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Pathfinder Bancorp Inc. Reports Operating Results (10-Q)

November 13, 2012 | About:

10qk

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Pathfinder Bancorp Inc. (PBHC) filed Quarterly Report for the period ended 2012-09-30.

Pathfinder Bancorp, Inc. has a market cap of $27.23 million; its shares were traded at around $0 with a P/E ratio of 14.44 and P/S ratio of 1.29. The dividend yield of Pathfinder Bancorp, Inc. stocks is 1.15%. Pathfinder Bancorp, Inc. had an annual average earning growth of 3% over the past 10 years.

Highlight of Business Operations:

For the third quarter of 2012, net income was $670,000 as compared to $874,000 for the third quarter of 2011 due principally to net gains on the sales and redemptions of investment securities in 2011 that were $451,000 greater than that recorded in the third quarter of this year.

The following table sets forth information concerning average interest-earning assets and interest-bearing liabilities and the yields and rates thereon for the periods indicated. Interest income and resultant yield information in the table is on a fully tax-equivalent basis using marginal federal income tax rates of 34%. Averages are computed on the daily average balance for each month in the period divided by the number of days in the period. Yields and amounts earned include loan fees. Nonaccrual loans have been included in interest-earning assets for purposes of these calculations.

Net interest income, on a tax-equivalent basis, increased to $3.8 million for the three months ended September 30, 2012, from $3.7 million for the three months ended September 30, 2011. This was due to an increase in average earning assets between the year over year quarters, and partially offset by the decrease in net interest margin, which has been a continuing trend for several quarters.

Basic and diluted earnings per share were $0.22 in the third quarter of 2012 as compared to basic earnings per share of $0.12 and diluted earnings per share of $0.11 in the third quarter of 2011. This increase was due to net income available to common shareholders being reduced in the third quarter of 2011 due to the accelerated accretion of $470,000 of preferred stock discount as a result of the Company s participation in, and exit from, the U.S. Treasury s Capital Purchase Program.

For the nine months ended September 30, 2012, basic and diluted earnings per share were $0.62 as compared to basic earnings per share of $0.43 and diluted earnings per share of $0.42 for the same prior year period. This improvement was for reasons similar to those provided above.

Read the The complete Report

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