Welcome to our dedicated page for Pathfinder Bancorp Md news (Ticker: PBHC), a resource for investors and traders seeking the latest updates and insights on Pathfinder Bancorp Md stock.
Pathfinder Bancorp Inc. (PBHC), the holding company for New York's community-focused Pathfinder Bank, provides this centralized news hub for tracking financial developments and operational milestones. Investors and community stakeholders will find timely updates on earnings reports, regulatory filings, and strategic initiatives that shape this 160+ year-old institution.
This resource aggregates essential information about PBHC's commercial lending activities, deposit service enhancements, and leadership developments. Users can monitor updates across key categories including quarterly financial results, branch network expansions, asset management strategies, and compliance disclosures.
All content undergoes rigorous verification to ensure accuracy and relevance for financial decision-makers. The curated collection serves both casual observers tracking community banking trends and professional analysts requiring detailed operational data.
Bookmark this page for streamlined access to Pathfinder Bancorp's latest announcements and historical filings. Regular updates ensure stakeholders maintain current awareness of this regional bank's evolving position in New York's financial landscape.
Pathfinder Bancorp (NASDAQ: PBHC) reported a net income of $2.0 million for Q2 2024, consistent with Q2 2023. Total revenue was $10.7 million, down 1.2% YoY. Net interest income decreased by 2.6% to $9.5 million, while non-interest income rose 11.4% to $1.2 million. Non-interest expenses increased by 10.2% to $7.9 million, mainly due to higher salaries and benefits.
Recent acquisition of the East Syracuse branch, with $186 million in deposits and $30 million in loans, is expected to improve liquidity and earnings. The average cost of these deposits was 1.99%, and Pathfinder aims to reduce borrowing costs in Q3 2024.
The net interest margin improved slightly to 2.78% from 2.75% in Q1 2024. However, total loans decreased by $2.8 million to $888.3 million, and nonperforming loans rose to 2.76% from 1.92% at the end of 2023. The allowance for credit losses was increased to 1.90% of loans.
Pathfinder Bancorp, Inc. (NASDAQ: PBHC) has successfully completed the acquisition of Berkshire Bank's East Syracuse, New York branch. The transaction involved Pathfinder assuming approximately $186 million in deposit liabilities and acquiring about $30 million in loans. The conversion process has been finalized, with all designated customer accounts now part of Pathfinder Bank.
This strategic move aligns with Pathfinder's goal of expanding into attractive markets and enhancing shareholder value. The acquisition adds 11 new locations across Onondaga and Oswego counties, strengthening Pathfinder's presence in Central New York. Kim Ciarpelli will continue to lead the East Syracuse office, ensuring a smooth transition for customers.
Pathfinder Bancorp has declared a $0.10 per share cash dividend on its voting and non-voting common stock, including a $0.10 dividend per notional share for the issued warrant. This dividend is for the fiscal quarter ending June 30, 2024, and will be payable on August 9, 2024, to shareholders of record as of July 19, 2024.
Pathfinder Bancorp is the holding company for Pathfinder Bank, a New York State chartered commercial bank with FDIC-insured deposits. The bank operates eleven full-service offices in Oswego and Onondaga County and one -purpose office in Oneida County.
Pathfinder Bancorp announced that its banking subsidiary, Pathfinder Bank, has received regulatory approvals from the New York State Department of Financial Services and the FDIC to acquire Berkshire Bank's East Syracuse branch. The acquisition includes approximately $198 million in deposits and $32 million in loans. This strategic move aims to expand Pathfinder's market footprint in the Syracuse area and is expected to positively impact earnings per share and generate a favorable internal rate of return. The acquisition is slated for completion in Q3 2024, with the branch set to operate as a Pathfinder Bank location.
Pathfinder Bancorp, Inc. announced the retirement of Chief Financial Officer Walter F. Rusnak, who will be succeeded by Justin K. Bigham. Rusnak will retire on June 28, 2024, after over 40 years in finance, while Bigham brings over 25 years of experience to the role. Rusnak's departure comes after significant contributions to the company's growth and strategic initiatives, including acquisitions and financial reporting enhancements.
Pathfinder Bancorp, Inc. reported first quarter 2024 net income of $2.1 million, a decrease from the prior year. The bank showed strong growth in interest and dividend income but faced challenges with increasing interest expenses. The company remains focused on strategic growth and prudent expense management, aiming to enhance shareholder value amidst economic uncertainties.
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