Greene County Bancorp, Inc. Reports Net Income of $24.8 million for the Fiscal Year Ended June 30, 2024 and is selected for the “2024 KBW Bank Honor Roll” for the Thirteenth Consecutive Year
Greene County Bancorp, Inc. (NASDAQ: GCBC) reported net income of $24.8 million for the fiscal year ended June 30, 2024, a decrease of 19.5% from the previous year. Despite challenges from an inverted yield curve, the company achieved record highs in total assets ($2.8 billion) and net loans ($1.5 billion). Key financial metrics include:
- Return on Average Assets: 0.93%
- Return on Average Equity: 12.87%
- Net interest income: $51.0 million (down from $61.2 million)
- Noninterest income: $13.9 million (up 14.5%)
- Noninterest expense: $37.3 million (down 3.4%)
The company was selected for the "2024 KBW Bank Honor Roll" for the thirteenth consecutive year, recognizing consistent earnings growth. The decrease in net income was primarily due to net interest margin compression in the current interest rate environment.
Greene County Bancorp, Inc. (NASDAQ: GCBC) ha registrato un utile netto di 24.8 milioni di dollari per l'anno fiscale terminato il 30 giugno 2024, con una diminuzione del 19.5% rispetto all'anno precedente. Nonostante le sfide derivanti da una curva dei rendimenti invertita, l'azienda ha raggiunto livelli record di attivi totali (2.8 miliardi di dollari) e prestiti netti (1.5 miliardi di dollari). I principali indicatori finanziari includono:
- Rendimento medio sugli attivi: 0.93%
- Rendimento medio sul capitale: 12.87%
- Reddito da interessi netti: 51.0 milioni di dollari (in calo rispetto a 61.2 milioni di dollari)
- Reddito non da interessi: 13.9 milioni di dollari (in aumento del 14.5%)
- Spese non da interessi: 37.3 milioni di dollari (in calo del 3.4%)
L'azienda è stata selezionata per il "KBW Bank Honor Roll 2024" per il tredicesimo anno consecutivo, riconoscendo la crescita costante degli utili. La diminuzione dell'utile netto è stata principalmente causata dalla compressione del margine di interesse netto nell'attuale ambiente dei tassi di interesse.
Greene County Bancorp, Inc. (NASDAQ: GCBC) reportó un ingreso neto de 24.8 millones de dólares para el año fiscal que terminó el 30 de junio de 2024, una disminución del 19.5% en comparación con el año anterior. A pesar de los desafíos derivados de una curva de rendimiento invertida, la compañía alcanzó máximos históricos en activos totales (2.8 mil millones de dólares) y préstamos netos (1.5 mil millones de dólares). Los principales indicadores financieros incluyen:
- Rendimiento sobre activos promedio: 0.93%
- Rendimiento sobre capital promedio: 12.87%
- Ingreso neto por intereses: 51.0 millones de dólares (una caída desde 61.2 millones de dólares)
- Ingreso no por intereses: 13.9 millones de dólares (un aumento del 14.5%)
- Gastos no por intereses: 37.3 millones de dólares (una disminución del 3.4%)
La compañía fue seleccionada para el "KBW Bank Honor Roll 2024" por décimo tercer año consecutivo, reconociendo el crecimiento constante de los ingresos. La disminución del ingreso neto se debió principalmente a la compresión del margen de interés neto en el actual entorno de tasas de interés.
그린 카운티 밴코프, Inc. (NASDAQ: GCBC)는 2024년 6월 30일로 끝나는 회계 연도에 대해 2480만 달러의 순이익을 보고했으며, 이는 전년 대비 19.5% 감소한 수치입니다. 역전된 수익률 곡선으로 인한 어려움에도 불구하고, 회사는 총 자산(28억 달러) 및 순대출(15억 달러)에서 기록적인 성과를 달성했습니다. 주요 재무 지표는 다음과 같습니다:
- 평균 자산 수익률: 0.93%
- 평균 자본 수익률: 12.87%
- 순이자 수익: 5100만 달러(6120만 달러에서 감소)
- 비이자 수익: 1390만 달러(14.5% 증가)
- 비이자 비용: 3730만 달러(3.4% 감소)
회사는 13년 연속 "2024 KBW 은행 명단"에 선정되어 지속적인 수익 성장에 대한 인정을 받았습니다. 순이익 감소는 현재의 금리 환경에서 순이자 마진 압축에 주로 기인합니다.
