Greene County Bancorp, Inc. Reports Record High Net Income for the Quarter Ended December 31, 2019 and Branch Expansion in Albany County
January 24, 2020 at 13:05 PM EST
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.
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
Asset Quality and Loan Loss Provision
Noninterest Income and Noninterest Expense
Balance Sheet Summary
Greene County Bancorp, Inc. is the direct and indirect holding company, respectively, for The Bank of Greene County, a federally chartered savings bank, and Greene County Commercial Bank, a New York-chartered commercial bank, both headquartered in Catskill, New York. Our primary market area is the Hudson Valley in New York State. For more information on Greene County Bancorp, Inc., visit www.tbogc.com.
This press release contains statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, and market acceptance of the Company’s pricing, products and services.
1 Ratios are annualized when necessary.
3 The efficiency ratio has been calculated as noninterest expense divided by the sum of net interest income and noninterest income.
The above information is preliminary and based on the Company’s data available at the time of presentation.
Michelle M. Plummer, CPA