Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the
holding company for the Bank of Greene County and its subsidiary
Greene County Commercial Bank, today reported net income for the
three and six months ended December 31, 2020, which is the second
quarter of the Company’s fiscal year ending June 30, 2021. Net
income for the three and six months ended December 31, 2020 was
$6.2 million, or $0.73 per basic and diluted share, and $11.1
million, or $1.30 per basic and diluted share, respectively, as
compared to $5.1 million, or $0.60 per basic and diluted share, and
$10.0 million, or $1.17 per basic and diluted share, for the three
and six months ended December 31, 2019, respectively.
Donald Gibson, President & CEO stated: “I am
pleased to report another very solid quarter. Net income for the
three and six months ended December 31, 2020 were both at record
high levels. I am also pleased to report we were
recently named as a 'Banking Performance Powerhouse' by Bank
Director in their 2021 Ranking Banking study. The study featured
only the highest 20 performing banks in the United States. The
high-performing banks were selected based on total shareholder
return generated over a 20-year period ended June 30, 2020.”
Total consolidated assets for the Company were
$1.9 billion at December 31, 2020, primarily consisting of $740.9
million of total securities available-for-sale and held-to-maturity
and $1.0 billion of net loans. Consolidated deposits totaled $1.7
billion at December 31, 2020, consisting of retail, business and
municipal banking relationships. The Bank of Greene County operates
17 full-service banking offices, with operations and lending
centers located in the Capital District and Hudson Valley Regions
of New York State.
The novel strain of coronavirus (“COVID-19”)
continues to impact business throughout the country and in the
markets that we serve. With the continued uncertainty regarding the
duration of the pandemic and effectiveness of containment
strategies, the overall impact to the Company’s financial position
cannot be determined at this time. However, the Company continues
to maintain strong asset quality, capital and liquidity. Management
believes it is still well positioned to withstand the financial
impact from this health crisis and continues to stand by and work
hand in hand with local businesses to be stronger than ever.
Depending upon the duration of the COVID-19
pandemic and the adequacy of strategies put in place by local and
federal governments, borrowers may not have the ability to repay
their debt and may ultimately result in losses to the Company.
Management continues to closely monitor credit relationships,
particularly those on payment deferral or are currently adversely
classified. As discussed under Asset Quality and Loan Loss
Provision below, the Company has continued to increase its
allowance for loan losses during the three and six months ended
December 31, 2020 and believes that total reserves are
adequate.
Selected highlights for the three and six months
ended December 31, 2020 are as follows:
Net Interest Income and Margin
- Net interest
income increased $2.7 million to $13.6 million for the
three months ended December 31, 2020 from $10.9 million for the
three months ended December 31, 2019. Net interest income increased
$4.0 million to $25.4 million for the six months ended December 31,
2020 from $21.4 million for the six months ended December 31, 2019.
The increase in net interest income was primarily the result of the
growth in the average balance of interest-earnings assets, which
increased $434.8 million and $421.6 million when comparing the
three and six months ended December 31, 2020 and 2019,
respectively. Average loan balances increased $203.5 million and
$214.4 million and the yield on loans decreased 16 and 44 basis
points for the three and six months ended December 31, 2020 and
2019, respectively. Included in interest-earning assets at December
31, 2020, are $62.1 million of SBA Paycheck Protection Program
(PPP) loans at a rate of 1.00%. A decline in yields on loans was
offset by the receipt of $1.5 million in SBA PPP fee income for the
three and six months ended December 31, 2020, which was realized
through a deferred origination fee and recognized within interest
income. There were no SBA PPP loans outstanding at December 31,
2019. Average securities increased $204.2 million and $202.6
million, and the yield on such securities decreased 71 basis points
and 73 basis points when comparing the three and six months ended
December 31, 2020 and 2019, respectively. Average interest-bearing
bank balances and federal funds increased $27.5 and $4.9 million,
and the yield decreased 178 and 183 basis points when comparing the
three and six months ended December 31, 2020 and 2019,
respectively.Cost of interest-bearing liabilities decreased 43 and
39 basis points when comparing the three and six months ended
December 31, 2020 and 2019, respectively. The cost of NOW deposits
decreased 61 and 56 basis points, the cost of savings and money
market deposits decreased 17 and 13 basis points, and the cost of
certificates of deposit decreased 22 and 16 basis points when
comparing the three and six months ending December 31, 2020, and
2019, respectively. The decrease in cost of interest-bearing
liabilities was offset by growth in the average balance of
interest-bearing liabilities of $371.8 million and $360.6 million,
most notably due to an increase in NOW deposits of $305.1 million
and $300.7 million, an increase in average savings and money market
deposits of $60.0 million and $54.4 million, and an increase in
borrowings of $7.9 million and $7.0 million when comparing the
three and six months ended December 31, 2020 and 2019,
respectively. The cost on borrowings increased 261 and 190 basis
points when comparing the three and six months ended December 31,
2020 and 2019. The increase in cost on borrowings was due to the
Company entering into Subordinated Note Purchase Agreements
discussed within the borrowings section below. Yields on
interest-earning assets and costs of interest bearing liabilities
continue to decline as a result of the low interest rate
environment brought on by Federal Reserve Board interest rate
decreases during fiscal 2020.
