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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2009
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2008
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Condensed
Income Statement
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Interest
and dividend income
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$4,430 | $4,500 | ||||||||||
Interest
expense
|
1,717 | 2,088 | ||||||||||
Net
interest income
|
2,713 | 2,412 | ||||||||||
Provision
for loan losses
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135 | 145 | ||||||||||
Net
interest income after provision for loan losses
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2,578 | 2,267 | ||||||||||
Noninterest
income
|
632 | 698 | ||||||||||
Net
gains on securities, loans and
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foreclosed
real estate
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167 | 6 | ||||||||||
Noninterest
expense
|
2,573 | 2,525 | ||||||||||
Income
before taxes
|
804 | 446 | ||||||||||
Provision
for income taxes
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225 | 114 | ||||||||||
Net
Income
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$579 | $332 | ||||||||||
Key
Earnings Ratios
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Return
on average assets
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0.65 | % | 0.40 | % | ||||||||
Return
on average equity
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11.67 | % | 5.94 | % | ||||||||
Net
interest margin (tax equivalent)
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3.53 | % | 3.21 | % | ||||||||
Share
and Per Share Data
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Basic
weighted average shares outstanding
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2,484,832 | 2,483,732 | ||||||||||
Basic
earnings per share
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$0.23 | $0.13 | ||||||||||
Diluted
earnings per share
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0.23 | 0.13 | ||||||||||
Cash
dividends per share (1)
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- | 0.1025 | ||||||||||
Book
value per share
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7.97 | 8.85 | ||||||||||
(1)
No dividends were declared by the Company during the first quarter of
2009. A dividend was declared and
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recorded
during April 2009, relating to the Company's financial performance for the
quarter ended March 31, 2009.
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(Unaudited)
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March
31,
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December
31,
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March
31,
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2009
|
2008
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2008
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Selected
Balance Sheet Data
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Assets
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$361,580 | $352,760 | $337,145 | |||||||||
Earning
assets
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332,443 | 324,872 | 304,985 | |||||||||
Total
loans
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247,979 | 249,872 | 223,390 | |||||||||
Deposits
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293,030 | 269,438 | 271,376 | |||||||||
Borrowed
Funds
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37,400 | 51,975 | 34,310 | |||||||||
Loan
Loss Reserves
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2,553 | 2,472 | 1,851 | |||||||||
Trust
Preferred Debt
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5,155 | 5,155 | 5,155 | |||||||||
Shareholders'
equity
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19,810 | 19,495 | 21,972 | |||||||||
Asset
Quality Ratios
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Net
loan charge-offs (annualized) to average loans
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0.09 | % | 0.02 | % | -0.01 | % | ||||||
Allowance
for loan losses to period end loans
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1.03 | % | 0.99 | % | 0.83 | % | ||||||
Allowance
for loan losses to nonperforming loans
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116.05 | % | 106.41 | % | 86.70 | % | ||||||
Nonperforming
loans to period end loans
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0.89 | % | 0.93 | % | 0.96 | % | ||||||
Nonperforming
assets to total assets
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0.71 | % | 0.75 | % | 0.87 | % | ||||||