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Oswego dean selected for Impact Academy fellowship by DFI
OSWEGO — SUNY Oswego School of Education Dean Laura Spenceley was recently named an Impact Academy fellow through the national nonprofit organization Deans for Impact (DFI). Spenceley and 23 other leaders, selected for their commitment to improving educator preparation, are part of the fellowship’s eighth cohort. “For the eighth year in a row, we welcome […]
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OSWEGO — SUNY Oswego School of Education Dean Laura Spenceley was recently named an Impact Academy fellow through the national nonprofit organization Deans for Impact (DFI).
Spenceley and 23 other leaders, selected for their commitment to improving educator preparation, are part of the fellowship’s eighth cohort.
“For the eighth year in a row, we welcome a diverse group of outstanding leaders to Impact Academy who are steadfast in their commitment to ensuring all PK-12 students access well-prepared teachers,” DFI Executive Director Valerie Sakimura said. “As communities respond to shortages of skilled educators, there is no more crucial time to ensure that we’re building pathways into teaching that are accessible, practice-based, and focused on equitable instruction. Leaders in educator preparation play an essential role in charting the future of the teaching profession.”
Through its Impact Academy Fellowship, DFI aims to fill the need for leaders who can strengthen and diversify the educator workforce. To date, the program has provided more than 130 dean-level leaders with skills, knowledge, and strategies to prioritize instructional quality and build more equitable systems of teaching and learning.
“Throughout my career, it has been important to me to find a strong group of mentors,” Spenceley said in a press release. “This opportunity really was serendipitous as I learned about this fellowship at a conference when a DFI staff member was on a panel. What spoke to me about it is that, as a newer dean, I was looking for a cohort of both novice and more experienced deans who could provide knowledge and support, as well as a sense of community.”
Fellows will participate in monthly learning sessions through the summer of 2024, receive one-on-one coaching from seasoned leaders, and engage in peer consultancies to address field-facing challenges in real time. Through the fellowship, they will hone their abilities with stakeholders in a shared vision for change grounded in a scientific understanding about how students learn. Each fellow will work on an adaptive challenge their institution’s education program faces.
DFI is a nonprofit organization that says it is committed to ensuring every child is taught by a well-prepared teacher. It supports preparation programs to bring the science of learning into teaching practice, partners with policymakers, and equips leaders with tools to address today’s challenges.
Chemung Financial to pay Q3 dividend of 31 cents in early October
ELMIRA, N.Y. — Chemung Financial Corp. (NASDAQ: CHMG) announced that its board of directors has approved a quarterly cash dividend of 31 cents per share of its common stock. The banking company will pay the dividend on Oct. 2, to shareholders of record as of the close of business on Sept. 18. At Chemung Financial’s
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ELMIRA, N.Y. — Chemung Financial Corp. (NASDAQ: CHMG) announced that its board of directors has approved a quarterly cash dividend of 31 cents per share of its common stock.
The banking company will pay the dividend on Oct. 2, to shareholders of record as of the close of business on Sept. 18.
At Chemung Financial’s current stock price, the payment yields about 3 percent on an annual basis.
Chemung Financial is a $2.7 billion financial-services holding company headquartered in Elmira and operates 31 offices through its principal subsidiary, Chemung Canal Trust Company, a full-service community bank with full trust powers.
The company operates 31 offices through its main subsidiary, Chemung Canal Trust Company, a full-service community bank with full trust powers. Founded in 1833, Chemung Canal Trust says it is the oldest locally owned and managed community bank in New York state.
Chemung Financial is also the parent of CFS Group, Inc., a financial-services subsidiary offering non-traditional ser vices including mutual funds, annuities, brokerage services, tax-preparation services, and insurance, as well as Chemung Risk Management, Inc., an insurance company based in Nevada.
