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Greene County Bancorp Inc (symbol: GCBC) is a renowned community-based financial institution dedicated to building lasting relationships with its customers and the communities it serves. Operating for over a century, the company has established a reputation for excellence in banking, driven by its core values, principles, and exceptional service.
As a holding firm, Greene County Bancorp Inc oversees the operations of The Bank of Greene County while maintaining a robust financial position. The Bank of Greene County, its primary subsidiary, offers a diverse range of banking services, including retail deposits, residential and commercial loans, consumer loans, and home equity loans. Additionally, the bank serves the banking needs of local municipalities and manages a real estate investment trust.
Our Unique Offerings:
- e-Checking and e-Savings Accounts: Modern, digital banking solutions that cater to the needs of tech-savvy consumers.
- Commercial and Residential Loans: Flexible loan options for businesses and homeowners, helping them achieve their financial goals.
- Merchant Credit Card Processing: Reliable and efficient payment processing services for businesses.
- Investment Services: Comprehensive investment solutions to help customers grow and manage their wealth.
- Visa® Rewards and Greene Loyalty Program: Exciting rewards and loyalty benefits for our valued customers.
Our knowledgeable and caring staff act as trusted advisors to both consumers and businesses, ensuring that every customer receives personalized and attentive service. This commitment to quality has made us the bank of choice in our marketplace.
Recent Achievements:
- The company adopted the CECL accounting standard effective July 1, 2023, marking a significant milestone in its financial reporting practices.
- Greene County Bancorp Inc has consistently delivered strong financial performance, as evidenced by its consolidated statements of income and selected financial ratios.
With a foundation built on trust and community focus, Greene County Bancorp Inc continues to thrive, providing innovative banking solutions and exceptional service to its customers.
Greene County Bancorp (NASDAQ: GCBC) reported strong financial results for Q2 fiscal 2025. Net income reached $7.5 million ($0.44 per share) for the quarter ended December 31, 2024, marking a 31.2% increase from $5.7 million in the same period last year.
The company achieved record highs with total assets of $2.97 billion, net loans of $1.53 billion, and total deposits of $2.47 billion. Net interest income increased by $1.7 million to $14.1 million for the quarter, driven by higher interest-earning assets and improved interest rates.
Credit quality remained strong with nonperforming assets at 0.14% of total assets. The company strategically managed its balance sheet by focusing on higher-yielding loans and securities while adjusting deposit rates in response to Federal Reserve policy changes, resulting in improved net interest margin of 2.04% for the quarter.
Greene County Bancorp (NASDAQ:GCBC) has declared a quarterly cash dividend of $0.09 per share, maintaining an annual rate of $0.36 per share. The dividend will be paid on February 28, 2025, to shareholders of record as of February 14, 2025.
Greene County Bancorp MHC, which owns 54.1% of the company's outstanding shares, will waive its dividend receipt. The Federal Reserve Bank of Philadelphia has granted approval for MHC to waive dividends up to $0.48 per share for the four quarters ending December 31, 2024, through September 30, 2025.
The company operates through its subsidiaries, Bank of Greene County and Greene County Commercial Bank, serving the Hudson Valley Region and Capital District Region in New York State.
Greene County Bancorp, Inc. (NASDAQ: GCBC) reported net income of $6.3 million for the three months ended September 30, 2024, a slight decrease from $6.5 million in the same period last year. The company reached a new milestone of $2.9 billion in total assets, with record highs in deposits ($2.5 billion) and net loans ($1.5 billion). Key financial metrics include:
- Return on Average Assets: 0.93%
- Return on Average Equity: 11.86%
- Net interest income: $13.1 million (decreased $303,000 from previous year)
- Noninterest income: $3.7 million (increased $438,000)
- Noninterest expense: $9.6 million (increased $705,000)
The company maintained strong capital and liquidity positions, with total cash and cash equivalents of $213.5 million. The allowance for credit losses on loans to total loans receivable was 1.32%. Despite challenges in the higher interest rate environment, Greene County Bancorp continues to focus on providing innovative financial solutions and outstanding service to customers throughout the Hudson Valley and Capital Region of New York State.
Greene County Bancorp, Inc. (NASDAQ-GCBC) has announced a quarterly cash dividend of $0.09 per share on its common stock. This reflects an annual cash dividend rate of $0.36 per share, consistent with the previous quarter's dividend. The dividend for the quarter ended September 30, 2024, will be paid to shareholders of record as of November 15, 2024, with an expected payment date of November 29, 2024.
Greene County Bancorp, MHC, which owns 54.1% of the Company's outstanding common shares, does not intend to waive its receipt of these dividends for the quarter ended September 30, 2024. The Company is the holding company for The Bank of Greene County and Greene County Commercial Bank, operating primarily in the Hudson Valley Region and Capital District Region of New York State.
Greene County Bancorp, Inc. (NASDAQ: GCBC) reported net income of $24.8 million for the fiscal year ended June 30, 2024, a decrease of 19.5% from the previous year. Despite challenges from an inverted yield curve, the company achieved record highs in total assets ($2.8 billion) and net loans ($1.5 billion). Key financial metrics include:
- Return on Average Assets: 0.93%
- Return on Average Equity: 12.87%
- Net interest income: $51.0 million (down from $61.2 million)
- Noninterest income: $13.9 million (up 14.5%)
- Noninterest expense: $37.3 million (down 3.4%)
The company was selected for the "2024 KBW Bank Honor Roll" for the thirteenth consecutive year, recognizing consistent earnings growth. The decrease in net income was primarily due to net interest margin compression in the current interest rate environment.
Greene County Bancorp, Inc. (NASDAQ: GCBC) has announced a 12.5% increase in its annual cash dividend, raising it from $0.32 to $0.36 per share. The company's Board of Directors approved a quarterly cash dividend of $0.09 per share on common stock. This dividend will be paid to shareholders of record as of August 15, 2024, with an expected payment date of August 30, 2024.
Greene County Bancorp, Inc. is majority-owned by Greene County Bancorp, MHC, which owns 54.1% of outstanding common shares. Notably, the MHC does not intend to waive its receipt of dividends for the quarter ended June 30, 2024, departing from its historical practice.
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