AlphaOmega Advisors, LLC Founder Peter Cecchini joins Yahoo Finance's Julia La Roche to discuss his outlook on the markets, as coronavirus cases top 2.5 million in the U.S.
AlphaOmega Advisors, LLC Founder Peter Cecchini joins Yahoo Finance's Julia La Roche to discuss his outlook on the markets, as coronavirus cases top 2.5 million in the U.S.
Kochi (Kerala) [India], January 22 (ANI): A Passing out Parade (PoP) of the 62nd Air Engineering and Air Electrical Officers Specialisation course was held at the Naval Institute of Aeronautical Technology at Naval Base Kochi on Wednesday.
Hyderabad (Telangana) [India], January 22 (ANI): A junior assistant posted at the office of the Assistant Commissioner of Labour at Bhadradri Kothagudem district has been arrested on Friday for demanding and accepting a bribe, informed the Director-General of Anti Corruption Bureau of Telangana, Kumar Vishwajeet.
Press Secretary Jen Psaki conducts a briefing at the White House.
A Swiss criminal court found Israeli businessman Beny Steinmetz guilty of corruption on Friday and sentenced him to five years in jail, delivering a landmark verdict in one of the mining world's most high-profile legal disputes. Steinmetz said he would appeal the ruling, which also included a 50 million Swiss francs ($56.48 million) fine. "It is a big injustice," he told reporters outside the Geneva courthouse.
World's poor need action, not Covid 'vaccine nationalism', say experts. Nations outbidding each other creates an ‘immoral race towards the abyss’
Emma McIntyreIn a new lawsuit filed earlier this week, an unnamed model accused fashion retailer Guess of enabling her rapist, claiming the company knew of co-founder Paul Marciano’s habitual predatory behavior—including his use of a “rape room”—but did nothing to protect women.The plaintiff, identified anonymously as Jane Doe, said that Guess knew of “at least seven women” who were assaulted or sexually harassed by Marciano over the years but still allowed him to remain at the company “because Guess prioritizes profits over the safety of its models,” noting that the company brought him back after he resigned in 2018 due to sexual-misconduct allegations.Indeed, Marciano—who founded Guess Jeans in 1981 alongside his brothers—stepped down as executive chairman of the board in June 2018 after the company paid half-a-million dollars worth of settlements to several women who accused him of sexual harassment.Months earlier, supermodel Kate Upton took to social media to say it was “disappointing that such an iconic women’s brand” was “still empowering” Marciano as their creative director. She would later allege that Marciano assaulted her when she was only 18, claiming he groped her, grabbed her breasts, and forcibly kissed her. Marciano, meanwhile, called Upton’s accusations “absolutely false.”Kate Upton Accuses Guess Jeans’ Paul Marciano of Sexual HarassmentDespite its own internal investigation concluding Marciano exercised “poor judgment” when working with models, and that he placed “himself in situations in which plausible allegations of improper conduct could, and did, arise,” the company quietly announced in January 2019 that it would renew Marciano’s contract and retain him as chief creative officer. (Marciano remained a board member after he resigned as chairman.)“It is common practice for companies to welcome back men accused of sexual misconduct,” anti-sexism educator and attorney Adrienne Lawrence told The Daily Beast. “These companies are leveraging several facts, namely that the public will not stop patronizing their business on account of their association with the accused. These companies also know that most instances of sexual misconduct are he said/she said or that the evidence was not adequately preserved making it difficult for the woman to successfully prove her case.”In her suit, filed in Los Angeles Superior Court and first reported by Law360, Doe—who is represented by celebrity attorney Lisa Bloom—says it was Guess’ decision to keep Marciano around that led to her assault. His continued position with the company provided him access to her and other models and allowed Marciano to get “her alone in his rape room on the pretense of advancing her modeling career, and sexually assaulting her there, leaving her emotionally devastated and suicidal,” Doe alleged.Guess, its lawyers, and Marciano’s lawyers did not respond to requests for comment.The plaintiff’s complaint against Marciano and Guess contains more than a dozen claims, including sexual assault, sexual harassment, infliction of emotional distress, and false imprisonment.Doe, a former Guess model, describes how Marciano allegedly enticed her to an empty apartment in February 2020 on the promise of career opportunities. It was there, she claims, that Marciano forced her to perform oral sex on him. After the assault, per Doe’s complaint, Marciano promised her more Guess modeling gigs and gave her a $1,000 Guess gift card.“It is appalling that Guess brought Marciano back and that he continues to have unfettered access to models, with the ability to make or break their careers,” Bloom told The Daily Beast. “Marciano should have been fired in 2009, when the first complaint was filed. He should have been fired in 2018, when six more women went on the record with serious claims of sexual harassment and assault. He should be fired now. Instead, it is my client who is out of work, destroyed, after her complaint against him.”Doe additionally alleges that she submitted a complaint to Guess’s human-resources department in September 2020, in which she laid out additional allegations that Marciano made numerous unwanted sexual advances on her for years, including an instance of groping.After receiving the complaint, Doe claims, the company, Marciano, and her modeling agency met without her to discuss the allegations and offered to give her higher-paying modeling gigs if she decided not to pursue a lawsuit. After she refused to accept the offer, she says her modeling agency stopped booking her.Guess, meanwhile, would later tell Doe that they found no evidence of sexual harassment or assault, even though they did not interview her. She claims they then offered her more money and gigs at the same meeting.“I have suffered unbearable pain that I desperately want to protect other women from experiencing as well,” she said in a statement to The Daily Beast. “I hope by sharing my story, I will be the last.”After Kate Upton’s Allegations, New Sex Claims Against Guess’ Paul Marciano SurfaceDoe also told The Daily Beast that she filed her suit because of the company’s “disregard for my experience and pain left me feeling even more alone and afraid,” adding that they’ve “continuously turned a blind eye to Paul Marciano’s actions and allegations over the years.”She concluded: “I want him to be stopped and finally face consequences for these serious and continuous allegations. I would love to see him removed from Guess and I would love for the company that has always claimed to be about women's empowerment to finally start empowering women.”Marciano’s reputation as an alleged sexual predator, meanwhile, is hardly a secret in the fashion world.Besides previous claims that led to out-of-pocket settlements, many in the business said they’ve kept their models away from him over fears of potential abuse and assault.“We have stopped a lot of our younger girls from working with him,” one New York-based model agent told The Daily Beast. “Just to clarify, we still have girls working with him, but they are older, and we make them aware of his reputation beforehand.”The agent continued: “The younger girls may not be able to handle themselves as well as the older ones. Fortunately, he has lost some of his power. I know some of his power has been stripped, but he is still an owner.”A Los Angeles-based photographer further said to The Daily Beast that Marciano “does this with everyone,” adding that the Guess founder “has a recruiting system” that they know “two girls that had sex with him via the recruitment.”The New York agent, meanwhile, went as far as to compare Marciano to the most infamous figure of the #MeToo movement, predicting a similar downfall to that of former movie mogul Harvey Weinstein, who was sentenced to 23 years in prison for rape and assault.“It will happen to Paul eventually,” the agent said.Read more at The Daily Beast.Get our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.