- Net interest rate spread
and margin both decreased when comparing the three and six
months ended December 31, 2020 and 2019. Net interest rate spread
decreased eight basis points to 2.91% for the three months ended
December 31, 2020 compared to 2.99% for the three months ended
December 31, 2019. Net interest rate spread decreased 25 basis
points to 2.81% for the six months ended December 31, 2020 compared
to 3.06% for the six months ended December 31, 2019. Net interest
margin decreased 15 basis points and 30 basis points to 2.96% and
2.88%, respectively, for the three and six months ended December
31, 2020 compared to 3.11% and 3.18%, respectively, for the three
and six months ended December 31, 2019. Decreases in net interest
spread and margin resulted primarily from lower yields on loans and
securities offset by growth in average loan and securities balances
and lower costs of interest-bearing liabilities.
- Net interest income on a
taxable-equivalent basis includes the additional amount of
interest income that would have been earned if the Company’s
investment in tax-exempt securities and loans had been subject to
federal and New York State income taxes yielding the same after-tax
income. Tax equivalent net interest margin was 3.11% and 3.29% for
the three months ended December 31, 2020 and 2019, respectively,
and was 3.04% and 3.36% for the six months ended December 31, 2020
and 2019, respectively. The decreases in net interest margin is
impacted by growth in interest earning assets and declines on
yields of interest earning assets due to the low interest rate
environment brought on by Federal Reserve Board interest rate
decreases during fiscal 2020.
Asset Quality and Loan Loss Provision
- Provision for loan
losses amounted to $1.3 million and $690,000 for the three
months ended December 31, 2020 and 2019, respectively, and amounted
to $2.5 million and $1.2 million for the six months ended December
31, 2020 and 2019, respectively. The increase in provision for loan
loss was due to the impact of the COVID-19 pandemic as well as
growth in gross loans and an increase in loans adversely
classified. The Company instituted a loan deferment program in
response to the COVID-19 pandemic whereby deferral of principal
and/or interest payments have been provided and correspond to the
length of the National Emergency as defined under the CARES Act. At
December 31, 2020, the Company had $14.5 million or 66 loans on
payment deferral as a result of the pandemic, which is down from
$193.5 million or 706 loans at June 30, 2020. Management continues
to monitor these loans, however, it remains uncertain that all of
these loans will continue to perform as agreed once they reach the
end of the deferral period. At December 31, 2020, there were four
loans totaling $204,000 that were previously on deferment that are
now on nonaccrual. These loans are within the residential and
commercial loan portfolios. Loans classified as substandard or
special mention totaled $38.2 million at December 31, 2020 and
$32.8 million at June 30, 2020, an increase of $5.4 million. Loans
classified as substandard or special mention increased due to
insufficient cash flows and revenues related to the COVID-19
pandemic. Reserves on loans classified as substandard or special
mention totaled $3.4 million at December 31, 2020 compared to $2.4
million at June 30, 2020, an increase of $981,000 which is
attributable to the increase in classified loans. No loans were
classified as doubtful or loss at December 31, 2020 or June 30,
2020. Allowance for loan losses to total loans receivable was 1.74%
at December 31, 2020 compared to 1.62% at June 30, 2020. Total
loans receivable included $62.1 million and $99.8 million of SBA
Paycheck Protection Program (PPP) loans at December 31, 2020 and
June 30, 2020, respectively. Excluding these SBA guaranteed loans,
the allowance for loan losses to total loans receivable would have
been 1.85% and 1.80% at December 31, 2020 and June 30, 2020,
respectively.
