Business
Greene County Bancorp, Inc. Reports 27% Increase in Net Income for the Quarter Ended September 30, 2022 and is Selected for the Piper Sandler Sm-All Stars Class of 2022 for the Sixth Consecutive Year
CATSKILL, N.Y., Oct. 21, 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., Oct. 21, 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 ended September 30, 2022, which is the first quarter of the Company’s fiscal year ending June 30, 2023. Net income for the three months ended September 30, 2022 was $9.0 million, or $1.06 per basic and diluted share, as compared to $7.1 million, or $0.84 per basic and diluted share, for the quarter ended September 30, 2021. Net income increased $1.9 million, or 27.0%, when comparing the quarters ended September 30, 2022 and 2021. Highlights: Net Income: $9.0 million for the quarter ended September 30, 2022Total Assets: $2.6 billion at September 30, 2022Return on Average Assets: 1.43% for the quarter ended September 30, 2022Return on Average Equity: 22.55% for the quarter ended September 30, 2022 Donald Gibson, President & CEO stated: “I am very proud of our teams continued strong performance. Greene County Bancorp, Inc. has been recognized by Piper Sandler, as a member of their Sm-All Stars Class of 2022, and is the only bank in the country to have currently achieved six consecutive years on this prestigious list. To earn Sm-All Star status, companies need to have a market cap below $2.5 billion, and clear numerous hurdles related to growth, profitability, credit quality, and capital strength. Piper Sandler’s objective is to identify the top performing small-cap banks and thrifts in the country.” Total consolidated assets for the Company were $2.6 billion at September 30, 2022, primarily consisting of $1.3 billion of net loans and $1.1 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.3 billion at September 30, 2022, consisting of retail, business and municipal banking relationships. Selected highlights for the three months ended September 30, 2022 are as follows: Net Interest Income and Margin Net interest income increased $1.4 million to $15.8 million for the three months ended September 30, 2022 from $14.4 million for the three months ended September 30, 2021. The increase in net interest income was the result of growth in the average balance of interest-earning assets, which increased $298.5 million when comparing the three mo...