OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, earned $436,000, or 10 cents a share, in the fourth quarter, down more than 57 percent from a year earlier.
The decline was mainly the result of $155,000 in life insurance proceeds the company received during the fourth quarter of 2010 in connection with the death of a former director, according to Pathfinder. For the full year in 2011, Pathfinder earned $2.3 million, or 53 cents a share, down from $2.5 million, or 82 cents a share, in 2010.
“The reduction in earnings from the prior year reflects both lower asset yields from a flattening yield curve, and higher costs associated with our new Cicero branch, as well as increased costs related to employee benefit plans and our participation in the Small Business Lending Fund,” Pathfinder President and CEO Thomas Schneider said in a news release. “The more positive metrics are the continued strong, balanced, and diversified growth within our loan and deposit portfolios. That growth, which is well in excess of market growth, demonstrates our commitment to quality customer service and strengthens our balance sheet for future earnings within a cyclical interest rate environment.”
Pathfinder has total assets of $443 million and eight branches in Oswego and Onondaga counties.
Contact Tampone at ktampone@cnybj.com