Oneida Financial Corp.
net income rises 42 percent
ONEIDA — Oneida Financial Corp. reports a 42 percent increase in net income for the first quarter compared to 2011.
Net income for the quarter was $2 million, or 29 cents a share, up from $1.4 million, 20 cents a share, for the 2011 quarter.
The company, which owns Oneida Savings Bank and several other non-banking affiliates, said the increase is primarily the result of increases in net interest income, non-interest income and net investment gains, and a decrease in provision for loan losses. These gains were partially offset by an increase in non-interest expenses and an increase in income tax provision.
Deposit accounts were at the record level of $588.4 million at the end of the quarter, an increase of $37.8 million from the end of 2011. Total deposits increased $12.3 million from the first quarter of last year, an increase of $10.5 million in retail deposits combined with an increase of $1.8 million in municipal deposits over the past year.
Net loans receivable totaled $286.1 million compared to $286.6 million at the end of 2011 and $284.3 million at the end of last year’s first quarter.
The 146-year-old financial services firm reported investment and mortgage-backed securities totaled $271.7, an increase of $27.2 million from the end of 2011, and an increase of $13.5 million from first quarter 2011.
Total equity was $88.9 million at the end of the quarter, an increase of $950,000 from the end of 2011 and an increase of $2.1 million from first quarter 2011. The change incorporates the repurchase of 249,224 shares of common stock and the declaration of cash dividends during the trailing 12-month period.
There are 12 banking offices, including in Rome, Lee, Camden, Westmoreland and Vernon.