Pathfinder Bancorp, the holding company for Pathfinder Bank, announced third quarter 2019 net income available to common shareholders of $1.0 million, compared to $985,000 for the third quarter of 2018.
Diluted earnings per share was $0.22 for the third quarter of 2019, compared to $0.23 for the third quarter of 2018.
Third quarter 2019 revenue (net interest income and total noninterest income) of $8.5 million increased $1.2 million, or 15.7%, compared to $7.3 million for the third quarter of 2018.
“Our solid third quarter 2019 performance was driven by a double-digit increase in interest and dividend income, continued loan and deposit balance growth, stable asset quality metrics and a reduction in the rate of growth of noninterest expenses,†said Thomas W. Schneider, President and Chief Executive Officer.
“Interest and dividend income grew by 21.6%, compared to the third quarter of 2018, reflecting earning asset growth of $118.9 million, or 13.7%, and increased interest yields across a wide range of investment and loan categories.
“Third quarter 2019 originated and acquired loan growth was nearly $33.0 million in aggregate, an annualized increase of approximately 19%, as we took steps to productively utilize the new equity capital raised in the second quarter of 2019.
“Year-over-year total loan balances grew $105.0 million, or 16.9%, compared to the outstanding loan balances at the end of the third quarter of 2018.
“Moreover, the Bank’s strong loan portfolio growth did not come at the expense of asset quality, which remained a significant strength at quarter end with annualized net charge-offs of just 0.07%.â€
“Total deposits were up by more than $50.0 million from the end of the second quarter 2019, which includes a $16.0 million increase in noninterest-bearing deposits.
“Although the growth in noninterest-bearing deposits was partially due to seasonal factors, we see tangible evidence that the Company’s primary strategic focus on improving the effectiveness of its deposit gathering activities is beginning to positively influence our operating results.†■