We want your news! Send us: News release |Letter to the Editor | Share a picture | Newborn | Birthday | Engagement | Wedding | Other Milestone
Today







New Listing: 3 Talisman Terrace, Oswego

3 Talisman Terrace – Oswego, NY 13126

$257,000

Beautiful 3 bedroom home in Brittany Hill

3 Talisman Terrace, Oswego

Beautiful 3 bedroom, 2.5 bath home in Brittany Hill sub-divison, built in 2013.

Home has cathedral ceilings, gorgeous hardwood floors throughout, and an open floor plan. Central air has been added to the home and it has a partially finished basement with an additional bedroom. Master bedroom has a large walk in closet and much more.

Move right in!

See more information about this listing

Search homes for sale

Relocate to the City of Oswego

Contact Brendan Benson

Licensed NYS Real Estate Salesperson

342-5000 x709 (office) – 315-256-4066 (cell)

or email brendan@askfitzre.com

Logo_RealEstate-askfitzre-withaddress

For Sale: 27 Oxbow, Oswego

27 Oxbow – Oswego, NY 13126

$110,000

Beautiful 3-4 bedroom townhouse in the City of Oswego

27Oxbow-OutsideFront

3 floors of living space in this beautifully maintained townhouse off of Burden Drive in the City of Oswego.

3-4 bedrooms, hardwood floors, gas fireplace, living area open to kitchen and dining room, breakfast nook, plenty of storage space, very nice amenities throughout!

 

See more photos and information!

Search homes for sale

Relocate to the City of Oswego

Contact Brendan Benson

Licensed NYS Real Estate Salesperson

342-5000 x709 (office) – 315-256-4066 (cell)

or email brendan@askfitzre.com

Logo_RealEstate-askfitzre-withaddress

FitzGibbons Agency Partners with Baldwinsville-based Huntington Agency

OSWEGO, NY – FitzGibbons Agency, an Oswego-based Independent Insurance Agency, and a subsidiary of Pathfinder Bank, is completing its integration of the Huntington Agency of Baldwinsville, effective into the FitzGibbons family of insurance agencies, according to John FitzGibbons, agency president.

Huntington Agency was founded in 1966 by Paul Huntington, and purchased by current owner, William Connell Jr. in 1978. Its office is located at 6 Southgate Road, and provides auto, home, business and recreational insurance. The agency represents National Grange, Travelers, and Main Street America.

“We are very excited to partner with the Huntington Agency, and are looking forward to expanding our products and services into the Onondaga County market,” said FitzGibbons. “Bill and his staff have built a very strong reputation over the years at his agency, and his customers will continue to be provided with the level of service they have come to expect from Huntington.”

According to FitzGibbons, both Connell, and long-time staff member Sandra Miller will continue to oversee the day-to-day operations of the agency and have been recently joined by new staffer and Syracuse native Marty Byrne.

Byrne, a graduate of Niagara University, most recently worked as a commercial lines marketing representative and account manager with Brown & Brown Empire State in Syracuse. He will work primarily in a business development and client relationship role at the Huntington Agency.

“Marty is a Syracuse guy, a Bishop Ludden-grad, who knows the market, and will work with Bill to develop new business opportunities, foster our customer base, and truly help the agency reach its full potential in Onondaga County,” said FitzGibbons.

“We are excited to introduce the new products and services to the market, and we are presently in the process of fully integrating our FitzGibbons Agency technology and platform over to the Huntington Agency,” he added.

Pathfinder Bank is a New York chartered savings bank headquartered in Oswego. The bank has eight full service offices located in Oswego County and northern Onondaga County and a business banking office located in downtown Syracuse that opened in the fourth quarter of 2014. Through its subsidiary, Pathfinder Risk Management Company, Inc., the bank owns a 51% interest in the FitzGibbons Agency, LLC.

Fitzgibbons Agency is an Independent Insurance Agency, founded in 1922 by George FitzGibbons. The agency is located at 44 E.Bridge St., Suite 1 in Oswego and provides both personal and business insurance products.  The agency represents Travelers, Hartford, Adirondack Insurance, Harleysville, Progressive and many other insurance carriers. They also offer employer-based programs for health benefits through carriers such as Excellus, UnitedHealthcare, MVP, Aetna, MetLife as well as Aflac and Colonial

For additional information call (315) 342-5000 or visit them online at www.askfitz.com.

