Pathfinder Bancorp, Inc. (PBHC) has reported a 22.95 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $0.96 million, or $0.23 a share in the quarter, compared with $0.78 million, or $0.18 a share for the same period last year.
Revenue during the quarter grew 8.46 percent to $6.08 million from $5.60 million in the previous year period. Net interest income for the quarter rose 7.71 percent over the prior year period to $5.16 million. Non-interest income for the quarter rose 2.67 percent over the last year period to $1.19 million.
Pathfinder Bancorp, Inc. has made provision of $0.27 million for loan losses during the quarter, down 21.45 percent from $0.34 million in the same period last year.
Net interest margin contracted 29 basis points to 2.97 percent in the quarter from 3.26 percent in the last year period.
"Driven by solid loan growth and strong deposit generation, the Bank produced a very successful fourth quarter and full year 2016," said Thomas W. Schneider, president and chief executive officer. "Double-digit loan and deposit growth in the Central New York market area is a productive outcome and represents the successful efforts of our team to grow market share and elevate the Bank's competitive profile. Our strong growth numbers enabled the Bank to continue to increase net interest income in the quarter despite continuing headwinds for interest rates on earning assets. Importantly, our asset quality metrics remained stable and continue to compare favorably to industry and peer averages. Our continued success reflects our deep knowledge of the markets and the customers we serve, as well as our commitment to the communities and growing businesses that support our growth. Our commitment to our vision, values and service to customers and community, drives our recognition in the market as a trusted partner. We enter 2017 with a strong balance sheet, abundant capital and growing market relationships which positions the Bank to continue its growth trajectory in 2017."
Return on average assets moved up 2 basis points to 0.52 percent in the quarter from 0.50 percent in the last year period. At the same time, return on average equity increased 210 basis points to 6.44 percent in the quarter from 4.34 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.72 percent in the quarter, down from 0.94 percent in the last year period.
Book value per share was $13.67 for the quarter, up 2.94 percent or $0.39 compared to $13.28 for the same period last year.
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