Greene Cnty Bancorp Inc Stock Price, News & Analysis

Greene County Bancorp reported a strong financial performance for the second quarter of its fiscal year ended December 31, 2021. Net income reached $6.9 million for the quarter and $14.0 million for the six-month period, marking a 26% increase year-over-year. Total assets stood at $2.3 billion, with strong asset quality and capital. The company highlighted a significant increase in net interest income and solid deposit growth, though asset yields decreased. Noninterest expense rose due to new hires. The bank remains vigilant about the impacts of COVID-19 on borrowers.

Greene County Bancorp, Inc. (NASDAQ-GCBC) declared a quarterly cash dividend of $0.13 per share, maintaining an annual rate of $0.52. This dividend applies to shareholders recorded by February 15, 2022, with payment scheduled for February 28, 2022. Notably, the majority-owned subsidiary, Greene County Bancorp, MHC, has waived its receipt of this dividend following member approval and non-objection from the Federal Reserve Bank of Philadelphia.

Greene County Bancorp reported a net income of $7.1 million for Q1 FY2022, marking a 45.9% increase from $4.9 million in Q1 FY2021. Total assets reached a record $2.3 billion, with a return on average assets of 1.28% and return on average equity of 18.60%. Net interest income rose to $14.4 million, boosted by loan growth and SBA PPP fees. However, noninterest expenses increased 11.6% to $8.0 million, primarily due to new hires. Despite strong performance, the company continues to monitor the impact of the COVID-19 pandemic on credit quality.

Greene County Bancorp, Inc. (NASDAQ-GCBC) has announced a quarterly cash dividend of $0.13 per share for the period ending September 30, 2021. This maintains the annual cash dividend rate at $0.52, consistent with the previous quarter. Shareholders of record by November 15, 2021, will receive the dividend on November 30, 2021. Notably, the majority shareholder, Greene County Bancorp, MHC, is waiving its dividend entitlement, having obtained the necessary approvals for this decision.

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.