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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.
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Pathfinder Bancorp, Inc. has declared a cash dividend of $0.09 per share on its voting and non-voting common stock, as well as on issued warrants. This dividend pertains to the fiscal quarter ending March 31, 2023, with record shareholders receiving payment on May 19, 2023. The announcement was made by President and CEO James A. Dowd, emphasizing the bank's commitment to delivering shareholder value.
Pathfinder Bank, headquartered in Oswego, New York, operates ten full-service offices and is a wholly-owned subsidiary of Pathfinder Bancorp, Inc. Its deposits are federally insured.
Pathfinder Bancorp, Inc. (NASDAQ:PBHC) has named James A. Dowd as President and CEO, effective immediately. Dowd has served in an interim capacity since April 2022 and will be nominated for election to the Board on June 1, 2023. The Board expressed confidence in Dowd's leadership abilities, highlighting his experience in guiding the company through economic challenges while focusing on expense management and strategic investments. Dowd emphasized the bank's strong financial performance and healthy capital position as advantageous for future growth. Pathfinder Bank operates eleven full-service offices across Oswego and Onondaga Counties in New York.
Pathfinder Bancorp, Inc. (NASDAQ: PBHC) has appointed James A. Dowd as President and CEO, effective immediately. Dowd, who has served in an interim capacity since April 2022, will also be nominated for election to the Board at the annual meeting on June 1, 2023. The Chairman, Chris R. Burritt, expressed confidence in Dowd’s leadership abilities amidst economic challenges, emphasizing his role in effective expense management and future investments. Dowd, who joined the Bank in 1994, aims to enhance community trust and financial performance. Pathfinder Bank operates in Central New York, offering full-service banking through eleven offices.
Pathfinder Bancorp (NASDAQ: PBHC) reported fourth quarter 2022 net income of $3.5 million ($0.58/share), down 9% from $3.9 million in Q4 2021. Full-year net income rose to $12.9 million ($2.13/share), a 4.2% increase from 2021. Q4 total revenue reached $13 million, up 17% year-over-year, with full-year revenue at $47.3 million, a 6.3% increase. Total loans grew by 7.9% to $897.8 million, while total deposits increased by 6.6% to $1.13 billion. Credit quality remained strong, with nonperforming loans stable at 1.00%. A cash dividend of $0.09/share was declared, yielding 1.9%. The company's focus in 2023 will be on expense management and growth initiatives.
Pathfinder Bancorp, Inc. (NASDAQ: PBHC) has declared a quarterly cash dividend of $0.09 per share for both voting and non-voting common stock, as well as a $0.09 per notional share for issued warrants. This dividend, related to the fiscal quarter ending December 31, 2022, is set to benefit shareholders of record by January 17, 2023, with payment scheduled for February 10, 2023. Pathfinder Bank, a subsidiary of Pathfinder Bancorp, is a New York-chartered bank with multiple full-service offices in Oswego and Onondaga Counties.
Pathfinder Bancorp (PBHC) reported net income of $3.2 million for Q3 2022, down from $3.4 million in Q3 2021. Revenue increased by 5.3% to $11.9 million. Total loans reached $886.2 million, rising 16.4% excluding PPP loans. Total deposits also increased by 12.8% to $1.18 billion. Net interest income rose by 10.1% to $10.8 million, with a net interest margin of 3.32%. However, a spike in loan loss provisions to $710,000 was noted. The Board declared a quarterly dividend of $0.09 per share, reflecting an increase of 28.6% compared to the previous year.