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Profit falls at Pathfinder Bancorp

By Kevin Tampone


OSWEGO — Net income available to common shareholders at Pathfinder Bancorp (NASDAQ: PBHC), the holding company for Pathfinder Bank, was $670,000 in the third quarter, down from $874,000 in the same period a year ago.

The drop resulted mainly from a reduction of $451,000 in net gains on the sales and redemptions of investment securities, according to Pathfinder. Earnings per share for the period totaled 22 cents, compared with 11 cents a year earlier.

Earnings per share were lower last year because of the company’s exit from the U.S. Treasury’s Capital Purchase Program, according to Pathfinder.

“We continue to demonstrate strong organic and diversified growth in our loan portfolio, that has helped to offset the adverse trends in net interest rate spread precipitated by the prolonged period of monetary easing,” Pathfinder President and CEO Thomas Schneider said in a news release. “Our loan portfolio has grown by 10 percent over the past 12 months, while charge-offs have remained low and asset quality stable.

“This growth is the result of strategic focus and resource allocation over the past three years. We believe that quality, diversified loan growth is the key determinant to sustainable earnings growth.”

Oswego–based Pathfinder has total assets of $479.4 million and eight branches in Oswego and Onondaga counties.

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