Greene County Bancorp, Inc. (NASDAQ: GCBC) a annoncé un bénéfice net de 24,8 millions de dollars pour l'exercice se terminant le 30 juin 2024, soit une baisse de 19,5 % par rapport à l'année précédente. Malgré les défis posés par une courbe de rendement inversée, l'entreprise a atteint des sommets historiques avec des actifs totaux de (2,8 milliards de dollars) et des prêts nets de (1,5 milliard de dollars). Les principales indicateurs financiers comprennent :
- Rendement sur les actifs moyens : 0,93 %
- Rendement sur les capitaux propres moyens : 12,87 %
- Revenu net d'intérêts : 51,0 millions de dollars (en baisse par rapport à 61,2 millions de dollars)
- Revenu non lié aux intérêts : 13,9 millions de dollars (augmentation de 14,5 %)
- Dépenses non liées aux intérêts : 37,3 millions de dollars (en baisse de 3,4 %)
L'entreprise a été sélectionnée pour le "2024 KBW Bank Honor Roll" pour la treizième année consécutive, reconnaissant la croissance constante des bénéfices. La baisse du bénéfice net a été principalement due à la compression de la marge d'intérêt net dans le contexte actuel des taux d'intérêt.
Greene County Bancorp, Inc. (NASDAQ: GCBC) meldete für das am 30. Juni 2024 endende Geschäftsjahr einen Nettogewinn von 24,8 Millionen Dollar, was einem Rückgang von 19,5 % gegenüber dem Vorjahr entspricht. Trotz der Herausforderungen durch eine inverse Zinskurve erzielte das Unternehmen Rekordhöhen bei den Gesamtvermögen (2,8 Milliarden Dollar) und den Nettokrediten (1,5 Milliarden Dollar). Zu den wichtigsten finanziellen Kennzahlen gehören:
- Rendite auf durchschnittliche Aktiva: 0,93 %
- Rendite auf durchschnittliches Eigenkapital: 12,87 %
- Nett Zinseinnahmen: 51,0 Millionen Dollar (Rückgang von 61,2 Millionen Dollar)
- Nichtzinsen-Einnahmen: 13,9 Millionen Dollar (Anstieg um 14,5 %)
- Nichtzinsen-Ausgaben: 37,3 Millionen Dollar (Rückgang um 3,4 %)
Das Unternehmen wurde zum dreizehnten Mal in Folge für die "KBW Bank Honor Roll 2024" ausgewählt, um das konstante Wachstum der Erträge anzuerkennen. Der Rückgang des Nettogewinns war hauptsächlich auf die Kompression der Nett Zinsmarge in der aktuellen Zinssituation zurückzuführen.
- Record high total assets of $2.8 billion
- Record high net loans of $1.5 billion
- Selected for the '2024 KBW Bank Honor Roll' for the 13th consecutive year
- Noninterest income increased by 14.5% to $13.9 million
- Noninterest expense decreased by 3.4% to $37.3 million
- Core deposits, net of brokered deposits, increased by 1.0%
- Net income decreased by 19.5% to $24.8 million
- Net interest income decreased by $10.2 million to $51.0 million
- Net interest margin decreased by 47 basis points to 1.98%
- Total deposits decreased by 2.0% to $2.39 billion
- Provision for credit losses on loans increased to $766,000 from a benefit of $1.1 million in the previous year
Insights
Greene County Bancorp's report highlights several key metrics and financial figures that are important for investors. The net income of $24.8 million for fiscal year 2024 shows a significant decrease of 19.5% from the previous year's $30.8 million. This decline is attributed mainly to net interest margin compression due to the current interest rate environment, which is a critical factor for banks. The increase in deposit rates has outpaced the ability to reprice assets, leading to a reduced interest margin. It's also worth noting the record total assets of $2.8 billion, which indicates robust growth in the company's asset base.
Despite the challenges, the company's inclusion in the '2024 KBW Bank Honor Roll' for the thirteenth consecutive year indicates consistent performance and strong operational management. The recognitions and awards might not directly impact the financials but enhance the company's reputation and investor confidence.
The banking sector has faced significant challenges with the inverted yield curve and rising interest rates. Greene County Bancorp has managed to show resilience in this environment. The reported decrease in net interest income by $10.2 million year-over-year reflects the broader industry's struggle with interest rate dynamics. However, the fact that the company has achieved record high levels in both total assets and net loans suggests strong underlying demand for its financial products and services.
