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Lockheed Martin to pay Q1 dividend of $2.80 a share in late March
The Lockheed Martin Corp. (NYSE: LMT) board of directors has authorized a first-quarter, 2022 dividend of $2.80 per share. The dividend is payable on March 25, to holders of record as of the close of business on March 1. At Lockheed’s current stock price, the dividend yields about 2.85 percent on an annual basis. The […]
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The Lockheed Martin Corp. (NYSE: LMT) board of directors has authorized a first-quarter, 2022 dividend of $2.80 per share.
The dividend is payable on March 25, to holders of record as of the close of business on March 1.
At Lockheed’s current stock price, the dividend yields about 2.85 percent on an annual basis. The payment is nearly 8 percent higher than the $2.60 a share that the defense contractor paid in the first quarter of 2021.
Lockheed Martin — a Bethesda, Maryland–based global security and aerospace company — has two plants in Central New York, in Salina and in Owego, as part of the firm’s rotary and mission systems (RMS) business area. The company has about 114,000 workers worldwide.
NBT Bancorp to pay quarterly dividend of 28 cents a share in first quarter
NORWICH, N.Y. — NBT Bancorp Inc. (NASDAQ: NBTB) recently announced that its board of directors has approved a cash dividend of 28 cents per share for the first quarter of this year. The payment is unchanged from each of the last two quarters but up by 3.7 percent from the 27 cents a share that
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NORWICH, N.Y. — NBT Bancorp Inc. (NASDAQ: NBTB) recently announced that its board of directors has approved a cash dividend of 28 cents per share for the first quarter of this year.
The payment is unchanged from each of the last two quarters but up by 3.7 percent from the 27 cents a share that NBT investors received in the first quarter of 2021.
The Norwich–based banking company will pay the dividend on March 15, to shareholders of record as of March 1. The dividend represents an annual yield of about 2.9 percent, based on NBT’s current stock price.
NBT Bancorp also reported that its net income in the fourth quarter rose more than 9 percent to $37.3 million from almost $34.2 million a year prior. The increase was primarily due to higher net interest income and noninterest income, partly offset by a larger provision for loan losses, the company said. NBT’s earnings per share went up more than 10 percent to 86 cents in the latest quarter compared to 78 cents in the fourth quarter of 2020.
NBT Bancorp is a financial holding company with total assets of $12 billion as of Dec. 31. The banking company primarily operates through NBT Bank, N.A. — a full-service community bank with 140 branches in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut — and through two financial-services companies: EPIC Retirement Plan Services and NBT Insurance Agency, LLC.
Business Systems of CNY announces new ownership
SYRACUSE, N.Y. — Business Systems of CNY, Inc. recently announced that Kevin Woytan and Mark Woytan have jointly stepped into the role of president and vice president, and are the new owners. The business, located at 114 Game Road in Syracuse, is a second-generation owned and operated company. Both Woytans have more than 30 years
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SYRACUSE, N.Y. — Business Systems of CNY, Inc. recently announced that Kevin Woytan and Mark Woytan have jointly stepped into the role of president and vice president, and are the new owners.
The business, located at 114 Game Road in Syracuse, is a second-generation owned and operated company.
Both Woytans have more than 30 years in multiple roles with Business Systems of CNY. They “bring with them new ideas while preserving the company’s core values of service and staying up to date on new technologies,” according to a Jan. 6 firm news release.
Business Systems of CNY has been serving the area for more than 35 years, offering phone systems, network cabling, and computer systems.
NIH grant to help Binghamton professor explore serotonin’s role in Parkinson’s disease
VESTAL, N.Y. — A Binghamton University professor will use a grant from the National Institutes of Health (NIH) for research that focuses on serotonin’s role in Parkinson’s disease. When he came to Binghamton in 2005, Christopher Bishop, a psychology professor, uncovered something interesting in his research. He found that the serotonin system, best known for
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VESTAL, N.Y. — A Binghamton University professor will use a grant from the National Institutes of Health (NIH) for research that focuses on serotonin’s role in Parkinson’s disease.
When he came to Binghamton in 2005, Christopher Bishop, a psychology professor, uncovered something interesting in his research. He found that the serotonin system, best known for its influence on mood and motivation, also plays a role in the regulation of movement, according to a university news release.
That discovery led to pharmacological research that could lead to better treatments for patients with Parkinson’s disease. But the problem is the research field has “long neglected” how serotonin neuroplasticity in Parkinson’s disease becomes a central driver for motion, the university said.
The five-year, $3.2 million NIH grant will help address that knowledge gap, Binghamton University said.
