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, 2021, which is the second
quarter of the Company’s fiscal year ending June 30, 2022. Net
income for the three and six months ended December 31, 2021 was
$6.9 million, or $0.81 per basic and diluted share, and $14.0
million, or $1.64 per basic and diluted share, respectively, as
compared to $6.2 million, or $0.73 per basic and diluted share, and
$11.1 million, or $1.30 per basic and diluted share, for the three
and six months ended December 31, 2020, respectively.
Highlights:
- Net Income: $14.0 million for the six months ended December 31,
2021
- Total Assets: $2.3 billion at December 31, 2021
- Return on Average Assets: 1.23% for the six months ended
December 31, 2021
- Return on Average Equity: 18.04% for the six months ended
December 31, 2021
Donald Gibson, President & CEO stated: “I am
incredibly proud to report we have achieved record high $14.0
million in net income for the six months ending December 31, 2021.
When compared to the same period last year net income increased
26%. Driving our success has been our long term investments in
people, process, and technology combined with the accomplishments
of our outstanding associates. Additionally we have remained
focused on the optimal investment of the excess liquidity driven by
increased deposits and receipt of significant forgiveness proceeds
of SBA PPP loans. Our securities portfolio reached a new milestone
at December 31, 2021, as our total securities crossed the $1
billion threshold.”
Total consolidated assets for the Company were
$2.3 billion at December 31, 2021, primarily consisting of $1.1
billion of net loans and $1.1 billion of total securities
available-for-sale and held-to-maturity. Consolidated deposits
totaled $2.1 billion at December 31, 2021, consisting of retail,
business and municipal banking relationships.
The Company continues to closely monitor the
impact of the coronavirus pandemic (“COVID-19”) on our business and
results of operations. The Company continues to maintain strong
asset quality, capital and liquidity and believes it is still
well-positioned to withstand the continued financial impact from
the pandemic. Borrowers may not have the ability to repay their
debts which may ultimately result in losses to the Company.
Management continues to closely monitor credit relationships,
particularly those on payment deferral or adversely classified. As
discussed under Asset Quality and Loan Loss Provision below, the
Company has maintained its allowance for loan losses during the
three months ended December 31, 2021 and believes that total
reserves are adequate.
Selected highlights for the three and six months
ended December 31, 2021 are as follows:
Net Interest Income and Margin
- Net interest
income increased $844,000 to $14.5 million for the three
months ended December 31, 2021 from $13.6 million for the three
months ended December 31, 2020. Net interest income increased $3.4
million to $28.9 million for the six months ended December 31, 2021
from $25.4 million for the six months ended December 31, 2020. The
increase in net interest income was primarily the result of the
growth in the average balance of interest-earning assets, which
increased $430.2 million and $445.3 million when comparing the
three and six months ended December 31, 2021 and 2020, offset by a
decrease in the average interest rate on interest-earning assets,
which decreased 46 and 36 basis points when comparing the three and
six months ended December 31, 2021 and 2020.Average loan balances
increased $81.4 million and $78.1 million and the yield on loans
decreased 24 and increased 8 basis points for the three and six
months ended December 31, 2021 and 2020, respectively. Included in
interest-earning assets at December 31, 2021, are $15.0 million of
SBA Paycheck Protection Program (PPP) loans at a rate of 1.00%. The
yield on loans was supported by $1.0 million and $2.5 million in
SBA PPP fee income for the three and six months ended December 31,
2021, which was realized through a deferred origination fee and
recognized within interest income. Average securities increased
$322.3 million and $313.4 million, and the yield on such securities
decreased 29 and 38 basis points when comparing the three and six
months ended December 31, 2021 and 2020. Average interest-bearing
bank balances and federal funds increased $26.7 and $54.0 million,
and the yields increased 4 basis points when comparing the three
and six months ended December 31, 2021 and 2020, respectively.Cost
of interest-bearing liabilities decreased 6 and 12 basis points
when comparing the three and six months ended December 31, 2021 and
2020, respectively. The cost of NOW deposits decreased 10 and 17
basis points, the cost of savings and money market deposits
decreased 6 and 10 basis points, and the cost of certificates of
deposit decreased 27 and 31 basis points when comparing the three
and six months ending December 31, 2021, and 2020, respectively.
