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. 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 (PBHC) reported a strong second quarter in 2020, achieving a net income of $1.8 million, up from $607,000 in Q2 2019. Total revenue rose by 15.7% to $9.2 million. Year-to-date net income reached $3.5 million, compared to $1.1 million last year. Average interest-earning assets climbed 20.1%, alongside a reduction in noninterest expenses by 11.9%. However, the company faced a $1.1 million provision for loan losses, reflecting COVID-19-related uncertainties. Overall, total assets grew to $1.17 billion, with a significant increase in deposits to $970.6 million.
Pathfinder Bancorp has declared a cash dividend of $0.06 per share on its common and preferred stock for the fiscal quarter ending June 30, 2020. The same amount will also be issued per notional share for the common stock warrant. Shareholders of record by July 17, 2020 will receive the dividend on August 14, 2020. Pathfinder Bank operates ten full-service offices in New York State, with deposits insured by the FDIC, ensuring safety for its customers.
Pathfinder Bancorp, Inc. (NASDAQ: PBHC) reports a 157.4% increase in net income available to common shareholders, rising to $1.3 million or $0.29 per diluted share in Q1 2020 from $514,000 in Q1 2019. Total revenue increased 24.7% year-over-year to $9.5 million, driven by an 18.8% increase in net interest income. Loans rose by 14.1% to $750.5 million and deposits grew 11.7% to $899.9 million. Despite operational challenges from the COVID-19 pandemic, the Company improved its liquidity and implemented loan deferrals for affected customers.