Business
Pathfinder Bancorp, Inc. Second Quarter 2020 Net Income Increased 203% to $1.8 Million
Year-To-Date Net Income of $3.5 Million, Total Assets Reach $1.17 Billion For Second Quarter 2020: Year-Over-Year Total Revenue Increased 15.7%, Average
About this update from Pathfinder Bancorp, Inc.
[{"type":"text","content":"Year-To-Date Net Income of $3.5 Million, Total Assets Reach $1.17 Billion\n For Second Quarter 2020: Year-Over-Year Total Revenue Increased 15.7%, Average Interest Earning Assets Increased $186.4 Million (20.1%), and Noninterest Expense Reduced 11.9% OSWEGO, N.Y., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. (“Company”) (NASDAQ: PBHC), the holding company for Pathfinder Bank (“Bank”), announced second quarter 2020 net income attributable to Pathfinder Bancorp, Inc. of $1.8 million, compared to $607,000 for the second quarter of 2019. Earnings per basic and diluted share were both $0.31 compared to $0.11 for the prior year period. Second quarter 2020 revenue (net interest income, before provision for loans losses, and total noninterest income) of $9.2 million increased $1.2 million, or 15.7%, compared to $7.9 million for the second quarter of 2019. Net income attributable to Pathfinder Bancorp, Inc. for the first six months of 2020 was $3.5 million, compared to $1.1 million for the same six month period of 2019. Diluted earnings per share for the first six months of 2020 was $0.60 compared to $0.23 per diluted share in the comparable period in 2019. 2020 Second Quarter and Six Month Performance Highlights Second quarter 2020 net interest income improved to $7.6 million, up $934,000, or 13.9%, from $6.7 million for the prior year quarter, and six month net interest income was $15.4 million, up $2.2 million, or 16.3%, compared to $13.3 million for the prior year periodThe second quarter 2020 provision for loan losses was $1.1 million, an increase of $536,000 compared to $610,000 for the prior year second quarter, primarily a result of continued uncertainty in relation to potential credit losses due to the ongoing COVID-19 pandemicTotal interest-earning assets at June 30, 2020 were $1.1 billion, an increase of $172.7 million, or 18.7%, compared to $922.2 million at June 30, 2019 Total loans of $806.0 million at June 30, 2020 increased by $24.6 million, or 3.1%, from $781.5 million at December 31, 2019, and increased $113.2 million, or 16.3%, compared to $692.8 million at June 30, 2019Total deposits of $970.6 million at June 30, 2020, increased by $88.7 million, or 10.1%, from $881.9 million at December 31, 2019, and increased $162.0 million, or 20.0%, compared to $808.6 million at June 30, 2019Asset quality, as measure...