McManus Named AVP/Computer Operations Manager at Pathfinder

OSWEGO, NY – Joseph McManus has been named assistant vice president/computer operations manager at Pathfinder Bank, according to Dan Phillips, chief information officer.

“We are very pleased to recognize Joseph with this promotion,” said Phillips. “With his leadership skills, background in Information Science and knowledge of our IT Department, Joseph is a significant benefit to our organization.”

Joe McManus

Joseph McManus

McManus’ duties as computer operations manager will be to continue to maintain and improve network security as well as manage and maintain the banks network infrastructure.  He also has a key role in providing end-user support and mainframe operations.

McManus has a Baccalaureate of Arts degree from the State University of New York at Oswego in Information Science. He has more than 15 years of experience in Information Technology, previously working as senior network technician for Oswego County National Bank and as a senior information systems architect for PCC Information Services.

McManus began his career with Pathfinder Bank in 2008 as a computer operations manager.

McManus resides with his wife and son in Oswego. In his spare time, Joe is a deacon at the Oswego Alliance Church and is working towards his Blackbelt in TaeKwonDo. He is also the board president of Friends of the Library, a Pathfinder Bank Money Smart Educator for the “Keeping Safe in an Electronic World” curriculum, and a volunteer network administrator for Oswego Community Christian School.

In 2013, he was named one of Oswego County’s “40 under 40” and also graduated from Leadership Oswego County.

Pathfinder Bank is a New York State chartered savings bank headquartered in Oswego, whose deposits are insured by the Federal Deposit Insurance Corporation. The bank has nine branch offices located in Oswego, Fulton, Mexico, Lacona, Central Square, Cicero, and Syracuse.

Pathfinder Bancorp, Inc. Declares Dividend

Oswego, NY – Thomas W. Schneider, President/CEO of Pathfinder Bancorp, Inc., the bank holding company of Pathfinder Bank, (NASDAQ Capital Market; symbol: PBHC, listing: PathBcp) has announced that the Company has declared a cash dividend of $.03 per share on the Company’s common stock relating to the fiscal quarter ending March 31, 2015. The dividend will be payable to all shareholders of record on April 15, 2015 and will be paid on May 4, 2015.

About Pathfinder Bancorp, Inc.

Pathfinder Bancorp, Inc. is the bank holding company of Pathfinder Bank, a New York chartered savings bank headquartered in Oswego, New York. The Bank has nine full service offices located in its market areas consisting of Oswego and Onondaga County. Presently, the only business conducted by Pathfinder Bancorp, Inc. is the 100% ownership of Pathfinder Bank and Pathfinder Statutory Trust I.

This release may contain certain forward-looking statements, which are based on management’s current expectations regarding economic, legislative, and regulatory issues that may impact the Company’s earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products, and services.

Sale Pending: 186 E. 5th St., Oswego

186 East 5th Street – Oswego, NY 13126

$69,900

Cute 3 bedroom, 1.5 bath home in the City of Oswego

186 E. 5th St, Oswego

Adorable home on the East side, three bedroom, 1-1/2 bath, open floor plan in kitchen.

Home has newer windows and vinyl siding. Full dry basement, off street parking, fenced in backyard, move in condition and priced to sell!

Find more information about this listing

Search Homes for Sale

Contact Brendan Benson

Licensed NYS Real Estate Salesperson

342-5000 x709 (office) – 315-256-4066 (cell)

or email brendan@askfitzre.com

Logo_RealEstate-askfitzre

Step One Creative Peewees Reach JAM Tourney Finals.

Oswego, NY – The Step One Creative Peewee Red Hockey Team, of the Oswego Minor Hockey Association, advanced to the finals of the Snowbelt Hockey League John Abbott Memorial (JAM) Tournament held recently in Rome, New York. The Bucs lost to the home team Rome Grizzlies 4-1 in the championship game. In the qualifying round, the Oswego squad tied 0-0 against Rome, and defeated Valley 6-0 and Lysander 8-0. Step One Creative has a 29-8-3 record, and concludes their season next weekend at the Pot O’ Gold Tournament in Woodstock, Vermont.