New York egg production dips 1.5 percent in July
Farms in New York state produced 147.7 million eggs in July, down 1.5 percent from 149.9 million eggs in the year-ago month, the USDA’s National Agricultural Statistics Service (NASS) recently reported. The number of layers in the Empire State averaged 5.75 million in the seventh month of this year, up 0.5 percent from 5.72 million
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Farms in New York state produced 147.7 million eggs in July, down 1.5 percent from 149.9 million eggs in the year-ago month, the USDA’s National Agricultural Statistics Service (NASS) recently reported.
The number of layers in the Empire State averaged 5.75 million in the seventh month of this year, up 0.5 percent from 5.72 million layers in the year-prior month. Egg production per 100 layers slipped 2 percent to 2,569 eggs in July compared to 2,621 eggs in July 2022.
In neighboring Pennsylvania, egg production rose almost 8 percent to more than 715 million eggs in July from just under 660 million eggs a year before.
U.S. egg production totaled 9.37 billion eggs in July, up 3.5 percent from nearly 9.06 billion eggs in July 2022.
Syracuse University EBV program graduates 25 in latest class
SYRACUSE — This year’s Entrepreneurship Bootcamp for Veterans (EBV) program at Syracuse University ended in late July with 25 graduates. The initiative leverages the skills, resources, and infrastructure of higher education to offer training in entrepreneurship and small-business management at no cost to all post-9/11 veterans, Syracuse said in an Aug. 1 news release about
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SYRACUSE — This year’s Entrepreneurship Bootcamp for Veterans (EBV) program at Syracuse University ended in late July with 25 graduates.
The initiative leverages the skills, resources, and infrastructure of higher education to offer training in entrepreneurship and small-business management at no cost to all post-9/11 veterans, Syracuse said in an Aug. 1 news release about the program.
During the graduation ceremony at the National Veterans Resource Center, J. Michael Haynie, IVMF’s co-founder and executive director, shared his personal opinion on what makes the program a success in preparing veterans for the challenges of entrepreneurship.
The IVMF is a shortened way of referring to Syracuse’s D’Aniello Institute for Veterans and Military Families.
“The EBV program really embodies the convergence of two truths that I hold very closely. The first of those is the power of business ownership to change the trajectory of lives and families,” Haynie said. “The second truth is the resiliency, the grit, and the selflessness of those who have served, and how those attributes translate to the relentless pursuit of the next big challenge, however daunting that challenge may be.”
Haynie is also a U.S. Air Force veteran and Syracuse University’s vice chancellor for strategic initiatives and innovation.
John Wildhack, Syracuse director of athletics, served as the guest speaker during the graduation ceremony. Wildhack shared some of his personal insight from his time during the startup of ESPN and provided some of his own advice to guide them on their path upon leaving campus and returning to their entrepreneurial journey.
“As you embark on your next chapter or continue to grow the business you’ve already established, identify what motivates you, what drives you, and what’s most important to you both in your work and as an individual,” Wildhack said in the Syracuse University release. “For me, it’s the three F’s: Family, Faith and Friends.”
Spreading the word
The EBV program also calls upon previous graduates who have seen significant success after attending one of the IVMF’s entrepreneurial-training programs. One such graduate is U.S. Marine Corps veteran Chris Dambach, owner of Industry Standard USA in the town of Clay.
Dambach’s business provides construction and facility-support services for government projects and has been featured on the Inc. 5,000 list celebrating the fastest-growing businesses in the U.S.
Dambach also had a hand in recruiting one of this year’s graduates, Brandon Johnson, a Syracuse business owner and U.S. Air Force veteran. Johnson is the owner of Crossett Property Management, which manages several properties located primarily in the Strathmore area of the city.
“I met [Dambach] at a veteran-focused conference a few years ago, and we were talking about getting into the government contracting space eventually, and he told me I had to do the EBV program,” Johnson said in the Syracuse news release. “Just feeling the energy in the room and being exposed to the faculty that’s here, it’s just a great refresher to keep our tools sharpened to go out there and be successful in business.”
