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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.
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.
Greene County Bancorp, Inc. (NASDAQ-GCBC) has declared a quarterly cash dividend of $0.12 per share, maintaining an annual rate of $0.48 per share, consistent with the previous quarter. This dividend is set for shareholders on record as of November 13, 2020, and will be paid on November 30, 2020. The majority owner, Greene County Bancorp, MHC, has opted to waive its receipt of this dividend, following approvals from its members and the Federal Reserve Bank of Philadelphia.
Greene County Bancorp, Inc. (GCBC) reported a net income of $4.7 million for Q4 and $18.7 million for the fiscal year ending June 30, 2020, marking increases of 12.9% and 7.1%, respectively, compared to the previous year. Total assets reached $1.7 billion, with consolidated deposits at $1.5 billion. The company also processed $99.8 million in PPP loans, further enhancing liquidity. However, net interest margin and spread decreased due to lower interest rates. The provision for loan losses increased significantly due to the COVID-19 pandemic, underscoring ongoing challenges in the financial landscape.