Business
Greene County Bancorp, Inc. Reports 14th Consecutive Year of Record Net Income for Fiscal Year Ended June 30, 2022 and was added as a Member to the Russell 2000 ® Index
CATSKILL, N.Y., July 25, 2022 (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 25, 2022 (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, 2022. Net income for the quarter and fiscal year ended June 30, 2022 was $6.8 million, or $0.80 per basic and diluted share, and $28.0 million, or $3.29 per basic and diluted share, respectively, as compared to $7.6 million, or $0.89 per basic and diluted share, and $23.9 million, or $2.81 per basic and diluted share, for the quarter and fiscal year ended June 30, 2021, respectively. Net income decreased $807,000, or 10.6%, when comparing the quarters ended June 30, 2022 and 2021, and increased $4.1 million, or 16.9%, when comparing the fiscal years ended June 30, 2022 and 2021. Highlights: Net Income: New high of $28.0 million for the fiscal year ended June 30, 2022Total Assets: New high of $2.6 billion at June 30, 2022Return on Average Assets: 1.18% for the year ended June 30, 2022Return on Average Equity: 17.93% for the year ended June 30, 2022 Donald Gibson, President & CEO stated: “I am proud to report our 14th consecutive year of record net income. I believe our long term consistent record demonstrates the success of our strategy, and reflects upon the outstanding work of our team. Net income increased by 17% when comparing the years ended June 30, 2022 and June 30, 2021. I am also pleased to report Greene County Bancorp, Inc. was added as a member of the U.S. small-cap Russell 2000 ® Index. The Russell 2000 membership became effective on June 27, 2022. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.” Total consolidated assets for the Company were $2.6 billion at June 30, 2022, primarily consisting of $1.2 billion of net loans and $1.2 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.2 billion at June 30, 2022, consisting of retail, business and municipal banking relationships. Selected highlights for the quarter and fiscal year ended June 30, 2022 are as follows: Net Interest Income and Margin Net interest income increased $900,000 to $15.1 million for the three months ended June 30, 2022 fr...