OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, reported that its net income declined more than 18 percent to $2.12 million, or 34 cents a share, in this year’s first quarter from $2.6 million, or 43 cents, in the first quarter of 2023. The banking company’s total revenue (net interest […]
OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, reported that its net income declined more than 18 percent to $2.12 million, or 34 cents a share, in this year’s first quarter from $2.6 million, or 43 cents, in the first quarter of 2023.
The banking company’s total revenue (net interest income, before provision for credit losses, and total noninterest income) in the first quarter of 2024 totaled $11.1 million. That was down by $423,000, or 3.7 percent, compared to the same quarter in 2023, according to Pathfinder’s April 29 earnings report.
Net interest income before the provision for credit losses fell by 5.7 percent to $9.4 million in the latest quarter from $10 million in the year-earlier period. The decrease in net interest income mostly resulted from an 81.5 percent increase in the bank’s interest expenses. Partially offsetting that increase in interest expenses was its nearly 24 percent growth in interest and dividend income, due in large part to Pathfinder’s diversified and performing portfolio of loans and securities. The banking company contends that during the first quarter it “adeptly navigated” the challenges of “a financial landscape marked by elevated interest rates and frequent shifts in economic forecasts.” James A. Dowd, president and CEO of Pathfinder Bancorp, said, “Leveraging proactive financial management and strategic foresight, we successfully navigated the complexities of this quarter, affirming our path toward continued progress.” He noted that the Treasury yield curve remained inverted (short term interest rates higher than long term interest rates) for the entire first quarter of 2024, as it was in all of 2023. That business environment pressured most commercial banks. “Looking ahead, the Bank’s management and Board of Directors maintain a positive outlook, bolstered by recent strategic successes like the pending East Syracuse branch acquisition and an increasingly robust presence in the swiftly evolving Central New York economic landscape,” Dowd said. “The Bank’s leadership remains committed to navigating the ongoing economic challenges while seizing the opportunities for growth and profitability that will undoubtedly arise. With careful management of assets, liabilities, and a steady approach to cost control, Pathfinder Bancorp, Inc. is poised to continue its trajectory of responsible growth and shareholder value enhancement.” Pathfinder Bank is a New York State chartered commercial bank headquartered in Oswego that has 11 full-service offices located in its market areas consisting of Oswego and Onondaga Counties, and one limited purpose office in Oneida County.