ONEIDA — Oneida Financial Corp. (NASDAQ: ONFC), parent company of Oneida Savings Bank, recently reported that its net income fell to $1.6 million, or 23 cents a share, in the fourth quarter from nearly $1.8 million, or 26 cents, in the year-ago period. The banking company attributed the profit decline to an increase in non-interest […]
ONEIDA — Oneida Financial Corp. (NASDAQ: ONFC), parent company of Oneida Savings Bank, recently reported that its net income fell to $1.6 million, or 23 cents a share, in the fourth quarter from nearly $1.8 million, or 26 cents, in the year-ago period.
The banking company attributed the profit decline to an increase in non-interest expense, a decrease in net investment gains, and a higher income-tax provision. Thos factors were partially offset by an increase in net interest income, a rise in non-interest income, and an increase in the fair value of equity investments.
Oneida Financial produced net income of almost $6.1 million, or 87 cents per share, for the full 2013 year, up from nearly $5.8 million, or 84 cents, in 2012.
The banking company reported total deposits of $637.3 million as of Dec. 31, up by $69 million, or 12 percent, from a year ago. Oneida Financial generated an increase of $29.4 million in retail deposits and a rise of $39.6 million in municipal deposits over the past year. The company said it invested the increase in deposits into securities and loans receivable.
Oneida Financial reported net loans receivable of $335.7 million as of Dec. 31, up nearly 8 percent from a year earlier, as the company boosted its loan-origination efforts.
Key Q4 operating items
Oneida Financial generated net interest income of $5.1 million in the fourth quarter, up from $4.9 million in the year-ago period. It posted a net interest margin of 3.14 percent in the latest quarter, down from 3.36 percent in the fourth quarter of 2012.
Non-interest income totaled $7.6 million for the fourth quarter of 2013, up from $7.1 million in the year-ago period. The increase was led by a rise in revenue at Oneida Financial’s insurance and other non-banking operations, the company said in its earnings report.
“Our insurance and financial services subsidiaries continue to post impressive results with revenue growth of 12.4 percent,” Michael R. Kallet, president and CEO of Oneida Financial, said in the report.
In addition to Oneida Savings Bank, Oneida Financial’s wholly owned subsidiaries include State Bank of Chittenango, a state chartered limited-purpose commercial bank; Bailey Haskell & LaLonde Agency, an insurance and risk management company; Benefit Consulting Group, an employee-benefits consulting and retirement-plan administration firm; Workplace Health Solutions, a risk-management company specializing in workplace-injury claims management; and Oneida Wealth Management, an investment-services firm. Oneida Savings Bank was established in 1866 and operates 11 branch offices in Madison and Oneida counties.
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