Business
Greene County Bancorp, Inc. Reports Net Income of $18.0 million for the Nine Months Ended March 31, 2024 and opens Capital Region Banking Center in Albany, New York
CATSKILL, N.Y., April 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., April 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 nine months ended March 31, 2024, which is the third quarter of the Company’s fiscal year ending June 30, 2024. Net income for the three and nine months ended March 31, 2024 was $5.9 million, or $0.34 per basic and diluted share, and $18.0 million, or $1.06 per basic and diluted share, respectively, as compared to $8.1 million, or $0.48 per basic and diluted share, and $24.3 million, or $1.43 per basic and diluted share, for the three and nine months ended March 31, 2023, respectively. Net income decreased $6.3 million, or 25.9%, when comparing the nine months ended March 31, 2024 and 2023. Highlights: Net Income: $18.0 million for the nine months ended March 31, 2024Total Assets: $2.9 billion at March 31, 2024, a new record highNet Loans: $1.5 billion at March 31, 2024, a new record highReturn on Average Assets: 0.91% for the nine months ended March 31, 2024Return on Average Equity: 12.69% for the nine months ended March 31, 2024 Donald Gibson, President & CEO stated: “I am proud to report solid net income for the nine months ended March 31, 2024, despite what continues to be a very difficult economic environment with a continued inverted yield curve. We remain focused on our long-term strategy that has served us well. Our strategy is to continue to grow and build deep lasting relationships in all five of our primary lines of business which include retail, commercial, municipal, private banking and investment services. We continue to remain focused on our local markets in the Hudson Valley and Capital Regions in New York State. To enhance our strategy highlighted above, on March 19, 2024, we opened a new Capital Region Banking Center, located at 3 Winners Circle, Albany, New York. This is our first non-branch office in the Capital Region. We have made tremendous strides in the Capital Region and our new Center is specifically designed to build on that momentum.” Total consolidated assets for the Company were $2.9 billion at March 31, 2024, primarily consisting of $1.5 billion of net loans and $1.0 billion of total securities available-for-sale and held-to-maturity. Consolidated...