Business
Greene County Bancorp, Inc. Reports 45% Increase in Net Income for the Quarter Ended September 30, 2021, and is Selected for the Piper Sandler Sm-All Stars Class of 2021
CATSKILL, N.Y., Oct. 22, 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., Oct. 22, 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 ended September 30, 2021, which is the first quarter of the Company’s fiscal year ending June 30, 2022. Net income for the three months ended September 30, 2021 was $7.1 million, or $0.84 per basic and diluted share, as compared to $4.9 million, or $0.57 per basic and diluted share, for the quarter ended September 30, 2020. Net income increased $2.2 million, or 45.9%, when comparing the quarters ended September 30, 2021 and 2020. Highlights: Net Income: $7.1 million for the quarter ended September 30, 2021Total Assets: New high of $2.3 billion at September 30, 2021Return on Average Assets: 1.28% for the quarter ended September 30, 2021Return on Average Equity: 18.60% for the quarter ended September 30, 2021 Donald Gibson, President & CEO stated: “I am proud of our strong performance in what has continued to be a very difficult rate environment. I am also proud to be recognized by Piper Sandler, as a member of their Sm-all Stars Class of 2021, the Greene County Bancorp, Inc. is the only bank in the country to have achieved five consecutive years on their prestigious list. 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. 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 $2.3 billion at September 30, 2021, primarily consisting of $1.1 billion of net loans and $988.3 million of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.1 billion at September 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 still well positioned to withstand the continued financial impact from the pandemic. Depending upon the duration of the COVID-19 pandemic and the adequ...