OSWEGO, N.Y. — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, reported net income of $3.9 million, or 64 cents a share, in the fourth quarter, up from $1.9 million, or 33 cents, in the year-ago quarter. The banking company’s fourth quarter total revenue (net interest income plus total noninterest income) of […]
OSWEGO, N.Y. — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, reported net income of $3.9 million, or 64 cents a share, in the fourth quarter, up from $1.9 million, or 33 cents, in the year-ago quarter.
The banking company’s fourth quarter total revenue (net interest income plus total noninterest income) of $11.1 million was up 15.7 percent from a year prior.
Pathfinder’s total net interest income for the fourth quarter was $9.7 million, which was 23 percent higher than the prior-year period. Noninterest expense of $7.2 million for the fourth quarter was up 5 percent, compared to the year-ago quarter.
Loan growth was impacted by significant reductions in the Paycheck Protection Program (PPP) for the past three quarters, however, the bank contends that its “loan pipeline remains strong.”
“Many exogenous factors have weighed into this significant increase in performance. Most notably were the governmental responses to COVID-19 and the accompanying fiscal programs and monetary policy,” Thomas W. Schneider, president and CEO, said in the earnings report.
He continued, “Our focus throughout 2021 on enhancing our operating leverage proved to be successful, as double-digit revenue growth outpaced noninterest expense growth by a significant margin. Total revenue in 2021 was up 16.8%, while we limited expense growth to under 10%, even compared to the lower-than-typical expenses we recorded in 2020 amid the pandemic-induced operating environment. Looking ahead, we remain focused on balancing effective expense management with appropriate investments to support the future growth of the Company, which includes attracting and retaining exceptional talent. To that end, we do expect increased salary and benefits costs in 2022 and beyond as we respond to inflationary and wage pressures within our markets.”
Pathfinder’s total interest-earning assets on Dec. 31, 2021 stood at $1.21 billion, up 4.5 percent from a year earlier. Its deposits on Dec. 31, 2021 totaled $1.06 billion, an increase of 6 percent compared to a year prior.
Pathfinder Bank is a New York State chartered commercial bank headquartered in Oswego, which has 10 full-service offices located in its market areas consisting of Oswego and Onondaga County and one limited purpose office in Oneida County.