Business
Greene County Bancorp, Inc. Reports 11.0% Increase in Net Income for the Quarter Ended September 30, 2019, and Selected for the Sandler O’Neill Sm-All Stars Class of 2019
CATSKILL, N.Y., Oct. 23, 2019 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the holding company for The Bank of Greene
About this update from Greene County Bancorp, Inc.
[{"type":"text","content":"CATSKILL, N.Y., Oct. 23, 2019 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the holding company for The Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported net income for the three months ended September 30, 2019, which is the first quarter of the Company’s fiscal year ending June 30, 2020. Net income for the three months ended September 30, 2019 and 2018 was $4.9 million compared to $4.4 million, an 11.0% increase. Earnings per share were $0.57 per basic and diluted share, for the three months ended September 30, 2019, and $0.51 per basic and diluted share, for the three months ended September 30, 2018.\n Donald Gibson, President & CEO stated: “I am proud of our continued strong performance in this very difficult interest rate environment. I am also proud to be recognized by Sandler O’Neill, as a member of their Sm-All Stars Class of 2019, for the third consecutive year, as one of the highest performing institutions in the country. According to Sandler O’Neill, in order to earn Sm-All Star status, companies needed to have a market cap below $2.5 billion and clear numerous hurdles related to growth, profitability, credit quality, and capital strength. The objective is to identify the top performing small-cap banks and thrifts in the country.” Selected highlights for the three months ended September 30, 2019 are as follows: Net Interest Income and Margin •Net interest income increased $843,000 to $10.5 million for the three months ended September 30, 2019 from $9.7 million for the three months ended September 30, 2018. The increase in average loan and securities balances had the greatest impact on net interest income when comparing the three months ended September 30, 2019 and 2018, which was complemented by an increase in the yield on interest-earning assets during the September 30, 2019 quarter. Average loan balances increased $79.4 million and the yield on loans increased 10 basis points when comparing the three months ended September 30, 2019 and 2018. Average securities increased $42.7 million and the yield on such securities increased five basis points when comparing the three months ended September 30, 2019 and 2018. The increase in interest income was partially offset by an increase in interest expense primarily the result of increases in the rates paid ...