Business
Pathfinder Bancorp, Inc. Announces Third Quarter 2020 Net Income of $1.5 Million
Net Income of $5.0 Million for First Nine Months of 2020 Strong Third Quarter Revenue Growth, Lower Funding Costs and Operating CostsDrive Improved
About this update from Pathfinder Bancorp, Inc.
[{"type":"text","content":"Net Income of $5.0 Million for First Nine Months of 2020\n Strong Third Quarter Revenue Growth, Lower Funding Costs and Operating CostsDrive Improved Year-Over-Year Performance OSWEGO, N.Y., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (“Company”) (NASDAQ: PBHC), the holding company for Pathfinder Bank (“Bank”), announced third quarter 2020 net income of $1.5 million, compared to $1.3 million for the third quarter of 2019. Basic and diluted earnings per share were $0.25 for the third quarter of 2020, an increase of $0.03, or 13.6%, compared to $0.22 for the third quarter of 2019. Third quarter 2020 revenue (net interest income and total noninterest income) of $9.8 million increased $1.3 million, or 15.4%, compared to $8.5 million for the third quarter of 2019. Net income for the first nine months of 2020 was $5.0 million, compared to $2.4 million for the same period of 2019. Basic and diluted earnings per share for the nine month period of 2020 were $0.85, compared to $0.47 per basic and diluted share for the comparable period in 2019. Third Quarter 2020 Performance Highlights Third quarter 2020 net interest income improved to $8.3 million, up $1.1 million, or 15.4%, from $7.2 million for the prior year quarter.Noninterest expense for the third quarter and nine months of 2020 declined by $52,000 and $1.3 million, respectively, compared with the corresponding periods in 2019.Total revenue for the first nine months of 2020 was $28.5 million, an increase of $4.4 million, or 18.5%, compared to $24.1 million for the same period in 2019.Earning assets at September 30, 2020 were $1.1 billion, an increase of $146.9 million, or 14.9%, compared with $984.9 million at September 30, 2019 and $1.0 million at December 31, 2019.Total loans of $820.3 million at September 30, 2020 increased by $94.4 million, or 13.0%, from $725.9 million at September 30, 2019, and increased by $38.9 million, or 5.0%, compared to $781.5 million at December 31, 2019.Total deposits of $998.2 million at September 30, 2020 increased by $138.6 million, or 16.1%, compared with $859.6 million at September 30, 2019, and $116.3 million, or 13.2%, from $881.9 million at December 31, 2019.Asset quality metrics remained stable, with the annualized ratio of net loan charge-offs to average loans at 0.08% for the nine months ended September 30, 2020, compared to 0...