Business
Greene County Bancorp, Inc. Reports 12th Consecutive Year of Record Net Income for Fiscal Year Ended June 30, 2020
CATSKILL, N.Y., July 24, 2020 (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., July 24, 2020 (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 quarter and fiscal year ended June 30, 2020. Net income for the quarter and fiscal year ended June 30, 2020 was $4.7 million, or $0.55 per basic and diluted share, and $18.7 million, or $2.20 per basic and diluted share, respectively, as compared to $4.2 million, or $0.49 per basic and diluted share, and $17.5 million, or $2.05 per basic and diluted share, for the quarter and year ended June 30, 2019, respectively. Net income increased $536,000, or 12.9%, when comparing the quarters ended June 30, 2020 and 2019, and increased $1.2 million, or 7.1%, when comparing the years ended June 30, 2020 and 2019.\n Total consolidated assets for the Company were $1.7 billion at June 30, 2020, primarily consisting of $610.4 million of total securities available-for-sale and held-to-maturity and $993.5 million of net loans. Consolidated deposits totaled $1.5 billion at June 30, 2020, consisting of retail, business and municipal banking relationships. The Bank of Greene County operates 16 full-service banking offices, with operations and lending centers located in the Capital District and Hudson Valley Regions of New York State. Donald Gibson, President & CEO, stated: “It is my great pleasure to report our 12th consecutive year of record net income for the fiscal year ending June 30, 2020. In addition to record net income, new record highs have been established on our balance sheet for deposits, assets, loans, and capital. Reflecting on where we are today, in a world of social, political, and economic chaos, I take solace in the fact that we have a strong balance sheet with excess reserves and the ability to generate additional reserves, if required. I would also like to take this opportunity to thank all of our great employees for their heroic efforts and outstanding work over the last several months. COVID-19 may have changed our routine, but it has not changed our bond to our customers and local community. For over 130 years, our employees and their continued dedication have been our greatest asset.” Over the fiscal year ended June 30, 2020, a novel strain of coronavirus (“COVID-19”) has spread world-...