The Step One Creative Peewee Red Hockey Team, of the Oswego Minor Hockey Association, advanced to the finals of the Snowbelt Hockey League John Abbott Memorial (JAM) Tournament held recently in Rome, New York.

The Step One Creative Peewee Red Hockey Team.

Step One Creative Peewees Strong Season Continues

OSWEGO, NY – The Step One Creative Peewee Red hockey team of the Oswego Minor Hockey Association picked up wins over Cortland, Center State, and Rome this past week, and also recently battled to a second-place finish at the annual Mark Mowers Tournament held in Whitestown.

Marcus Baker of the Step One Creative Peewee Red hockey team celebrates his game-winning penalty shot goal that secured his team’s 4-3 comeback win over Elmira at the annual Mark Mowers Tournament held recently in Whitestown. Step One advanced to the championship game against Whitestown before losing 3-2 in overtime. Photo Credit: Rick Back

Marcus Baker of the Step One Creative Peewee Red hockey team celebrates his game-winning penalty shot goal that secured his team’s 4-3 comeback win over Elmira at the annual Mark Mowers Tournament held recently in Whitestown. Step One advanced to the championship game against Whitestown before losing 3-2 in overtime.
Photo Credit: Rick Back

Step One Creative has an overall record of 27-6-2, and concluded its regular season in the Snowbelt League Peewee Red Division with a 12-3-1 record.

“It’s been a very strong stretch of games for our team, and a great overall season,” said Step One Creative Head Coach Frank Brosch. “Our coaches are very proud of the strong effort our players put out game after game.”

Step One Creative Peewees 8 Cortland 0
On the road against Cortland, the Step One Bucs jumped out with three goals in the first period, and then added five more in the second and third to easily take this non-league matchup 8-0.

Spencer Stepien scored just seconds into the game to set off the offensive attack, followed by goals from Cole Cullinan, Lukas Cady (2), Bryson Bush, Keith Vivlamore, Aidan Taylor, and Noah Delaney. Oswego assists came from Cady (2), Vivlamore, Joe DiBlasi, and Patrick Galvin.

Oswego Goalie Hunter Lawton picked up the shutout win and registered 8 saves in the contest.

Step One Creative Peewees 5 Center State 2
At Crisafulli Rink against visiting Center State, the Step One Creative Peewees, took a 1-0 lead off a Delaney goal into the second period, before adding four more goals to win this Snowbelt League game 5-2.

Providing the offense for the Bucs was Stepien with 2 goals and an assist, Vivlamore with 1 goal and an assist, Delaney 1 goal, Taylor 1 goal, DiBlasi 2 assists, and Bush 1 assist.
Lawton stopped 15 shots in the win.

Step One Creative Peewees 4 Rome 0
After a scoreless first period against the visiting Rome Grizzlies, the Step One Creative Bucs picked up an unassisted goal from Cady and then a three-goal hat trick from Vivlamore to pick up the 4-0 win in their Snowbelt League matchup.

Tyler May, Galvin and Delaney assisted on the Vivlamore goals.
Step One Creative’s Lawton picked up his 13th shutout win of the season in net, while registering 29 saves.

WHITESTOWN TOURNAMENT
Whitestown 2 Step One Creative Peewees 1

In the opening preliminary round game of the annual Whitestown “Mark Mowers” Tournament, Oswego faced off against the hometown Whitestown Wolfpack, and lost 2-1 in the matchup.

Oswego’s Delaney picked up the unassisted goal for Step One, and Lawton had 25 saves in the tourney opening loss.

Step One Creative Peewees 3 Syracuse Blazers 0
After Step One Creative and the Syracuse Blazers went scoreless in the first period, Delaney scored off a feed from Stepien at 4:50 of the second period to put the Bucs up 1- 0.

Two more goals in the third, from Vivlamore and Marcus Baker added to the Oswego scoring and 3-0 win. Delaney picked up an assist.
Oswego had 35 shots on net, while Oswego’s Lawton stopped 17 for the shutout win.