The decrease in cost of interest-bearing liabilities was offset by
growth in the average balance of interest-bearing liabilities of
$418.4 million and $432.7 million when comparing the three and six
months ended December 31, 2021 and 2020, respectively. The increase
resulted most notably due to an increase in average NOW deposits of
$327.0 million and $348.8 million, an increase in average savings
and money market deposits of $68.4 million and $68.8 million, and
an increase in average borrowings of $23.3 million and $15.5
million when comparing the three and six months ended December 31,
2021 and 2020, respectively. The cost on borrowings decreased 26
and increased 90 basis points when comparing the three and six
months ended December 31, 2021 and 2020. The change in cost of
borrowings was due to the Company entering into Subordinated Note
Purchase Agreements in September 2021 and September 2020. Yields on
interest-earning assets and costs of interest-bearing deposits
continue to decline as a result of the current low interest rate
environment, and as the Federal Reserve Board continues the low
interest rate environment, to support economic recovery.
- Net interest rate spread
and margin both decreased when comparing the three and six
months ended December 31, 2021 and 2020. Net interest rate spread
decreased 40 basis points to 2.51% for the three months ended
December 31, 2021 compared to 2.91% for the three months ended
December 31, 2020. Net interest rate spread decreased 24 basis
points to 2.57% for the six months ended December 31, 2021 compared
to 2.81% for the six months ended December 31, 2020. Net interest
margin decreased 41 basis points and 27 basis points to 2.55% and
2.61%, respectively, for the three and six months ended December
31, 2021 compared to 2.96% and 2.88%, respectively, for the three
and six months ended December 31, 2020. Decreases in net interest
rate spread and net interest margin resulted primarily from
lower-yielding securities and loans offset by lower rates on
deposits as well as growth in loan and securities balances.
- 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 2.69% and 3.11% for
the three months ended December 31, 2021 and 2020, respectively,
and was 2.75% and 3.04% for the six months ended December 31, 2021
and 2020, respectively.
Asset Quality and Loan Loss Provision
- Provision for loan
losses amounted to $1.3 million for both the three months
ended December 31, 2021 and 2020, and amounted to $2.3 million and
$2.5 million for the six months ended December 31, 2021 and 2020,
respectively. The provision for loan losses for the three and six
months ended December 31, 2021 and 2020 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 deferral 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 and extended under the Consolidated
Appropriations Act which was signed into law on December 27,
2020. At December 31, 2021, the Company had $264,000,
consisting of two loans, on payment deferral as a result of the
pandemic, which is a decrease from $8.0 million, consisting of
eight loans, at June 30, 2021. Loans classified as substandard or
special mention totaled $47.4 million at December 31, 2021,
compared to $49.7 million at June 30, 2021, a decrease of $2.3
million, and compared to $38.2 million at December 31, 2020, an
increase of $9.2 million. Loans classified as substandard or
special mention decreased slightly as compared to June 30, 2021 but
remained elevated as compared to December 31, 2020, due to
insufficient cash flows and revenues related to the COVID-19
pandemic. Reserves on loans classified as substandard or special
mention totaled $9.4 million at December 31, 2021 compared to $7.8
million at June 30, 2021, an increase of $1.6 million. No loans
were classified as doubtful or loss at December 31, 2021 or June
30, 2021. Allowance for loan losses to total loans receivable was
1.89% at December 31, 2021 compared to 1.77% at June 30, 2021.
Total loans receivable included $15.0 million and $67.4 million of
SBA Paycheck Protection Program (PPP) loans at December 31, 2021
and June 30, 2021, respectively. Excluding these SBA guaranteed
loans, the allowance for loan losses to total loans receivable
would have been 1.92% and 1.89% at December 31, 2021 and June 30,
2021, respectively.
- Net charge-offs
amounted to $89,000 and $588,000 for the three months ended
December 31, 2021 and 2020, respectively, a decrease of $499,000.
Net charge-offs totaled $252,000 and $626,000 for the six months
ended December 31, 2021 and 2020, respectively. The primary
net charge off activity was a commercial loan charge off that
occurred during the quarter ended December 31, 2020.
