Greene County Bancorp, Inc. Reports Net Income of $6.3 million for the Three Months Ended September 30, 2024 and Reaches New Milestone of $2.9 Billion in Assets
Greene County Bancorp, Inc. (NASDAQ: GCBC) reported net income of $6.3 million for the three months ended September 30, 2024, a slight decrease from $6.5 million in the same period last year. The company reached a new milestone of $2.9 billion in total assets, with record highs in deposits ($2.5 billion) and net loans ($1.5 billion). Key financial metrics include:
- Return on Average Assets: 0.93%
- Return on Average Equity: 11.86%
- Net interest income: $13.1 million (decreased $303,000 from previous year)
- Noninterest income: $3.7 million (increased $438,000)
- Noninterest expense: $9.6 million (increased $705,000)
The company maintained strong capital and liquidity positions, with total cash and cash equivalents of $213.5 million. The allowance for credit losses on loans to total loans receivable was 1.32%. Despite challenges in the higher interest rate environment, Greene County Bancorp continues to focus on providing innovative financial solutions and outstanding service to customers throughout the Hudson Valley and Capital Region of New York State.
Greene County Bancorp, Inc. (NASDAQ: GCBC) ha riportato un utile netto di 6,3 milioni di dollari per i tre mesi terminati il 30 settembre 2024, una leggera diminuzione rispetto ai 6,5 milioni di dollari nello stesso periodo dell'anno scorso. L'azienda ha raggiunto un nuovo traguardo di 2,9 miliardi di dollari in attivi totali, con record nei depositi (2,5 miliardi di dollari) e nei prestiti netti (1,5 miliardi di dollari). I principali indicatori finanziari includono:
- Rendimento medio degli attivi: 0,93%
- Rendimento medio del capitale: 11,86%
- Reddito netto da interessi: 13,1 milioni di dollari (diminuito di 303.000 dollari rispetto all'anno precedente)
- Reddito non da interessi: 3,7 milioni di dollari (aumento di 438.000 dollari)
- Spese non da interessi: 9,6 milioni di dollari (aumento di 705.000 dollari)
L'azienda ha mantenuto solide posizioni di capitale e liquidità, con un totale di cassa e equivalenti di 213,5 milioni di dollari. L'accantonamento per perdite su crediti sui prestiti rispetto al totale dei crediti in sofferenza era dell'1,32%. Nonostante le sfide in un ambiente di tassi di interesse elevati, Greene County Bancorp continua a concentrarsi sulla fornitura di soluzioni finanziarie innovative e un servizio eccezionale ai clienti in tutto l'Hudson Valley e nella Capital Region dello stato di New York.
Greene County Bancorp, Inc. (NASDAQ: GCBC) reportó un ingreso neto de 6.3 millones de dólares para los tres meses terminados el 30 de septiembre de 2024, una ligera disminución respecto a los 6.5 millones de dólares en el mismo período del año pasado. La compañía alcanzó un nuevo hito de 2.9 mil millones de dólares en activos totales, con récord en depósitos (2.5 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 patrimonio promedio: 11.86%
- Ingreso neto por intereses: 13.1 millones de dólares (disminuyó 303,000 dólares respecto al año anterior)
- Ingreso no relacionado con intereses: 3.7 millones de dólares (aumentó 438,000 dólares)
- Gastos no relacionados con intereses: 9.6 millones de dólares (aumentó 705,000 dólares)
La empresa mantuvo sólidos niveles de capital y liquidez, con un total de efectivo y equivalentes de 213.5 millones de dólares. La provisión para pérdidas crediticias sobre el total de préstamos era del 1.32%. A pesar de los desafíos en un entorno de altas tasas de interés, Greene County Bancorp continúa enfocándose en proporcionar soluciones financieras innovadoras y un servicio destacado a los clientes en todo el valle de Hudson y la región de la capital del estado de Nueva York.