Step One Creative Peewees 4 Elmira 3
In a rematch against Elmira from earlier in the season, in which the Step One Peewees fell 4-1, this second matchup turned out to be one of the most exciting games of the season.

After Oswego jumped out to a 1-0 lead just minutes into the game on a Stepien breakaway goal, the Elmira Jackals responded with three unanswered tallies to take a 3-1 lead into the second period.

The Bucs picked up a goal from DiBlasi at 3:23 with a shot from in front of the net to close the gap to 3-2, before a dramatic comeback from Step One Creative took hold in the third period. Stepien scored on the Elmira net minder with five minutes remaining in the game off of a feed from Baker and Bush to notch it a 3-3.

With just 2:19 left in the matchup, Stepien delivered a shot from the side of the net that hit the far post, dropping the puck in front of the net. With the Elmira goalie out of the play, an Elmira defenseman covered the puck in the crease, which in turn was a penalty, and an automatic penalty shot for the Step One team.

Oswego’s Baker, who was closest to the puck at the time, was provided the penalty shot, and scored on a backhand move to put the Bucs up 4-3. After numerous saves by Lawton in the final two minutes, the Bucs got the comeback win, and advanced to the championship against Whitestown.

Whitestown 3 Step One Creative Peewees 2 – CHAMPIONSHIP GAME
In the Whitestown Tournament Championship, Oswego once again faced off against the hometown Wolfpack.

After falling behind 1-0 early, Oswego’s Vivlamore answered unassisted in the second to make it 1-1.

Whitestown scored at 3:16 of the second and took their 2-1 lead going into the third, before Oswego’s Delaney found the net, off a feed from May.

Despite chances by both teams in the closing minutes of the regulation time, the teams could not score, and the game went to overtime where Whitestown scored two minutes into the extra session to win 3-2 and take the championship.

Lawton had 25 saves in the game.

The Step One Creative Peewees will close out their 2014-15 season in the coming weeks with non-league game matchups, as well as the Snowbelt League JAM Tournament and Pot O’ Gold Tournament in Woodstock, Vermont.

The Step One Creative Peewee coaching staff includes: Head Coach Frank Brosch, and Assistants Andy DiBlasi, Pete Cullinan, and Phil Cady.

Pathfinder Bancorp, Inc. Announces Fourth Quarter and Year to Date Earnings

OSWEGO, NY – Pathfinder Bancorp, Inc. (“Company”) (NASDAQ: PBHC) announced its results for the three and twelve month periods ended December 31, 2014.

Highlights for the three and twelve month periods ended December 31, 2014

  • Net income for the fourth quarter of 2014 was $834,000 as compared to $550,000 for the comparable prior year period. The increase in net income of $284,000 was primarily the result of the increase in net interest income due to the increase of average interest-earning asset balances and the decrease in the average cost of interest-bearing liabilities between the fourth quarter of 2014 and the fourth quarter of 2013, partially offset by a $221,000 increase in noninterest expenses and a $227,000 increase in the provision for income taxes. Net income for the twelve month period ended December 31, 2014 was $2.7 million as compared to $2.4 million in the same period in 2013.
  • Basic and diluted earnings per share were $0.20 and $0.19, respectively, for the fourth quarter of 2014, as compared to basic and diluted earnings per share of $0.13 for the fourth quarter of 2013. The increase in basic and diluted earnings per share between these two periods was due principally to the increase in net income available to common shareholders. Basic and diluted earnings per share for the twelve month period ended December 31, 2014 were $0.64 and $0.63, respectively, as compared to basic and diluted earnings per share of $0.58 for the twelve month period ended December 31, 2013.
  • Return on average assets was 0.59% for the three month period ended December 31, 2014 compared to 0.44% for the corresponding period in 2013. The increase was due principally to the increase in net income for the three months ended December 31, 2014 as compared to the prior year period. Return on average assets was 0.51% for the twelve month period in 2014 as compared to 0.48% for the comparable prior year period.
  • Return on average common equity was 6.27% for the three month period ended December 31, 2014, compared to 7.78% for the same period in 2013. This decrease was due principally to an increase in common equity for the three months ended December 31, 2014 as compared to the three months ended December 31, 2013 as a result of the $24.9 million in net proceeds from the conversion and offering that occurred on October 16, 2014. For the twelve month period ended December 31, 2014, return on average common equity was 7.45%, compared to 8.58% for the same period in 2013. This decrease was due principally to an increase in average common equity due to the conversion and offering.
  • Total loans were $387.5 million at December 31, 2014, compared to total loans of $341.6 million at December 31, 2013, representing an increase of 13.4%. This growth of $45.9 million in loans resulted largely from an increase in the commercial real estate loan portfolio and, to a lesser extent, residential mortgage loans.
  • Total deposits were $415.6 million at December 31, 2014, compared to total deposits of $410.1 million at December 31, 2013. The increase of $5.5 million was primarily due to an increase in noninterest-bearing deposits centered in business demand deposit accounts.

