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. (NASDAQ: PBHC) is the holding company for Pathfinder Bank, a commercial bank in the savings institutions industry. This news page aggregates company-issued updates, including earnings announcements, dividend declarations, and other events that Pathfinder Bancorp reports through press releases and SEC Form 8-K filings.
Recent news from the company has focused on quarterly financial results, where management discusses net interest income, net interest margin, asset quality metrics, and noninterest income and expense. Pathfinder Bancorp has also highlighted its efforts to mitigate credit risk through portfolio reviews, loan sales, and adjustments to reserves, as well as its focus on expanding and managing its core deposit base.
Investors following PBHC can use this page to review announcements about quarterly and annual performance, information on nonperforming and classified loans, and commentary on the company’s credit risk management framework. The company’s disclosures also cover topics such as the efficiency ratio, pre-tax, pre-provision net income, and the impact of specific transactions, including branch acquisitions and business sales, on reported results.
In addition, Pathfinder Bancorp regularly issues press releases announcing quarterly cash dividends on its voting and non-voting common stock and on a notional share amount related to an issued warrant. These dividend announcements include record dates and payment dates approved by the Board of Directors. By checking this news feed, readers can monitor the timing and terms of these dividends, as well as other material events that the company chooses to disclose.
Pathfinder Bancorp reported a Q3 2024 net loss of $4.6 million ($0.75 per share), compared to net income of $2.0 million in Q2 2024. The loss reflected $9.0 million in provision expense from a comprehensive loan portfolio review. Net interest income increased to $11.7 million, with net interest margin expanding to 3.34%. The company completed its East Syracuse branch acquisition in July 2024, assuming $186.0 million in deposits and acquiring $30.6 million in assets. Total deposits reached $1.20 billion, while total loans were $921.7 million at period end. Nonperforming loans were reduced by 34.0% to $16.2 million, representing 1.8% of total loans.
Pathfinder Bancorp, Inc., the holding company of Pathfinder Bank (NASDAQ: PBHC), has declared a cash dividend of $0.10 per share on both voting and non-voting common stock for the fiscal quarter ending September 30, 2024. The dividend also applies to the issued warrant at $0.10 per notional share. This third quarter 2024 dividend will be payable on November 8, 2024, to shareholders of record as of October 18, 2024.
Pathfinder Bank, a New York State chartered commercial bank, is headquartered in Oswego and is FDIC insured. The bank operates twelve full-service offices in Oswego and Onondaga County, along with one -purpose office in Oneida County.
Pathfinder Bancorp, Inc. (NASDAQ: PBHC) has announced significant changes in its executive leadership. Ronald Tascarella, Executive Vice President and Chief Banking Officer, will retire on November 30, 2024, after 18 years with the company. During his tenure, Pathfinder's loan portfolio grew from approximately $200 million to almost $900 million, a more than 350% increase.
Joseph Serbun has been appointed as Senior Vice President and Chief Credit Officer, effective immediately. Serbun joined Pathfinder Bank in 2023 as Special Assets Manager, bringing 40 years of banking experience. He previously served as President of Retail Banking at Community Bank and has held key senior management roles, including chief credit officer and chief banking officer.
James A. Dowd, President and CEO of Pathfinder, praised Tascarella's contributions to the bank's growth and expansion into the greater Syracuse Market. He also expressed confidence in Serbun's ability to contribute to the executive team, citing his comprehensive industry knowledge and understanding of customers.
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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