Buy Or Sell Opportunity • May 04
Now 24% undervalued Over the last 90 days, the stock has risen 9.4% to US$13.30. The fair value is estimated to be US$17.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.0% over the last 3 years. Meanwhile, the company became loss making. Announcement • May 02
Pathfinder Bancorp, Inc. Reports Net Loan Charge Offs for the First Quarter Ended March 31, 2026 Pathfinder Bancorp, Inc. reported net loan charge offs for the first quarter ended March 31, 2026. For the period, the company reported net loan charge-offs of $284,000 compared to $340,000 a year ago. Announcement • Apr 24
Pathfinder Bancorp, Inc., Annual General Meeting, Jun 04, 2026 Pathfinder Bancorp, Inc., Annual General Meeting, Jun 04, 2026. Location: events center, 25 east first street, oswego, 13126, new york United States Buy Or Sell Opportunity • Apr 13
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.6% to US$13.41. The fair value is estimated to be US$17.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.1% over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Apr 03
Fourth quarter dividend of US$0.10 announced Dividend of US$0.10 is the same as last year. Ex-date: 17th April 2026 Payment date: 8th May 2026 Dividend yield will be 3.1%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Announcement • Apr 01
Pathfinder Bancorp, Inc. Declares Dividend to Fiscal Quarter Ending March 31, 2026, Payable on May 8, 2026 James A. Dowd, President and CEO of Pathfinder Bancorp, Inc., has announced that the Company has declared a cash dividend of $0.10 per share on the Company's voting common and non-voting common stock fand a cash dividend of $0.10 per notional share for the issued warrant relating to the fiscal quarter ending March 31, 2026. The first quarter 2026 dividend will be payable to all shareholders of record on April 17, 2026 and will be paid on May 8, 2026. Buy Or Sell Opportunity • Mar 26
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.2% to US$13.12. The fair value is estimated to be US$16.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.1% over the last 3 years. Meanwhile, the company became loss making. Recent Insider Transactions Derivative • Mar 15
Independent Director exercised options to buy US$120k worth of stock. On the 13th of March, Adam Gagas exercised options to buy 9k shares at a strike price of around US$11.35, costing a total of US$100k. This transaction amounted to 4.5% of their direct individual holding at the time of the trade. Since June 2025, Adam's direct individual holding has increased from 189.15k shares to 193.22k. Company insiders have collectively bought US$592k more than they sold, via options and on-market transactions, in the last 12 months. Buy Or Sell Opportunity • Feb 27
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.2% to US$13.13. The fair value is estimated to be US$16.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.1% over the last 3 years. Meanwhile, the company became loss making. Recent Insider Transactions Derivative • Feb 06
Senior VP exercised options to buy US$65k worth of stock. On the 4th of February, William O'Brien exercised options to buy 5k shares at a strike price of around US$10.81, costing a total of US$54k. This transaction amounted to 18% of their direct individual holding at the time of the trade. Since March 2025, William's direct individual holding has increased from 26.93k shares to 27.35k. Company insiders have collectively bought US$165k more than they sold, via options and on-market transactions, in the last 12 months. Buy Or Sell Opportunity • Feb 03
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to US$12.16. The fair value is estimated to be US$16.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.1% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Feb 01
Full year 2025 earnings released: US$0.56 loss per share (vs US$0.56 profit in FY 2024) Full year 2025 results: US$0.56 loss per share (down from US$0.56 profit in FY 2024). Revenue: US$30.5m (down 23% from FY 2024). Net loss: US$3.42m (down 201% from profit in FY 2024). Net interest margin (NIM): 3.21% (up from 2.98% in FY 2024). Cost-to-income ratio: 69.1% (down from 72.8% in FY 2024). Non-performing loans: 3.07% (up from 2.40% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Jan 30
