UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 2, 2016
PATHFINDER BANCORP, INC.
(Exact name of Registrant as specified in its charter)
Commission File Number: 001-36695
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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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214 West First Street, Oswego, NY 13126
(Address of Principal Executive Office) (Zip Code)
(315) 343-0057
(Issuer's Telephone Number including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
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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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On July 29, 2016, the Company issued a press release disclosing its second quarter financial results. The Company's press release, as originally published, had an inadvertent inconsistency in reported return on average assets, return on average equity and average common equity, and net interest margin between the narrative of the press release and an accompanying disclosure table. In all cases, the previously released narrative was correct and the table has been amended accordingly.
Section 2 – Financial Information
Item 2.02 Results of Operations and Financial Condition
On July 29, 2016, Pathfinder Bancorp, Inc. issued a press release disclosing its second quarter financial results. A copy of the press release is included as Exhibit 99.1 to this report.
The information in Item 2.02 to this Form 8-K and Exhibit 99.1 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except shall be expressly set forth by specific in such filing.
Item 9.01 Financial Statements and Results
Exhibit 99.1. Press Release dated July 29, 2016 reporting financial results for the fiscal quarter ending June 30, 2016.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
PATHFINDER BANCORP, INC.
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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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Item 9.01 Financial Statements and Results
Exhibit 99.1
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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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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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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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