Business
Greene County Bancorp, Inc. Reports Net Income of $6.5 million for the Three Months Ended September 30, 2023 and is Selected for the Piper Sandler Sm-All Stars Class of 2023 for the Seventh Consecutive Year
CATSKILL, N.Y., Oct. 24, 2023 (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. 24, 2023 (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, 2023, which is the first quarter of the Company’s fiscal year ending June 30, 2024. Net income for the three months ended September 30, 2023 was $6.5 million, or $0.38 per basic and diluted share, as compared to $9.0 million, or $0.53 per basic and diluted share, for the three months ended September 30, 2022. Net income decreased $2.5 million, or 28.4%, when comparing the three months ended September 30, 2023 and 2022. Highlights: Net Income: $6.5 million for the three months ended September 30, 2023Total Assets: $2.7 billion at September 30, 2023Net Loans: $1.43 billion at September 30, 2023, a new record highReturn on Average Assets: 0.99% for the three months ended September 30, 2023Return on Average Equity: 14.09% for the three months ended September 30, 2023 Donald Gibson, President & CEO stated: “I am proud of our team’s continued outstanding performance. Greene County Bancorp, Inc. has been recognized by Piper Sandler, as a member of their Sm-All Stars Class of 2023, and is the only bank in the country to have currently achieved seven consecutive years on this prestigious list. To earn Sm-All Star status, companies need to have a market cap below $2.5 billion, and clear numerous hurdles related to growth, profitability, credit quality, and capital strength. Piper Sandler’s objective is to identify the top performing small-cap banks and thrifts in the country. I am also pleased to report we have opened our new Wealth Management Center, located at 345 Main Street, Catskill, NY, which will serve as the home base for our growing Corporate Cash Management, Private Banking and Investment Service teams. The Wealth Management Center, located in Catskill's Historic District, is an iconic building which was originally built in 1910 and served as the headquarters for The Tanners National Bank. Our goal was to completely renovate the building with state-of-the-art technology, while maintaining its historic character. I am proud to report we accomplished that goal as the Wealth Management Center has been approved and is now listed on the historic register.” Total...