Pathfinder Bancorp, Inc. Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2025 Pathfinder Bancorp, Inc. reported net loan charge-offs for the fourth quarter ended December 31, 2025. For the quarter, the company reported net loan charge-offs of $604,000, compared to $1,020,000 reported a year ago. Upcoming Dividend • Jan 09
Upcoming dividend of US$0.10 per share Eligible shareholders must have bought the stock before 16 January 2026. Payment date: 06 February 2026. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of American dividend payers (4.4%). Higher than average of industry peers (2.3%). Declared Dividend • Dec 26
Third quarter dividend of US$0.10 announced Dividend of US$0.10 is the same as last year. Ex-date: 16th January 2026 Payment date: 6th February 2026 Dividend yield will be 2.9%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 59% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.8% EPS decline seen over the last 5 years. Announcement • Dec 24
Pathfinder Bancorp, Inc. announces Quarterly dividend, payable on February 06, 2026 Pathfinder Bancorp, Inc. announced Quarterly dividend of USD 0.1000 per share payable on February 06, 2026, ex-date on January 16, 2026 and record date on January 16, 2026. Recent Insider Transactions Derivative • Nov 23
Independent Chairman of Board exercised options to buy US$64k worth of stock. On the 20th of November, William Barclay exercised options to buy 5k shares at a strike price of around US$11.35, costing a total of US$51k. This transaction amounted to 5.2% of their direct individual holding at the time of the trade. Since June 2025, William has owned 86.25k shares directly. Company insiders have collectively sold US$119k more than they bought, via options and on-market transactions in the last 12 months. Announcement • Oct 31
Pathfinder Bancorp, Inc. Reports Net Loan Charge Offs for the Third Quarter Ended September 30, 2025 Pathfinder Bancorp, Inc. reported net loan charge offs for the third quarter ended September 30, 2025. For the quarter, the company reported net loan charge offs of $670,000 against $8,722,000 reported a year ago. Declared Dividend • Oct 02
Second quarter dividend of US$0.10 announced Dividend of US$0.10 is the same as last year. Ex-date: 17th October 2025 Payment date: 7th November 2025 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 58% to bring the payout ratio under control. However, EPS has declined by 25% over the last 5 years so the company would need to reverse this trend. Announcement • Sep 30
Pathfinder Bancorp, Inc. Declares Third Quarter 2025 Dividend, Payable on November 7, 2025 Pathfinder Bancorp, Inc. has announced that the Company has declared a cash dividend of $0.10 per share on the Company's voting common and non-voting common stock, and a cash dividend of $0.10 per notional share for the issued warrant relating to the fiscal quarter ending September 30, 2025. The third quarter 2025 dividend will be payable to all shareholders of record on October 17, 2025 and will be paid on November 7, 2025. Buy Or Sell Opportunity • Aug 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.9% to US$14.30. The fair value is estimated to be US$17.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.9% over the last 3 years. Earnings per share has declined by 49%. New Risk • Aug 02
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 169% Current dividend yield: 2.7% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 11% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (169% payout ratio). Profit margins are more than 30% lower than last year (3.7% net profit margin). Market cap is less than US$100m (US$89.8m market cap). Reported Earnings • Aug 02
Second quarter 2025 earnings released: EPS: US$0.005 (vs US$0.32 in 2Q 2024) Second quarter 2025 results: EPS: US$0.005 (down from US$0.32 in 2Q 2024). Revenue: US$8.10m (down 22% from 2Q 2024). Net income: US$31.0k (down 98% from 2Q 2024). Profit margin: 0.4% (down from 19% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Declared Dividend • Jul 05
First quarter dividend of US$0.10 announced Dividend of US$0.10 is the same as last year. Ex-date: 18th July 2025 Payment date: 8th August 2025 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 16% to shift the payout ratio to a potentially unsustainable range, which is more than the 11% EPS decline seen over the last 5 years. Announcement • Jul 01
