Business
Greene County Bancorp, Inc. Reports Net Income of $12.2 million for the Six Months Ended December 31, 2023, and Celebrates the Bank of Greene County’s 135th Anniversary
CATSKILL, N.Y., Jan. 23, 2024 (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. 23, 2024 (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, 2023, which is the second quarter of the Company’s fiscal year ending June 30, 2024. Net income for the three and six months ended December 31, 2023 was $5.7 million, or $0.34 per basic and diluted share, and $12.2 million, or $0.72 per basic and diluted share, respectively, as compared to $7.2 million, or $0.42 per basic and diluted share, and $16.2 million, or $0.95 per basic and diluted share, for the three and six months ended December 31, 2022, respectively. Net income decreased $4.0 million, or 25.0%, when comparing the six months ended December 31, 2023 and 2022. Highlights: Net Income: $12.2 million for the six months ended December 31, 2023Total Assets: $2.7 billion at December 31, 2023, a new record highNet Loans: $1.4 billion at December 31, 2023, a new record highReturn on Average Assets: 0.92% for the six months ended December 31, 2023Return on Average Equity: 13.07% for the six months ended December 31, 2023 Donald Gibson, President & CEO stated: “I am proud to report solid net income for the six months ended December 31, 2023, despite what continues to be a very difficult economic environment with a continued inverted yield curve. I am also honored to report that on January 22, 2024, the Bank of Greene County celebrated its 135th anniversary! To mark the milestone, our team was invited to the iconic bell ringing ceremony at the Nasdaq MarketSite in New York City. The day was a true tribute to the loyalty and dedication of our past and present directors, officers, staff members, customers, stockholders and communities. Opening for business on January 22, 1889, from a single office in Catskill, New York, our Company has grown into a full-service community bank operating in the Capital and Hudson Valley Regions, in New York State. Providing loans and secured deposit products to businesses, homeowners and municipalities, helping to build and support our communities. Greene County Bancorp, Inc. remains committed to the welfare and success of our communities.” Total consolidated assets for the Company were $2.7 billion at December 31, 2023, ...