NBT’s Q2 earnings dip, but outlook remains positive
NORWICH, N.Y. — NBT Bancorp, Inc. (NASDAQ: NBTB) closed out the second quarter of 2023 with about a 20 percent decline in profit amid a volatile market, but banking-company executives expressed a positive outlook for the remainder of the year. NBT reported that net income fell to $30.1 million, or 70 cents a share, in
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NORWICH, N.Y. — NBT Bancorp, Inc. (NASDAQ: NBTB) closed out the second quarter of 2023 with about a 20 percent decline in profit amid a volatile market, but banking-company executives expressed a positive outlook for the remainder of the year.
NBT reported that net income fell to $30.1 million, or 70 cents a share, in the second quarter of this year, from net income of $37.8 million, or 88 cents per share, in the same quarter a year prior. The latest quarter’s results were also down from NBT’s first-quarter net income of $33.7 million, or 78 cents a share.
In an Aug. 1 conference call with analysts, investors, and the media, NBT officials attributed the lower earnings to higher funding costs, amid higher interest rates. NBT also experienced $4.5 million, or 8 cents per share, in securities losses during the second quarter and incurred $1.2 million, or 2.3 cents per share, in expenses related to its acquisition of Salisbury Bancorp, Inc.
NBT formally completed that merger on Aug. 11, according to a company news release. Salisbury transitioned to NBT that day, with all 13 Salisbury branches in northwestern Connecticut, the Hudson Valley region, and southwestern Massachusetts opening as NBT branches on Aug. 14.
While noting there was a lot of volatility during the second quarter, John H. Watt, Jr., NBT president and CEO, remained positive. “Throughout this period, NBT focused on our customers and our communities, and our results demonstrate the success of this approach,” he contended.
With the Salisbury acquisition under its belt, Watt said NBT is on offense for the second half of the year.
“We are well positioned with strong liquidity and capital levels, a diversified business mix, highly effective risk-management practices, and a team of experienced professionals,” he said.
Q2 earnings details
Highlights of the second quarter include loan growth on both the commercial and consumer sides of 5 percent. Loans totaled $8.36 billion at the end of the quarter, up $208 million from Dec. 31, 2022.
“We grew loans in all our core portfolios in the second quarter, and our funding sources remained resilient. Our credit performance remained consistent and favorable, and we continued to grow capital,” Watt said in NBT’s earnings report issued on July 31.
The banking company’s deposits climbed by $34 million, or 0.4 percent, to $9.53 billion as of June 30, compared to the end of 2022. NBT also continued to experience a migration from noninterest-bearing and low-interest checking and savings accounts into higher-cost money market and time-deposit instruments as interest rates rose.
In July, NBT’s EPIC Retirement Plan Services subsidiary acquired the assets of North Carolina–based Retirement Direct, LLC, a move that added more than $2 billion in assets and more than 500 individual retirement plans to EPIC’s portfolio.
NBT Bancorp also reported that it bought back 87,000 shares of its common stock in the second quarter of 2023 at an average price of $31.94 per share under its previously announced share repurchase program. The banking company said it may buy back shares of its common stock from time to time to mitigate the potential dilutive effects of stock-based incentive plans and other potential uses of common stock for corporate purposes. As of June 30, 2023, NBT had 1.5 million shares available for repurchase under this plan authorized on Dec. 20, 2021 and set to expire on Dec. 31, 2023.
NBT’s stock price has declined about 15 percent year to date, as of the close on Aug. 14. The stock had a solid 2022 year, rising nearly 12 percent.
Norwich–based NBT Bancorp, with total assets of $11.9 billion, is a financial holding company that operates NBT Bank, N.A., a full-service bank, as well as Rochester–based EPIC Retirement Plan Services, a benefits-administration firm, and NBT Insurance Agency, a full-service insurance agency.
Nonprofits can apply for Excellus HEIA funding until Sept. 14
Regional nonprofits have until the end of the day on Sept. 14 to apply for 2023 Health Equity Innovation Award (HEIA) funding from Excellus BlueCross BlueShield. The awards help pay for health and wellness programs that address racial and ethnic health disparities in upstate New York. Nonprofits can apply for funding up to $30,000, Excellus
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Regional nonprofits have until the end of the day on Sept. 14 to apply for 2023 Health Equity Innovation Award (HEIA) funding from Excellus BlueCross BlueShield.
