Pathfinder Bancorp, Inc. reports recurring developments for its role as the bank holding company of Pathfinder Bank, a commercial bank serving Central New York depositors and borrowers. Company updates commonly cover operating results, net interest margin, core deposit trends, commercial loan growth, residential and commercial real estate lending, small business and consumer lending, and credit quality.
News also includes capital-return actions such as quarterly cash dividends on voting and non-voting common stock and the issued warrant. Recent operating themes include commercial loan portfolio review activity, reserve levels, asset-quality actions, funding from the deposit franchise, and changes in noninterest income following the sale of the insurance agency business.
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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