그린 카운티 뱅코프(Greene County Bancorp, Inc.) (NASDAQ: GCBC)는 2024년 9월 30일 종료된 3개월 동안 순이익 630만 달러를 보고했으며, 이는 작년 같은 기간의 650만 달러에서 약간 감소한 수치입니다. 회사는 총 자산 29억 달러라는 새로운 이정표를 달성했으며, 예치금(25억 달러)과 순 대출(15억 달러)에서 기록적인 최고치를 기록했습니다. 주요 재무 지표는 다음과 같습니다:
- 평균 자산 수익률: 0.93%
- 평균 자본 수익률: 11.86%
- 순 이자 수익: 1310만 달러 (전년 대비 30만 달러 감소)
- 비이자 수익: 370만 달러 (전년 대비 43만8000 달러 증가)
- 비이자 비용: 960만 달러 (전년 대비 70만5000 달러 증가)
회사는 총 2억 1350만 달러의 현금 및 현금성 자산을 포함하여 안정적인 자본 및 유동성 비율을 유지했습니다. 대출에 대한 신용 손실 충당금은 총 대출의 1.32%였습니다. 높은 금리 환경에서의 도전에도 불구하고, 그린 카운티 뱅코프는 허드슨 밸리와 뉴욕 주 자본 지역 전역의 고객에게 혁신적인 금융 솔루션과 뛰어난 서비스를 제공하는 데 집중하고 있습니다.
Greene County Bancorp, Inc. (NASDAQ: GCBC) a rapporté un bénéfice net de 6,3 millions de dollars pour le trimestre se terminant le 30 septembre 2024, une légère baisse par rapport aux 6,5 millions de dollars de la même période l'an dernier. L'entreprise a atteint un nouveau jalon de 2,9 milliards de dollars d'actifs totaux, avec des niveaux records de dépôts (2,5 milliards de dollars) et de prêts nets (1,5 milliard de dollars). Les indicateurs financiers clés incluent :
- Rendement sur actifs moyens : 0,93%
- Rendement sur fonds propres moyens : 11,86%
- Revenu net d'intérêts : 13,1 millions de dollars (en baisse de 303 000 dollars par rapport à l'année précédente)
- Revenu non lié aux intérêts : 3,7 millions de dollars (augmentation de 438 000 dollars)
- Charges non liées aux intérêts : 9,6 millions de dollars (augmentation de 705 000 dollars)
L'entreprise a maintenu des positions solides en matière de capital et de liquidité, avec un total de liquidités et équivalents de 213,5 millions de dollars. La provision pour pertes de crédit sur le total des prêts était de 1,32%. Malgré les défis dans un environnement de taux d'intérêt élevés, Greene County Bancorp continue de se concentrer sur la fourniture de solutions financières innovantes et d'un excellent service aux clients dans la vallée de l'Hudson et la région de la capitale de l'État de New York.
Die Greene County Bancorp, Inc. (NASDAQ: GCBC) berichtete von einem Nettogewinn von 6,3 Millionen Dollar für die drei Monate bis zum 30. September 2024, was einem leichten Rückgang gegenüber 6,5 Millionen Dollar im gleichen Zeitraum des Vorjahres entspricht. Das Unternehmen erreichte einen neuen Meilenstein von 2,9 Milliarden Dollar an Gesamtvermögen, mit Rekordhöhen bei Einlagen (2,5 Milliarden Dollar) und Nettokrediten (1,5 Milliarden Dollar). Wichtige Finanzkennzahlen sind:
- Rendite auf durchschnittliche Vermögenswerte: 0,93%
- Rendite auf durchschnittliches Eigenkapital: 11,86%
- Nettozinseinkommen: 13,1 Millionen Dollar (dazu ein Rückgang um 303.000 Dollar im Vergleich zum Vorjahr)
- Einkommen aus nichtzinsbezogenen Geschäften: 3,7 Millionen Dollar (ein Anstieg um 438.000 Dollar)
- Nichtzinsaufwand: 9,6 Millionen Dollar (ein Anstieg um 705.000 Dollar)
Das Unternehmen hielt starke Kapital- und Liquiditätspositionen mit Gesamtkassenbeständen und -äquivalenten von 213,5 Millionen Dollar. Der Rückstellungen für Kreditausfälle auf den Gesamtbetrag der Forderungen belief sich auf 1,32%. Trotz der Herausforderungen in einer Umgebung mit hohen Zinssätzen konzentriert sich die Greene County Bancorp weiterhin darauf, innovative Finanzlösungen und hervorragenden Service für Kunden in der Hudson Valley und der Hauptstadtregion des Bundesstaates New York anzubieten.
