Greenfield Cooperative Bank Issues Fiscal Report
GREENFIELD — Michael Tucker, CEO, and Anthony Worden, president and COO, of Greenfield Cooperative Bank (GCB) and its parent company, Greenfield Bancorp, MHC, announced the operating results of the bank’s latest fiscal year at the 116th annual meeting of the bank on June 15.
Worden reported that FY 2021, which ended on March 31, was very successful, and the assets of the bank grew by $98.1 million (an increase of 14.31%) over the prior year.
In FY 2021, GCB originated more than $165 million in loans of all types, including $51.28 million in residential mortgages, $104.43 million in commercial real-estate and commercial and industrial lending, $31.13 million in Paycheck Protection Program loans, $31.91 million in municipal lending, $8.92 million in home-equity loans and lines, and $1.09 million in MassSave zero-interest energy loans.
GCB had an increase of $104.7 million in deposits (up 18.15%) over the past year, its largest one-year increase ever.
The pre-tax operating income for Greenfield Cooperative Bank was $3.424 million for the year ended March 31, and the net income after taxes was $3.059 million. Total equity grew to $82.83 million. GCB’s tier 1 capital to average assets is 10.9%. The bank is considered well-capitalized by all regulatory definitions.
As a result of these solid earnings, Greenfield Cooperative Bank and its employees were able to contribute over $260,503 to 200 community groups and charities throughout Hampshire and Franklin counties during the past fiscal year, a 7.8% increase over the prior year.