Categories: Banks & Credit UnionsSubscriber Only

Pathfinder profit climbs 23 percent in second quarter

OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), holding company for Pathfinder Bank, earned $721,000 in the second quarter, up 23 percent from $587,000 a year earlier. Earnings per share for the period totaled 24 cents, up from 19 cents in the second quarter of 2011. Rising net interest income and a lower loan-loss provision helped […]

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OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), holding company for Pathfinder Bank, earned $721,000 in the second quarter, up 23 percent from $587,000 a year earlier.

Earnings per share for the period totaled 24 cents, up from 19 cents in the second quarter of 2011. Rising net interest income and a lower loan-loss provision helped push profit higher, according to Oswego–based Pathfinder.

“We are pleased with our upward earnings trend despite the headwinds of margin compression caused by lower long-term interest rates,” Pathfinder President and CEO Thomas Schneider said in a news release. “This positive trend is due primarily to strong loan growth and stable asset quality trends. Loans in the second quarter grew at an annualized rate of just over 11 percent.”

Pathfinder Bank has total assets of $474.9 million and eight branches in Oswego and Onondaga counties. The bank ranked number one in deposit market share in Oswego County, with 25 percent of all deposits, according to June 30, 2011 data from the FDIC, the latest available.

Journal Staff