Business
Pathfinder Bancorp, Inc. Fourth Quarter 2019 Total Net Income of $1.9 million Improves 69.6% over 2018
Net Income of $1.5 Million Available to Common Shareholders Improves 37.7% Over 2018 2019 Total Net Income of $4.3 Million 2019 Net Income Available to Common
About this update from Pathfinder Bancorp, Inc.
[{"type":"text","content":"Net Income of $1.5 Million Available to Common Shareholders Improves 37.7% Over 2018\n 2019 Total Net Income of $4.3 Million 2019 Net Income Available to Common Shareholders of $3.6 Million Fourth Quarter Revenue Increase of 21.4%, Strong Loan and Deposit Growth, Margin Improvement, and Effective Noninterest Expense Management Drive Improved Operating Results OSWEGO, N.Y., Feb. 03, 2020 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (“Company”) (NASDAQ: PBHC), the holding company for Pathfinder Bank (“Bank”), announced fourth quarter 2019 total net income attributable to the Company of $1.9 million compared to $1.1 million for the fourth quarter of 2018. Further, the Company announced fourth quarter 2019 net income available to common shareholders of $1.5 million, or $0.32 per diluted share, compared to $1.1 million, or $0.26 per diluted share for the fourth quarter of 2018. Fourth quarter 2019 total revenue (net interest income and total noninterest income) of $9.1 million increased $1.6 million, or 21.4%, compared to $7.5 million for the fourth quarter of 2018. Net income available to common shareholders for 2019 was $3.6 million compared to $4.0 million for the previous year. Earnings per diluted share were $0.80 for 2019 compared to $0.94 per diluted share for 2018. 2019 Fourth Quarter and Full Year Performance Highlights Total interest-earning assets at December 31, 2019 were $1.0 billion, an increase of $157.9 million, or 18.0%, over $874.9 million at the end of 2018Total loans of $781.5 million at December 31, 2019 increased by $161.2 million, or 26.0%, from $620.3 million at December 31, 2018Total deposits of $881.9 million at December 31, 2019 were up $154.8 million, or 21.3%, compared to $727.1 million on December 31, 2018Total revenue for 2019 was $33.1 million, an increase of $3.5 million, or 12.0%, compared to $29.6 million for 2018Asset quality metrics remained stable and favorable with net loan charge-offs to average loans of 0.09% in 2019, compared to 0.22% in 2018 and 0.16% in 2017Fourth quarter 2019 net interest income improved to $7.8 million, an increase of $1.3 million, or 19.4%, from $6.5 million for the prior year fourth quarterThe fourth quarter 2019 return on average assets of 0.70% and return on average equity of 8.20% increased by 22 basis points and 140 basis points respectively, compared to the prior y...