pathfinder bancorp inc (PFR) Snapshot

Pathfinder Bancorp Inc. at the Annual Meeting of Shareholders held on April 24, 2013, elected Janette Resnick for a one year term as a director.

Pathfinder Bancorp Inc. reported unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net income of $505,000 as compared to $529,000 for the comparable prior year period. This decrease in net income was due to an increase in the provision for loan losses, a reduction in noninterest income, and an increase noninterest expense between the year over year first quarter periods. Basic and diluted earnings per share were $0.20 compared to basic and diluted earnings per share of $0.16 for the first quarter of 2012. This increase was due to the lack of need for SBLF preferred stock dividend payments through the first quarter of 2013 as positive updated lending information provided to the U.S. Treasury resulted in a credit against the dividend rate for this quarter. Return on average assets was 0.41% compared to 0.47% for the corresponding period in 2012. This decrease was due to the reduction in net income and the increase in average assets between the year over year first quarter periods. Return on average equity was 4.92% compared to 5.52% for the same period in 2012. This decrease was due to the reduction in net income and the increase in average equity between the year over year first quarter periods. Net interest income increased to $3.8 million from $3.7 million in the same prior year period as the decrease in net interest margin was more than offset by the increase in the average balance of earning assets, particularly loans. Income before income taxes was $0.692 million against $0.705 million a year ago. Book value per common share at March 31, 2013 was $10.71 against $9.47 a year ago.

Pathfinder Bancorp Inc. declared a cash dividend of $0.03 per share on the company's common stock relating to the fiscal quarter ending March 31, 2013. The dividend will be payable to all shareholders of record on April 15, 2013 and will be paid on May 3, 2013.