Moreover, the decrease in nonperforming loans to $3.7 million, a reduction from the previous year's $5.5 million, signals improving credit quality. This reduction in nonperforming loans and controlled provision for credit losses are positive indicators for the company's risk management capabilities, which could be viewed favorably by investors focusing on long-term growth and stability.
CATSKILL, N.Y., July 23, 2024 (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 quarter and fiscal year ended June 30, 2024. Net income for the quarter and fiscal year ended June 30, 2024 was
Highlights:
- Net Income:
$24.8 million for the fiscal year ended June 30, 2024 - Total Assets:
$2.8 billion at June 30, 2024, a new record high - Net Loans:
$1.5 billion at June 30, 2024, a new record high - Return on Average Assets:
0.93% for the year ended June 30, 2024 - Return on Average Equity:
12.87% for the year ended June 30, 2024
Donald Gibson, President & CEO stated: “Despite the persistent challenges posed by the inverted yield curve, I am proud of our team’s outstanding performance. Net income for the fiscal year ended June 30, 2024, was
Total consolidated assets for the Company were
Net income excluding provision for credit losses was
Selected highlights for the quarter and fiscal year ended June 30, 2024 are as follows:
Net Interest Income and Margin
- Net interest income decreased
$1.3 million to$12.9 million for the three months ended June 30, 2024 from$14.2 million for the three months ended June 30, 2023. Net interest income decreased$10.2 million to$51.0 million for the year ended June 30, 2024 from$61.2 million for the year ended June 30, 2023. The decrease in net interest income was due to an increase in the average balance of interest-bearing liabilities, which increased$80.7 million and$84.4 million when comparing the three months and years ended June 30, 2024 and 2023, respectively, and increases in rates paid on interest-bearing liabilities, which increased 83 and 123 basis points when comparing the three months and years ended June 30, 2024 and 2023, respectively. The decrease in net interest income was partially offset by the increase in the average balance of interest-earning assets, which increased$62.9 million and$73.1 million when comparing the three months and years ended June 30, 2024 and 2023, respectively, and increases in interest rates on interest-earning assets, which increased 49 and 65 basis points when comparing the three months and years ended June 30, 2024 and 2023, respectively.
Average loan balances increased$69.8 million and$83.6 million , and the yield on loans increased 41 and 54 basis points when comparing the three months and years ended June 30, 2024 and 2023, respectively. Average securities increased$11.8 million and decreased$48.8 million , and the yield on such securities increased 13 and 59 basis points when comparing the three months and years ended June 30, 2024 and 2023, respectively. Average interest-bearing bank balances and federal funds decreased$19.2 million and increased$39.0 million , and the yield increased 152 and 88 basis points when comparing the three months and years ended June 30, 2024 and 2023, respectively.
The cost of NOW deposits increased 86 and 141 basis points, the cost of certificates of deposit increased 90 and 172 basis points, and the cost of savings and money market deposits increased 24 and 19 basis points when comparing the three months and years ended June 30, 2024 and 2023, respectively. The increase in the cost of interest-bearing liabilities was partly due to growth in the average balances of interest-bearing liabilities of$80.7 million and$84.4 million when comparing the three months and years ended June 30, 2024 and 2023, respectively. This was due to an increase in NOW deposits of$66.6 million and$140.3 million and an increase in average certificates of deposits of$37.3 million and$45.4 million , partially offset by a decrease in average savings and money market deposits of$59.2 million and$91.3 million when comparing the three months and years ended June 30, 2024 and 2023, respectively. Average borrowings increased$36.0 million and decreased$10.1 million when comparing the three months and years ended June 30, 2024 and 2023, respectively. Yields on interest-earning assets and costs of interest-bearing deposits increased for the three months and year ended June 30, 2024, as the Company continues to reprice assets and deposits into the higher interest rate environment. The Company determines interest rates offered on deposit accounts based on current and future economic conditions, competition, liquidity needs and the asset-liability position of the Company, while growing the retention of relationships.
