OSWEGO, N.Y. – Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the bank holding company of Pathfinder Bank, has declared a quarterly cash dividend of $0.10 per share for both its voting and non-voting common stock, as well as a $0.10 per notional share for the issued warrant. This dividend, yielding 2.27% annually, marks the company's 29th consecutive year of dividend payments. This dividend pertains to the fiscal quarter ending December 31, 2024.
Shareholders of record as of January 17, 2025, will be eligible to receive the dividend, which is scheduled for payment on February 7, 2025. The announcement was made by James A. Dowd, President and CEO of Pathfinder Bancorp, Inc., whose shares have surged nearly 40% over the past six months. InvestingPro analysis reveals the bank has successfully raised its dividend for four consecutive years.
Pathfinder Bank operates as a New York State chartered commercial bank and is a wholly owned subsidiary of Pathfinder Bancorp, Inc. The bank's deposits are insured by the Federal Deposit Insurance Corporation. With twelve full-service offices located in Oswego and Onondaga County, as well as one limited purpose office in Oneida County, Pathfinder Bank serves a broad local customer base.
The press release also included certain forward-looking statements based on management's current expectations about various economic, legislative, and regulatory issues that could influence the company's future earnings. Factors that could cause actual results to differ include general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values, competition, and changes in accounting principles,
In other recent news, Pathfinder Bancorp has announced significant developments. The company declared a quarterly cash dividend of $0.10 per share for both its voting and non-voting common stock, pertaining to the fiscal quarter ending on September 30, 2024. In addition to this, Pathfinder Bancorp has also received approval to acquire a branch of Berkshire Bank in East Syracuse, New York, a strategic expansion that includes approximately $198 million in deposits and $32 million in consumer and residential loans.
In terms of leadership changes, Ronald Tascarella, the Executive Vice President and Chief Banking Officer, is set to retire in November 2024, with Joseph Serbun appointed as Senior Vice President and Chief Credit Officer. Furthermore, Walter F. Rusnak, the Senior Vice President and Chief Financial Officer, is also retiring with Justin K. Bigham named as his successor.
The company has renewed the employment agreement with President and CEO, James A. Dowd, and introduced a new change in control agreement with Senior Vice President and CFO, Justin Bigham. These recent developments highlight Pathfinder Bancorp's commitment to continuous growth and shareholder value.
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