OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, reported net income of $823,000 in the second quarter, up 14 percent from $721,000 in the year-ago period.
Profit at the Oswego–based banking company was lifted by a $288,000 after-tax gain on the sale of an $8.8 million residential-loan portfolio. Pathfinder said it sold longer term and fixed-rate, lower yielding loans as it seeks to manage the interest-rate risk of its balance sheet.
Pathfinder’s earnings per share rose to 33 cents in the second quarter from 24 cents in the year-earlier quarter.
Pathfinder Bank has eight full-service branch offices in Oswego County and northern Onondaga County. It is planning to open a loan-production office in the Pike Block Building in downtown Syracuse this fall.
To read more about Pathfinder Bank, check out the Aug. 2 Banking & Wealth Management special report in The Central New York Business Journal.
Contact Rombel at arombel@cnybj.com