The awards help pay for health and wellness programs that address racial and ethnic health disparities in upstate New York. Nonprofits can apply for funding up to $30,000, Excellus said in its Aug. 14 announcement.
The online-application period is now open and continues through 11:59 p.m. on Thursday, Sept. 14. Excellus will announce the HEIA winners in late October.
“Excellus BlueCross BlueShield Health Equity Innovation Award funding aims to support initiatives, programs, and research that specifically target and address the root causes of health inequities, with a focus on addressing structural racism,” Dr. Lisa Harris, Excellus’ senior VP and chief medical officer, said in a news release. “We believe that by investing in projects that tackle the underlying social, economic, and systematic factors that contribute to health disparities, we can work towards creating a more just and equitable healthcare system.”
Excellus will consider application proposals for initiatives or projects that have “proven data outcomes and can be expanded.” Proposals for HEIA funding must include “clear, defined” goals for reducing health disparities and the burden of health inequities and social disadvantages, Excellus said. It will require organizations to specify how funding will “measurably” assist in improving racial and ethnic health-equity outcomes.
Health Equity Innovation Award categories include, but are not limited to: reducing health disparities in racial, ethnic, LGBTQIA+ communities; people with disabilities; people living in rural or urban communities; or other groups of people that may be at a higher health risk for medical issues and conditions (chronic or acute), behavioral health or mental-health conditions, and negative outcomes from the above, including death or suicide.
Excellus BlueCross BlueShield operates in 31 upstate New York counties organized into four regions: the Central New York region, which includes Cayuga, Cortland, Onondaga, Oswego and Tompkins counties; the Southern Tier region, including Broome, Chemung, Chenango, Tioga, Schuyler and Steuben counties; and the Utica region, comprising Clinton, Delaware, Essex, Franklin, Fulton, Hamilton, Herkimer, Jefferson, Lewis, Madison, Montgomery, Oneida, Otsego and St. Lawrence counties; and the Rochester region, encompassing Livingston, Monroe, Ontario, Seneca, Wayne, and Yates counties.
The application portal to apply for the HEIA funding is available online at https://news.excellusbcbs.com/news-room/community-investments-partnerships.
PAR Technology battles through Q2 struggles
NEW HARTFORD, N.Y. — PAR Technology Corp. (NYSE: PAR) ended the second quarter with higher sales, but a net loss as the company battled some sales glitches and made investments toward future success. PAR’s sales for the quarter ending June 30, 2023, totaled $100.5 million, up 18.2 percent from $85.1 million a year prior. The
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NEW HARTFORD, N.Y. — PAR Technology Corp. (NYSE: PAR) ended the second quarter with higher sales, but a net loss as the company battled some sales glitches and made investments toward future success.
PAR’s sales for the quarter ending June 30, 2023, totaled $100.5 million, up 18.2 percent from $85.1 million a year prior. The company’s net loss grew during the second quarter to $19.7 million, or 72 cents per share, compared with a net loss of $18.8 million, or 70 cents a share, for the same period a year earlier.
“In the second quarter, PAR again delivered strong results,” CEO Savneet Singh contended during an Aug. 9 conference call with investors and the media. “Restaurants of all types and at all stages are using PAR as their growth enabler, leveraging our offerings to create a more seamless, cost effective, and simpler infrastructure.”
PAR provides an array of technology systems and services for fast-casual and quick-service restaurants. They include its Brink and PixelPoint point-of-sale systems, Data Central cloud-based restaurant management system, Punchh loyalty-program system, MENU omni-channel ordering system, and payment services for payment devices.
Restaurants today are focused on creating consistent customer-service experiences across multiple ordering channels, Singh said, but they are also trying to reduce costs, mitigate risks, and convert costs to profit.
“For years, they viewed technology as a capital investment, and today, they are coming around to the idea that software is now a key investment,” he says. “We believe PAR is well situated to take share with these dynamics.”
