Business
Pathfinder Bancorp, Inc. Announces Third Quarter 2021 Net Income of $3.4 Million, an Increase of 128% over 2020
Year-To-Date Net Income Up 70% Over 2020 Strong Revenue Growth, Improved Asset Quality Metrics, Record Quarterly Earnings OSWEGO, N.Y., Nov. 02, 2021 (GLOBE
About this update from Pathfinder Bancorp, Inc.
[{"type":"text","content":"Year-To-Date Net Income Up 70% Over 2020 Strong Revenue Growth, Improved Asset Quality Metrics, Record Quarterly Earnings OSWEGO, N.Y., Nov. 02, 2021 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (“Company”) (NASDAQ: PBHC), the holding company for Pathfinder Bank (“Bank”), announced third quarter 2021 net income of $3.4 million compared to $1.5 million for the same three month period in 2020. Third quarter net income attributable to Pathfinder Bancorp, Inc. was $3.4 million, or $0.56 per basic and diluted share, compared to $1.5 million, or $0.25 per basic and diluted share, for the third quarter of 2020. Third quarter 2021 total revenue (net interest income and total noninterest income) of $11.3 million increased $1.5 million, or 15.7%, compared to $9.8 million for the third quarter of 2020. Net income attributable to Pathfinder Bancorp, Inc. for the first nine months of 2021 was $8.5 million, compared to $5.0 million for the same nine month period of 2020. Basic and diluted earnings per share for the first nine months of 2021 was $1.43, compared to $0.85 per basic and diluted share in the comparable period in 2020. 2021 Third Quarter and Nine Month Performance Highlights Total interest-earning assets at September 30, 2021 were $1.18 billion, an increase of $46.0 million, or 4.1%, compared to $1.13 billion at September 30, 2020, and an increase of $18.0 million, or 1.6%, compared to $1.16 billion at December 31, 2020.Total loans at September 30, 2021 were $788.1 million, a decrease of $32.2 million, or 3.9%, compared to $820.3 million at September 30, 2020, and a decrease of $37.3 million, or 4.5%, compared to $825.5 million at December 31, 2020.Total deposits at September 30, 2021 were $1.05 billion, an increase of $48.0 million, or 4.8%, compared to $998.2 million at September 30, 2020, and an increase of $50.3 million, or 5.1%, compared to $995.9 million at December 31, 2020.Total net interest income, before the provision for loan losses, for the third quarter of 2021 increased by $1.5 million, or 17.8%, to $9.8 million from $8.3 million for the prior year period, and total nine month net interest income was $28.6 million, up $4.8 million, or 20.4%, compared to $23.7 million for the prior year period.Funding costs declined to 0.78%, a reduction of 18 basis points from 0.96% in the third quarter of 2020.Tangible common equity ...