“The 2014 year was an important and historic year in the 155 year history of Pathfinder Bank, as its parent holding completed a successful second step conversion from its mutual holding company form of ownership to a fully publicly held institution raising net common capital of $24.9 million,” according to Tom Schneider, President and CEO.

“More significantly, organic growth within the Bank’s loan portfolio continues to positively impact revenue and net income.” Schneider continued, “During the year we experienced an 11.4% growth in total assets, a 13.4% increase in total loans, a 61.1% increase in total equity, a 12.4% increase in core revenue[2], and a 14.1% increase in net income.

“Our ability to manage organic growth is a demonstration of our brand strength and service quality in our markets and the desire of many individuals, businesses and municipalities to be served by a community bank”, Schneider said. “We have remained committed to our core mission and values and receive great support from our community members. The opening of our Pike Block business banking office in downtown Syracuse has also aided our ability to serve this growth market. This market expansion enhances our ability to leverage our new capital through organic growth, drive our revenues higher, and accrete the value of our franchise.”

Income Statement

For the three months ended December 31, 2014, net interest income increased $577,000, or 14.5% to $4.5 million when compared to the three months ended December 31, 2013. The increase in net interest income was due principally to the $420,000 increase in interest income caused by the increase in average balances of loans (primarily commercial real estate and residential mortgage loans) and the $52,000 increase in interest income caused by the increase in average balances of taxable investment securities. Additionally, interest expense decreased $157,000 between the fourth quarter of 2014 and the fourth quarter of 2013 due principally to the decrease in average rates paid on time deposits as maturing certificates of deposits were replaced by certificates of deposit at lower current rates with shorter duration. The cost of time deposits during the fourth quarter of 2014 was 75 basis points, 41 basis points less than the cost of time deposits in the same prior year period. As a result, our net interest margin for the three months ended December 31, 2014 increased to 3.44% from 3.39% during the three months ended December 31, 2013.

For the twelve months ended December 31, 2014, net interest income increased $1.5 million to $17.1 million as compared to the same prior year period. This increase was due primarily to the increase in interest income on loans and investment securities stemming from the increase in average balances on these earning asset products and the decrease in interest expense on time deposits and Federal Home Loan Bank (“FHLB”) borrowings. Significant reductions were recorded in average rates paid on time deposits and FHLB borrowings of 35 basis points and 55 basis points, respectively, between these same two periods. Interest expense on borrowings, the majority of which is from FHLB, decreased $127,000, as the 14.8% increase in average balances, to $40.3 million, was more than offset by the decrease in rates paid from 1.78% in 2013 to 1.23% in 2014. As a result, our net interest margin for the twelve months ended December 31, 2014 increased to 3.40% from 3.34% for the comparable prior year period.

Noninterest income for the three months ended December 31, 2014 increased $223,000 to $1.2 million from the three months ended December 31, 2013. This increase between these two periods was due primarily to an increase of $94,000 in other charges, commissions and fees, due primarily to commissions earned from Pathfinder Risk Management Company, Inc., which owns a 51% membership interest in FitzGibbons Agency, LLC (“Insurance Agency”) which we acquired in December 2013. Additionally, earnings from bank-owned life insurance increased $66,000 due principally to higher level of average balances of this interest earning asset, and net gains on sales of securities, loans and foreclosed real estate increased $42,000, both between these same two time periods.