Other researchers involved with the project include Fredric Manfredsson, an associate professor and a molecular biologist and expert in genetic strategies at the Barrow Neurological Institute in Phoenix, Arizona, and Kuei-Yuan Tseng, a professor and an internationally known neurophysiologist at the University of Illinois–Chicago.
“We started by looking at how drugs affected the Parkinsonian phenotype and found some really interesting effects but didn’t understand all of the effects we were seeing,” Bishop said in the release. “What this grant is doing is saying, ‘Let’s take a step back and use modern technologies to dissect the neuro-circuits and better understand the mechanisms that are involved in this neuroplasticity.’”
More on the research
The serotonin system appears to function as a secondary system when it comes to movement. In healthy individuals, it plays a minor role, but Bishop’s work suggests it may function as a surrogate for regulating movement in patients with mid- to late-stage Parkinson’s disease, per the release.
Not only does it appear to take over for the pathological loss of dopamine cells, but it may even convey the therapeutic benefits of the primary medication for Parkinson’s disease, L-DOPA.
While L-DOPA remains the “gold-standard” of treatment for Parkinson’s disease, nearly 90 percent of patients using the drug develop abnormal involuntary movements, or L-DOPA-induced dyskinesias (LID), within a decade. That severely affects their quality of life. Research points to brain serotonin neurons as a central cause of these movements, the school said.
Treatments have been developed that alleviate dyskinesias, but only a minority of patients have benefited due to their cost, side effects, or invasiveness. Researchers have yet to find a way to prevent the development of LID, partly because they don’t know precisely how L-DOPA treatment instigates maladaptive reorganization of these serotonin neurons.
Bishop and his research team have collected preliminary data from human post-mortem tissue that provides “exciting new insights” into the mechanisms behind serotonin neuroplasticity, Binghamton University said. Understanding these mechanisms “could ultimately lead” to treatments that delay or reduce L-DOPA side effects while maintaining its benefits.
“Movement is such an important feature of our survival and our ability to flourish. If we lose movement, evolutionarily, we’re done,” Bishop said. “So there must be these backup systems that come into play. I think what we’re seeing in Parkinson’s disease is the ability of these circuits to rewire sufficiently so that they continue to foster movement and survival.”
Oswego Hospital’s medical- surgical unit renovated in a $7.6M project
OSWEGO, N.Y. — The third and fourth floors of Oswego Hospital hadn’t been renovated since the structure was built in 1969. But they were targeted in a $7.6 million renovation project for the facility’s medical-surgical unit that is now complete, Oswego Health said. The health system contends that each patient room offers a “hotel-like” feel
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OSWEGO, N.Y. — The third and fourth floors of Oswego Hospital hadn’t been renovated since the structure was built in 1969.
But they were targeted in a $7.6 million renovation project for the facility’s medical-surgical unit that is now complete, Oswego Health said.
The health system contends that each patient room offers a “hotel-like” feel and is equipped with a new heating, ventilation, and air conditioning (HVAC) filtration system purchased through HealthWay Family of Brands of Pulaski. The HVAC filtration systems will “greatly improve the indoor air quality within the patient rooms,” Oswego Health adds.
In addition, the nurses’ station on both floors will be relocated allowing for more immediate access to the care staff. Each floor also provides comfortable areas where family members can gather.
“Infection control has always been a critical priority for our environmental-services team; however, we knew especially throughout this pandemic we needed to take every safety protocol necessary and invest in the latest state-of-the-art technology to keep our patients and staff safe,” Terri Hammill, director of infection prevention & environmental services, said in a statement. “We’re proud to have Indigo-Clean, a light technology installed in each inpatient bathroom to continuously disinfect the surfaces within the bathroom area. This technology is known to reduce pathogens by nearly 99 percent, creating a greatly reduced chance of hospital-acquired infection and better patient outcomes.”
The construction project began in early 2020, but construction crews eventually had to stop their work temporarily as the hospital dealt with the need for patient beds in the event of a surge during the ongoing COVID-19 pandemic.
The Hayner Hoyt Corporation of Syracuse handled the renovation work, and King + King Architects, also of Syracuse, was responsible for the design work on the project, Jamie Leszczynski, senior director of communications at Oswego Health, tells CNYBJ in an email.
“Patient-centered care is the core of our mission at Oswego Health,” Michael Harlovic, president & CEO of Oswego Health, said. “We made these investments to ensure the highest level of quality healthcare needed is provided right at home in Oswego County.”
Harlovic spoke to staff members during an internal ribbon-cutting event, acknowledging the opening of the units.
The Campaign for Oswego Health helped to fund the renovation work, the organization noted.