- Net interest rate spread and margin both decreased when comparing the three months and years ended June 30, 2024 and 2023. Net interest rate spread decreased 34 and 58 basis points to
1.72% and1.75% for the three months and year ended June 30, 2024, as compared to2.06% and2.33% for the three months and year ended June 30, 2023, respectively. Net interest margin decreased 27 and 47 basis points to1.97% and1.98% for the three months and year ended June 30, 2024, as compared to2.24% and2.45% for the three months and year ended June 30, 2023, respectively. The decrease was due to the higher interest rate environment, which caused competitive pressure to increase rates paid on deposits, resulting in higher interest expense. This was partially offset by increases in interest income on securities and loans, as they reprice at higher yields and the interest rates earned on new balances were higher than the low levels from the prior periods. - 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
2.24% and2.47% for the three months ended June 30, 2024 and 2023, respectively, and was2.25% and2.66% for the years ended June 30, 2024 and 2023, respectively.
CECL Adoption
- The Company adopted the Current Expected Credit Loss (CECL) accounting standard effective July 1, 2023. As a result of the day-one CECL adjustment, the Company recognized a
$1.3 million decrease to the allowance for credit losses on loans, a$503,000 increase to the allowance for credit losses on investment securities held-to-maturity, a$1.5 million increase to the reserve for unfunded loan commitments, and a$510,000 decrease to retained earnings, net of$186,000 in deferred income taxes, compared to fiscal year end June 30, 2023.
Credit Quality and Provision for Credit Losses on Loans
- Provision for credit losses on loans amounted to a benefit of
$151,000 for the three months ended June 30, 2024 and a charge of$128,000 for the three months ended June 30, 2023. The benefit for the three months ended June 30, 2024, was primarily attributable to a decrease in the reserve for individually evaluated loans due to improved credit risk and improvement in the qualitative factor assessments as of June 30, 2024. This was partially offset by an increase in the modeled pooled reserve due to less favorable economic forecasts and growth in gross loans as of June 30, 2024. Provision for credit losses on loans amounted to a charge of$766,000 for the year ended June 30, 2024 and a benefit of$1.1 million for the year ended June 30, 2023. The loan provision for the year ended June 30, 2024 was primarily due to the growth in gross loans, partially offset by improvement in the economic forecasts. The allowance for credit losses on loans to total loans receivable was1.28% at June 30, 2024 compared to1.51% at June 30, 2023 and1.42% at day-one CECL adoption (July 1, 2023). - Loans classified as substandard and special mention totaled
$48.6 million at June 30, 2024 and$41.9 million at June 30, 2023, an increase of$6.7 million . There were no loans classified as doubtful or loss at June 30, 2024 or June 30, 2023. - Net charge-offs on loans amounted to
$1.0 million and$71,000 for the three months ended June 30, 2024 and 2023, respectively, an increase of$929,000. Net charge-offs on loans totaled$1.4 million and$478,000 for the years ended June 30, 2024 and 2023, respectively. The increase in net charge-offs for the three months and year ended June 30, 2024, was due to one commercial loan being charged-off during the three months ended June 30, 2024. The charge-off taken on the commercial loan was fully reserved for as an individually evaluated loan through the allowance for credit losses. - Nonperforming loans amounted to
$3.7 million at June 30, 2024 and$5.5 million at June 30, 2023. The activity in nonperforming loans during the period included$1.3 million in loan repayments,$1.2 million in charge-offs or transfers to foreclosed,$237,000 in loans returning to performing status, and$940,000 of loans placed into nonperforming status. At June 30, 2024, nonperforming assets were0.13% of total assets compared to0.21% at June 30, 2023. Nonperforming loans were0.25% and0.39% of net loans at June 30, 2024 and June 30, 2023, respectively.
Noninterest Income and Noninterest Expense
- Noninterest income increased
$625,000 , or20.2% , to$3.7 million for the three months ended June 30, 2024 compared to$3.1 million for the three months ended June 30, 2023. Noninterest income increased$1.8 million , or14.5% , to$13.9 million for the year ended June 30, 2024 compared to$12.1 million for the year ended June 30, 2023. The increase during the three months and year ended June 30, 2024 was primarily due to an increase in fee income earned on customer interest rate swap contracts, investment services income and income from bank owned life insurance (“BOLI”). During the quarter ended December 31, 2023, the Company restructured$23 million of BOLI contracts, by surrendering and simultaneously purchasing new higher-yielding policies, which resulted in$814,000 of additional noninterest income. - Noninterest expense decreased
$107,000 , or1.1% , to$9.9 million for the three months ended June 30, 2024 compared to$10.0 million for the three months ended June 30, 2023. Noninterest expense decreased$1.3 million , or3.4% , to$37.3 million for the year ended June 30, 2024, compared to$38.6 million for the year ended June 30, 2023. The decrease during the three months ended June 30, 2024 was primarily due to a decrease in service and data processing fees and computer software and support fees, in which the Company was able to negotiate a reduction in costs. The decrease during the year ended June 30, 2024 was primarily due to a decrease in legal and professional fees, due to non-recurring litigation expenses during the year ended June 30, 2023. This was partially offset by an increase in salaries and employee benefits, due to new positions created during the period to support the Company’s continued growth, as compared to the year ended June 30, 2023.