Pathfinder Bancorp, Inc. Declares Dividend for the Second Quarter of 2025, Payable on August 8, 2025 Pathfinder Bancorp, Inc. has announced that the Company has declared a cash dividend of $0.10 per share on the Company's voting common and non-voting common stock, and a cash dividend of $0.10 per notional share for the issued warrant relating to the fiscal quarter ending June 30, 2025. The second quarter 2025 dividend will be payable to all shareholders of record on July 18, 2025 and will be paid on August 8, 2025. Reported Earnings • May 02
First quarter 2025 earnings released: EPS: US$0.63 (vs US$0.26 in 1Q 2024) First quarter 2025 results: EPS: US$0.63 (up from US$0.26 in 1Q 2024). Revenue: US$12.2m (up 17% from 1Q 2024). Net income: US$2.97m (up 85% from 1Q 2024). Profit margin: 25% (up from 15% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. New Risk • May 01
New major risk - Revenue and earnings growth Earnings have declined by 1.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.5% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (95% payout ratio). Profit margins are more than 30% lower than last year (6.5% net profit margin). Significant insider selling over the past 3 months (US$149k sold). Market cap is less than US$100m (US$84.2m market cap). Announcement • May 01
Pathfinder Bancorp, Inc. Reports Net Charge Offs for the First Quarter of 2025 Pathfinder Bancorp, Inc. reported net charge offs for the first quarter of 2025. Net charge offs (“NCOs”) after recoveries were $340,000 or an annualized 0.15% of average loans in the first quarter of 2025, with gross charge offs for consumer loans, purchased loan pools, and commercial loans offsetting recoveries in each of these categories. NCOs were $1.0 million or an annualized 0.44% of average loans in the linked quarter and $30,000 or 0.01% in the prior year period. Announcement • Apr 25
Pathfinder Bancorp, Inc., Annual General Meeting, Jun 05, 2025 Pathfinder Bancorp, Inc., Annual General Meeting, Jun 05, 2025. Location: events center, 25 east first street, new york 13126, oswego United States Declared Dividend • Apr 03
Fourth quarter dividend of US$0.10 announced Dividend of US$0.10 is the same as last year. Ex-date: 17th April 2025 Payment date: 9th May 2025 Dividend yield will be 2.4%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to decline by 28% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.1% EPS decline seen over the last 5 years. Announcement • Apr 01
Pathfinder Bancorp, Inc. Declares Cash Dividend for the Fiscal Quarter Ending March 31, 2025, Payable on May 9, 2025 Pathfinder Bancorp, Inc. announced that the Company has declared a cash dividend of $0.10 per share on the Company's voting common and non-voting common stock, and a cash dividend of $0.10 per notional share for the issued warrant relating to the fiscal quarter ending March 31, 2025. The first quarter 2025 dividend will be payable to all shareholders of record on April 18, 2025 and will be paid on May 9, 2025. New Risk • Mar 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$94.1m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (9.4% net profit margin). Significant insider selling over the past 3 months (US$149k sold). Market cap is less than US$100m (US$94.1m market cap). Recent Insider Transactions • Feb 25
Insider recently sold US$85k worth of stock On the 20th of February, Ronald Tascarella sold around 5k shares on-market at roughly US$17.00 per share. This transaction amounted to 5.6% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$137k. Insiders have been net sellers, collectively disposing of US$258k more than they bought in the last 12 months. Reported Earnings • Feb 02
Full year 2024 earnings released: EPS: US$0.60 (vs US$1.16 in FY 2023) Full year 2024 results: EPS: US$0.60 (down from US$1.16 in FY 2023). Revenue: US$40.0m (down 2.8% from FY 2023). Net income: US$3.76m (down 47% from FY 2023). Profit margin: 9.4% (down from 17% in FY 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jan 12
Upcoming dividend of US$0.10 per share Eligible shareholders must have bought the stock before 17 January 2025. Payment date: 07 February 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.5%. Lower than top quartile of American dividend payers (4.7%). In line with average of industry peers (2.7%). New Risk • Jan 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$95.8m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (156% payout ratio). Profit margins are more than 30% lower than last year (4.3% net profit margin). Significant insider selling over the past 3 months (US$155k sold). Market cap is less than US$100m (US$95.8m market cap). Declared Dividend • Dec 29