Pathfinder Bancorp profit doubles in fourth quarter
OSWEGO, N.Y. — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, reported net income of $3.9 million, or 64 cents a share, in the fourth quarter, up from $1.9 million, or 33 cents, in the year-ago quarter. The banking company’s fourth quarter total revenue (net interest income plus total noninterest income) of
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OSWEGO, N.Y. — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the holding company for Pathfinder Bank, reported net income of $3.9 million, or 64 cents a share, in the fourth quarter, up from $1.9 million, or 33 cents, in the year-ago quarter.
The banking company’s fourth quarter total revenue (net interest income plus total noninterest income) of $11.1 million was up 15.7 percent from a year prior.
Pathfinder’s total net interest income for the fourth quarter was $9.7 million, which was 23 percent higher than the prior-year period. Noninterest expense of $7.2 million for the fourth quarter was up 5 percent, compared to the year-ago quarter.
Loan growth was impacted by significant reductions in the Paycheck Protection Program (PPP) for the past three quarters, however, the bank contends that its “loan pipeline remains strong.”
“Many exogenous factors have weighed into this significant increase in performance. Most notably were the governmental responses to COVID-19 and the accompanying fiscal programs and monetary policy,” Thomas W. Schneider, president and CEO, said in the earnings report.
He continued, “Our focus throughout 2021 on enhancing our operating leverage proved to be successful, as double-digit revenue growth outpaced noninterest expense growth by a significant margin. Total revenue in 2021 was up 16.8%, while we limited expense growth to under 10%, even compared to the lower-than-typical expenses we recorded in 2020 amid the pandemic-induced operating environment. Looking ahead, we remain focused on balancing effective expense management with appropriate investments to support the future growth of the Company, which includes attracting and retaining exceptional talent. To that end, we do expect increased salary and benefits costs in 2022 and beyond as we respond to inflationary and wage pressures within our markets.”
Pathfinder’s total interest-earning assets on Dec. 31, 2021 stood at $1.21 billion, up 4.5 percent from a year earlier. Its deposits on Dec. 31, 2021 totaled $1.06 billion, an increase of 6 percent compared to a year prior.
Pathfinder Bank is a New York State chartered commercial bank headquartered in Oswego, which has 10 full-service offices located in its market areas consisting of Oswego and Onondaga County and one limited purpose office in Oneida County.
Everson Museum of Art names three new board members
SYRACUSE, N.Y. — The Everson Museum of Art recently announced three new appointments to its board of trustees. Bishop Dr. H. Bernard Alex, Daniela (Savinelli) Molta, and Damian Vallelonga began their service on Jan. 1. They complete a group of 25 trustees who will continue to guide the Everson through the many challenges of the
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SYRACUSE, N.Y. — The Everson Museum of Art recently announced three new appointments to its board of trustees.
Bishop Dr. H. Bernard Alex, Daniela (Savinelli) Molta, and Damian Vallelonga began their service on Jan. 1. They complete a group of 25 trustees who will continue to guide the Everson through the many challenges of the COVID-19 pandemic and support upcoming endeavors that include the launch of a new café and planning for a new sculpture park in the Everson Community Plaza, the museum said in a news release. Both initiatives seek to drive tourism in Central New York.
Dr. Alex is a senior pastor and teacher at the Victory Temple Fellowship Church. A native of Syracuse, he has a background in English education, curriculum development, and program design. He is presently in a cohort in the Fellowship for Emerging Leaders in Ministry, a creative alliance between Syracuse University, Le Moyne College, and Harvard. Alex currently serves as a board member for the Salvation Army, the Human Rights Commission of Onondaga County, and is a commissioner with the Town of DeWitt Police. He is also president of the Syracuse Chapter of the National Action Network (NAN). His late father, Gus, served as the Everson’s longtime superintendent, both at the James Street and Harrison Street locations.
Molta is an assistant professor of digital advertising at Syracuse University’s S.I. Newhouse School of Public Communications. She most recently worked in the marketing departments at Facebook, GoPro, and Netflix, where she was responsible for advertising strategy. Prior to her time in Silicon Valley, Molta worked in digital-media planning and buying at OMD and MEC (now Wavemaker). Molta’s research interests involve digital-media ethics, specifically digital literacy, data ethics, and equity in media planning. Molta also serves as the founder and principal consultant at CaliYork Consulting, a digital-marketing consulting firm based in Syracuse, the chief marketing officer at Domaine Lachaal, a Tunisian olive-oil business based in Buffalo, and as executive director of Black Media Mogul Maker, a digital-media entrepreneurship training program for the Black community in Syracuse.