Income Taxes
- Provision for income taxes reflects the expected tax associated with the pre-tax income generated for the given period and certain regulatory requirements. The effective tax rate was
1.4% and7.6% for the three months and year ended June 30, 2024 and10.2% and14.1% for the three months and year ended June 30, 2023. The statutory tax rate is impacted by the benefits derived from tax-exempt security and loan income, the Company’s real estate investment trust subsidiary income, and income received on the bank owned life insurance, to arrive at the effective tax rate. The decrease in the current quarter’s effective tax rate primarily reflects historic preservation tax credits received on the Company’s new wealth management center, located at 345 Main Street, in Catskill New York. The wealth management center was originally built in 1910 and is located in Catskill’s historic district. The decrease in the current year’s effective tax rate primarily reflected a higher mix of tax-exempt income from municipal bonds, tax advantage loans, historic preservation tax credits and bank-owned life insurance in proportion to pre-tax income.
Balance Sheet Summary
- Total assets of the Company were
$2.8 billion at June 30, 2024 and$2.7 billion at June 30, 2023, an increase of$127.5 million , or4.7% . - Total cash and cash equivalents for the Company were
$190.4 million at June 30, 2024 and$196.4 million at June 30, 2023. The Company has continued to maintain strong capital and liquidity positions as of June 30, 2024. - Securities available-for-sale and held-to-maturity for the Company remained unchanged at
$1.0 billion at June 30, 2024 and June 30, 2023. Securities purchases totaled$329.6 million during the year ended June 30, 2024 and consisted primarily of$245.1 million of state and political subdivision securities,$51.1 million of U.S. Treasury securities,$29.8 million of mortgage-backed securities and$3.6 million of corporate debt securities. Principal pay-downs and maturities during the year ended June 30, 2024 amounted to$297.8 million , primarily consisting of$240.4 million of state and political subdivision securities,$37.0 million of U.S. Treasury securities,$17.4 million of mortgage-backed securities, and$2.7 million of collateralized mortgage obligations. - Net loans receivable increased
$92.6 million , or6.7% , to$1.5 billion at June 30, 2024 from$1.4 billion at June 30, 2023. The loan growth experienced during the year ended consisted primarily of$54.3 million in commercial real estate loans,$26.7 million in residential real estate loans,$6.3 million in home equity loans,$3.3 million in commercial loans, and a$2.0 million decrease in the allowance for credit losses on loans. - Deposits totaled
$2.39 billion at June 30, 2024 and$2.44 billion at June 30, 2023, a decrease of$47.9 million , or2.0% . The Company had zero and$60 million of brokered deposits, included in certificates of deposits, as of June 30, 2024 and 2023, respectively. The Company’s core deposit, net of brokered deposits, increased$12.1 million or1.0% . NOW deposits increased$23.7 million , or1.4% , certificates of deposits increased$10.4 million , or8.1% , when comparing June 30, 2024 and June 30, 2023. Savings deposits decreased$46.7 million , or15.6% , noninterest-bearing deposits decreased$33.6 million , or21.1% , and money market deposits decreased$1.8 million , or1.5% , when comparing June 30, 2024 and June 30, 2023. - Borrowings for the Company amounted to
$199.1 million at June 30, 2024 compared to$49.5 million at June 30, 2023, an increase of$149.6 million . At June 30, 2024, borrowings included$115.3 million of overnight borrowings with the Federal Home Loan Bank of New York (“FHLB”),$49.7 million of Fixed-to-Floating Rate Subordinated Notes,$25.0 million in the Bank Term Funding Program with the Federal Reserve Bank, and$9.2 million of long-term borrowings with the FHLB. - Shareholders’ equity increased to
$206.0 million at June 30, 2024 from$183.3 million at June 30, 2023, resulting primarily from net income of$24.8 million and an increase in accumulated other comprehensive loss of$1.7 million , partially offset by dividends declared and paid of$3.2 million and the day-one CECL adoption impact of$510,000.