CATSKILL, N.Y., Jan. 22, 2021 (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 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 MonthsAt 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) firstname.lastname@example.org Michelle M. Plummer, CPA, CGMAEVP, COO & CFO(518) email@example.com
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‘Only thing missing at Capitol was president stirring up Kool-Aid with big spoon,’ QAnon Shaman’s lawyer says
The "Albumin & Creatinine Tests Market by Product (Analyzers, Cartridges (POC, Tabletop), Dipsticks, Kits, Reagents), Type (Blood & Urine Creatinine, Urine Albumin, Glycated Albumin), Enduser (Hospital, Diagnostic & Research Labs) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
A COVID-19 field hospital in Edmonton is now ready to admit patients should regular hospitals in the region become overwhelmed. The temporary 100-bed facility has been set up inside the Butterdome on the University of Alberta main campus. Officially known as the Universiade Pavilion, the building is a multi-purpose sports complex. Construction on the facility is complete, Alberta Health Services announced via Twitter on Thursday. The statement included images of large white medical tents equipped with hospital beds lined up on the gymnasium floor. The field hospital would only be used if local hospitals are stretched past capacity. It would care for patients who are recovering from COVID-19 but are at low risk of transmitting the novel coronavirus. In December, an AHS spokesperson said it could also be used to care for other patients without COVID-19. As of Thursday, 726 people across Alberta were being treated in hospital for COVID-19, including 119 in ICU beds. Despite decreasing case numbers and hospitalization rates, health officials warn that Alberta hospitals remain under significant strain. 'Only if needed' "Equipment is onsite and the Pandemic Response Unit at the Butterdome is ready and will open for patient use only if needed," AHS said on Twitter. "Overall occupancy in Edmonton-area hospitals remains high. We want to be prepared for all possible scenarios, these 100 additional inpatient spaces are part of our ongoing, proactive pandemic response planning." The field hospital has been characterized by government and provincial health officials as a precautionary measure. If it needs to open, beds will be opened in a "phased approach," AHS said. The Butterdome was used as a COVID-19 assessment centre in the spring. Work on the hospital began in late December with help from the Canadian Red Cross. CBC News reported in December that internal documents contained plans to establish two or more Alberta field hospitals to accommodate up to 750 patients. That month, Premier Jason Kenney said the field hospital plans were a sign of "responsible planning" in case of a "potential extreme scenario." At the time, about 500 Albertans were in hospital, including about 100 in intensive care. Hospitalizations in Alberta peaked on Dec. 30 at 941, including 145 in ICU. The pandemic continues to burden the health-care system, Chief Medical Officer of Health Dr. Deena Hinshaw said Thursday. The province reported 16 more deaths on Thursday and 678 new cases of the illness. At least 119,114 Albertans have become infected by the disease, and 1,500 people have died.
From his office overlooking Cherbourg docks, general manager Yannick Millet points to trailers destined for Ireland that belong to Amazon and FedEx, new customers and a signal of a potential big shift in post-Brexit trade. Confronted by red tape and delays after Britain's messy exit from the European Union, Irish traders are shipping goods directly to and from European ports, shunning the once-speedier route through Britain. All five operators connecting Ireland to mainland Europe have increased ferry services in the past nine months, with some bringing forward planned sailings and others moving larger ships away from quieter British routes to meet new demand.
Valentyn Vasyanovych's stark piece of work imagines a postwar Ukraine in 2025, but its world eerily mirrors our crumbling own.
Michael B. Jordan and Lori Harvey have been vacationing in the celebrity hot spot for a few days
Betfair apologise after keeping punter £100,000 out of pocket for months
UK weather: country set for sub-zero temperatures as Arctic air sweeps in. The freezing conditions could reach -7c and will hamper the clean-up effort from Storm Christoph
United Wholesale Mortgage, the 1 wholesale and purchase mortgage lender in the U.S., today rang the bell at the New York Stock Exchange
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