Third quarter dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 17th January 2025 Payment date: 7th February 2025 Dividend yield will be 2.3%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 73% to bring the payout ratio under control. However, EPS has declined by 19% over the last 5 years so the company would need to reverse this trend. Announcement • Dec 24
Pathfinder Bancorp, Inc. Declares Cash Dividend for the Fiscal Fourth Quarter Ending December 31, 2024, Payable on February 7, 2025 Pathfinder Bancorp, Inc. declared a cash dividend of $0.10 per share on the Company's voting common and non-voting common stock, and a cash dividend of $0.10 per notional share for the issued warrant relating to the fiscal quarter ending December 31, 2024. The fourth quarter 2024 dividend will be payable to all shareholders of record on January 17, 2025 and will be paid on February 7, 2025. Recent Insider Transactions • Dec 10
Independent Director recently sold US$137k worth of stock On the 5th of December, Eric Allyn sold around 8k shares on-market at roughly US$16.80 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$133k more than they bought in the last 12 months. Recent Insider Transactions Derivative • Dec 06
Independent Director notifies of intention to sell stock Eric Allyn intends to sell 14k shares in the next 90 days after lodging an Intent To Sell Form on the 5th of December. If the sale is conducted around the recent share price of US$17.00, it would amount to US$243k. Since June 2024, Eric has owned 50.39k shares directly. Company insiders have collectively bought US$201k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Nov 22
Senior VP & Chief Information Officer exercised options to buy US$239k worth of stock. On the 20th of November, Daniel Phillips exercised options to buy 13k shares at a strike price of around US$11.35, costing a total of US$151k. This transaction amounted to 29% of their direct individual holding at the time of the trade. Since March 2024, Daniel's direct individual holding has increased from 41.43k shares to 45.16k. Company insiders have collectively bought US$175k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Nov 01
Third quarter 2024 earnings released: US$0.76 loss per share (vs US$0.27 profit in 3Q 2023) Third quarter 2024 results: US$0.76 loss per share (down from US$0.27 profit in 3Q 2023). Revenue: US$4.47m (down 57% from 3Q 2023). Net loss: US$4.64m (down 382% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$18.91, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 12x in the Banks industry in the US. Total returns to shareholders of 19% over the past three years. Declared Dividend • Oct 03
Second quarter dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 18th October 2024 Payment date: 8th November 2024 Dividend yield will be 2.4%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 8.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Oct 01
Pathfinder Bancorp, Inc. Declares Cash Dividend for the Third Quarter Ended September 30, 2024, Payable on November 8, 2024 Pathfinder Bancorp, Inc. has announced that the company has declared a cash dividend of $0.10 per share on the company's voting common and non-voting common stock, and a cash dividend of $0.10 per notional share for the issued warrant relating to the fiscal quarter ended September 30, 2024. The third quarter 2024 dividend will be payable to all shareholders of record on October 18, 2024 and will be paid on November 8, 2024. Announcement • Sep 29
Pathfinder Bancorp, Inc. Announces Executive Changes Pathfinder Bancorp, Inc. announced that, after 18 years with Pathfinder Bank, Ronald Tascarella, 66, Executive Vice President and Chief Banking Officer, will retire from those positions effective November 30, 2024. Joseph Serbun has been appointed as Senior Vice President, Chief Credit Officer effective immediately. Joseph Serbun to Assume SVP and Chief Credit Officer Role. Serbun joined Pathfinder Bank in 2023 as Special Assets Manager after retiring from his role as President of Retail Banking at Community Bank in September of 2022. Serbun came to Pathfinder Bank with 40 years of banking experience and extensive knowledge of their markets, having served in key senior management roles, including chief credit officer, chief banking officer and president of retail banking. Serbun earned a BA, in economics from SUNY Oneonta. He has served as a board member and volunteered at several local community minded organizations. Recent Insider Transactions • Sep 19