Corporate Overview
Greene County Bancorp, Inc. is the holding company for The Bank of Greene County, and Greene County Commercial Bank. The Company is the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State. Its customers include individuals, businesses, municipalities and other institutions. Greene County Bancorp, Inc. (GCBC) is publicly traded on the Nasdaq Capital Market and is dedicated to promoting economic development and a high quality of life in the communities it serves. For more information on Greene County Bancorp, Inc., visit www.tbogc.com.
Forward-Looking Statements
This earnings release contains statements about future events that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “will,” “should,” “could,” “plan,” and other similar terms of expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. These risks, uncertainties and other factors may cause the actual results, performance or achievements expressed in, or implied by, the forward-looking statements to differ materially from those contemplated by the forward-looking statements. Factors that may cause such a difference include, but are not limited to, local, regional, national and international general economic conditions, including actual or potential stress in the banking industry, financial and regulatory changes, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, changes in customer deposit behavior, and market acceptance of the Company’s pricing, products and services.
The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the Securities and Exchange Commission, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.
Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
For more information, please see our reports filed with the United States Securities and Exchange Commission (“SEC”), including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q.
Non-GAAP Measures
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 and net income excluding provision for credit losses. 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. Refer to the tables on page 9 for Non-GAAP to GAAP reconciliations.
Greene County Bancorp, Inc.
Consolidated Statements of Income, and Selected Financial Ratios (Unaudited)
| At or for the three months | At or for the years | |||||||||||
| ended June 30, | ended June 30, | |||||||||||
| Dollars in thousands, except share and per share data | 2024 | 2023 | 2024 | 2023 | ||||||||
| Interest income | ||||||||||||
| Interest expense | 14,471 | 9,289 | 52,685 | 23,407 | ||||||||
| Net interest income | 12,857 | 14,235 | 50,979 | 61,218 | ||||||||
| Provision for credit losses(6) | (151 | ) | 128 | 766 | (1,071 | ) | ||||||
| Noninterest income | 3,719 | 3,094 | 13,908 | 12,146 | ||||||||
| Noninterest expense | 9,897 | 10,004 | 37,302 | 38,608 | ||||||||
| Income before taxes | 6,830 | 7,197 | 26,819 | 35,827 | ||||||||
| Tax provision | 98 | 737 | 2,050 | 5,042 | ||||||||
| Net income | ||||||||||||
| Basic and diluted EPS | ||||||||||||
| Weighted average shares outstanding | 17,026,828 | 17,026,828 | 17,026,828 | 17,026,828 | ||||||||
| Dividends declared per share(4) | ||||||||||||
| Selected Financial Ratios | ||||||||||||
| Return on average assets(1) | 1.00 | % | 0.98 | % | 0.93 | % | 1.19 | % | ||||
| Return on average equity(1) | 13.36 | % | 14.27 | % | 12.87 | % | 18.13 | % | ||||
| Net interest rate spread(1) | 1.72 | % | 2.06 | % | 1.75 | % | 2.33 | % | ||||
| Net interest margin(1) | 1.97 | % | 2.24 | % | 1.98 | % | 2.45 | % | ||||
| Fully taxable-equivalent net interest margin(2) | 2.24 | % | 2.47 | % | 2.25 | % | 2.66 | % | ||||
| Efficiency ratio(3) | 59.71 | % | 57.73 | % | 57.49 | % | 52.63 | % | ||||
| Non-performing assets to total assets | 0.13 | % | 0.21 | % | ||||||||
| Non-performing loans to net loans | 0.25 | % | 0.39 | % | ||||||||
| Allowance for credit losses on loans to non-performing loans(6) | 516.20 | % | 388.64 | % | ||||||||
| Allowance for credit losses on loans to total loans(6) | 1.28 | % | 1.51 | % | ||||||||
| Shareholders’ equity to total assets | 7.29 | % | 6.79 | % | ||||||||
| Dividend payout ratio(4) | 22.07 | % | 15.47 | % | ||||||||
| Actual dividends paid to net income(5) | 13.08 | % | 7.12 | % | ||||||||
| Book value per share | ||||||||||||
(1) Ratios are annualized when necessary.
