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Greene County Bancorp, Inc. Reports Net Income of $24.8 million for the Fiscal Year Ended June 30, 2024 and is selected for the “2024 KBW Bank Honor Roll” for the Thirteenth Consecutive Year
CATSKILL, N.Y., July 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., July 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 quarter and fiscal year ended June 30, 2024. Net income for the quarter and fiscal year ended June 30, 2024 was $6.7 million, or $0.40 per basic and diluted share, and $24.8 million, or $1.45 per basic and diluted share, respectively, as compared to $6.5 million, or $0.38 per basic and diluted share, and $30.8 million, or $1.81 per basic and diluted share, for the quarter and fiscal year ended June 30, 2023, respectively. Net income increased $272,000, or 4.2%, when comparing the quarters ended June 30, 2024 and 2023, and decreased $6.0 million, or 19.5%, when comparing the fiscal years ended June 30, 2024 and 2023. Highlights: Net Income: $24.8 million for the fiscal year ended June 30, 2024Total Assets: $2.8 billion at June 30, 2024, a new record highNet Loans: $1.5 billion at June 30, 2024, a new record highReturn on Average Assets: 0.93% for the year ended June 30, 2024Return on Average Equity: 12.87% for the year ended June 30, 2024 Donald Gibson, President & CEO stated: “Despite the persistent challenges posed by the inverted yield curve, I am proud of our team’s outstanding performance. Net income for the fiscal year ended June 30, 2024, was $24.8 million, and we were recognized by KBW as a member of their “2024 KBW Bank Honor Roll”. This year the KBW Bank Honor Roll recognized 18 banks in the United States that delivered the strongest and/or most consistent earnings growth. Greene County Bancorp, Inc. is the only institution in the United States recognized on the KBW Bank Honor Roll for thirteen consecutive years!” Total consolidated assets for the Company were $2.8 billion at June 30, 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 deposits totaled $2.4 billion at June 30, 2024, consisting of retail, business, municipal and private banking relationships. Net income excluding provision for credit losses was $25.5 million for year ended June 30, 2024 as compared to the net income excluding provision for credit losses of $29.7 million for the year ended June 30, 2023, a decrease of $4.2...