Senior VP & Chief Information Officer recently sold US$78k worth of stock On the 16th of September, Daniel Phillips sold around 5k shares on-market at roughly US$15.64 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$24k more than they sold in the last 12 months. Recent Insider Transactions Derivative • Sep 18
Senior VP & Chief Information Officer notifies of intention to sell stock Daniel Phillips intends to sell 5k shares in the next 90 days after lodging an Intent To Sell Form on the 16th of September. If the sale is conducted around the recent share price of US$15.64, it would amount to US$78k. Since March 2024, Daniel's direct individual holding has decreased from 41.43k shares to 40.38k. Company insiders have collectively bought US$102k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Jul 30
Second quarter 2024 earnings released: EPS: US$0.33 (vs US$0.25 in 2Q 2023) Second quarter 2024 results: EPS: US$0.33 (up from US$0.25 in 2Q 2023). Revenue: US$10.4m (up 7.5% from 2Q 2023). Net income: US$2.00m (up 34% from 2Q 2023). Profit margin: 19% (up from 16% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to US$17.37, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 11x in the Banks industry in the US. Total returns to shareholders of 16% over the past three years. Declared Dividend • Jul 05
First quarter dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 19th July 2024 Payment date: 9th August 2024 Dividend yield will be 2.9%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 5.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jul 02
Pathfinder Bancorp, Inc. Declares Second Quarter 2024 Dividend, Payable on August 9, 2024 Pathfinder Bancorp, Inc. has announced that the Company has declared a cash dividend of $0.10 per share on the Company's voting common and non-voting common stock, and a cash dividend of $0.10 per notional share for the issued warrant relating to the fiscal quarter ending June 30, 2024. The second quarter 2024 dividend will be payable to all shareholders of record on July 19, 2024 and will be paid on August 9, 2024. Announcement • Jun 10
Pathfinder Bancorp, Inc. Elects Tony Scavuzzo as Director Pathfinder Bancorp, Inc. at its AGM held on June 06, 2024 elected Tony Scavuzzo as director. Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: US$0.35 (vs US$0.42 in 1Q 2023) First quarter 2024 results: EPS: US$0.35 (down from US$0.42 in 1Q 2023). Revenue: US$10.4m (down 4.2% from 1Q 2023). Net income: US$2.12m (down 17% from 1Q 2023). Profit margin: 20% (down from 23% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 4% per year. Announcement • Apr 23
Pathfinder Bancorp, Inc., Annual General Meeting, Jun 06, 2024 Pathfinder Bancorp, Inc., Annual General Meeting, Jun 06, 2024, at 10:00 Eastern Standard Time. Location: Bayshore Grove, 78 Bayshore Road Oswego New York United States Agenda: To The election of three directors; to the approval of the Pathfinder Bancorp, Inc. 2024 Equity Incentive Plan; to consider the approval of an advisory non-binding resolution regarding the compensation of our named executive officers (“Say-on-Pay"); and to discuss other matters. Declared Dividend • Apr 04
Fourth quarter dividend increased to US$0.10 Dividend of US$0.10 is 11% higher than last year. Ex-date: 18th April 2024 Payment date: 10th May 2024 Dividend yield will be 3.0%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 17% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 3.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 02
Pathfinder Bancorp, Inc. Declares Cash Dividend for Fiscal Quarter Ending March 31, 2024, Will Be Paid on May 10, 2024 Pathfinder Bancorp, Inc., the bank holding company of Pathfinder Bank has announced that the Company has declared a cash dividend of $0.10 per share on the Company's voting common stock and non-voting common stock, and a cash dividend of $0.10 per notional share for the issued warrant relating to the fiscal quarter ending March 31, 2024. The declared quarterly cash dividends on the Company's voting common and non-voting common stock, as well as for the issued warrant, relating to the fiscal quarter ended March 31, 2024, represents a $0.01 per share, or 11.1%, increase as compared to the $0.09 per share cash dividend declared on the Company's voting common stock and non-voting common stock, and the cash dividend of $0.09 per notional share for the issued warrant relating to the fiscal quarter ended December 31, 2023. The first quarter 2024 dividend will be payable to all shareholders of record on April 19, 2024 and will be paid on May 10, 2024. Reported Earnings • Mar 25
