Pathfinder Bank net income down in 2013

Pathfinder Bancorp, Inc., headquartered in Oswego, posted net income of $550,000 for the last three months of 2013.

This compares to net income of $729,000 for the same period of 2012.

Company officials say the decrease in net income was principally due to the $277,000 increase in personnel expenses driven by wage increases and increased health insurance expenses under the company’s self-insurance program.

Additionally, a $190,000 increase in other expenses was due, in part, to an additional $53,000 related to fraud losses from a December 2013 merchant security breach of a pool of debit cards.

Net income for the entire year 2013 was $2.4 million, compared to $2.6 million in the full year of 2012.  This decrease in net income was due principally to an increase in personnel expenses, other expenses, and the provision for loan losses.

Basic and diluted earnings per share were 22 cents for the fourth quarter of 2013 as compared to basic and diluted earnings per share of 26 cents for the fourth quarter of 2012.

Basic and diluted earnings per share for the 12-month period ended Dec. 31, 2013 were 96 cents and 95 cents, respectively, as compared to basic and diluted earnings per share of 88 cents and 87 cents, respectively, for the comparable period in 2012.

Total loans were $341.6 million at Dec. 31, 2013, compared to total loans of $333.7 million at Dec. 31, 2012. Growth between these two time periods was impacted by the sale of residential mortgage loans in the second quarter of 2013 in the amount of $8.8 million.

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