- Nonperforming
loans amounted to $3.9 million and $2.3 million at
December 31, 2021 and June 30, 2021, respectively. The increase in
nonperforming loans during the period was primarily due to $2.4
million of loans placed into nonperforming status due to
delinquency, $715,000 in loan repayments, and $97,000 in
charge-offs. At December 31, 2021 nonperforming assets were 0.17%
of total assets compared to 0.11% at June 30, 2021. Nonperforming
loans were 0.35% and 0.21% of net loans at December 31, 2021 and
June 30, 2021, respectively.
Noninterest Income and Noninterest Expense
- Noninterest income
increased $844,000, or 35.3%, to $3.2 million for the three months
ended December 31, 2021 compared to $2.4 million for the three
months ended December 31, 2020. Noninterest income increased $1.7
million, or 37.9%, to $6.2 million for the six months ended
December 31, 2021 compared to $4.5 million for the six months ended
December 31, 2020. The increase was primarily due to an increase in
debit card fees resulting from continued growth in the number of
checking accounts with debit cards, the income from bank owned life
insurance, and increases in service charges on deposit
accounts.
- Noninterest
expense increased $797,000, or 10.6%, to $8.3 million for
the three months ended December 31, 2021 compared to $7.5 million
for the three months ended December 31, 2020. Noninterest expense
increased $1.6 million, or 11.1%, to $16.3 million for the six
months ended December 31, 2021, compared to $14.7 million for the
six months ended December 31, 2020. The increase in noninterest
expense during the three and six months ended December 31, 2021 was
primarily due to an increase in salaries and employee benefits
expense resulting from creating 13 new positions during the
previous fiscal year. The new positions were required to support
growth in the bank’s lending department, customer service center
and finance department. There was also an increase in professional
fees during the current year.
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 14.8% and 15.0% for the
three and six months ended December 31, 2021 and 14.0% and 13.0%
for the three and six months ended December 31, 2020, respectively.
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, income received on the bank
owned life insurance, 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. The increase in the current
quarter was attributable to the increase in the New York State tax
rate and the increase in income before taxes for December 31, 2021
compared to December 31, 2020.
Balance Sheet Summary
- Total assets of
the Company were $2.3 billion at December 31, 2021 and $2.2 billion
at June 30, 2021, an increase of $144.8 million, or
6.6%.
- Securities
available-for-sale and held-to-maturity increased $180.1
million, or 20.3%, to $1.1 billion at December 31, 2021 as compared
to $887.8 million at June 30, 2021. This increase was the result of
utilizing excess cash on hand due to an increase in deposits.
Securities purchases totaled $359.3 million during the six months
ended December 31, 2021 and consisted of $272.7 million of state
and political subdivision securities, $80.7 million of
mortgage-backed securities, and $5.9 million of corporate
securities. Principal pay-downs and maturities during the six
months amounted to $174.0 million, primarily consisting of $19.2
million of mortgage-backed securities, $153.4 million of state and
political subdivision securities, and $1.4 million of
collateralized mortgage obligations.
- Net loans
receivable increased $37.0 million, or 3.4%, to $1.1
billion at December 31, 2021 from $1.1 billion at June 30, 2021.
The loan growth experienced during the six months consisted
primarily of $61.4 million in commercial real estate loans, $12.7
million in commercial construction loans, $9.2 million in
residential real estate loans, $3.7 million in residential
construction, $2.5 million in multi-family loans, and a $2.2
million net decrease in deferred fees due to the forgiveness of SBA
PPP loans. This growth was partially offset by a $52.9 million
decrease in commercial loans, driven by the decrease in SBA PPP
loans, and a $2.0 million increase in allowance for loan losses.
SBA PPP loans decreased $52.4 million to $15.0 million at December
31, 2021 from $67.4 million at June 30, 2021, due to the receipt of
forgiveness proceeds.
- Deposits totaled
$2.1 billion at December 31, 2021 and $2.0 billion at June 30,
2021, an increase of $68.2 million, or 3.4%. Noninterest-bearing
deposits increased $5.7 million, or 3.3%, NOW deposits increased
$48.8 million, or 3.6%, and savings deposits increased $20.4
million, or 6.8%, when comparing December 31, 2021 and June 30,
2021. These increases were offset by decreases in money market
deposits of $6.8 million, or 4.7%, when comparing December 31, 2021
and June 30, 2021.