Full year 2023 earnings released: EPS: US$1.16 (vs US$1.64 in FY 2022) Full year 2023 results: EPS: US$1.16 (down from US$1.64 in FY 2022). Revenue: US$41.2m (down 7.6% from FY 2022). Net income: US$7.02m (down 28% from FY 2022). Profit margin: 17% (down from 22% in FY 2022). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.95% (down from 3.24% in FY 2022). Cost-to-income ratio: 66.6% (up from 61.1% in FY 2022). Non-performing loans: 1.92% (up from 1.00% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$11.75, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 9x in the Banks industry in the US. Total loss to shareholders of 7.5% over the past three years. Reported Earnings • Feb 02
Full year 2023 earnings released: EPS: US$1.53 (vs US$1.64 in FY 2022) Full year 2023 results: EPS: US$1.53 (down from US$1.64 in FY 2022). Revenue: US$41.2m (down 7.6% from FY 2022). Net income: US$9.29m (down 4.4% from FY 2022). Profit margin: 23% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 1% per year. Announcement • Dec 27
Pathfinder Bancorp, Inc. Declares Dividend for the Fiscal Quarter Ending December 31, 2023, Payable on February 2, 2024 Pathfinder Bancorp, Inc. announced that the Company has declared a cash dividend of $0.09 per share on the Company's voting common and non-voting common stock, and a cash dividend of $0.09 per notional share for the issued warrant relating to the fiscal quarter ending December 31, 2023. The fourth quarter 2023 dividend will be payable to all shareholders of record on January 12, 2024 and will be paid on February 2, 2024. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$15.24, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 10x in the Banks industry in the US. Total returns to shareholders of 47% over the past three years. New Risk • Nov 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Market cap is less than US$100m (US$78.8m market cap). Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: US$0.36 (vs US$0.40 in 3Q 2022) Third quarter 2023 results: EPS: US$0.36 (down from US$0.40 in 3Q 2022). Revenue: US$10.4m (down 7.2% from 3Q 2022). Net income: US$2.18m (down 9.0% from 3Q 2022). Profit margin: 21% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 7% per year. Upcoming Dividend • Oct 12
Upcoming dividend of US$0.09 per share at 2.7% yield Eligible shareholders must have bought the stock before 19 October 2023. Payment date: 10 November 2023. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of American dividend payers (5.1%). Lower than average of industry peers (3.9%). Announcement • Oct 05
Pathfinder Bancorp, Inc. Declares Dividend for the Fiscal Quarter Ending September 30, 2023, Payable on November 10, 2023 Pathfinder Bancorp, Inc. has announced that the Company has declared a cash dividend of $0.09 per share on the Company's voting common and non-voting common stock, and a cash dividend of $0.09 per notional share for the issued warrant relating to the fiscal quarter ending September 30, 2023. The third quarter 2023 dividend will be payable to all shareholders of record on October 20, 2023 and will be paid on November 10, 2023. Recent Insider Transactions Derivative • Sep 13
Senior VP & Chief Information Officer notifies of intention to sell stock Daniel Phillips intends to sell 4k shares in the next 90 days after lodging an Intent To Sell Form on the 11th of September. If the sale is conducted around the recent share price of US$12.99, it would amount to US$52k. Since December 2022, Daniel's direct individual holding has decreased from 33.80k shares to 33.30k. Company insiders have collectively bought US$544k more than they sold, via options and on-market transactions, in the last 12 months. New Risk • Aug 20
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$183k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Significant insider selling over the past 3 months (US$183k sold). Market cap is less than US$100m (US$77.9m market cap). Recent Insider Transactions • Aug 18
Insider recently sold US$183k worth of stock On the 15th of August, Calvin Corriders sold around 13k shares on-market at roughly US$14.04 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$75k more than they bought in the last 12 months. Recent Insider Transactions Derivative • Aug 18