- Net charge-offs
for the three months ended December 31, 2020 totaled $588,000
compared to $149,000 for the three months ended December 31,
2019. Net charge-offs totaled $626,000 and $457,000 for the
six months ended December 31, 2020 and 2019, respectively. The
increase in charge-off activity for the six months ended December
31, 2020 was primarily within the commercial loan portfolio offset
by recoveries on consumer installment loans of $40,000.
- Nonperforming
loans amounted to $2.8 million and $4.1 million at
December 31, 2020 and June 30, 2020, respectively. The decrease in
nonperforming loans during the period was primarily due to $1.3
million in loan repayments, $588,000 in charge-offs, $293,000 in
loans returned to performing status, offset by $861,000 of loans
placed into nonperforming status. At December 31, 2020
nonperforming assets were 0.17% of total assets compared to 0.24%
at June 30, 2020. Nonperforming loans were 0.27% and 0.41% of net
loans at December 31, 2020 and June 30, 2020, respectively. At
December 30, 2019, nonperforming assets to total assets were 0.25%
and nonperforming loans to net loans were 0.40%.
Noninterest Income and Noninterest Expense
- Noninterest income
increased $78,000, or 3.4%, and totaled $2.4 million and $2.3
million for the three months ended December 31, 2020 and 2019,
respectively. Noninterest income decreased $110,000, or 2.4%, and
totaled $4.5 million and $4.6 million for the six months ended
December 31, 2020 and 2019. The decrease was primarily due to
decreases in service charges on deposit accounts, primarily from a
lower volume of nonsufficient fund fees, offset by an increase in
debit card fees resulting from continued growth in the number of
checking accounts with debit cards.
- Noninterest
expense increased $1.0 million, or 15.4%, to $7.5 million
for the three months ended December 31, 2020 as compared to $6.5
million for the three months ended December 31, 2019. Noninterest
expense increased $1.7 million, or 13.2%, to $14.7 million for the
six months ended December 31, 2020, compared to $13.0 million for
the six months ended December 31, 2019. The increase in noninterest
expense during the three and six months ended December 31, 2020
were primarily due to an increase in salaries and employee benefits
expenses resulting from additional staffing for a new branch
located in Albany, New York, which opened in September 2020. Due to
continued growth, staffing was also increased within our lending
department, information technology department and branch offices.
FDIC insurance premiums also increased for the three and six months
December 31, 2020, due to credits received during the three and six
months ended December 31, 2019.
Income Taxes
- Provision for income
taxes reflects the expected tax associated with the
pre-tax income generated for the given year and certain regulatory
requirements. The effective tax rate was 14.0% and 13.0% for the
three and six months ended December 31, 2020, compared to 14.8% and
15.4% for the three and six months ended December 31, 2019. The
statutory tax rate is impacted by the benefits derived from tax
exempt bond and loan income, the Company’s real estate investment
trust subsidiary income, as well as the tax benefits derived from
premiums paid to the Company’s pooled captive insurance subsidiary
to arrive at the effective tax rate.
Balance Sheet Summary
- Total assets of
the Company were $1.9 billion at December 31, 2020 and $1.7 billion
at June 30, 2020, an increase of $188.1 million, or
11.2%.
- Securities
available-for-sale and held-to-maturity increased $130.5
million, or 21.4%, to $740.9 million at December 31, 2020 as
compared to $610.4 million at June 30, 2020. This increase was the
result of utilizing excess cash on hand due to an increase in
deposits. Securities purchases totaled $296.2 million during the
six months ended December 31, 2020 and consisted of $189.5 million
of state and political subdivision securities and $89.0 million of
mortgage-backed securities, $6.0 million of corporate securities,
$7.0 million of US Government Agency securities and $4.7 million of
other securities. Principal pay-downs and maturities during the six
months amounted to $163.8 million, primarily consisting of $35.3
million of mortgage-backed securities, $118.1 million of state and
political subdivision securities, and $4.6 million of
collateralized mortgage obligations, $2.5 million of US Government
agency securities, $2.0 million of corporate debt securities and
$1.3 million of other securities.
- Net loans
receivable increased $38.0 million, or 3.8%, to $1.0
billion at December 31, 2020 from $993.5 million at June 30, 2020.
