Business
Greene County Bancorp, Inc. Reports 13th Consecutive Year of Record Net Income for Fiscal Year Ended June 30, 2021
CATSKILL, N.Y., July 23, 2021 (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 23, 2021 (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, 2021. Net income for the quarter and fiscal year ended June 30, 2021 was $7.6 million, or $0.89 per basic and diluted share, and $23.9 million, or $2.81 per basic and diluted share, respectively, as compared to $4.7 million, or $0.55 per basic and diluted share, and $18.7 million, or $2.20 per basic and diluted share, for the quarter and fiscal year ended June 30, 2020, respectively. Net income increased $2.9 million, or 62.0%, when comparing the quarters ended June 30, 2021 and 2020, and increased $5.2 million, or 27.9%, when comparing the fiscal years ended June 30, 2021 and 2020. Highlights: Net Income: New high of $23.9 million for the fiscal year ended June 30, 2021Total assets: New high of $2.2 billion at June 30, 2021Return on Average Assets: Continues strong at 1.24% for the year ended June 30, 2021Return on Average Equity: Continues strong at 17.41% for the year ended June 30, 2021 Donald Gibson, President & CEO stated: “I am pleased to report our team has continued to perform extremely well which resulted in record high quarterly, and annual net income. Net income increased 28% when comparing the years ended June 30, 2021 and June 30, 2020. During the year, we continued to build momentum in all three of our primary business lines, retail, commercial and municipal. As a result, I am proud to announce that we have reached new highs in deposits, loans, assets and capital. In fact, total deposits crossed the $2 billion deposit threshold at June 30, 2021, which is another new milestone.” Total consolidated assets for the Company were $2.2 billion at June 30, 2021, primarily consisting of $1.1 billion of net loans and $887.8 million of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.0 billion at June 30, 2021, consisting of retail, business and municipal banking relationships. The Company continues to closely monitor the impact of the coronavirus pandemic (“COVID-19”) on our business and results of operations. The Company continues to maintain strong asset quality, capital and liquidity and believes it is...