Insider notifies of intention to sell stock Calvin Corriders intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 15th of August. If the sale is conducted around the recent share price of US$13.96, it would amount to US$140k. Since March 2023, Calvin has owned 34.55k shares directly. Company insiders have collectively bought US$536k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: US$0.33 (vs US$0.41 in 2Q 2022) Second quarter 2023 results: EPS: US$0.33 (down from US$0.41 in 2Q 2022). Revenue: US$9.68m (down 14% from 2Q 2022). Net income: US$1.98m (down 19% from 2Q 2022). Profit margin: 21% (down from 22% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 16% per year. Upcoming Dividend • Jul 13
Upcoming dividend of US$0.09 per share at 2.5% yield Eligible shareholders must have bought the stock before 20 July 2023. Payment date: 11 August 2023. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of American dividend payers (4.9%). Lower than average of industry peers (3.5%). Announcement • Jul 04
Pathfinder Bancorp, Inc. Declares Dividend for the Second Quarter Ended June 30, 2023, Payable on August 11, 2023 James A. Dowd, President and CEO of Pathfinder Bancorp, Inc., the bank holding company of Pathfinder Bank announced that the Company has declared a cash dividend of $0.09 per share on the Company's voting common and non-voting common stock, and a cash dividend of $0.09 per notional share for the issued warrant relating to the fiscal quarter ending June 30, 2023. The second quarter 2023 dividend will be payable to all shareholders of record on July 21, 2023 and will be paid on August 11, 2023. Recent Insider Transactions Derivative • May 07
Independent Chairman of the Board exercised options to buy US$119k worth of stock. On the 4th of May, Chris Burritt exercised options to buy 9k shares at a strike price of around US$11.35, costing a total of US$100k. This transaction amounted to 18% of their direct individual holding at the time of the trade. Chris currently holds less than 1% of total shares outstanding. Company insiders have collectively bought US$420k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • May 03
First quarter 2023 earnings released: EPS: US$0.43 (vs US$0.49 in 1Q 2022) First quarter 2023 results: EPS: US$0.43 (down from US$0.49 in 1Q 2022). Revenue: US$10.9m (flat on 1Q 2022). Net income: US$2.60m (down 10.0% from 1Q 2022). Profit margin: 24% (down from 26% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Apr 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be US$19.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 23%. Upcoming Dividend • Apr 14
Upcoming dividend of US$0.09 per share at 2.2% yield Eligible shareholders must have bought the stock before 21 April 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (3.7%). Buying Opportunity • Mar 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.3%. The fair value is estimated to be US$22.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 27%. Buying Opportunity • Mar 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.2%. The fair value is estimated to be US$22.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 27%. Reported Earnings • Feb 01
Full year 2022 earnings released: EPS: US$2.17 (vs US$1.78 in FY 2021) Full year 2022 results: EPS: US$2.17 (up from US$1.78 in FY 2021). Revenue: US$44.6m (up 2.4% from FY 2021). Net income: US$12.9m (up 39% from FY 2021). Profit margin: 29% (up from 21% in FY 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jan 06
Upcoming dividend of US$0.09 per share Eligible shareholders must have bought the stock before 13 January 2023. Payment date: 10 February 2023. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (3.1%). Announcement • Dec 28
Pathfinder Bancorp, Inc. Declares Dividend for the Fiscal Quarter Ending December 31, 2022, Payable on February 10, 2023 James A. Dowd, President and CEO of Pathfinder Bancorp, Inc., the bank holding company of Pathfinder Bank has announced that the Company has declared a cash dividend of $0.09 per share on the Company's voting common and non-voting common stock, and a cash dividend of $0.09 per notional share for the issued warrant relating to the fiscal quarter ending December 31, 2022. The fourth quarter 2022 dividend will be payable to all shareholders of record on January 17, 2023 and will be paid on February 10, 2023. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: US$0.54 (vs US$0.43 in 3Q 2021) Third quarter 2022 results: EPS: US$0.54 (up from US$0.43 in 3Q 2021). Revenue: US$11.2m (flat on 3Q 2021). Net income: US$3.18m (up 26% from 3Q 2021). Profit margin: 28% (up from 22% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 01
