Business
Greene County Bancorp, Inc. Reports $14.0 Million in Net Income for the Six Months Ended December 31, 2021 and Total Securities Cross the $1 Billion Threshold
CATSKILL, N.Y., Jan. 24, 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., Jan. 24, 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 three and six months ended December 31, 2021, which is the second quarter of the Company’s fiscal year ending June 30, 2022. Net income for the three and six months ended December 31, 2021 was $6.9 million, or $0.81 per basic and diluted share, and $14.0 million, or $1.64 per basic and diluted share, respectively, as compared to $6.2 million, or $0.73 per basic and diluted share, and $11.1 million, or $1.30 per basic and diluted share, for the three and six months ended December 31, 2020, respectively. Highlights: Net Income: $14.0 million for the six months ended December 31, 2021Total Assets: $2.3 billion at December 31, 2021Return on Average Assets: 1.23% for the six months ended December 31, 2021Return on Average Equity: 18.04% for the six months ended December 31, 2021 Donald Gibson, President & CEO stated: “I am incredibly proud to report we have achieved record high $14.0 million in net income for the six months ending December 31, 2021. When compared to the same period last year net income increased 26%. Driving our success has been our long term investments in people, process, and technology combined with the accomplishments of our outstanding associates. Additionally we have remained focused on the optimal investment of the excess liquidity driven by increased deposits and receipt of significant forgiveness proceeds of SBA PPP loans. Our securities portfolio reached a new milestone at December 31, 2021, as our total securities crossed the $1 billion threshold.” Total consolidated assets for the Company were $2.3 billion at December 31, 2021, primarily consisting of $1.1 billion of net loans and $1.1 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.1 billion at December 31, 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 finan...