Greene County Bancorp maintains dividend at $0.09 per share

CATSKILL, N.Y. - Greene County Bancorp (NASDAQ:ICBK), Inc. (NASDAQ:GCBC) has declared a quarterly cash dividend of $0.09 per share, mirroring the amount distributed in the previous quarter, the company announced today. The dividend corresponds to an annual rate of $0.36 per share, yielding 1.33% at current prices. According to InvestingPro, the company has maintained dividend payments for 25 consecutive years, with 11 straight years of dividend increases. Shareholders on record as of February 14, 2025, will receive the payment on February 28, 2025.

The company, a majority-owned subsidiary of Greene County Bancorp, MHC, a federal mutual holding company, noted that the MHC is foregoing its right to this dividend. The Federal Reserve Bank of Philadelphia has given the MHC nonobjection to waive dividends up to $0.48 per share for the four quarters ending September 30, 2025.

Greene County Bancorp, Inc. serves as the direct and indirect holding company for the Bank of Greene County and Greene County Commercial Bank, both of which operate in the Hudson (NYSE:HUD) Valley Region and Capital District Region of New York State.

This dividend announcement is based on a press release statement from Greene County Bancorp, Inc. and reflects the company's ongoing commitment to return value to its shareholders. The decision to maintain the dividend rate is a sign of the company's financial consistency, despite the dynamic economic environment.

Investors in Greene County Bancorp, Inc. can expect the dividend to be disbursed as scheduled, with the knowledge that the company's largest shareholder has opted not to partake in this quarter's distribution.

In other recent news, Greene County Bancorp, Inc., a savings institution based in Catskill, New York, has made significant announcements. The company's majority shareholder, Greene County Bancorp, MHC, has been granted approval by the Federal Reserve Bank of Philadelphia to waive its rights to receive dividends for the four quarters ending with September 30, 2025. This decision enables other shareholders to benefit from dividends without dilution from the majority stakeholder's participation.

The institution has a notable record of maintaining dividend payments for 25 years, including an 11-year streak of increases, recently raising its dividend by 12.5%. This move, not uncommon for mutual holding companies, aims to distribute profits more favorably to the remaining shareholders.

InvestingPro reports that the company maintains a fair financial health score, with a P/E ratio of 20.9x and a dividend yield of 1.21%. While the waiver of dividend rights is a strategic financial decision, the company's management has indicated that it may be subject to various risks and uncertainties. These include economic conditions, interest rate changes, regulatory considerations, and competitive factors. The recent developments reflect Greene County Bancorp, Inc.'s commitment to regulatory and shareholder agreements.

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