Greenfield Cooperative Bank Reports FY 2019 Results
GREENFIELD — Michael Tucker, president and CEO of Greenfield Cooperative Bank (GCB) and its parent company, Greenfield Bancorp, MHC, shared the operating results of the bank’s latest fiscal year as announced at the 114th annual meeting of the bank on June 18.
Tucker reported that FY 2019, which ended on March 31, was very successful, and the assets of the bank grew by $26.3 million (up 4.3%) over the prior year. Also in FY 2019, GCB originated more than $117 million in loans of all types, including $30.16 million in residential mortgages, $46.02 million in commercial real-estate/C&I lending, $28.31 million in municipal lending, $11.88 million in home-equity loans and lines, and $1.05 million in Mass Save zero-interest energy loans and Mass Solar loans.
GCB had an increase of $11.4 million in deposits (up 2.14%) over the past year. Interest paid to depositors of GCB increased by $531,000 (23%) over last year. Total equity grew to $73.45 million. GCB’s tier 1 capital to average assets is 12%, and total capital to risk-weighted assets is 21.40%. The bank is considered well-capitalized by all regulatory definitions.
The pre-tax operating income for Greenfield Cooperative Bank was up to $5.723 million for the year ended March 31, and the net income after taxes was $4.491 million. The bank also paid its fair share of federal and Massachusetts income taxes ($1.23 million) and local property taxes (more than $133,000) in the cities and towns where it has offices.
As a result of these earnings and the fact that Greenfield Cooperative Bank targets its charitable and civic giving at 5% of the prior year’s pre-tax operating income, GCB and its employees were able to contribute $224,054 to 218 charities, community groups, school events, youth teams, and cultural events throughout both Hampshire and Franklin counties during the past fiscal year. This was a 13.8% increase over the prior year.
Greenfield Cooperative Bank management noted it has received regulatory approvals for opening its new South Hadley location, and the bank expects to open the office by the end of 2019.