OSWEGO, N.Y. — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), holding company of Pathfinder Bank, this week reported that its second-quarter revenue rose 12.7 percent to $5.6 million from $5 million in the year-ago period, boosted by strong loan and deposit growth.
The Oswego–based banking company said its net income in the second quarter edged up 2.3 percent to $661,000 from $646,000 in the year-prior quarter. Profit growth trailed revenue growth because the banking company’s expenses rose and its net interest margin was squeezed.
“Our second quarter and six month performance was solid and very productive, characterized by improved bottom line results, increased net interest and noninterest income, strong loan growth and continued success attracting deposits. Loan growth was realized in both our residential and commercial [mortgage] portfolios, and deposit growth was broad-based coming from business, municipal and retail customers,” Thomas W. Schneider, president and CEO of Pathfinder, said in the company’s earnings report. “Our deposit growth was gratifying because it occurred despite some rather aggressive pricing from competitors across our service footprint, indicating the ongoing strength of the Pathfinder brand. … Margin compression continued to be a challenge during the second quarter, and will likely remain so for at least the near-term. The increase in our noninterest expense results from our commitment to adding the talent and systems necessary to prudently manage targeted growth.”
Pathfinder Bank is a New York state-chartered savings bank with eight branches in Oswego County and northern Onondaga County, as well as a business banking office in downtown Syracuse.
Contact Rombel at arombel@cnybj.com