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Overview of Greene County Bancorp, Inc. (GCBC)
Greene County Bancorp, Inc. (GCBC) is a community-focused financial institution and holding company that operates primarily through its subsidiary, The Bank of Greene County. With a history spanning over a century, the company has established itself as a trusted provider of banking and financial services in its local markets. GCBC is headquartered in Catskill, New York, and serves individual consumers, businesses, and municipalities across its geographic footprint.
Core Business Model and Operations
At its core, Greene County Bancorp, Inc. is dedicated to offering a comprehensive suite of financial products and services designed to meet the diverse needs of its customers. The company generates revenue through multiple channels, including retail deposits, mortgage and commercial lending, and ancillary financial services. Its primary banking products include:
- Deposits: GCBC attracts retail deposits through various account types, including e-checking and e-savings accounts, which are tailored to provide convenience and value to customers.
- Lending: The company provides a wide range of loans, including one-to-four-family residential mortgages, commercial real estate loans, consumer loans, home equity loans, and commercial business loans. These lending products are designed to support both individual and business financial goals.
- Investment Services: Through its subsidiaries, GCBC offers investment advisory services, helping customers navigate their financial planning and wealth management needs.
- Merchant Services: The company supports local businesses with merchant credit card processing solutions, enabling seamless payment transactions.
Community-Centric Approach
What sets Greene County Bancorp, Inc. apart is its unwavering commitment to the communities it serves. The company leverages its deep local roots and customer-centric philosophy to build lasting relationships. Its knowledgeable and caring staff act as financial advisors, providing personalized guidance to both consumers and businesses. This approach not only enhances customer satisfaction but also fosters trust and loyalty among its clientele.
Real Estate Investment Trust (REIT) Operations
In addition to its traditional banking activities, GCBC operates a real estate investment trust (REIT) through its subsidiaries. This allows the company to diversify its revenue streams and capitalize on opportunities in the real estate market. The REIT primarily focuses on investments in residential and commercial properties, further strengthening GCBC’s position as a multifaceted financial services provider.
Market Position and Competitive Landscape
As a community bank, Greene County Bancorp, Inc. competes with regional and national financial institutions. However, its localized focus, unique product offerings, and personalized service model enable it to differentiate itself in a crowded marketplace. By prioritizing customer relationships and offering tailored financial solutions, GCBC has carved out a niche as the bank of choice for many in its operating regions.
Operational Philosophy and Values
The foundation of Greene County Bancorp, Inc.’s success lies in its adherence to core values of integrity, service, and community engagement. These principles guide the company’s operations and have earned it a reputation for reliability and excellence in banking. Over the years, GCBC has remained steadfast in its mission to deliver "banking at its best" while adapting to the evolving needs of its customers and communities.
Conclusion
Greene County Bancorp, Inc. is more than just a financial institution; it is a cornerstone of the communities it serves. By combining traditional banking services with innovative solutions and a customer-first approach, GCBC continues to play a pivotal role in supporting the financial well-being of individuals, businesses, and municipalities.
Greene County Bancorp, Inc. (NASDAQ-GCBC) declared a quarterly cash dividend of $0.14 per share, maintaining an annual rate of $0.56. This dividend is set for shareholders of record as of November 15, 2022, with a payment date of November 30, 2022. The company's majority owner, Greene County Bancorp, MHC, will waive its dividend receipt, which has been approved by both its members and the Federal Reserve. Greene County Bancorp operates two banks serving the Hudson Valley Region of New York.
Greene County Bancorp (NASDAQ: GCBC) reported financial results for the quarter and fiscal year ending June 30, 2022, revealing a net income of $6.8 million ($0.80/share) for Q4 and a record $28.0 million ($3.29/share) for the fiscal year, marking a 16.9% increase year-over-year. Total assets reached $2.6 billion, with net interest income rising to $15.1 million in Q4. The bank added to its assets through a significant increase in loans and deposits, which totaled $2.2 billion. However, nonperforming loans rose to $6.3 million. Greene County Bancorp was also added to the Russell 2000 Index.
Greene County Bancorp, Inc. (NASDAQ-GCBC) has announced a quarterly cash dividend of $0.14 per share, reflecting an annual rate of $0.56 per share, a 7.7% increase from the previous rate of $0.52. The dividend, payable on August 31, 2022, is to be distributed to shareholders of record as of August 15, 2022. Notably, the majority owner, Greene County Bancorp, MHC, will waive its dividend receipt for this and upcoming quarters, with approval from the Federal Reserve Bank of Philadelphia.
Greene County Bancorp reported a net income of $7.2 million for Q3 FY2022, a 37% increase from Q3 FY2021. For the nine months ending March 31, 2022, net income reached $21.2 million. Total assets stood at $2.5 billion, driven by a 14.6% increase year-over-year. Net interest income rose to $42.9 million despite declines in margin due to lower yields. Noninterest income surged by 32.8% to $9.1 million. However, provisions for loan losses totaled $2.4 million, reflecting ongoing economic impacts.
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 of record on May 13, 2022, with payment scheduled for May 31, 2022. The company’s majority shareholder, Greene County Bancorp, MHC, plans to receive this dividend, marking a change from previous practices. Greene County Bancorp operates The Bank of Greene County and Greene County Commercial Bank in the Hudson Valley region of New York.
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.
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