A number of PAR’s offerings are subscription-based, and subscription-services revenue rose 31.2 percent during the quarter to $30.4 million, with annual recurring revenue (ARR) growing 24.3 percent to more than $122.5 million.
That growth, however, came with a price tag as the company struggled to keep up with the demand, particularly for its Punchh system.
“This usage was beyond anything we had planned for and resulted in us having short-term disruptions which led to one-time customer credits to certain customers,” Singh said. “To ensure we can support this new baseline of usage, we have ramped up spend and importantly, we are tooling so that we don’t encounter these issues again.”
“While it is challenging to have given out credits, those are one-time in nature, and we are going all-in on our infrastructure now to enjoy the spoils in 2024 and beyond,” he added.
Even when adjusting the results for those non-recurring items, PAR’s quarterly loss still works out to 52 cents per share, which is worse than the Zacks Equity Research estimate of a loss of 32 cents.
“Over the last four quarters, the company has surpassed consensus EPS estimates just once,” the Zacks report noted. However, the research firm expects PAR’s stock to perform in line with the market in the near future.
PAR’s government business — which includes mission systems; intelligence, surveillance, and reconnaissance solutions, and commercial software — saw an increase in revenue for the quarter to $31 million from $20.9 million a year ago.
“In summary, we are heading into the second half of the year with significant momentum and a strong pipeline, and we will approach 2024 with the same focus, ambition, and values that have shaped the company,” Singh said.
New York State Fair starts with new director at the helm
GEDDES — This summer’s New York State Fair has been underway for a few days and had a leadership announcement ahead of its opening day. Gov. Kathy Hochul on Aug. 21 removed the interim tag from the title of State Fair Director Sean Hennessey. He served as interim director of the Fair in 2022 after
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GEDDES — This summer’s New York State Fair has been underway for a few days and had a leadership announcement ahead of its opening day.
Gov. Kathy Hochul on Aug. 21 removed the interim tag from the title of State Fair Director Sean Hennessey.
He served as interim director of the Fair in 2022 after former director Troy Waffner was reassigned to the newly created position of agricultural fair development director. Waffner has since moved on and is now CEO of the CNY SPCA.
Hennessey’s move into the director position “sets the stage for further growth and innovation, while ensuring a continuation of the traditions and family fun that have become a hallmark of New York’s favorite annual event,” Hochul’s office contended in its announcement.
“Since his appointment as Interim Director of The Great New York State Fair in 2022, Sean has proven himself to be an innovative and capable leader,” Hochul said in a statement. “I am proud to officially welcome him as Director and look forward to working with him to ensure the growth and vitality of this unique New York tradition — our Great New York State Fair.”
As interim director of the State Fair in 2022, Hennessey oversaw the first full fair since before the pandemic; introduced the “most diverse” musical line-up of national recording artists in terms of genres and decades represented; and started the discussion to introduce an Asian Village, which is new for the 2023 Fair, Hochul’s office said.
The 2022 Fair welcomed 888,110 visitors through the gates and featured 113 concerts across Chevy Court, Chevy Park, Pan African Village, Latino Village, and other entertainment venues.
“I am privileged to be a part of The Great New York State Fair, a true tradition and cultural institution in New York State,” Hennessey said. “I am grateful and humbled by Governor Hochul’s appointment of me as Director and look forward to opening the 2023 Fair as Director alongside the Fair team.”
Prior to joining the State Fair in 2022, Hennessey served as assistant commissioner for operations at the New York State Department of Transportation.
Survey: N.Y. manufacturing activity fell substantially in August
However, indicators of future conditions improved The general business-conditions index of the Empire State Manufacturing Survey plunged 20 points to -19, pointing to a significant deterioration of economic conditions for the state’s factories. The index had dropped 6 points in July to 1.1 after climbing 38 points in June. The general business-conditions
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However, indicators of future conditions improved
The general business-conditions index of the Empire State Manufacturing Survey plunged 20 points to -19, pointing to a significant deterioration of economic conditions for the state’s factories.