(2) Interest income calculated on a taxable-equivalent basis (non-GAAP) 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.
(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
(5) Dividends declared divided by net income. The MHC waived its right to receive dividends declared during the three months September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024. Dividends declared during the three months ended June 30, 2022 and September 30, 2023 were paid to the MHC.
(6) The Company adopted the CECL accounting standard effective July 1, 2023.
Greene County Bancorp, Inc.
Consolidated Statements of Financial Condition (Unaudited)
| At June 30, 2024 | At June 30, 2023 | ||||||
| (Dollars In thousands, except share data) | |||||||
| Assets | |||||||
| Cash and due from banks | |||||||
| Interest-bearing deposits | 176,498 | 181,140 | |||||
| Total cash and cash equivalents | 190,395 | 196,445 | |||||
| Long term certificate of deposit | 2,831 | 4,576 | |||||
| Securities available-for-sale, at fair value | 350,001 | 281,133 | |||||
| Securities held-to-maturity, at amortized cost, net of allowance for credit losses of | 690,354 | 726,363 | |||||
| Equity securities, at fair value | 328 | 306 | |||||
| Federal Home Loan Bank stock, at cost | 7,296 | 1,682 | |||||
| Loans receivable | 1,499,473 | 1,408,866 | |||||
| Less: Allowance for credit losses on loans(1) | (19,244 | ) | (21,212 | ) | |||
| Net loans receivable | 1,480,229 | 1,387,654 | |||||
| Premises and equipment | 15,606 | 15,028 | |||||
| Bank owned life insurance | 57,249 | 55,063 | |||||
| Accrued interest receivable | 14,269 | 12,249 | |||||
| Foreclosed real estate | - | 302 | |||||
| Prepaid expenses and other assets | 17,230 | 17,482 | |||||
| Total assets | |||||||
| Liabilities and shareholders’ equity | |||||||
| Noninterest bearing deposits | |||||||
| Interest bearing deposits | 2,263,780 | 2,278,122 | |||||
| Total deposits | 2,389,222 | 2,437,161 | |||||
| Borrowings, short-term | 115,300 | - | |||||
| Borrowings, long-term | 34,156 | - | |||||
| Subordinated notes payable | 49,681 | 49,495 | |||||
| Accrued expenses and other liabilities | 31,429 | 28,344 | |||||
| Total liabilities | 2,619,788 | 2,515,000 | |||||
| Total shareholders’ equity | 206,000 | 183,283 | |||||
| Total liabilities and shareholders’ equity | |||||||
| Common shares outstanding | 17,026,828 | 17,026,828 | |||||
| Treasury shares | 195,852 | 195,852 | |||||
(1) The Company adopted the CECL accounting standard effective July 1, 2023.
The above information is preliminary and based on the Company’s data available at the time of presentation.
Non-GAAP to GAAP Reconciliations
The following table summarizes the adjustments made to arrive at the fully taxable-equivalent net interest margins.
| For the three months ended June 30, | For the years ended June 30, | ||||||||||||
| (Dollars in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||
| Net interest income (GAAP) | |||||||||||||
| Tax-equivalent adjustment(1) | 1,740 | 1,450 | 6,791 | 5,258 | |||||||||
| Net interest income-fully taxable-equivalent basis (non-GAAP) | |||||||||||||
| Average interest-earning assets (GAAP) | |||||||||||||
| Net interest margin-fully taxable-equivalent basis (non-GAAP) | 2.24 | % | 2.47 | % | 2.25 | % | 2.66 | % | |||||
(1) Interest income calculated on a taxable-equivalent basis (non-GAAP) 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
The following table summarizes the adjustments made to arrive at net income excluding provision for credit losses.
| For the three months ended June 30, | For the years ended June 30, | ||||||||||||
| (Dollars in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||
| Net income (GAAP) | |||||||||||||
| Provision for credit losses(1) | (151 | ) | 128 | 766 | (1,071 | ) | |||||||
| Net income excluding provision for credit losses (non-GAAP) | |||||||||||||
(1) The Company adopted the CECL accounting standard effective July 1, 2023.
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.com
Nick Barzee
SVP & CFO
(518) 943-2600
nickb@tbogc.com
FAQ
What was Greene County Bancorp's (GCBC) net income for the fiscal year ended June 30, 2024?
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