Greene County Bancorp, Inc. Reports 11.0% Increase in Net Income for the Quarter Ended September 30, 2019, and Selected for the Sandler O’Neill Sm-All Stars Class of 2019

CATSKILL, N.Y., Oct. 23, 2019 (GLOBE NEWSWIRE) — 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 months ended September 30, 2019, which is the first quarter of the Company’s fiscal year ending June 30, 2020.  Net income for the three months ended September 30, 2019 and 2018 was $4.9 million compared to $4.4 million, an 11.0% increase.  Earnings per share were $0.57 per basic and diluted share, for the three months ended September 30, 2019, and $0.51 per basic and diluted share, for the three months ended September 30, 2018.
Donald Gibson, President & CEO stated: “I am proud of our continued strong performance in this very difficult interest rate environment. I am also proud to be recognized by Sandler O’Neill, as a member of their Sm-All Stars Class of 2019, for the third consecutive year, as one of the highest performing institutions in the country. According to Sandler O’Neill, in order to earn Sm-All Star status, companies needed to have a market cap below $2.5 billion and clear numerous hurdles related to growth, profitability, credit quality, and capital strength. The objective is to identify the top performing small-cap banks and thrifts in the country.”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, 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.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 and 3.32% for New York State income taxes for the period ended September 30, 2019 and 2018. The following table summarizes the adjustments made to arrive at the fully taxable-equivalent net interest margin.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 54.0% 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 September 30, 2019.  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.
The above information is preliminary and based on the Company’s data available at the time of presentation.}For Further Information Contact:
Donald E. Gibson
President & CEO
(518) 943-2600
donaldg@tbogc.comMichelle M. Plummer, CPA
EVP, COO & CFO
(518) 943-2600
michellep@tbogc.com