The index had dropped 6 points in July to 1.1 after climbing 38 points in June. The general business-conditions index is the monthly gauge on New York’s manufacturing sector.
The August reading — based on firms responding to the survey — indicates business activity “declined” in New York State, the Federal Reserve Bank of New York said in its Aug. 15 report.
A negative reading on the index indicates a contraction in manufacturing activity in the state, while a positive number shows manufacturing expansion.
The survey found 16 percent of respondents reported that conditions had improved over the month, while 35 percent said conditions had worsened, the New York Fed said.
It also found that new orders and shipments “fell significantly” at New York manufacturers.
Survey details
The new-orders index fell 23 points to -19.9, and the shipments index dropped 26 points to -12.3, pointing to a “moderate decline” in orders and shipments, the New York Fed said.
The unfilled-orders index remained negative at -6.8, a sign that unfilled orders continued to decline. The inventories index also remained negative at -9.7, indicating that inventories moved lower. The delivery-times index came in at 1.9, suggesting delivery times were steady.
The index for number of employees came in at -1.4, showing little change in employment levels. The average-workweek index fell to -10.7, indicating a decline in hours worked.
Both the input and selling price indexes moved up several points, but from relatively low levels, pointing to a “modest pickup” in the pace of price increases, the New York Fed said.
The index for future business conditions rose 6 points to 19.9, its highest level in more than a year, suggesting firms have become more optimistic about future conditions.
New orders and shipments are expected to increase “significantly,” and employment is expected to “grow considerably.” Input-price increases are expected to pick up.
The capital-spending index climbed 11 points to 13.6, suggesting that capital spending plans “firmed somewhat.”
The New York Fed distributes the Empire State Manufacturing Survey on the first day of each month to the same pool of about 200 manufacturing executives in New York state. On average, about 100 executives return responses.
MVHS reaccredited as HeartCARE Center: National Distinction of Excellence
UTICA, N.Y. — Mohawk Valley Health System (MVHS) announced it has received reaccreditation as a HeartCARE Center: National Distinction of Excellence from the American College of Cardiology (ACC). MVHS stipulated that it was the first health-care organization in the state to earn the accreditation and one of the first nationally to achieve the honor. Accreditation
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UTICA, N.Y. — Mohawk Valley Health System (MVHS) announced it has received reaccreditation as a HeartCARE Center: National Distinction of Excellence from the American College of Cardiology (ACC).
MVHS stipulated that it was the first health-care organization in the state to earn the accreditation and one of the first nationally to achieve the honor.
Accreditation is based on “rigorous on-site evaluation” of the staff’s ability to evaluate, diagnose, and treat patients as well as participation in ongoing quality-improvement initiatives and cardiac registry programs.
“Being designated a HeartCARE Center provides national recognition of what we all know and appreciate — that our cardiac services provide world-class care,” MVHS President/CEO Darlene Stromstad said in a press release.
The designation is the highest recognition hospitals can receive from the ACC. Established in 2018, it recognizes hospitals that demonstrate a commitment to comprehensive, high-quality culture through comprehensive process improvement, disease and procedure-specific accreditation, professional excellence, and community engagement.
“It is an honor for our program to achieve this recognition,” Michael Sassower, a cardiologist at CNY Cardiology and medical director of structural heart at MVHS. “This recognition is the culmination of years of effort put forward by our team of doctors, nurses, technologists, and support staff who have the shared vision of creating a cardiac center that is second to none.”
The cardiac team at MVHS has been recognized repeatedly by the ACC in recent years, the health system said. In addition to this HeartCARE Center designation, MVHS says it is the only hospital in New York to achieve ACC accreditation in electrophysiology.
MVHS is an integrated nonprofit health-care delivery system that includes St. Elizabeth Medical Center, Faxton St. Luke’s Healthcare, MVHS Rehabilitation and Nursing Center, Visiting Nurse Association of Utica and Oneida County, and Senior Network Health. This fall, the organization will open the Wynn Hospital in Utica. MVHS primarily serves Oneida, Herkimer, and Madison counties with more than 4,200 employees.
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