition of the East Syracuse branch completed last week, strategically strengthening Pathfinder’s presence in Central New York. This region is positioned for outstanding economic growth through significant public and private investments in the semiconductor industry and its supporting infrastructure. With $186 million in deposits and $30 million in loans, the branch acquisition is designed to improve our liquidity profile and earnings, while enhancing our ability to serve the community in this dynamic market,” said President and Chief Executive Officer James A. Dowd. “We are also pleased with the improvement in net interest margin, which has modestly expanded for two consecutive quarters in what continues to be an unprecedented in...