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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Date: August 2, 2016
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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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PATHFINDER BANCORP, INC.
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FINANCIAL HIGHLIGHTS
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(dollars in thousands except per share amounts)
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||||||||||||||||
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||||||||||||||||
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For the three months
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For the six months
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ended June 30,
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ended June 30,
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|||||||||||||||
(Unaudited)
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(Unaudited)
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|||||||||||||||
2016
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2015
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2016
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2015
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Condensed Income Statement
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Interest and dividend income
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$
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5,866
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$
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5,302
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$
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11,578
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$
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10,388
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||||||||
Interest expense
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873
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623
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1,745
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1,206
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Net interest income
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4,993
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4,679
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9,833
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9,182
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Provision for loan losses
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150
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401
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360
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784
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4,843
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4,278
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9,473
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8,398
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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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904
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907
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1,825
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1,720
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Net gain on sales of securities, loans and foreclosed real estate
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122
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45
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202
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97
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Noninterest expense
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4,778
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4,232
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9,481
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8,456
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Income before income taxes
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1,091
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998
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2,019
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1,759
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Provision for income taxes
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225
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290
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498
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514
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Net Income
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$
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866
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$
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708
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$
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1,521
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$
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1,245
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Net income attributable to noncontrolling interest
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$
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34
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$
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14
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$
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28
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$
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22
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Net income attributable to Pathfinder Bancorp, Inc.
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$
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832
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$
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694
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$
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1,493
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$
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1,223
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Preferred stock dividends
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-
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33
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16
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65
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Net income available to common shareholders
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$
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832
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$
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661
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$
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1,477
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$
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1,158
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For the Periods Ending
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June 30,
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December 31,
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June 30,
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||||||||||
2016
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2015
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2015
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Selected Balance Sheet Data
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Assets
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$
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670,971
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$
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623,254
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$
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600,325
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Earning assets
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625,938
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581,722
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563,249
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Total loans
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450,581
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430,438
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403,411
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Deposits
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526,068
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490,315
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457,575
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Borrowed funds
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63,450
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41,300
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62,000
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Allowance for loan losses
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5,930
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5,706
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5,900
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Subordinated loans
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15,008
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14,991
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5,155
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Pathfinder Bancorp, Inc. Shareholders' equity
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59,689
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70,805
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69,671
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Asset Quality Ratios
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Net loan charge-offs (annualized) to average loans
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0.06
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%
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0.25
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%
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0.12
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%
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Allowance for loan losses to period end loans
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1.32
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%
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1.33
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%
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1.46
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%
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Allowance for loan losses to nonperforming loans
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115.17
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%
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107.30
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%
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93.96
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%
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Nonperforming loans to period end loans
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1.14
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%
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1.24
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%
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1.56
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%
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Nonperforming assets to total assets
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0.84
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%
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0.94
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%
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1.11
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%
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PATHFINDER BANCORP, INC.
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FINANCIAL HIGHLIGHTS
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(dollars in thousands except share and per share amounts)
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||||||||||||||||
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||||||||||||||||
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||||||||||||||||
For the three months
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For the six months
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ended June 30,
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ended June 30,
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(Unaudited)
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(Unaudited)
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2016
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2015
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2016
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2015
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Key Earnings Ratios
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Return on average assets
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0.50
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%
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0.46
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%
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0.45
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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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5.84
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%
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4.82
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%
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5.14
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%
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4.28
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%
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Return on average equity
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5.84
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%
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3.93
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%
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4.79
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%
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3.48
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%
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Net interest margin
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3.16
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%
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3.33
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%
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3.16
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%
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3.31
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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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4,149,307
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4,120,000
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4,144,643
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4,116,961
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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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$
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0.36
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$
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0.28
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Diluted weighted average shares outstanding*
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4,233,678
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4,187,210
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4,226,071
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4,178,506
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Diluted 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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$
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0.35
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$
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0.28
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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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0.03
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$
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0.10
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$
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0.06
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Book value per common share at June 30, 2016 and 2015
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13.70
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13.02
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Tangible book value per common share at June 30, 2016 and 2015
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12.61
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11.93
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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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