Pathfinder Bancorp posts hefty increase in first-quarter profit

CNY Business Journal (1996+), May 2, 2008

OSWEGO - Pathfinder Bancorp, Inc. (NASDAQ: PBHC), holding company for Pathfinder Bank, earned $332,000 in the first quarter, more than double its profit from a year ago.

Earnings per share totaled 13 cents, up from 7 cents last year.

"First-quarter earnings continued a favorable trend of revenue growth from both net interest income and fee income sources," Thomas Schneider, Pathfinder Bancorp's president and CEO, said in a news release. "Additionally, net interest income grew by 13 percent on a combination of volume increase and spread expansion, while core fee income categories increased by 17 percent over the first quarter of 2007.

"These results were slightly mitigated by higher provisioning for loan losses to reflect the growth in the loan portfolio and general economic conditions."

Pathfinder Bank has seven branches in Oswego County, where it is the leading bank with more than 24 percent of the deposit market, according to the latest federal statistics.