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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 (NASDAQ: PBHC) reported a significant increase in net income, reaching $3.0 million for Q2 2021, up from $1.8 million in Q2 2020. Total revenue rose by 27% to $11.6 million, driven by a 33.7% increase in net interest income. For the first six months of 2021, net income totaled $5.2 million, a 46.2% increase from 2020. The bank's assets grew to $1.26 billion, with total deposits increasing by 6.3% year-over-year. Despite a rise in noninterest expenses, the company converted preferred stock into non-voting common stock, enhancing financial structure and transparency.
Pathfinder Bancorp has announced a cash dividend of $0.07 per share on both voting and non-voting common stock, alongside $0.07 per notional share for issued warrants for the fiscal quarter ending June 30, 2021. Shareholders of record as of July 16, 2021, will receive the payment on August 13, 2021. The bank operates ten full-service offices in Oswego and Onondaga County, and its deposits are FDIC insured.
Pathfinder Bancorp, Inc. (PBHC) reported a net income of $2.2 million for Q1 2021, a 27.5% increase year-over-year. Revenue reached $10.4 million, up 9.2% from Q1 2020. Total loans increased by 15.3% to $865.3 million, and deposits rose by 18.8% to $1.07 billion. Net interest income grew by 10% to $8.6 million despite a decline in net interest margin to 2.85%. The quarterly cash dividend was raised by 16.7% to $0.07 per share. The company maintains low net loan charge-offs at 0.05%, but nonperforming loans remain at 2.47%, influenced by pandemic-related challenges.
Pathfinder Bancorp, Inc. (NASDAQ: PBHC) updated its earnings release, revising pretax net income for the year ended December 31, 2020, showing a decrease of $659,000 due to a reduction in loan interest income and increased operating expenses. Despite these adjustments, net income and earnings per share remained unchanged. The company also reported an improved income tax expense of $659,000 attributed to net operating loss carryback claims. Total assets and liabilities decreased by $140,000 with no change to shareholders' equity. Key metrics reflected increased nonperforming loans.
Pathfinder Bancorp has declared a cash dividend of $0.07 per share on its common and preferred stock, along with a cash dividend of $0.07 per notional share for issued warrants for the fiscal quarter ending March 31, 2021. Shareholders of record on April 15, 2021, will receive the dividend on May 7, 2021. The bank operates ten full-service offices in Oswego and Onondaga County and is federally insured. This announcement underscores the bank's ongoing commitment to returning value to shareholders amidst competitive and regulatory challenges.
Pathfinder Bancorp reported fourth quarter 2020 net income of $1.9 million, unchanged from Q4 2019, with earnings per share rising to $0.33. Full-year net income surged 62.5% to $7.0 million, driven by a 16.1% revenue increase to $38.5 million. Total loans grew by 5.6% to $825.5 million, while deposits rose 12.9% to $995.9 million. Noninterest expense decreased 3.7% to $24.8 million. The bank's funding cost declined to 1.19%. However, nonperforming loans increased to 1.63%, attributed to COVID-19 impacts. A cash dividend of $0.06 per share was also declared.
Pathfinder Bancorp, Inc. (NASDAQ: PBHC) has announced a cash dividend of $0.06 per share on its common and preferred stock and $0.06 per notional share for the common stock warrant for the fiscal quarter ending December 31, 2020. The dividends are payable to shareholders of record on January 15, 2021, and will be disbursed on February 5, 2021. Pathfinder Bank operates in Oswego and Onondaga Counties, New York, providing comprehensive banking services. This announcement reflects the company's ongoing commitment to returning value to shareholders.
Pathfinder Bancorp (NASDAQ: PBHC) reported a strong third quarter 2020, with net income of $1.5 million, up from $1.3 million in Q3 2019. Revenue rose to $9.8 million, a 15.4% increase year-over-year. For the first nine months of 2020, net income reached $5.0 million, doubling from $2.4 million in the same period last year. Total loans increased 13% year-over-year to $820.3 million, while total deposits grew by 16.1% to $998.2 million. The bank also introduced a new digital banking platform, enhancing service delivery amidst COVID-19 challenges.
Pathfinder Bancorp, Inc. (NASDAQ: PBHC) has completed a private placement of $25 million in 5.50% Fixed to Floating Rate Subordinated Notes. These Notes will mature on October 15, 2030, with a fixed interest rate until October 15, 2025, after which it will be tied to the three-month SOFR plus 532 basis points. This issuance aims to strengthen the Company's capital for growth and replace existing higher-yield debentures without causing shareholder dilution. The offering was facilitated by Performance Trust Capital Partners, LLC.
Pathfinder Bancorp, Inc. (NASDAQ: PBHC) has declared a cash dividend of $0.06 per share on common and preferred stock for the fiscal quarter ending September 30, 2020. Additionally, a $0.06 dividend per notional share will be paid for issued common stock warrants. Shareholders of record on October 16, 2020 will receive the dividend payment on November 6, 2020.
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