- Borrowings of the
Company amounted to $89.2 million at December 31, 2021 compared to
$22.6 million at June 30, 2021, an increase of $66.6
million. At December 31, 2021, borrowings consisted of
$40.0 million in overnight borrowings with the Federal Home Loan
Bank of New York (“FHLB”), and $49.2 million of Fixed-to-Floating
Rate Subordinated Notes. During the six months ended December 31,
2021, the Company repaid $3.0 million of short-term borrowings with
Atlantic Central Bankers Bank and borrowed $40.0 million in
overnight advances with the FHLB. The Company entered into
Subordinated Note Purchase Agreements on September 15, 2021, issued
at 3.00% Fixed-to-Floating Rate, due September 15, 2031, in the
aggregate principal amount of $30.0 million. These notes are
callable on September 15, 2026.
- Shareholders’
equity increased to $160.0 million at December 31, 2021
from $149.6 million at June 30, 2021, resulting primarily from net
income of $14.0 million, partially offset by dividends declared and
paid of $1.0 million and a decrease in other accumulated
comprehensive loss of $2.6 million.
Greene County Bancorp, Inc. is the direct and
indirect holding company, 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
Region and Capital District Region 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."
For Further Information
Contact:Donald E. GibsonPresident & CEO(518)
943-2600donaldg@tbogc.com
Michelle M. Plummer, CPA, CGMASEVP, COO &
CFO(518) 943-2600michellep@tbogc.com
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 |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Interest income |
$ |
15,811 |
|
$ |
14,949 |
|
$ |
31,424 |
|
$ |
28,287 |
|
Interest expense |
|
1,358 |
|
|
1,340 |
|
|
2,572 |
|
|
2,862 |
|
Net interest income |
|
14,453 |
|
|
13,609 |
|
|
28,852 |
|
|
25,425 |
|
Provision for loan losses |
|
1,280 |
|
|
1,262 |
|
|
2,268 |
|
|
2,505 |
|
Noninterest income |
|
3,238 |
|
|
2,394 |
|
|
6,167 |
|
|
4,472 |
|
Noninterest expense |
|
8,337 |
|
|
7,540 |
|
|
16,298 |
|
|
14,673 |
|
Income before taxes |
|
8,074 |
|
|
7,201 |
|
|
16,453 |
|
|
12,719 |
|
Tax provision |
|
1,197 |
|
|
1,006 |
|
|
2,462 |
|
|
1,649 |
|
Net income |
$ |
6,877 |
|
$ |
6,195 |
|
$ |
13,991 |
|
$ |
11,070 |
|
|
|
|
|
|
Basic and diluted EPS |
$ |
0.81 |
|
$ |
0.73 |
|
$ |
1.64 |
|
$ |
1.30 |
|
Weighted average shares
outstanding |
|
8,513,414 |
|
|
8,513,414 |
|
|
8,513,414 |
|
|
8,513,414 |
|
Dividends declared per share
4 |
$ |
0.13 |
|
$ |
0.12 |
|
$ |
0.26 |
|
$ |
0.24 |
|
|
|
|
|
|
Selected Financial
Ratios |
|
|
|
|
Return on average assets1 |
|
1.18 |
% |
|
1.33 |
% |
|
1.23 |
% |
|
1.24 |
% |
Return on average equity1 |
|
17.50 |
% |
|
18.28 |
% |
|
18.04 |
% |
|
16.61 |
% |
Net interest rate spread1 |
|
2.51 |
% |
|
2.91 |
% |
|
2.57 |
% |
|
2.81 |
% |
Net interest margin1 |
|
2.55 |
% |
|
2.96 |
% |
|
2.61 |
% |
|
2.88 |
% |
Fully taxable-equivalent net
interest margin2 |
|
2.69 |
% |
|
3.11 |
% |
|
2.75 |
% |
|
3.04 |
% |
Efficiency ratio3 |
|
47.13 |
% |
|
47.12 |
% |
|
46.54 |
% |
|
49.08 |
% |
Non-performing assets to total
assets |
|
|
|
0.17 |
% |
|
0.17 |
% |
Non-performing loans to net
loans |
|
|
|
0.35 |
% |
|
0.27 |
% |
Allowance for loan losses to
non-performing loans |
|
|
|
559.59 |
% |
|
663.16 |
% |
Allowance for loan losses to
total loans |
|
|
