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OSWEGO, N.Y. – Pathfinder Bancorp, Inc. (NASDAQ:PBHC), the parent company of Pathfinder Bank, declared a quarterly cash dividend of $0.10 per share for both its voting and non-voting common stock, as well as for each notional share associated with issued warrants. The dividend pertains to the fiscal quarter ending on September 30, 2024.
Shareholders on record as of October 18, 2024, will be eligible for the dividend, which is scheduled for payment on November 8, 2024. This announcement reflects the company's ongoing commitment to provide returns to its shareholders.
Pathfinder Bank, a commercial bank chartered in New York State and headquartered in Oswego, operates under the FDIC's deposit insurance. With a network that includes twelve full-service offices across Oswego and Onondaga Counties and a limited-purpose office in Oneida County, Pathfinder Bank serves a broad local customer base.
The company's press release also contained forward-looking statements based on current management expectations regarding various economic, legislative, and regulatory factors that may influence the company's future earnings. It is important to note that these forward-looking statements are subject to risks and uncertainties, including but not limited to changes in economic conditions, interest rates, loan demand, real estate values, and competition, as well as changes in accounting principles and governmental regulations.
Investors are reminded that this information is based on a press release statement from Pathfinder Bancorp, Inc. and should consider the various factors that could cause actual results to differ materially from those projected by the company's management.
In other recent news, Pathfinder Bancorp has seen significant changes in its executive leadership and financial operations. The company announced the retirement of Executive Vice President and Chief Banking Officer, Ronald Tascarella, scheduled for November 2024, and the appointment of Joseph Serbun as Senior Vice President and Chief Credit Officer. Additionally, Walter F. Rusnak, the Senior Vice President and Chief Financial Officer, is set to retire 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. Moreover, Pathfinder Bancorp declared a quarterly cash dividend of $0.10 per share for both its voting and non-voting common stock, reflecting its performance for the fiscal quarter ending June 30, 2024.
Pathfinder Bancorp also gained approval to acquire a branch of Berkshire Bank located in East Syracuse, New York. This strategic expansion includes approximately $198 million in deposits and $32 million in consumer and residential loans. These recent developments highlight the company's commitment to continuous growth and shareholder value.
InvestingPro Insights
Pathfinder Bancorp's recent dividend declaration aligns with its strong track record of shareholder returns. According to InvestingPro data, the company boasts a dividend yield of 2.49% and has impressively maintained dividend payments for 29 consecutive years. This consistency is further underscored by an InvestingPro Tip highlighting that Pathfinder has raised its dividend for 3 consecutive years, demonstrating a commitment to increasing shareholder value over time.
The bank's financial health appears robust, with a price-to-book ratio of 0.8, suggesting the stock may be undervalued relative to its assets. Additionally, Pathfinder's profitability is evident from its operating income margin of 29.36% for the last twelve months as of Q2 2024, indicating efficient operations.
Investors might also be interested to know that Pathfinder has shown strong recent performance, with an InvestingPro Tip noting a "Strong return over the last three months." This is corroborated by the impressive 22.85% price total return over the same period.
For those seeking a more comprehensive analysis, InvestingPro offers 6 additional tips for Pathfinder Bancorp, providing deeper insights into the company's financial position and market performance.
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