Business
Greene County Bancorp, Inc. Reports Record High Net Income for the Quarter Ended December 31, 2019 and Branch Expansion in Albany County
CATSKILL, N.Y., Jan. 24, 2020 (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. 24, 2020 (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, 2019. Net income for the three and six months ended December 31, 2019 was $5.1 million, or $0.60 per basic and diluted share, and $10.0 million, or $1.17 per basic and diluted share, respectively, as compared to $4.6 million, or $0.54 per basic and diluted share, and $9.0 million, or $1.05 per basic and diluted share, for the three and six months ended December 31, 2018, respectively. Net income increased $529,000, or 11.5%, when comparing the three months ended December 31, 2019 and 2018, and increased $1.0 million, or 11.1%, when comparing the six months ended December 31, 2019 and 2018.\n Total assets for the Company were $1.4 billion at December 31, 2019, primarily consisting of $525.0 million of total securities and $851.1 million of net loans. Deposits totaled $1.2 billion at December 31, 2019, consisting of retail, business and municipal banking relationships. The Bank of Greene County operates 16 full-service banking offices, with operations and lending centers located in the Capital District and Hudson Valley Regions of New York State. Donald Gibson, President & CEO stated; “I am proud to announce a new milestone for our Bank. For the first time in our Bank’s history our quarterly net income has exceeded $5 million! In fact, I am pleased to report record high net income for both the three and six month periods ended December 31, 2019.” Gibson continued: “In addition to solid financial performance, we recently announced our further geographic expansion in Albany County with plans to open a new branch office located at 103 Wolf Road in the Town of Colonie. We are very excited to be opening our Bank’s third branch in Albany County. While we have not set a definite date for a branch opening, we have targeted the second quarter of 2020 for the grand opening.” Selected highlights for the three and six months ended December 31, 2019 are as follows: Net Interest Income and Margin Net interest income increased $916,000 to $10.9 million for the three months ended December 31, 2019 from $10.0 million for the three months ended December 31, 2018. Net in...