Pathfinder Bancorp Inc. (PBHC, Financial) filed Quarterly Report for the period ended 2011-09-30.
Pathfinder Bancorp Inc. has a market cap of $21.19 million; its shares were traded at around $8.5 with a P/E ratio of 13.08 and P/S ratio of 1.01. The dividend yield of Pathfinder Bancorp Inc. stocks is 1.41%. Pathfinder Bancorp Inc. had an annual average earning growth of 9.5% over the past 5 years.
Net interest income, on a tax-equivalent basis, increased to $3.7 million for the three months ended September 30, 2011, from $3.4 million for the three months ended September 30, 2010. The Company's net interest margin for the third quarter of 2011 increased to 3.82% compared to 3.76% in the same quarter in 2010. The increase in net interest income is attributable to a decrease of 22 basis points in the average cost of interest bearing liabilities, which was greater than the decrease of 16 basis points in the average yield from earning assets. Reductions in the Company s cost of funds was primarily in time deposits as maturing higher rate certificates of deposit were renewed at lower rates reflecting the prolonged low interest rate environment. Average interest-earning assets increased 5.5% to $384.5 million for the three months ended September 30, 2011, as compared to $364.3 million for the three months ended September 30, 2010. The increase in average earning assets is primarily attributable to a $17.7 million increase in average loans and a $3.9 million increase in average interest earning deposits, offset by a $1.5 million decrease in average investment securities. Average interest-bearing liabilities increased $12.0 million to $340.4 million for the three months ended September 30, 2011 from $328.4 million for the three months ended September 30, 2010. The increase in the average balance of interest-bearing liabilities resulted primarily from a $17.1 million increase in average deposits, largely from Money Market Accounts, partially offset by a decrease of $5.0 million in average borrowings.
For the nine months ended September 30, 2011, net interest income, on a tax-equivalent basis, increased to $10.8 million from $10.1 million for the nine months ended September 30, 2010. Net interest margin increased 5 basis points to 3.78% for the nine months ended September 30, 2011, from 3.73% for the nine months ended September 30, 2010. Average interest-earning assets increased 6.3% to $382.2 million for the nine months ended September 30, 2011 as compared to $359.7 million for the nine months ended September 30, 2010, and the yield on interest-earning assets decreased 14 basis points to 4.93% from 5.07% for the comparable prior year period. The increase in average interest-earning assets was attributable to a $21.0 million increase in average loans receivable, and a $5.5 million increase in average investment securities, offset by a $4.0 million decrease in average interest earning deposits. Average interest-bearing liabilities increased $17.9 million. The cost of interest bearing liabilities decreased 20 basis points to 1.28% for the nine months ended September 30, 2011, from 1.48% for the same period in 2010. The increase in the average balance of interest-bearing liabilities was the result of a $19.9 million, or 7.0%, increase in average deposits driven by Money Market Accounts, offset by a $2.0 million, or 5.1% decrease in average borrowings.
Total assets increased approximately $11.9 million, or 2.9%, to $420.4 million at September 30, 2011, from $408.5 million at December 31, 2010. The increase in total assets was primarily the result of an increase of $9.0 million in the total loan portfolio, and a $2.0 million increase in cash and equivalents. The investment securities portfolio has seen nominal growth of $676,000 to $86.0 million, as compared to December 31, 2010 and has undergone a change in composition during the third quarter of 2011 as sales and calls of approximately $10.0 million of taxable state and political subdivision securities were largely reinvested in tax-exempt state and political subdivision securities of similar duration. Premises and equipment, net, increased $1.3 million from December 31, 2010 to September 30, 2011 due principally to the Company's investment in the new Cicero branch location.
Shareholders' equity at September 30, 2011, was $39.4 million as compared to $30.6 million at December 31, 2010. The Company added $1.9 million to retained earnings through net income, and a $1.0 million decrease in accumulated other comprehensive loss to $894,000 from $1.9 million at December 31, 2010, the latter driven largely by the increase in unrealized holding gains of $1.0 million on securities, net of tax expense. In addition, the Company s election to exit from participation in the Treasury s CPP program and participate in the Treasury s SBLF program caused a net increase in capital of $6.2 million but was offset by a $470,000 reduction in retained earnings due to the accelerated accretion of the preferred stock discount. Common stock dividends declared reduced capital by $224,000 and preferred stock dividends paid to the Treasury, under the terms of the CPP agreement, reduced capital by $270,000. The Company s sale of 125,000 shares of treasury stock to the ESOP in the third quarter of 2011 did not have a net impact on consolidated shareholders equity.
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Pathfinder Bancorp Inc. has a market cap of $21.19 million; its shares were traded at around $8.5 with a P/E ratio of 13.08 and P/S ratio of 1.01. The dividend yield of Pathfinder Bancorp Inc. stocks is 1.41%. Pathfinder Bancorp Inc. had an annual average earning growth of 9.5% over the past 5 years.
