OSWEGO, N.Y. — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, recently reported that its net income soared 128 percent to $3.4 million, or 56 cents a share, in the third quarter from $1.5 million, or 25 cents, in the year-ago quarter. The Oswego–based banking company generated total revenue (net interest income […]
OSWEGO, N.Y. — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, recently reported that its net income soared 128 percent to $3.4 million, or 56 cents a share, in the third quarter from $1.5 million, or 25 cents, in the year-ago quarter.
The Oswego–based banking company generated total revenue (net interest income plus total noninterest income) of $11.3 million in the third quarter, up nearly 16 percent from $9.8 million in the same quarter in 2020, per its Nov. 2 earnings report.
In the first nine months of 2021, Pathfinder reported net income of $8.5 million, or $1.43 per share, up 70 percent from $5 million, or 85 cents, for the same nine-month period last year.
Paycheck Protection Program data
Pathfinder Bancorp also used its earnings report to provide an update on its Paycheck Protection Program (PPP) loan statistics. From April 2020 to May 2021, the banking company participated in all phases of PPP as administered by the U.S. Small Business Administration (SBA). Designed to help keep small businesses and nonprofits afloat during the coronavirus pandemic, “PPP loans are substantially guaranteed as to timely repayment by the SBA and have unique forgiveness features whereby loan principal amounts may be discharged, for the benefit of the borrowers, by direct payments from the SBA to the lending institution holding the indebtedness,” Pathfinder said.
Pathfinder Bank made 1,177 PPP loans, totaling $111.7 million, with an average loan amount of nearly $95,000, since the start of the program. As of Sept. 30 of this year, 759 of the loans (64 percent) have been forgiven, while loan balances of $82.4 million (74 percent) have been forgiven. The bank had 418 total PPP loans remaining, with a total balance of nearly $29.3 million, as of Sept. 30.
Pathfinder has received both interest (calculated at a stated rate of 1 percent) and various levels of fee income related to issuing PPP loans. The bank recognized more than $1.74 million in deferred PPP fee income in the first three quarters of this year, compared to $639,000 in in deferred PPP fee income in the first nine months of 2020.
Pathfinder Bank is a New York State-chartered commercial bank that has 10 full-service branches located in its market areas consisting of Oswego and Onondaga County and one limited-purpose office in Oneida County. The Pathfinder Bancorp subsidiary, Pathfinder Risk Management Company, Inc., owns a 51-percent interest in the FitzGibbons Agency, LLC. As of Sept. 30, Pathfinder Bancorp and its subsidiaries had total consolidated assets of $1.26 billion and total deposits of $1.05 billion.