Vallelonga, raised on the east side of Syracuse, is the owner of Echo, a multi-disciplinary design studio that helps small businesses, nonprofits, and municipalities with graphic design, website design, and public art. Vallelonga currently splits his time between working as a marketing consultant at Switchstance Marketing and serving as a first-time real estate developer with Westcott Remix. He is active with the 40 Below Public Arts Task Force and as a board member (now president) of the Westcott Neighborhood Association.
SMALL BUSINESS SPOTLIGHT: Barbagallo’s: A Family Business Success Story
DeWITT — This is a story about opportunity, stepping up to challenges and persevering in the face of adversity. The year was 1972. Al Barbagallo and his brothers had been picking vegetables and tomatoes on their father’s farm for several summers, even into their adult years. The farm, located on acreage bordering East Molloy Road
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DeWITT — This is a story about opportunity, stepping up to challenges and persevering in the face of adversity. The year was 1972. Al Barbagallo and his brothers had been picking vegetables and tomatoes on their father’s farm for several summers, even into their adult years.
The farm, located on acreage bordering East Molloy Road in DeWitt, had been his family’s principal source of income for many years. Now, Al Barbagallo presented his father with an idea as he said, “Dad, did you ever think that God intended for something other than a farm on this land?” Barbagallo relates that his dad said, “What do you have in mind?” After talking for a couple of minutes of how he thought a bar would be a great business, his father turned to his two brothers and asked them what they thought, and they said in unison, “Sounds good to us.” Barbagallo says his dad turned to him and said, “OK, let’s build a bar.”
So, the beginning of the Barbagallo prominence on the east end of Molloy Road began with Barbagallo’s Tavern. A self-described shot-and-beer bar, serving a local factory clientele from Carrier to General Motors, the tavern also served some food. Before long, a more full-service food destination was needed and in 1980 construction was undertaken on an addition to the tavern totaling 5,000 square feet, to serve the restaurant for lunch and dinner and as an expanded banquet facility. A few years later, opportunity presented itself in the form of increased banquet demand resulting from the quality of food, service, and the facility. In 1990 a 10,000-square-foot addition made Barbagallo’s one of the premier banquets and party venues in Central New York.
Sustained by business from the surrounding industry workforce Barbagallo’s thrived until the early 2000s when major companies began leaving the Syracuse area. These major local employers had been the greatest customer base for the restaurant and banquet facility. Barbagallo credits the hard work and diligence of his family including his brothers Pete and the late Angelo and his sister Antoinette for success through the years.
Again, in the early 2000s, the family business met another challenge head on. In 2001, Al Barbagallo purchased an adjacent piece of land and constructed a convenience store offering gas, diesel, and a deli. This was the last remaining piece of his parents’ farmland. Located on a busy thoroughfare, the convenience store quickly became profitable. After almost 15 years of successful operation, Barbagallo sold the convenience store to Express Mart. This attractive transaction presented another opportunity for Barbagallo. It provided the capital to begin the completion of his vision for the property by adding a 54 room Sleep Inn Hotel in 2015. The hotel was attached directly to the restaurant/banquet spaces. This new facility provided a new source of revenue and added greatly to the attractiveness of the event venue. By this time, the Barbagallo sons Matthew and Daniel were fully involved in the business and were providing capable management talent for the restaurant and hotel. This allowed Al Barbagallo to continue his pursuit of his vision of a one-stop corner on East Molloy Road.
In search of revenue sources in early 2021 in the face of COVID-19 downturn in the hospitality industry, Barbagallo considered repurposing part of the event venue into a wine and spirits’ store. He contacted the Small Business Development Center (SBDC) at Onondaga Community College (OCC) for assistance with preparation for financing this latest project. Having many banking relationships over the years now represented a strategic decision on the direction to proceed. I helped with the business plan and financial projections that the bankers were interested in reviewing.
Meanwhile, Barbagallo successfully navigated the retail liquor-licensing waters. Al Barbagallo is a determined, insightful businessman. I knew when we started working together that this was going to be a successful project. Early in the spring of 2021 Barbagallo’s Discount Liquor opened, fulfilling the vision of the one-stop corner.
Barbagallo puts it this way: “We are where we are today by the graces of God! I have been an instrument of God my whole life, and He is the person who deserves all the praise for our accomplishments.”
A successful family business from humble, spiritual origins has now existed on East Molloy Road for almost 50 years despite many obstacles and challenges. It proves once again that ingenuity, determination, and common sense are critical factors in today’s business environment.
Advisor’s Business Tip: Early-stage businesses need to build strong relationships with their advisors and mentors — accountants, attorneys, insurance brokers etc. Their advice will be invaluable.