Highlight of Business Operations:
Net income was $874,000, basic earnings per share were $0.12 and diluted earnings per share were $0.11 for the three-month period ended September 30, 2011, compared to net income of $668,000 and basic and diluted earnings per share of $0.22 for the same period in 2010. This decrease in basic and diluted earnings per share was due to the accelerated accretion on the Series A Preferred Stock totaling $470,000 or $0.19 per basic and diluted share related to the Company s participation in and exit from the CPP. The increase in net income was due to an improvement of $248,000 in net interest income, a decrease of $118,000 in the provision for loan losses, and a $205,000 increase in noninterest income, offset by a $256,000 increase in noninterest expense, all between comparable third quarter periods.Net interest income, on a tax-equivalent basis, increased to $3.7 million for the three months ended September 30, 2011, from $3.4 million for the three months ended September 30, 2010. The Company's net interest margin for the third quarter of 2011 increased to 3.82% compared to 3.76% in the same quarter in 2010. The increase in net interest income is attributable to a decrease of 22 basis points in the average cost of interest bearing liabilities, which was greater than the decrease of 16 basis points in the average yield from earning assets. Reductions in the Company s cost of funds was primarily in time deposits as maturing higher rate certificates of deposit were renewed at lower rates reflecting the prolonged low interest rate environment. Average interest-earning assets increased 5.5% to $384.5 million for the three months ended September 30, 2011, as compared to $364.3 million for the three months ended September 30, 2010. The increase in average earning assets is primarily attributable to a $17.7 million increase in average loans and a $3.9 million increase in average interest earning deposits, offset by a $1.5 million decrease in average investment securities. Average interest-bearing liabilities increased $12.0 million to $340.4 million for the three months ended September 30, 2011 from $328.4 million for the three months ended September 30, 2010. The increase in the average balance of interest-bearing liabilities resulted primarily from a $17.1 million increase in average deposits, largely from Money Market Accounts, partially offset by a decrease of $5.0 million in average borrowings.
For the nine months ended September 30, 2011, net interest income, on a tax-equivalent basis, increased to $10.8 million from $10.1 million for the nine months ended September 30, 2010. Net interest margin increased 5 basis points to 3.78% for the nine months ended September 30, 2011, from 3.73% for the nine months ended September 30, 2010. Average interest-earning assets increased 6.3% to $382.2 million for the nine months ended September 30, 2011 as compared to $359.7 million for the nine months ended September 30, 2010, and the yield on interest-earning assets decreased 14 basis points to 4.93% from 5.07% for the comparable prior year period. The increase in average interest-earning assets was attributable to a $21.0 million increase in average loans receivable, and a $5.5 million increase in average investment securities, offset by a $4.0 million decrease in average interest earning deposits. Average interest-bearing liabilities increased $17.9 million. The cost of interest bearing liabilities decreased 20 basis points to 1.28% for the nine months ended September 30, 2011, from 1.48% for the same period in 2010. The increase in the average balance of interest-bearing liabilities was the result of a $19.9 million, or 7.0%, increase in average deposits driven by Money Market Accounts, offset by a $2.0 million, or 5.1% decrease in average borrowings.
Total assets increased approximately $11.9 million, or 2.9%, to $420.4 million at September 30, 2011, from $408.5 million at December 31, 2010. The increase in total assets was primarily the result of an increase of $9.0 million in the total loan portfolio, and a $2.0 million increase in cash and equivalents. The investment securities portfolio has seen nominal growth of $676,000 to $86.0 million, as compared to December 31, 2010 and has undergone a change in composition during the third quarter of 2011 as sales and calls of approximately $10.0 million of taxable state and political subdivision securities were largely reinvested in tax-exempt state and political subdivision securities of similar duration. Premises and equipment, net, increased $1.3 million from December 31, 2010 to September 30, 2011 due principally to the Company's investment in the new Cicero branch location.
Shareholders' equity at September 30, 2011, was $39.4 million as compared to $30.6 million at December 31, 2010. The Company added $1.9 million to retained earnings through net income, and a $1.0 million decrease in accumulated other comprehensive loss to $894,000 from $1.9 million at December 31, 2010, the latter driven largely by the increase in unrealized holding gains of $1.0 million on securities, net of tax expense. In addition, the Company s election to exit from participation in the Treasury s CPP program and participate in the Treasury s SBLF program caused a net increase in capital of $6.2 million but was offset by a $470,000 reduction in retained earnings due to the accelerated accretion of the preferred stock discount. Common stock dividends declared reduced capital by $224,000 and preferred stock dividends paid to the Treasury, under the terms of the CPP agreement, reduced capital by $270,000. The Company s sale of 125,000 shares of treasury stock to the ESOP in the third quarter of 2011 did not have a net impact on consolidated shareholders equity.
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