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Pathfinder Bancorp Inc (NASDAQ: PBHC) is the holding company for Pathfinder Bank, a commercial bank that has been serving the Central New York community since its establishment in 1859. The bank is deeply rooted in its customer-focused approach to providing financial services, with a mission to foster strong relationships with both individuals and businesses within the communities it serves. Pathfinder Bank operates nine branches, including its latest location on West Fayette Street in downtown Syracuse, and offers a range of online banking services through its website, www.pathfinderbank.com.
Pathfinder Bank attracts deposits from the general public and invests these funds in various types of loans including residential real estate, commercial real estate, small business loans, and consumer loans. In addition, the bank invests in debt securities issued by the United States Government, its agencies, sponsored enterprises, state and municipal obligations, corporate debt securities, mutual funds, and equity securities. The principal source of income for Pathfinder Bank is interest on loans and investment securities.
Recent achievements for Pathfinder Bancorp Inc include the effective management of their deposit base and net interest margins, along with strategic growth and prudent expense management. These efforts have helped the bank maintain stability and resilience despite economic challenges. Pathfinder Bancorp reported first quarter 2024 net income available to common shareholders of $2.1 million, or $0.34 per basic and diluted share, and total revenue of $11.1 million for the same period.
The bank values and prioritizes local decision-making, ensuring that financial solutions are tailored to the unique needs of the communities they serve. As an equal housing lender and member of the Federal Deposit Insurance Corporation (FDIC), Pathfinder Bank continues to build trust and offer reliable financial services to its customers.
Pathfinder Bancorp Inc also engages with capital markets to enhance investor relations and equity research through partnerships with firms like Stonegate Capital Partners. These efforts reflect the company's commitment to enhancing shareholder value and transparency.
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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