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: US$11.2m (flat on 3Q 2021). Net income: US$3.18m (up 26% from 3Q 2021). Profit margin: 28% (up from 22% in 3Q 2021). Upcoming Dividend • Oct 06
Upcoming dividend of US$0.09 per share Eligible shareholders must have bought the stock before 13 October 2022. Payment date: 11 November 2022. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of American dividend payers (4.5%). Lower than average of industry peers (3.3%). Announcement • Sep 27
Pathfinder Bancorp, Inc. Declares Dividend, to Be Paid on November 11, 2022 James A. Dowd, President and CEO of Pathfinder Bancorp, Inc., the bank holding company of Pathfinder Bank has announced that the Company has declared a cash dividend of $0.09 per share on the Company's voting common and non-voting common stock, and a cash dividend of $0.09 per notional share for the issued warrant relating to the fiscal quarter ending September 30, 2022. The third quarter 2022 dividend will be payable to all shareholders of record on October 14, 2022 and will be paid on November 11, 2022. Announcement • Sep 14
Pathfinder Bancorp, Inc. Announces Resignation of Thomas W. Schneider as Director of Capital Markets and Corporate Strategy Pathfinder Bancorp, Inc. announced that on September 7, 2022, Thomas W. Schneider resigned as Director of Capital Markets and Corporate Strategy. Buying Opportunity • Aug 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.9%. The fair value is estimated to be US$24.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 32%. Reported Earnings • Aug 02
Second quarter 2022 earnings released: EPS: US$0.55 (vs US$0.48 in 2Q 2021) Second quarter 2022 results: EPS: US$0.55 (up from US$0.48 in 2Q 2021). Revenue: US$11.2m (up 4.6% from 2Q 2021). Net income: US$3.27m (up 45% from 2Q 2021). Profit margin: 29% (up from 21% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Jul 07
Pathfinder Bancorp, Inc. Announces Board Appointments Pathfinder Bancorp, Inc. announced that Meghan Crawford-Hamlin and Eric Allyn have been elected to its Board of Directors, according to Chris Burritt, Chairman of the Board. The election was effective as of the May 13, 2022 at the annual meeting for Pathfinder Bancorp, Inc. Crawford-Hamlin serves as the President of Insititutional Sales at BHG Financial, where she oversees the sales strategy for BHG across bank partnerships and strategic partners. Crawford-Hamlin leads a national sales team focused on growing premium revenue and enhancing the experience for clients while driving sales strategic partners. Since joining BHG in 2015, she has generated and serviced relationships with hundreds of community banks nationwide, personally managing the sale of hundreds of millions of dollars of financing for highly skilled professionals to institutional buyers. Hamlin is very active within the banking industry, serving as a member of many state and national bank associations such as the American Bankers Association, as well as the Independent Community Bankers Association. While holding a Bachelor of Arts from Bucknell University, Crawford-Hamlin also serves as an active member of New York Cares, American Cancer Society, and CNY Autism Society of America. Allyn is the former Chairman of the Board of Welch Allyn, Inc, which was sold to Hill Rom in 2015. Allyn is Managing Member and Chief Investment Officer for 50 State LLC, and serves as a Trustee to over 76 Family Trusts. In addition, Allyn is Founder and Managing Partner to two private Investment Funds, which he has managed since 2011. He also serves on the Board of Health Care Originals; serves as LP Advisor to Armory Square Ventures; serves on Upstate Medical University Council; on the Board of Directors of the Allyn Family Foundation, where he has chaired the Investment Committee since 2008, and several other organizations both past and present. Allyn is a frequent speaker nationally and internationally on the topics of family business governance, family enterprises, philanthropy, and investment management. He is a graduate of Dartmouth College, and earned his MBA from University of Virginia (Darden School). 