Paul Brooks is a state-certified business advisor at the Small Business Development Center’s (SBDC) Tech Garden satellite office in downtown Syracuse. Contact him at p.c.brooks@sunyocc.edu
Meals on Wheels elects new board members, officers
SYRACUSE, N.Y. — Meals on Wheels of Syracuse recently elected new members and officers to its board of directors. Meals on Wheels in a nonprofit that prepares and delivers meals, offers nutrition education, and provides resource assistance to homebound older adults and younger adults with disabilities living in the Syracuse area. Newly elected members of
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SYRACUSE, N.Y. — Meals on Wheels of Syracuse recently elected new members and officers to its board of directors.
Meals on Wheels in a nonprofit that prepares and delivers meals, offers nutrition education, and provides resource assistance to homebound older adults and younger adults with disabilities living in the Syracuse area.
Newly elected members of the Meals on Wheels of Syracuse board are Linda Llewellyn and Matthew Van Ryn.
Llewellyn retired as director of curriculum and instruction at the Homer Central School District in July 2017, and has been volunteering for Meals on Wheels of Syracuse since October of that year. Prior to working in Homer, she was the middle-school principal, assistant principal, and taught fifth and sixth grade in the Chittenango Central School District.
Van Ryn is the owner of the Law Office of Matthew Van Ryn, LLC. He is a business law and economic-development attorney who has helped people create more than 300 businesses in the Central New York area in the 15 years. He recently joined Volunteer Lawyer Project part-time, providing free legal information, assistance, and representation in civil legal matters to low-income people in Central New York.
The newly elected board officers for Meals on Wheels of Syracuse are Secretary: Llewellyn; and Vice President: Bruce Wodka, manager of information systems at Mower, an advertising, marketing, and PR agency.
Oswego Health recognizes doctors as community leaders
OSWEGO, N.Y. — Oswego Health recently honored a pair of doctors for their work and dedication to the community. The health system presented Dr. Robert Morgan with the 2020-21 Health System Champion Award for his dedication and commitment to not only his patients and the area community, but also for being such an advocate for
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OSWEGO, N.Y. — Oswego Health recently honored a pair of doctors for their work and dedication to the community.
The health system presented Dr. Robert Morgan with the 2020-21 Health System Champion Award for his dedication and commitment to not only his patients and the area community, but also for being such an advocate for the organization.
Morgan’s career started at Oswego Hospital when he was just a teenager working in the hospital lab. He later went on to pursue his medical degree in 1983 from Upstate Medical University in Syracuse. In 1985, Morgan returned to Oswego Hospital and served as an emergency-room physician before completing his family-practice residency at St. Joseph’s Hospital in Syracuse 1986.
Morgan has been a part of the Oswego community as a family practice provider for 36 years and a part of the medical staff since 1986. His passion for helping others extends far beyond his practice walls. Oswego Health said in a news release. Dr. Morgan is actively involved with the Maritime Museum; he serves as medical director for the Oswego, Hannibal, and Fulton School Districts as well as CiTi BOCES; and he and his wife Anne volunteer countless hours every year to many local nonprofits.
In October 2018, Oswego Health welcomed Morgan’s Oswego Family Physicians to the Physician Care PC, serving as the model practice as it continues to expand its primary care footprint throughout the county.
Oswego Health presented its Community Physician Award to Dr. Corliss A. Varnum, The award recognizes a dedicated physician whose skills in their clinical practice align with the mission, vision, and values of Oswego Health.
Varnum was honored for his dedication to the Oswego community. The doctor “is personable, honest, dedicated, and present for his patients,” Oswego Health said in the release. “It’s evident in the long hours he keeps, the time spent on individualized care, and the relationships he’s built throughout the years.”
Born in the Catskills, Dr. Varnum first called Oswego “home” when he attended SUNY Oswego in 1979 to earn his bachelor’s degree in chemistry. He then pursued his medical degree and graduated with honors from New York Medical College in 1983. Varnum completed an internship with Lancaster General Hospital in 1984 as well as a family practice residency in 1986.
Returning to Oswego, Dr. Varnum was eager to begin practicing family medicine and in 1987 established his first practice. This practice was originally an office building on West Utica Street, which he shared with Dr. Selma Sheridan. Shortly thereafter, he built Port City Family Medicine, “a staple practice in Oswego for countless residents and families over the years,” the health system said.
The two doctors’ awards were part of three Oswego Health made as part of its planned 3rd annual Oswego Health Foundation Gala, where it recognizes local leaders including physicians and business partners who demonstrate a commitment to improving the community and its residents. The gala was postponed due to COVID-19, but Oswego Health still presented the awards to the winners at their respective facilities. The third honor was the Community Partner Award, which went to Pathfinder Bank.
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