Pathfinder Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2016
January 31, 2017 at 04:53 pm
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Pathfinder Bancorp, Inc. announced unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net interest income of $5,157,000 against $4,788,000 a year ago. The improvement was due to a $677,000 increase in interest and dividend income which resulted principally from an increase of $59.1 million, or 14.0%, in average loans compared to the prior year quarter. Income before income taxes was $1,252,000 against $1,032,000 a year ago. Net income attributable to the company was $959,000 against $780,000 a year ago. Net income available to common shareholders was $959,000 or $0.23 per diluted share against $747,000 or $0.18 per basic and diluted share a year ago. Return on average assets was 0.52% against 0.50% a year ago. Return on average common equity was 6.44% against 5.30% a year ago. Return on average equity was 6.44% against 4.34% a year ago.
For the year, the company reported net interest income of $20,289,000 against $18,767,000 a year ago. The increase primarily resulted from average loan growth of $50.7 million, or 12.5%, compared to the prior year period. Income before income taxes was $4,409,000 against $4,003,000 a year ago. Net income attributable to the company was $3,272,000 against $2,889,000 a year ago. Net income available to common shareholders was $3,256,000 or $0.78 per diluted share against $2,759,000 or $0.66 per basic and diluted share a year ago. Return on average assets was 0.48% against 0.48% a year ago. Return on average common equity was 5.35% against 5.00% a year ago. Return on average equity was 5.35% against 4.08% a year ago. Book value per common share at December 31, 2016 was $13.67 compared to $13.28 a year ago. Tangible book value per common share at December 31, 2016 was $12.55 compared to $12.19 a year ago.
Pathfinder Bancorp, Inc. is a holding company, which operates through its subsidiary Pathfinder Bank (the Bank). The Bank is primarily engaged in the business of attracting deposits from the public, and investing such deposits, in loans secured by commercial and residential real estate, and commercial business and consumer assets other than real estate. The Company also invests in mortgage-backed securities issued or guaranteed by United States Government sponsored enterprises, collateralized mortgage obligations and similar debt securities issued by both government sponsored entities and private (non-governmental) issuers, and asset-backed securities that are generally issued by private entities. Its loan portfolio includes municipal loans, home equity loans and lines and consumer loans. The Company operates over seven branch offices located in Oswego County, four branch offices in Onondaga County, and one limited purpose office in Oneida County.