Of the $1.0 billion in net loans receivable at December 31, 2020,
$62.1 million were SBA Paycheck Protection Program loans. The loan
growth experienced during the six months consisted primarily of
$66.7 million in commercial real estate loans, $20.2 million in
residential real estate loans and $2.9 million in multi-family
loans. This growth was partially offset by a $4.4 million decrease
in residential construction and land loans, $2.7 million decrease
in commercial construction loans, $2.2 million decrease in home
equity loans, $42.0 million decrease in commercial loans of which
$37.7 million consisted of SBA PPP loans, $1.9 million increase in
allowance for loan losses offset by a $1.4 million increase in
deferred fees due to the forgiveness of SBA PPP loans. SBA PPP
loans decreased $37.7 million to $62.1 million from $99.8 million
at June 30, 2020, due to the receipt of forgiveness proceeds.
- Deposits totaled
$1.7 billion at December 31, 2020 and $1.5 billion at June 30,
2020, an increase of $178.6 million, or 11.9%. Noninterest-bearing
deposits increased $19.6 million, or 14.2%, NOW deposits increased
$137.2 million, or 14.4%, money market deposits increased $488,000
or 0.4%, and savings deposits increased $21.8 million, or 9.1%,
when comparing December 31, 2020 and June 30, 2020. These increases
were offset by a decrease in certificates of deposits of $506,000,
or 1.4%, when comparing December 31, 2020 and June 30, 2020.
Deposits increased during the six months ended December 31, 2020 as
a result of an increase in new account relationships, the opening
of a new branch on Wolf Road in Albany County, NY, and an increase
in municipal deposits at Greene County Commercial Bank, primarily
from tax collection and new account relationships.
- Borrowings for the
Company amounted to $25.7 million at December 31, 2020 compared to
$25.5 million at June 30, 2020, an increase of $217,000. At
December 31, 2020, borrowings consisted of $6.1 million in term
advances with the Federal Home Loan Bank of New York (“FHLB”), and
$19.6 million of Fixed-to-Floating Rate Subordinated Notes. During
the six months ended December 31, 2020, the Company repaid $10.9
million of Paycheck Protection Plan Lending Facility “(PPPLF”)
proceeds, $7.0 million of short-term borrowings with Atlantic
Central Bankers Bank and $1.5 million of term borrowings with the
FHLB. The Company entered into Subordinated Note Purchase
Agreements on September 17, 2020, issued at 4.75% Fixed-to-Floating
Rate due September 15, 2030, in the aggregate principal amount of
$20.0 million. These notes are callable on September 15, 2025. At
December 31, 2020, there were $19.6 million of Subordinated Note
Purchases Agreements outstanding, net of issuance costs.
- Shareholders’
equity increased to $138.7 million at December 31, 2020
from $128.8 million at June 30, 2020, resulting primarily from net
income of $11.1 million, partially offset by dividends declared and
paid of $941,000 and an increase in other accumulated comprehensive
loss of $198,000.
Greene County Bancorp, Inc. is the direct and
indirect holding company, respectively, for the Bank of Greene
County, a federally chartered savings bank, and Greene County
Commercial Bank, a New York-chartered commercial bank, both
headquartered in Catskill, New York. Our primary market area is the
Hudson Valley in New York State. For more information on Greene
County Bancorp, Inc., visit www.tbogc.com.
This press release contains statements about
future events that constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Actual results could differ materially from those projected in the
forward-looking statements. Factors that might cause such a
difference include, but are not limited to, general economic
conditions, financial and regulatory changes related to the
COVID-19 pandemic, changes in interest rates, regulatory
considerations, competition, technological developments, retention
and recruitment of qualified personnel, and market acceptance of
the Company’s pricing, products and services.
In addition to presenting information in
conformity with accounting principles generally accepted in the
United States of America (GAAP), this news release contains
financial information determined by methods other than GAAP
(non-GAAP). The following measures used in this release, which are
commonly utilized by financial institutions, have not been
specifically exempted by the Securities and Exchange Commission
("SEC") and may constitute "non-GAAP financial measures" within the
meaning of the SEC's rules. The Company has provided in this news
release supplemental disclosures for the calculation of net
interest margin utilizing a fully taxable-equivalent adjustment.
The Company has also provided in this news release supplemental
disclosures for the calculation of the allowance for loan loss to
gross loans, adjusted to exclude SBA Paycheck Protection Program
loans. Management believes that the non-GAAP financial measures
disclosed by the Company from time to time are useful in evaluating
the Company's performance and that such information should be
considered as supplemental in nature and not as a substitute for or
superior to the related financial information prepared in
accordance with GAAP. Our non-GAAP financial measures
may differ from similar measures presented by other companies. See
the reconciliation of GAAP to non-GAAP measures in the section
"Select Financial Ratios."
