Maryland
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38-3941859
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(State or Other Jurisdiction of Incorporation or Organization)
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(I.R.S. Employer Identification Number)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4c under the Exchange Act (17 CFR 240.13e-4c))
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Emerging growth company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Date: April 28, 2017
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By: /s/ Thomas W. Schneider
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Thomas W. Schneider
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President and Chief Executive Officer
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A 13.6% increase in net interest income to $5.5 million for the quarter ended March 31, 2017, compared to the first quarter 2016
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First quarter asset quality metrics remained stable and favorable with nonperforming loans to period end loans of 0.71%, down from 0.98% on December 31, 2016, and down from 1.15% on March 31, 2016
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Total deposits at March 31, 2017 of $669.5 million, an increase of $130.2 million, or 24.1%, compared to the prior year quarter, and an increase of $58.5 million, or 9.6%, from December 31, 2016
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Total average interest-earning assets for the first quarter were $739.9 million, an increase of $128.9 million, or 21.1% over first quarter 2016, and up $45.4 million, or 6.5% from fourth quarter 2016
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Total loan growth of $28.9 million, or 5.9%, from December 31, 2016 and $86.9 million, or 20.0%, in the twelve month period since March 31, 2016
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PATHFINDER BANCORP, INC.
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FINANCIAL HIGHLIGHTS
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(dollars in thousands except per share amounts)
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For the three months
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ended March 31,
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(Unaudited)
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2017
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2016
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Condensed Income Statement
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Interest and dividend income
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$
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6,870
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$
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5,712
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Interest expense
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1,373
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872
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Net interest income
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5,497
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4,840
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Provision for loan losses
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389
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210
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5,108
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4,630
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Noninterest income excluding net gains on sales of
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||||||||
securities, loans and foreclosed real estate
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916
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921
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Net gains on sales of securities, loans and foreclosed real estate
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47
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80
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Noninterest expense
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4,999
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4,703
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Income before income taxes
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1,072
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928
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Provision for income taxes
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245
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273
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Net Income
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$
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827
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$
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655
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Net income (loss) attributable to noncontrolling interest
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$
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27
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$
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(6
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)
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Net income attributable to Pathfinder Bancorp, Inc.
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$
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800
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$
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661
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Preferred stock dividends
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-
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16
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Net income available to common shareholders
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$
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800
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$
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645
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For the Periods Ending
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March 31,
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December 31,
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March 31,
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2017
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2016
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2016
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Selected Balance Sheet Data
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Assets |
$
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802,345
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$
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749,034
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$
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665,326
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Earning assets
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757,881
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707,448
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618,584
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Total loans
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521,094
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492,147
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434,179
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Deposits
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669,532
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610,983
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539,358
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Borrowed funds
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53,021
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58,947
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46,000
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Allowance for loan losses
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5,964
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6,247
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5,851
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Subordinated loans
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15,033
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15,025
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14,999
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Pathfinder Bancorp, Inc. Shareholders' equity
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59,379
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57,929
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58,774
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Asset Quality Ratios
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Net loan charge-offs (annualized) to average loans
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0.53
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%
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0.09
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%
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0.06
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%
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Allowance for loan losses to period end loans
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1.14
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%
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1.27
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%
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1.35
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%
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Allowance for loan losses to nonperforming loans
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162.15
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%
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129.85
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%
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117.02
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%
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Nonperforming loans to period end loans
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0.71
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%
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0.98
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%
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1.15
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%
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Nonperforming assets to total assets
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0.54
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%
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0.72
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%
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0.85
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%
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For the three months
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ended March 31,
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(Unaudited)
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2017
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2016
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Key Earnings Ratios
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Return on average assets
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0.41
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%
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0.41
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%
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||||
Return on average common equity**
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5.39
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%
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4.47
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%
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Return on average equity
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5.39
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%
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3.91
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%
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||||
Net interest margin
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2.97
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%
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3.17
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%
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Share and Per Share Data
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Basic weighted average shares outstanding*
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4,051,646
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4,139,979
|
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Basic earnings per share*
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$
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0.20
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$
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0.16
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Diluted weighted average shares outstanding*
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4,153,487
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4,218,464
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Diluted earnings per share*
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$
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0.19
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$
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0.15
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Cash dividends per share
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$
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0.05
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$
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0.05
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Book value per common share at March 31, 2017 and 2016
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13.98
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13.50
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Tangible book value per common share at March 31, 2017 and 2016
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12.87
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12.41
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* Basic and diluted earnings per share are calculated based upon net income available to common shareholders
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after preferred stock dividends.
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Weighted average shares outstanding do not include unallocated ESOP shares.
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** Common Equity includes the book value of the Company's common shares, retained earnings and
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additional paid-in capital. This amount is equal to the Company's total equity minus the book value
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of preferred stock outstanding.
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The above information is preliminary and based on the Company's data available at the time of presentation.
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