Noninterest income for the twelve months ended December 31, 2014 increased $343,000, or 10.0%, to $3.8 million as compared to the same prior year period. This increase was driven by the increase in other charges, commissions and fees of $573,000 during the twelve months ended December 31, 2014 as compared to the twelve months ended December 31, 2013. The commissions of the Insurance Agency were responsible for $533,000 of this increase. Additionally, loan servicing fees increased $125,000 due to the recognition of income from guarantee fees of the Federal National Mortgage Association (“FNMA”). Earnings on bank owned life insurance also increased $84,000, during the twelve months ended December 31, 2014 as compared to the comparable prior year period. Partially offsetting this increase was a reduction of $436,000 in net gains on sales of loans and foreclosed real estate between the full year 2014 and the full year 2013. During the twelve months ended December 31, 2013, we recorded $395,000 in net gains from the sale of residential loans as a means of mitigating interest rate risk.

Total noninterest expense for the three months ended December 31, 2014 increased $221,000, or 5.6%, to $4.2 million from the three months ended December 31, 2013. The increase in noninterest expense was due principally to increases in other expenses of $76,000, due principally to a $198,000 loss incurred on a sold FNMA Loan, and personnel expenses of $72,000 between year over year fourth quarter periods. Personnel expenses increased due in part to the increase of $52,000 in personnel expenses of the Insurance Agency between the year over year fourth quarter periods as the Insurance Agency was acquired in December 2013. Limiting the rise of personnel expenses was a $98,000 improvement in the pension benefit and $181,000 reduction in health insurance costs between these same two time periods. The decrease in health insurance costs was the result of the Company changing from self insurance in 2013 to a third party insured high deductible health plan in 2014.

Total noninterest expense for the twelve months ended December 31, 2014 increased $934,000, or 6.3%, to $15.7 million from the same prior year period due largely to the $714,000 increase in personnel expenses and $131,000 in building occupancy expenses. Included in the increase in personnel expense was $286,000 related to the Insurance Agency which was not acquired until December of 2013 and a $265,000 increase in deferred compensation costs. The increase in building occupancy expenses was due to the Company’s acquisition of three properties in December 2013.

We recorded $275,000 in provision for loan losses for the three month period ended December 31, 2014, as compared to $216,000 for the three month period ended December 31, 2013. For the twelve month period ended December 31, 2014 we recorded $1.2 million in provision for loan losses as compared to $1.0 million for the same prior year period. The increase was due to the estimable and probable losses inherent in the increased loan portfolio. Management deems the amount of the provision recorded during 2014 to be adequate in support of the current level of allowance for loan losses.

Balance Sheet as of December 31, 2014

Total assets increased $57.2 million, or 11.4%, to $561.0 million at December 31, 2014 as compared to $503.8 million at December 31, 2013. This increase was due primarily to an increase in earning assets of $54.5 million driven primarily by the increase in loans of $45.9 million. Additionally, investment securities increased $13.6 million between these two dates.

The increase in total assets was funded by the increase in shareholders’ equity due principally to the $24.9 million in net proceeds from the conversion and offering in addition to net income of $2.7 million, and by the $25.2 million increase in FHLB borrowings between December 31, 2013 and December 31, 2014. Additionally, total deposits increased $5.4 million between these same two time periods driven principally by an increase in noninterest-bearing deposits.

The Company’s shareholders’ equity increased $26.1 million, or 61.1%, to $68.8 million at December 31, 2014 from $42.7 million at December 31, 2013. This increase was principally due to the $24.9 million of net proceeds from the conversion and offering and $2.7 million in net income offset by common and preferred stock dividends declared. Offsetting these increases to shareholders’ equity was an increase of $374,000 in accumulated other comprehensive loss due principally to the year end pension adjustment and a $928,000 increase in unearned ESOP reflecting new shares purchased by the ESOP in the conversion and offering.