- Reached new milestone of $2.9 billion in total assets
- Record high deposits of $2.5 billion
- Record high net loans of $1.5 billion
- Noninterest income increased by $438,000 (13.3%) to $3.7 million
- Strong capital and liquidity positions maintained
- Net income decreased by $208,000 (3.2%) to $6.3 million
- Net interest income decreased by $303,000
- Noninterest expense increased by $705,000 (8.0%) to $9.6 million
- Loans classified as substandard and special mention increased by $10.4 million to $59.0 million
Insights
Greene County Bancorp's Q1 FY2025 results show a mixed performance. Net income decreased slightly by 3.2% to
Key financial metrics include:
- Return on Average Assets:
0.93% - Return on Average Equity:
11.86% - Net interest margin decreased to
2.03% from2.12% year-over-year - Allowance for credit losses on loans increased to
1.32% from1.28% in the previous quarter
The slight decline in net income can be attributed to increased interest expenses and higher noninterest expenses, particularly in salaries and employee benefits. However, the company's strong asset growth and improved noninterest income partially offset these challenges. The decrease in effective tax rate to
Overall, while facing some headwinds, Greene County Bancorp maintains a solid financial position with continued growth in key areas.
The credit quality of Greene County Bancorp's loan portfolio shows some concerning trends. Loans classified as substandard and special mention increased by
Positively, nonperforming loans remained relatively stable at
The provision for credit losses on loans increased to
While these metrics don't indicate immediate alarm, they highlight the need for vigilant risk management, especially in the commercial real estate sector, as economic uncertainties persist.
CATSKILL, N.Y., Oct. 22, 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 three months ended September 30, 2024, which is the first quarter of the Company’s fiscal year ending June 30, 2025. Net income for the three months ended September 30, 2024 was
Highlights:
- Net Income:
$6.3 million for the three months ended September 30, 2024 - Total Assets:
$2.9 billion at September 30, 2024, a new record high - Net Loans:
$1.5 billion at September 30, 2024, a new record high - Total Deposits
$2.5 billion at September 30, 2024, a new record high - Return on Average Assets:
0.93% for the three months ended September 30, 2024 - Return on Average Equity:
11.86% for the three months ended September 30, 2024
Donald Gibson, President & CEO stated: “I am pleased to report another solid quarterly performance highlighted by record high levels in deposits, loans, and total assets. This achievement is a testament to our team’s strategy of providing innovative financial solutions and outstanding service to our customers, which combined, has provided steady long-term growth for our organization. We remain committed to being the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State.”
Total consolidated assets for the Company were
Pre-provision net income was
Selected highlights for the three months ended September 30, 2024 are as follows:
Net Interest Income and Margin
- Net interest income decreased
$303,000 t o$13.1 million for the three months ended September 30, 2024 from$13.4 million for the three months ended September 30, 2023. The decrease in net interest income was due to an increase in the average balance of interest-bearing liabilities, which increased$64.1 million when comparing the three months ended September 30, 2024 and 2023, and increases in rates paid on interest-bearing liabilities, which increased 53 basis points when comparing the three months ended September 30, 2024 and 2023. The decrease in net interest income was partially offset by the increase in the average balance of interest-earning assets, which increased$54.7 million when comparing the three months ended September 30, 2024 and 2023, and increases in interest rates on interest-earning assets, which increased 40 basis points when comparing the three months ended September 30, 2024 and 2023.
Average loan balances increased$60.4 million and the yield on loans increased 36 basis points when comparing the three months ended September 30, 2024 and 2023. Average balance of securities increased$13.7 million and the yield on such securities increased 45 basis points when comparing the three months ended September 30, 2024 and 2023. Average interest-bearing bank balances and federal funds decreased$19.4 million , while the yield increased 43 basis points when comparing the three months ended September 30, 2024 and 2023.
The cost of NOW deposits increased 54 basis points, the cost of certificates of deposit increased 49 basis points, and the cost of savings and money market deposits increased 19 basis points when comparing the three months ended September 30, 2024 and 2023. The increase in the cost of interest-bearing liabilities was partially due to growth in the average balances of interest-bearing liabilities of$64.1 million . This was due to an increase in NOW deposits of$47.7 million and an increase in average certificates of deposits of$31.0 million , partially offset by a decrease in average savings and money market deposits of$39.3 million when comparing the three months ended September 30, 2024 and 2023. Average borrowings increased$24.7 million when comparing the three months ended September 30, 2024 and 2023. Yields on interest-earning assets and costs of interest-bearing deposits increased for the three months ended September 30, 2024, as the Company repriced assets and deposits due to the higher interest rate environment. The Company determines interest rates offered on deposit accounts based on current and future economic conditions, competition, liquidity needs, the asset-liability position of the Company and growing the retention of relationships.
