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Greene County Bancorp, Inc. reports community-bank developments as the holding company for the Bank of Greene County and Greene County Commercial Bank, serving individuals, businesses, municipalities and institutions in New York's Hudson Valley and Capital District regions. News typically centers on earnings, loan and deposit growth, securities portfolios and credit-loss provisioning across residential mortgage, commercial real estate, consumer, home equity and commercial business lending.
Company updates also cover quarterly cash dividends, actions by Greene County Bancorp, MHC as the majority mutual holding company parent, Federal Reserve nonobjection matters tied to dividend waivers, and board-authorized capital actions such as common-stock repurchases.
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Greene County Bancorp (GCBC) reported a robust financial performance for its third fiscal quarter ending March 31, 2023, with net income rising to $8.1 million ($0.48 per share) for the quarter, compared to $7.2 million ($0.42 per share) during the same period in 2022. For the nine months, net income reached $24.3 million, up 14.9% from $21.2 million in the previous year. Total assets increased to $2.7 billion, with deposits also rising to $2.5 billion. The company reported a return on average assets of 1.26% and 19.51% on average equity. Notably, the firm was included in S&P Global’s best-performing community banks list for 2022 in the Northeast. Despite challenges in the banking sector, its long-term strategy focusing on local markets remains effective.
Greene County Bancorp, Inc. (NASDAQ-GCBC) announced a quarterly cash dividend of $0.07 per share, reflecting an annual rate of $0.28. This is unchanged from the prior quarterly dividend on a pre-split adjusted basis, following a 2-for-1 stock split executed on March 23, 2023. The dividend will be payable on May 31, 2023, to shareholders on record as of May 15, 2023. The majority owner, Greene County Bancorp, MHC, which holds 54.1% of the company’s shares, has waived its dividend receipt. This waiver follows approval from MHC members and the Federal Reserve Bank of Philadelphia for cash dividends aggregating up to $0.30 per share on a split-adjusted basis for four quarters ending March 31, 2023.
Greene County Bancorp, Inc. (NASDAQ-GCBC) has announced a two-for-one stock split, approved by its Board of Directors, effective for shareholders on record by March 8, 2023. The split will result in shareholders receiving one additional share for each share held, with a total of approximately 17,026,828 shares expected on a split-adjusted basis after March 23, 2023. CEO Donald E. Gibson stated that this move aims to enhance the investment value and liquidity of the stock, reflecting the company's successful year and stock price increase.
Greene County Bancorp, Inc. (NASDAQ: GCBC) reported net income of $7.2 million for Q2 and $16.2 million for the first half of fiscal 2023, marking a 16.0% increase compared to the previous year. Total assets stood at $2.6 billion, with net loans at $1.4 billion. The return on average assets was 1.27%, and return on average equity hit 20.03%. Net interest income rose to $31.8 million for the six months, driven by growth in interest-earning assets. However, noninterest income dipped by 10.6% due to lower investment income. Total deposits increased 2.4% to $2.3 billion. Despite increased expenses, net charge-offs remained stable.