Business
Greene County Bancorp, Inc. Reports Record High Income for the Nine Months Ended March 31, 2022 and Assets Cross the $2.5 Billion Threshold
CATSKILL, N.Y., April 21, 2022 (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 21, 2022 (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, 2022, which is the third quarter of the Company’s fiscal year ending June 30, 2022. Net income for the three and nine months ended March 31, 2022 was $7.2 million, or $0.84 per basic and diluted share, and $21.2 million, or $2.49 per basic and diluted share, respectively, as compared to $5.3 million, or $0.62 per basic and diluted share, and $16.3 million, or $1.92 per basic and diluted share, for the three and nine months ended March 31, 2021, respectively. Highlights: Net Income: $21.2 million for the nine months ended March 31, 2022Total Assets: $2.5 billion at March 31, 2022Return on Average Assets: 1.21% for the nine months ended March 31, 2022Return on Average Equity: 18.09% for the nine months ended March 31, 2022 Donald Gibson, President & CEO, stated: “Our long term strategy has been to position Greene County Bancorp, Inc. as the premier bank in the communities we serve. I am pleased to report continued record performance, which I believe demonstrates the success of our strategy, and reflects upon the outstanding work of our team. Net income increased by 37% when comparing the quarters ended March 31, 2022 and March 31, 2021. During the quarter, we also continued to build on our deposit growth momentum. As a result, I am proud to announce that we crossed the $2.5 billion asset threshold at March 31, 2022, a new milestone.” Total consolidated assets for the Company were $2.5 billion at March 31, 2022, primarily consisting of $1.1 billion of net loans and $1.1 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.3 billion at March 31, 2022, consisting of retail, business and municipal banking relationships. Selected highlights for the three and nine months ended March 31, 2022 are as follows: Net Interest Income and Margin Net interest income increased $517,000 to $14.1 million for the three months ended March 31, 2022 from $13.6 million for the three months ended March 31, 2021. Net interest income increased $3.9 million to $42.9 million for the nine months ended March 31, 2022 from $39.0 millio...