Business
Greene County Bancorp, Inc. Reports Record High Net Income for Both the Three and Six Months Ended December 31, 2020
CATSKILL, N.Y., Jan. 22, 2021 (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., Jan. 22, 2021 (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 six months ended December 31, 2020, which is the second quarter of the Company’s fiscal year ending June 30, 2021. Net income for the three and six months ended December 31, 2020 was $6.2 million, or $0.73 per basic and diluted share, and $11.1 million, or $1.30 per basic and diluted share, respectively, as compared to $5.1 million, or $0.60 per basic and diluted share, and $10.0 million, or $1.17 per basic and diluted share, for the three and six months ended December 31, 2019, respectively. Donald Gibson, President & CEO stated: “I am pleased to report another very solid quarter. Net income for the three and six months ended December 31, 2020 were both at record high levels. I am also pleased to report we were recently named as a 'Banking Performance Powerhouse' by Bank Director in their 2021 Ranking Banking study. The study featured only the highest 20 performing banks in the United States. The high-performing banks were selected based on total shareholder return generated over a 20-year period ended June 30, 2020.” Total consolidated assets for the Company were $1.9 billion at December 31, 2020, primarily consisting of $740.9 million of total securities available-for-sale and held-to-maturity and $1.0 billion of net loans. Consolidated deposits totaled $1.7 billion at December 31, 2020, consisting of retail, business and municipal banking relationships. The Bank of Greene County operates 17 full-service banking offices, with operations and lending centers located in the Capital District and Hudson Valley Regions of New York State. The novel strain of coronavirus (“COVID-19”) continues to impact business throughout the country and in the markets that we serve. With the continued uncertainty regarding the duration of the pandemic and effectiveness of containment strategies, the overall impact to the Company’s financial position cannot be determined at this time. However, the Company continues to maintain strong asset quality, capital and liquidity. Management believes it is still well positioned to withstand the financial impact from this health crisis and continues to stand by...