|
1.89 |
% |
|
1.74 |
% |
Shareholders’ equity to total
assets |
|
|
|
6.82 |
% |
|
7.44 |
% |
Dividend payout ratio4 |
|
|
|
15.85 |
% |
|
18.46 |
% |
Actual dividends paid to net
income5 |
|
|
|
7.29 |
% |
|
8.50 |
% |
Book value per share |
|
|
$ |
18.79 |
|
$ |
16.30 |
|
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, 2021 and 2020, 4.44% and 3.98% for New York State
income taxes for the three and six months ended December 31, 2021
and 2020, respectively. 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) |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net interest income
(GAAP) |
$ |
14,453 |
|
$ |
13,609 |
|
$ |
28,852 |
|
$ |
25,425 |
|
Tax-equivalent adjustment |
|
816 |
|
|
705 |
|
|
1,582 |
|
|
1,407 |
|
Net interest income (fully
taxable-equivalent basis) |
$ |
15,269 |
|
$ |
14,314 |
|
$ |
30,434 |
|
$ |
26,832 |
|
|
|
|
|
|
Average interest-earning
assets |
$ |
2,268,548 |
|
$ |
1,838,376 |
|
$ |
2,212,262 |
|
$ |
1,766,929 |
|
Net interest margin (fully
taxable-equivalent basis) |
|
2.69 |
% |
|
3.11 |
% |
|
2.75 |
% |
|
3.04 |
% |
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 March
31, 2020; June 30, 2020; September 30, 2020; December 31, 2020;
June 30, 2021; September 30, 2021; and December 31, 2021. Dividends
declared during the three months ended December 31, 2019 and March
31, 2021 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, 2021 |
|
AtJune 30, 2021 |
(Dollars In thousands, except
share data) |
|
|
|
Assets |
|
|
|
Total cash and cash equivalents |
$ |
63,528 |
|
|
$ |
149,775 |
|
Long term certificate of
deposit |
|
4,362 |
|
|
|
4,553 |
|
Securities- available for sale,
at fair value |
|
401,624 |
|
|
|
390,890 |
|
Securities- held to maturity, at
amortized cost |
|
666,294 |
|
|
|
496,914 |
|
Equity securities, at fair
value |
|
292 |
|
|
|
307 |
|
Federal Home Loan Bank stock, at
cost |
|
2,891 |
|
|
|
1,091 |
|
|
|
|
|
Gross loans receivable |
|
1,145,196 |
|
|
|
1,108,408 |
|
Less: Allowance for loan
losses |
|
(21,684 |
) |
|
|
(19,668 |
) |
Unearned origination fees and
costs, net |
|
(547 |
) |
|
|
(2,793 |
) |
Net loans receivable |
|
1,122,965 |
|
|
|
1,085,947 |
|
|
|
|
|
Premises and equipment |
|
13,985 |
|
|
|
14,137 |
|
Bank owned life insurance |
|
50,541 |
|
|
|
40,425 |
|
Accrued interest receivable |
|
8,392 |
|
|
|
7,781 |
|
Foreclosed real estate |
|
- |
|
|
|
64 |
|
Prepaid expenses and other
assets |
|
10,214 |
|
|
|
8,451 |
|
Total assets |
$ |
2,345,088 |
|
|
$ |
2,200,335 |
|
|
|
|
|
Liabilities and shareholders’ equity |
|
|
|
Noninterest bearing deposits |
$ |
179,777 |
|
|
$ |
174,114 |
|
Interest bearing deposits |
|
1,893,580 |
|
|
|
1,830,994 |
|
Total
deposits |
|
2,073,357 |
|
|
|
2,005,108 |
|
|
|
|
|
Borrowings from other banks,
short-term |
|
- |
|
|
|
3,000 |
|
Borrowings from FHLB, short
term |
|
40,000 |
|
|
|
- |
|
Subordinated notes payable |
|
49,217 |
|
|
|
19,644 |
|
Accrued expenses and other
liabilities |
|
22,531 |
|
|
|
22,999 |
|
Total liabilities |
|
2,185,105 |
|
|
|
2,050,751 |
|
Total shareholders’ equity |
|
159,983 |
|
|
|
149,584 |
|
Total liabilities and
shareholders’ equity |
$ |
2,345,088 |
|
|
$ |
2,200,335 |
|
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.
Greene County Bancorp (NASDAQ:GCBC)
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