OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, announced that its net income rose about 15 percent to $1.5 million in the third quarter from $1.3 million in the year-ago quarter. The Oswego–based banking company generated earnings per share of 25 cents in the third quarter, up nearly 14 percent […]
OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, announced that its net income rose about 15 percent to $1.5 million in the third quarter from $1.3 million in the year-ago quarter.
The Oswego–based banking company generated earnings per share of 25 cents in the third quarter, up nearly 14 percent from 22 cents in the third quarter of 2019.
Revenue growth, led by an increase in loans, combined with expense control, largely led to the profit increase.
“We continued the upwardly trending financial performance of the first half of 2020 into the third quarter, with strong revenue growth, a stable net interest margin, an improving funding mix and effective noninterest expense management,” Tom Schneider, president of Pathfinder Bancorp, said in the earnings report, which was issued on Nov. 10. “We believe that our ability to generate favorable results in a very challenging and uncertain business environment is, in large measure, a reflection of our operating strategy that is focused on quality commercial lending, the management of funding costs, enhancement of fee-based income, and controlling operating expenses.”
Pathfinder reported third-quarter revenue (net interest income plus total noninterest income) of $9.8 million, up more than 15 percent from $8.5 million in the year-ago earnings period.
The banking company’s net interest income also improved 15 percent to $8.3 million from $7.2 million for the prior-year quarter. Meanwhile, Pathfinder held the line on noninterest expenses in the third quarter, generating a decline of $52,000 compared with the corresponding period in 2019.
Third-quarter noninterest income of $1.5 million was up almost 16 percent from $1.3 million for the year-ago quarter.
Pathfinder had total loans of $820 million as of Sept. 30, up 13 percent from a year prior. The banking company had total assets of $1.2 billion as of Sept. 30, up 14 percent from a year earlier.
Pathfinder Bank is a New York State chartered commercial bank with 10 full-service branches located in its market areas of Oswego and Onondaga counties, as well as 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.