OSWEGO, N.Y. – Pathfinder Bancorp, Inc. (NASDAQ: PBHC) has announced a forthcoming change in its executive team, with the retirement of its Senior Vice President and Chief Financial Officer, Walter F. Rusnak, slated for June 28, 2024. Justin K. Bigham will take over the CFO role, following a transition period during which Rusnak will serve in an advisory capacity.
Rusnak, 70, who joined Pathfinder Bank in 2015, has been credited with playing a pivotal role in the bank's strategic growth initiatives, including a common stock offering in 2019, the development of the current strategic plan, and the acquisition of the East Syracuse branch of Berkshire Bank. His career in finance spans over four decades, with previous roles at Ovitz Corporation and various banks and credit unions.
The incoming CFO, Bigham, 50, brings over 25 years of experience in financial services, including leadership positions at Five Star Bank and HealthNow New York, as well as senior roles at First Niagara and M&T Bank. His background encompasses a range of banking operations, from accounting to wealth management.
James A. Dowd, President and CEO of Pathfinder, praised Rusnak's contributions to the bank's success and welcomed Bigham, highlighting his financial acumen and leadership qualities as key to driving future strategy and growth.
Pathfinder Bank, founded in 1859, operates 11 full-service offices in Oswego and Onondaga Counties and a limited-purpose office in Oneida County. The bank, which holds $1.5 billion in assets, is focused on serving the business and community banking needs of its customers.
InvestingPro Insights
As Pathfinder Bancorp, Inc. (NASDAQ: PBHC) prepares for a change in its executive ranks, investors and stakeholders may be interested in the latest financial metrics and trends surrounding the company. According to InvestingPro data, Pathfinder Bancorp currently holds a market capitalization of $75.72 million, with a P/E ratio for the last twelve months as of Q1 2024 at 11.61, reflecting the company's earnings relative to its share price.
The bank's commitment to shareholder returns is evident through its dividend track record. An InvestingPro Tip highlights that Pathfinder Bancorp has not only maintained dividend payments for 29 consecutive years but has also raised its dividend for three consecutive years. This consistent return to shareholders underscores the bank's financial stability and dedication to its investors. However, it's worth noting that the company's gross profit margins have been identified as a weak point, which is an area for potential improvement.
With a dividend yield standing at 3.23% as of the latest data, investors looking for steady income streams may find Pathfinder Bancorp an attractive option. Additionally, the company's price/book ratio as of Q1 2024 is 0.64, suggesting that the stock may be undervalued compared to the company's book value. For those interested in a deeper analysis, there are more InvestingPro Tips available for Pathfinder Bancorp, which can be accessed by visiting the InvestingPro platform. Don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
As Pathfinder Bank continues to navigate through its executive transition and strategic growth initiatives, these financial metrics and insights can provide a more comprehensive understanding of the bank's current standing and future potential.
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