OSWEGO — Pathfinder Bancorp, Inc., holding company for Pathfinder Bank, earned $729,000 in the fourth quarter, up more than 67 percent from a year earlier.
Earnings per share for the period totaled 25 cents a share, up from 10 cents a share in the fourth quarter of 2011. The increase in profit resulted mainly from increases in net interest income and gains on sales of securities, loans, and foreclosed real estate, according to the bank.
For the full year in 2012, Pathfinder earned $2.6 million, or 87 cents a share, up from $2.3 million, or 52 cents a share, in 2011.
“Quality, organic loan growth has allowed us to continue favorable and forward earnings trends despite the strong headwinds of compressed net interest spreads brought on by excessive monetary policy intervention in the national economy,” Pathfinder President and CEO Thomas Schneider said in a news release. “Annual earnings of $2.6 million represent a record level for the company.
“Loan growth of $29 million, or 9.5 percent, while maintaining stable and strong asset quality, has been and will continue to be the key driver of sustainable earnings during this tepid economic recovery. We are confident in our market position to continue our favorable trends.”
Oswego–based Pathfinder (NASDAQ: PBHC) has total assets of $477.8 million and eight branches in Oswego and Onondaga counties.
Contact Tampone at ktampone@cnybj.com