“During the second quarter of 2021, Pathfinder achieved strong increases in earning asset balances, corresponding revenue growth and improved operating margins that collectively contributed to record quarterly results and our exceptional financial performance for the first half of the year,” Thomas W. Schneider, president and CEO, said in Pathfinder’s earnings report issued on Aug. 2. […]
“During the second quarter of 2021, Pathfinder achieved strong increases in earning asset balances, corresponding revenue growth and improved operating margins that collectively contributed to record quarterly results and our exceptional financial performance for the first half of the year,” Thomas W. Schneider, president and CEO, said in Pathfinder’s earnings report issued on Aug. 2. “We remain focused on effectively managing both interest and noninterest expenses to enhance our operating leverage. Our quarterly net income of $3.0 million resulted from both the focused efforts of our management team in overseeing meaningful progress towards the attainment of our strategic objectives and the continued excellent work of our entire staff in meeting the financial services needs of our valued customers.”
Pathfinder’s total interest-earning assets on June 30 stood at $1.19 billion, up 8.7 percent from $1.09 billion a year earlier.
The banking company’s total loans rose 3.6 percent to $835 million at the end of this year’s second quarter from $806 million a year ago. Pathfinder’s total deposits as of June 30, 2021 were $1.03 billion, up 6.3 percent from $970.6 million on June 30, 2020.
Total net-interest income for the second quarter increased by 33.7 percent to $10.2 million from $7.6 million for the prior-year period.
“While new loan originations were somewhat muted in the most recent quarter, we have a strong pipeline of potential new commercial lending opportunities and anticipate a strong third quarter in residential mortgage lending. We have also been active participants in the PPP, helping small business customers access this critically-important funding and navigate the subsequent forgiveness process,” Schneider added. “As of June 30, 2021, we had approximately $53.6 million in PPP loans outstanding, following the forgiveness of $58.1 million since the inception of the PPP, resulting in the recognition of $1.1 million of net deferred PPP loan origination fees in 2021. It should be noted that the Bank has approximately $1.7 million in net deferred PPP origination fees remaining [as of] June 30, 2021 that it expects to recognize as income in future periods.”
Pathfinder Bank is a New York State-chartered commercial bank headquartered in Oswego, which has 10 full-service offices located in its market areas of Oswego and Onondaga counties and one limited-purpose office in Oneida County. Through its subsidiary, Pathfinder Risk Management Company, Inc., the bank owns a 51 percent interest in the FitzGibbons Agency, LLC. ν