OSWEGO, N.Y. — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, recently reported net income of $3.5 million, or 58 cents a share, in the fourth quarter, down 10 percent from $3.9 million, or 64 cents, in the year-prior quarter. The banking company reported total revenue (net interest income plus total noninterest […]
OSWEGO, N.Y. — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, recently reported net income of $3.5 million, or 58 cents a share, in the fourth quarter, down 10 percent from $3.9 million, or 64 cents, in the year-prior quarter.
The banking company reported total revenue (net interest income plus total noninterest income) of $13 million in the latest quarter, up 17 percent from $11.1 million in the fourth quarter of 2021.
Total net interest income for fourth-quarter 2022 of $11.2 million increased by $1.5 million, or 14.9 percent, from the year-ago period. Noninterest expense of $7.2 million for the fourth quarter of 2022 remained stable when compared to the year-earlier quarter.
“Fourth quarter 2022 results were highlighted by strong revenue growth, focused expense management and continued strong credit quality metrics, which contributed to another record full year earnings and profitability in 2022. Heading into 2023, Pathfinder Bancorp is well positioned to continue our growth trajectory,” James A. Dowd, president and CEO, said in the earnings report. “Full year net income available to common shareholders was up 4.2% compared to 2021, as we benefited from the increases in interest rates, continued loan growth and net interest margin expansion. We also continued to improve upon our key profitability metrics, with a strong return on average assets of 0.96 percent and return on average equity of 11.77 percent for the full year of 2022.”
Pathfinder Bank is a New York State chartered commercial bank headquartered in Oswego, which has 11 full-service offices located in its market areas consisting of Oswego County and Onondaga County and one limited purpose office in Oneida County.