OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, reported net income of $2 million, or 32 cents a share, in this year’s second quarter, compared to $1.98 million, or 32 cents, in the second quarter of 2023. The banking company’s total revenue (net interest income, before provision for credit losses, […]
OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, reported net income of $2 million, or 32 cents a share, in this year’s second quarter, compared to $1.98 million, or 32 cents, in the second quarter of 2023.
The banking company’s total revenue (net interest income, before provision for credit losses, and total noninterest income) in the second quarter of 2024 totaled $10.7 million. That was down by $128,000, or 1.2 percent, from the same quarter last year, according to Pathfinder’s July 29 earnings report.
Pathfinder Bancorp reported net interest income of $9.5 million in the second quarter, down by $252,000, or 2.6 percent, from the year-earlier earnings period. The banking company produced non-interest income of $1.2 million in the latest quarter, up by $124,000, or 11.4 percent, from the second quarter of 2023 — driven by various fees associated with the bank’s loan and deposit accounts.
Pathfinder reported non-interest expense of $7.9 million in this year’s second quarter, an increase of $734,000, or 10.2 percent, from the same quarter a year prior, due primarily to increases in salaries and benefits and professional and other services.
“Our outlook remains positive, bolstered by the recent acquisition of the East Syracuse branch completed [recently], strategically strengthening Pathfinder’s presence in Central New York. This region is positioned for outstanding economic growth through significant public and private investments in the semiconductor industry and its supporting infrastructure,” Pathfinder Bancorp President and CEO James A. Dowd said in the earnings report. “With $186 million in deposits and $30 million in loans, the branch acquisition is designed to improve our liquidity profile and earnings, while enhancing our ability to serve the community in this dynamic market. We are also pleased with the improvement in net interest margin, which has modestly expanded for two consecutive quarters in what continues to be an unprecedented interest rate environment.”
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.