Asset Quality

Overall delinquency trends recorded an improvement between December 31, 2013 and December 31, 2014 as total past due loans as a percent of total loans decreased from 5.1% to 3.0% at these two dates. All major loan product segments contributed to this improvement. The over 90 days and nonperforming category recorded a small increase as the ratio of nonperforming loans to total loans increased modestly from 1.57% at December 31, 2013 to 1.61% at December 31, 2014 due to the increase in commercial real estate nonperforming loans.

The ratio of net loan charge-offs to average loans increased from 0.15% for 2013 to 0.25% for 2014 reflecting management’s action to charge-off those accounts deemed uncollectible but reserved for in prior periods. The ratio of the allowance for loan losses to period end loans decreased from 1.48% at December 31, 2013 to 1.38% at December 31, 2014 due largely to the previously mentioned charge-offs and management’s quarterly re-evaluation of the environmental factors impacting our borrowers in our markets. Management reviews trends in historical loss rates and environmental factors on a quarterly basis, in addition to assessing the specific allowance needs on impaired loans, and judges the current level of allowance for loan losses to be adequate to absorb the estimable and probable losses inherent in the loan portfolio.

About Pathfinder Bancorp, Inc.

Presently, the only business conducted by Pathfinder Bancorp, Inc., the Maryland chartered holding company and SEC registrant, is the 100% ownership of Pathfinder Bank and Pathfinder Statutory Trust II. Financial highlights for Pathfinder Bancorp, Inc. are attached.

Pathfinder Bank is a New York chartered savings bank headquartered in Oswego, New York. The Bank has eight full service offices located in its market area consisting of Oswego County and northern Onondaga County and a business banking office located in downtown Syracuse that opened in the fourth quarter of 2014. Through its subsidiary, Pathfinder Risk Management Company, Inc., the Bank owns a 51% interest in the FitzGibbons Agency, LLC.

Forward Looking Statements

Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, as described in our SEC filings, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity.

The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions, which may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

[1] Historical data for earnings per share has been adjusted by the exchange ratio of 1.6472 used in the conversion and offering that occurred on October 16, 2014.

[2] Core revenue is net interest income after provision for loan losses plus noninterest income excluding net gains on sales of securities, loans, and foreclosed real estate.

Chadwick Joins APFW Law Firm As Associate

OSWEGO, NY – Amy Chadwick recently joined Amdursky, Pelky, Fennell and Wallen, P.C. as an associate.

Amy Chadwick

Amy Chadwick

APFW Law is a general practice and litigation firm with a presence in Oswego County and Central New York dating well back into the previous century.

Chadwick graduated from Le Moyne College in 2011 with a Bachelor of Arts degree in Political Science and a minor in Criminal Justice.

She then graduated summa cum laude from Syracuse University College of Law in 2014.

She is a member of the American Bar Association, New York State Bar Association, and National Organization of Social Security Representatives.

Chadwick was admitted to practice law on January 14, 2015, and is now accepting new clients.

She is a resident of Auburn, where she lives with her husband, Officer Michael Chadwick, of the Auburn Police Department.

Search Our Archives:

Local Students Recognized at Buffalo State Honors Convocation

Buffalo State proudly recognized the following students for achieving at least a 3.5 cumulative GPA after completing 45 credit hours (30 credit hours for transfer students) at Buffalo State in Buffalo.

Continue reading


Cornell Cooperative Extension Announces Dates For Youth Shooting Sports Program

Cornell Cooperative Extension of Oswego County is accepting registrations into its Shooting Sports Program. This program is open to all girls and boys ages 12 to 19 who are interested in archery, rifle and air pistol.

Continue reading


Christian Unity Supper Planned

A Christian Unity Supper and program sponsored by the Greater Fulton Area Council of Christian Churches will be held on May 12, at First United Church of Fulton, 33 S. Third St., starting at 6 p.m. Participants are asked to bring a dish to pass and table service.

Continue reading


Local Residents Inducted Into Phi Kappa Phi

The following local residents recently were initiated into The Honor Society of Phi Kappa Phi, the nation’s oldest and most selective collegiate honor society for all academic disciplines.

Continue reading


It’s Timberdoodle Time Again!

Learn more about these rarely-seen birds at a public program on April 30 at 7 p.m. at the Amboy 4-H Environmental Education Center.

Continue reading



v3_2014_64