Business
Greene County Bancorp, Inc. Reports Net Income of $6.3 million for the Three Months Ended September 30, 2024 and Reaches New Milestone of $2.9 Billion in Assets
CATSKILL, N.Y., Oct. 22, 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., Oct. 22, 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 months ended September 30, 2024, which is the first quarter of the Company’s fiscal year ending June 30, 2025. Net income for the three months ended September 30, 2024 was $6.3 million, or $0.37 per basic and diluted share, as compared to $6.5 million, or $0.38 per basic and diluted share, for the three months ended September 30, 2023. Net income decreased $208,000, or 3.2%, when comparing the three months ended September 30, 2024 and 2023. Highlights: Net Income: $6.3 million for the three months ended September 30, 2024Total Assets: $2.9 billion at September 30, 2024, a new record highNet Loans: $1.5 billion at September 30, 2024, a new record highTotal Deposits $2.5 billion at September 30, 2024, a new record highReturn on Average Assets: 0.93% for the three months ended September 30, 2024Return on Average Equity: 11.86% for the three months ended September 30, 2024 Donald Gibson, President & CEO stated: “I am pleased to report another solid quarterly performance highlighted by record high levels in deposits, loans, and total assets. This achievement is a testament to our team’s strategy of providing innovative financial solutions and outstanding service to our customers, which combined, has provided steady long-term growth for our organization. We remain committed to being the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State.” Total consolidated assets for the Company were $2.9 billion at September 30, 2024, primarily consisting of $1.5 billion of net loans and $1.1 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.5 billion at September 30, 2024, consisting of retail, business, municipal and private banking relationships. Pre-provision net income was $6.9 million for the three months ended September 30, 2024 as compared to pre-provision net income of $6.6 million for the three months ended June 30, 2024, an increase of $314,000, or 4.8%, and pre-provision net income of $6.9 million for the three months ended September 30, 2023. Pre-provision net income measur...