Greene County Bancorp, Inc.Consolidated
Statements of Income, and Selected Financial Ratios
(Unaudited)
|
At or for the Three Months |
At or for the Six Months |
|
Ended December 31, |
Ended December 31, |
Dollars in thousands, except share and per share data |
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Interest income |
$14,949 |
|
$13,197 |
|
$28,287 |
|
$25,805 |
|
Interest expense |
|
1,340 |
|
|
2,286 |
|
|
2,862 |
|
|
4,394 |
|
Net interest income |
|
13,609 |
|
|
10,911 |
|
|
25,425 |
|
|
21,411 |
|
Provision for loan losses |
|
1,262 |
|
|
690 |
|
|
2,505 |
|
|
1,241 |
|
Noninterest income |
|
2,394 |
|
|
2,316 |
|
|
4,472 |
|
|
4,582 |
|
Noninterest expense |
|
7,540 |
|
|
6,535 |
|
|
14,673 |
|
|
12,957 |
|
Income before taxes |
|
7,201 |
|
|
6,002 |
|
|
12,719 |
|
|
11,795 |
|
Tax provision |
|
1,006 |
|
|
889 |
|
|
1,649 |
|
|
1,819 |
|
Net Income |
$6,195 |
|
$5,113 |
|
$11,070 |
|
$9,976 |
|
|
|
|
|
|
Basic and diluted EPS |
$0.73 |
|
$0.60 |
|
$1.30 |
|
$1.17 |
|
Weighted average shares
outstanding |
|
8,513,414 |
|
|
8,537,010 |
|
|
8,513,414 |
|
|
8,537,412 |
|
Dividends declared per share
4 |
$0.12 |
|
$0.11 |
|
$0.24 |
|
$0.22 |
|
|
|
|
|
|
Selected Financial
Ratios |
|
|
|
|
Return on average assets1 |
|
1.33% |
|
|
1.44% |
|
|
1.24% |
|
|
1.46% |
|
Return on average equity1 |
|
18.28% |
|
|
17.29% |
|
|
16.61% |
|
|
17.16% |
|
Net interest rate spread1 |
|
2.91% |
|
|
2.99% |
|
|
2.81% |
|
|
3.06% |
|
Net interest margin1 |
|
2.96% |
|
|
3.11% |
|
|
2.88% |
|
|
3.18% |
|
Fully taxable-equivalent net
interest margin2 |
|
3.11% |
|
|
3.29% |
|
|
3.04% |
|
|
3.36% |
|
Efficiency ratio3 |
|
47.12% |
|
|
49.41% |
|
|
49.08% |
|
|
49.85% |
|
Non-performing assets to total
assets |
|
|
|
0.17% |
|
|
0.25% |
|
Non-performing loans to net
loans |
|
|
|
0.27% |
|
|
0.40% |
|
Allowance for loan losses to
non-performing loans |
|
|
|
663.16% |
|
|
413.85% |
|
Allowance for loan losses to
total loans |
|
|
|
1.74% |
|
|
1.62% |
|
Shareholders’ equity to total
assets |
|
|
|
7.44% |
|
|
8.35% |
|
Dividend payout ratio4 |
|
|
|
18.46% |
|
|
18.80% |
|
Actual dividends paid to net
income5 |
|
|
|
8.50% |
|
|
13.79% |
|
Book value per share |
|
|
$16.30 |
|
$14.12 |
|
1 Ratios are annualized when necessary.2 Interest
income calculated on a taxable-equivalent basis includes the
additional interest income that would have been earned if the
Company’s investment in tax-exempt securities and loans had been
subject to federal and New York State income taxes yielding the
same after-tax income. The rate used for this adjustment was 21%
for federal income taxes for the three and six months ended
December 31, 2020 and 2019. The rate used for this adjustment for
New York State income taxes was 3.98% and 3.32% for New York State
income taxes for the period ended December 31, 2020 and 2019. The
following table summarizes the adjustments made to arrive at the
fully taxable-equivalent net interest margins.
