Pathfinder net income down slightly

Pathfinder Bancorp, Inc., the mid-tier holding company of Pathfinder Bank, has announced its financial results for the three month period ended March 31.

Net income for the first quarter of 2014 was $489,000 as compared to $505,000 for the comparable prior year period.  The decrease in net income was principally due to the $287,000 increase in personnel expenses driven by salaries and deferred compensation expenses.

Also included here are personnel expenses related to the Company’s acquisition of the Fitzgibbons Agency, LLC.

Basic and diluted earnings per share were 19 cents for the first quarter of 2014 as compared to basic and diluted earnings per share of 20 cents for the first quarter of 2013.  The decrease in basic and diluted earnings per share between these two periods was principally due to the decrease in net income.

Total loans were $348.1 million at March 31, compared to total loans of $341.6 million at Dec, 31, 2013, representing an increase of 1.9 percent.

Growth between these two time periods stemmed largely from a 4.3 percent increase in the commercial loan portfolio.  Residential loan outstandings between these two time periods was essentially unchanged.

For the three months ended March 31,  net interest income increased 4.6 percent to $4 million from the same prior year period.

The largest impact on the improvement in net interest income stemmed from the $201,000 year over year first quarter reduction of interest expense due principally to higher rate maturing certificates of deposit and Federal Home Loan Bank borrowings replaced with similar products but at lower current market rates.

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