- Net interest rate spread and margin both decreased when comparing the three months ended September 30, 2024 and 2023. Net interest rate spread decreased 13 basis points to
1.76% for the three months ended September 30, 2024 as compared to1.89% for the three months ended September 30, 2023. Net interest margin decreased 9 basis points to2.03% , for the three months ended September 30, 2024 as compared to2.12% for the three months ended September 30, 2023. 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 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
2.29% and2.37% for the three months ended September 30, 2024 and 2023, respectively.
Credit Quality and Provision for Credit Losses on Loans
- Provision for credit losses on loans amounted to
$634,000 for the three months ended September 30, 2024 compared to$457,000 for the three months ended September 30, 2023. The loan provision for the three months ended September 30, 2024, was primarily attributable to updated economic forecasts used in the quantitative modeling as of September 30, 2024. The allowance for credit losses on loans to total loans receivable was1.32% at September 30, 2024 compared to1.28% at June 30, 2024. - Loans classified as substandard and special mention totaled
$59.0 million at September 30, 2024 and$48.6 million at June 30, 2024, an increase of$10.4 million . The increase in loans classified was primarily due to downgrades of commercial real estate loans during the period ended September 30, 2024, that were considered to be performing and paying in accordance with the terms of their loan agreements. Of the loans classified as substandard or special mention,$55.3 million were performing at September 30, 2024. There were no loans classified as doubtful or loss at September 30, 2024 or June 30, 2024. - Net charge-offs on loans amounted to
$114,000 and$93,000 for the three months ended September 30, 2024 and 2023, respectively, an increase of$21,000. T here were no material charge-offs in any loan segment during the three months ended September 30, 2024. - Nonperforming loans amounted to
$3.6 million at September 30, 2024 and$3.7 million at June 30, 2024. The activity in nonperforming loans during the period included$410,000 in loan repayments,$57,000 in charge-offs or transfers to foreclosure,$56,000 in loans returning to performing status, and$441,000 of loans placed into nonperforming status. Nonperforming assets were0.13% of total assets at September 30, 2024 and June 30, 2024, respectively. Nonperforming loans were0.25% of net loans at September 30, 2024 and June 30, 2024, respectively.
Noninterest Income and Noninterest Expense
- Noninterest income increased
$438,000 , or13.3% , to$3.7 million for the three months ended September 30, 2024 compared to$3.3 million for the three months ended September 30, 2023. The increase for the three-month period was primarily due to an increase in fee income earned on customer interest rate swap contracts, 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. - Noninterest expense increased
$705,000 , or8.0% , to$9.6 million for the three months ended September 30, 2024 compared to$8.8 million for the three months ended September 30, 2023. The increase during the three months ended September 30, 2024 was primarily due to an increase of$387,000 in salaries and employee benefits, due to new positions created during the period to support the Company’s continued growth, an increase of$176,000 in service and data processing fees due to vendor price negotiations in prior periods, and an increase of$285,000 in the reserve for credit losses on off-balance sheet unfunded commitments, due to the Company’s increased contractual obligations to extend credit. This was partially offset by a decrease of$156,000 in computer software and support fees, as compared to the three months ended September 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
6.4% for the three months ended September 30, 2024 and13.0% for the three months ended September 30, 2023. 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, 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 a higher mix of tax-exempt income from municipal bonds, tax advantage loans and bank owned life insurance in proportion to pre-tax income.