|
For the three months ended December 31, |
For the six months ended December 31, |
(Dollars in thousands) |
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Net interest income
(GAAP) |
$13,609 |
|
$10,911 |
|
$25,425 |
|
$21,411 |
|
Tax-equivalent adjustment |
|
705 |
|
|
627 |
|
|
1,407 |
|
|
1,203 |
|
Net interest income (fully
taxable-equivalent basis) |
$14,314 |
|
$11,538 |
|
$26,832 |
|
$22,614 |
|
|
|
|
|
|
Average interest-earning
assets |
$1,838,376 |
|
$1,403,622 |
|
$1,766,929 |
|
$1,345,295 |
|
Net interest margin (fully
taxable-equivalent basis) |
|
3.11% |
|
|
3.29% |
|
|
3.04% |
|
|
3.36% |
|
3 The efficiency ratio has been calculated as
noninterest expense divided by the sum of net interest income and
noninterest income.4 The dividend payout ratio has been calculated
based on the dividends declared per share divided by basic earnings
per share. No adjustments have been made to account for dividends
waived by Greene County Bancorp, MHC (“MHC”), the Company’s
majority shareholder, owning 54.1% of the shares outstanding. 5
Dividends declared divided by net income. The MHC waived its right
to receive dividends declared during the three months ended
December 31, 2020, September 30, 2020 and September 30, 2019.
Dividends declared during the three months ended December 31, 2019
were paid to the MHC. The MHC’s ability to waive the receipt of
dividends is dependent upon annual approval of its members as well
as receiving the non-objection of the Federal Reserve
Board.
The above information is preliminary and based on the Company’s
data available at the time of presentation.Greene County
Bancorp, Inc.Consolidated Statements of Financial
Condition (Unaudited)
|
AtDecember 31, 2020 |
|
AtJune 30, 2020 |
(Dollars In thousands, except
share data) |
|
|
|
Assets |
|
|
|
Total cash and cash equivalents |
$57,024 |
|
|
$40,463 |
|
Long term certificate of deposit |
|
4,093 |
|
|
|
4,070 |
|
Securities- available for sale,
at fair value |
|
332,104 |
|
|
|
226,709 |
|
Securities- held to maturity, at
amortized cost |
|
408,769 |
|
|
|
383,657 |
|
Equity securities, at fair
value |
|
292 |
|
|
|
267 |
|
Federal Home Loan Bank stock, at
cost |
|
1,158 |
|
|
|
1,226 |
|
|
|
|
|
Gross loans receivable |
|
1,051,167 |
|
|
|
1,012,660 |
|
Less: Allowance for loan
losses |
|
(18,270) |
|
|
|
(16,391) |
|
Unearned origination fees and costs, net |
|
(1,378) |
|
|
|
(2,747) |
|
Net loans receivable |
|
1,031,519 |
|
|
|
993,522 |
|
|
|
|
|
Premises and equipment |
|
14,052 |
|
|
|
13,658 |
|
Accrued interest receivable |
|
8,475 |
|
|
|
8,207 |
|
Foreclosed real estate |
|
385 |
|
|
|
- |
|
Prepaid expenses and other
assets |
|
7,058 |
|
|
|
5,024 |
|
Total assets |
$1,864,929 |
|
|
$1,676,803 |
|
|
|
|
|
Liabilities and shareholders’ equity |
|
|
|
Noninterest bearing deposits |
$157,778 |
|
|
$138,187 |
|
Interest bearing deposits |
|
1,521,940 |
|
|
|
1,362,888 |
|
Total deposits |
|
1,679,718 |
|
|
|
1,501,075 |
|
|
|
|
|
Borrowings from other banks,
short-term |
|
- |
|
|
|
17,884 |
|
Borrowings from FHLB, long
term |
|
6,100 |
|
|
|
7,600 |
|
Subordinated notes payable |
|
19,601 |
|
|
|
- |
|
Accrued expenses and other
liabilities |
|
20,774 |
|
|
|
21,439 |
|
Total liabilities |
|
1,726,193 |
|
|
|
1,547,998 |
|
Total shareholders’ equity |
|
138,736 |
|
|
|
128,805 |
|
Total liabilities and shareholders’ equity |
$1,864,929 |
|
|
$1,676,803 |
|
Common shares outstanding |
|
8,513,414 |
|
|
|
8,513,414 |
|
Treasury shares |
|
97,926 |
|
|
|
97,926 |
|
The above information is preliminary and based on the Company’s
data available at the time of presentation.
For Further Information
Contact:Donald E. GibsonPresident & CEO(518)
943-2600donaldg@tbogc.com
Michelle M. Plummer, CPA, CGMAEVP, COO &
CFO(518) 943-2600michellep@tbogc.com
Greene County Bancorp (NASDAQ:GCBC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Greene County Bancorp (NASDAQ:GCBC)
Historical Stock Chart
From Apr 2023 to Apr 2024