Greene Cnty Bancorp Inc Stock Price, News & Analysis

Greene County Bancorp, Inc. (NASDAQ: GCBC) reported a record net income of $23.9 million for the fiscal year ending June 30, 2021, a 27.9% increase from the previous year. Quarterly net income was $7.6 million, up 62% year-over-year. Total assets reached a new high of $2.2 billion, driven by a 33.6% increase in deposits, reaching $2 billion. The company maintained strong asset quality with a 1.24% return on average assets. However, they continue to monitor the impact of COVID-19 on credit relationships as loan deferrals have declined significantly.

Greene County Bancorp, Inc. (NASDAQ-GCBC) announced a quarterly cash dividend of $0.13 per share, an annual rate of $0.52, marking an 8.3% increase from last year. This dividend will be paid to shareholders of record as of August 16, 2021, with expected payment on August 31, 2021. The majority-owned subsidiary, Greene County Bancorp, MHC, is waiving its dividend receipt while receiving member approval. Greene County Bancorp serves the Hudson Valley Region in New York through its banking subsidiaries.

Greene County Bancorp reported a net income of $5.3 million for the third quarter of fiscal 2021, up 29% from $4.1 million in Q3 2020. For the nine months ended March 31, 2021, net income reached $16.3 million, a $2.3 million increase year-over-year. Total assets surpassed $2 billion, marking a new milestone. The bank also reported a strong return on assets of 1.17% and return on equity of 16.12%. Despite challenges posed by COVID-19, asset quality remained stable, with nonperforming loans decreasing to 0.25% of net loans.

Greene County Bancorp, Inc. (NASDAQ-GCBC) announced a quarterly cash dividend of $0.12 per share, maintaining an annual rate of $0.48 per share, consistent with the previous quarter. The dividend is payable to shareholders of record as of May 15, 2021, with a payment date of May 28, 2021. The majority owner, Greene County Bancorp, MHC, is waiving its dividend receipt, approved by its members and the Federal Reserve Bank of Philadelphia, for total dividends up to $0.60 per share for four quarters ending March through December 2021.

Greene County Bancorp reported a net income of $6.2 million for Q2 FY2021, marking an increase from $5.1 million in Q2 FY2020. For the six months ending December 31, 2020, net income reached $11.1 million, up from $10 million year-over-year. The bank, with total assets of $1.9 billion, reported increased net interest income driven by growth in interest-earning assets. However, the COVID-19 pandemic poses continuing uncertainties, impacting loan repayment abilities and necessitating a rise in loan loss provisions to $1.3 million.

Greene County Bancorp (NASDAQ-GCBC) has announced a quarterly cash dividend of $0.12 per share for the quarter ending December 31, 2020. This maintains an annual dividend rate of $0.48, consistent with the previous quarter. The dividend is payable on February 26, 2021, to shareholders of record as of February 15, 2021. The company’s majority owner, Greene County Bancorp, MHC, which usually waives cash dividends, will not do so for this payment, indicating a focus on cash flow and liquidity.

Greene County Bancorp, Inc. announced the retirement of Stephen Nelson and the appointment of Perry Lasher as EVP & Chief Lending Officer. Nelson, who has been with the company since 1988 and served as Chief Lending Officer since 2008, is transitioning into retirement. Lasher, a member of the bank since 2007, has over 30 years of banking experience and has held various roles, enhancing his qualifications for this new position. This leadership change aims to ensure continuity and leverage Lasher's experience within the bank's operations.

Greene County Bancorp, Inc. has announced the appointment of Paul Slutzky as the new Chairman of the Board, succeeding Martin Smith who is retiring after serving since 1993. Slutzky, a board member since 1992, brings over 40 years of experience in business leadership and financial expertise. In his statement, he emphasized the bank's commitment to revitalizing local economies affected by the coronavirus pandemic. Donald Gibson, the CEO, expressed confidence in Slutzky's leadership while thanking Smith for his dedication. The bank remains a community-focused financial institution.

Greene County Bancorp reported net income of $4.9 million for Q1 of FY 2021, unchanged from the same period last year. Earnings per share stood at $0.57. Despite increasing provisions for loan losses by $750,000 due to COVID-19, net interest income increased by $1.3 million to $11.8 million. The company opened a new branch in Albany, NY, enhancing its market presence. Total assets rose by 7.3% to $1.8 billion, while consolidated deposits reached $1.6 billion.