Balance Sheet Summary
- Total assets of the Company were
$2.9 billion at September 30, 2024 and$2.8 billion at June 30, 2024, an increase of$48.8 million , or1.7% . - Total cash and cash equivalents for the Company were
$213.5 million at September 30, 2024 and$190.4 million at June 30, 2024. The Company has continued to maintain strong capital and liquidity positions as of September 30, 2024. - Securities available-for-sale and held-to-maturity increased
$26.1 million , or2.5% , to$1.1 billion at September 30, 2024 as compared to$1.0 billion at June 30, 2024. Securities purchases totaled$115.2 million during the three months ended September 30, 2024, and consisted primarily of$77.4 million of state and political subdivision securities,$24.7 million of U.S. Treasury securities,$9.2 million of collateralized mortgage obligations and$3.9 million of mortgage-backed securities. Principal pay-downs and maturities during the three months ended September 30, 2024 amounted to$97.0 million , primarily consisting of$66.5 million of state and political subdivision securities,$25.0 million of U.S. Treasury securities,$4.5 million of mortgage-backed securities, and$683,000 of collateralized mortgage obligations. - Net loans receivable remained at
$1.5 billion at September 30, 2024 and June 30, 2024. Loan growth experienced during the three months ended September 30, 2024, consisted primarily of$15.3 million in commercial real estate loans, partially offset by a decrease of$11.5 million in commercial loans. - Deposits totaled
$2.5 billion at September 30, 2024 and$2.4 billion at June 30, 2024, an increase of$96.7 million , or4.1% . The Company had zero brokered deposits at September 30, 2024 and June 30, 2024, respectively. NOW deposits increased$87.9 million , or5.0% , certificates of deposits increased$17.9 million , or12.9% , and noninterest-bearing deposits increased$7.4 million , or5.9% when comparing September 30, 2024 and June 30, 2024. Savings deposits decreased$7.9 million , or3.2% , and money market deposits decreased$8.6 million , or7.6% , when comparing September 30, 2024 and June 30, 2024. - Borrowings amounted to
$142.5 million at September 30, 2024 compared to$199.1 million at June 30, 2024, a decrease of$56.6 million . At September 30, 2024, borrowings included$63.0 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$4.8 million of long-term borrowings with the FHLB. - Shareholders’ equity increased to
$216.3 million at September 30, 2024 compared to$206.0 million at June 30, 2024, resulting primarily from net income of$6.3 million and a decrease in accumulated other comprehensive loss of$5.6 million , partially offset by dividends declared and paid of$1.5 million .
Corporate Overview
Greene County Bancorp, Inc. is the holding company for The Bank of Greene County, and its subsidiary 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 pre-provision net income. 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 8 for Non-GAAP to GAAP reconciliations.
(END)
Greene County Bancorp, Inc.
Consolidated Statements of Income, and Selected Financial Ratios (Unaudited)
| At or for the Three Months | ||||||
| Ended September 30, | ||||||
| (Dollars in thousands, except share and per share data) | 2024 | 2023 | ||||
| Interest income | $ | 27,769 | $ | 24,672 | ||
| Interest expense | 14,633 | 11,233 | ||||
| Net interest income | 13,136 | 13,439 | ||||
| Provision for credit losses | 634 | 457 | ||||
| Noninterest income | 3,737 | 3,299 | ||||
| Noninterest expense | 9,550 | 8,845 | ||||
| Income before taxes | 6,689 | 7,436 | ||||
| Tax provision | 428 | 967 | ||||
| Net Income | $ | 6,261 | $ | 6,469 | ||
| Basic and diluted EPS | $ | 0.37 | $ | 0.38 | ||
| Weighted average shares outstanding | 17,026,828 | 17,026,828 | ||||
| Dividends declared per share(4) | $ | 0.09 | $ | 0.08 | ||
| Selected Financial Ratios | ||||||
| Return on average assets(1) | 0.93 | % | 0.99 | % | ||
| Return on average equity(1) | 11.86 | % | 14.09 | % | ||
| Net interest rate spread(1) | 1.76 | % | 1.89 | % | ||
| Net interest margin(1) | 2.03 | % | 2.12 | % | ||
| Fully taxable-equivalent net interest margin(2) | 2.29 | % | 2.37 | % | ||
| Efficiency ratio(3) | 56.60 | % | 52.84 | % | ||
| Non-performing assets to total assets | 0.13 | % | 0.22 | % | ||
| Non-performing loans to net loans | 0.25 | % | 0.38 | % | ||
| Allowance for credit losses on loans to non-performing loans | 542.39 | % | 369.10 | % | ||
| Allowance for credit losses on loans to total loans | 1.32 | % | 1.40 | % | ||
| Shareholders’ equity to total assets | 7.52 | % | 6.85 | % | ||
| Dividend payout ratio(4) | 24.32 | % | 21.05 | % | ||
| Actual dividends paid to net income(5) | 24.48 | % | 21.05 | % | ||
| Book value per share | $ | 12.70 | $ | 10.82 | ||
(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 September 30, 2023 and September 30, 2024 were paid to the MHC.
Greene County Bancorp, Inc.
Consolidated Statements of Financial Condition (Unaudited)
| At September 30, 2024 | At June 30, 2024 | ||||||
| (Dollars In thousands, except share data) | |||||||
| Assets | |||||||
| Cash and due from banks | $ | 24,824 | $ | 13,897 | |||
| Interest-bearing deposits | 188,645 | 176,498 | |||||
| Total cash and cash equivalents | 213,469 | 190,395 | |||||
| Long term certificate of deposit | 2,579 | 2,831 | |||||
| Securities available-for-sale, at fair value | 364,526 | 350,001 | |||||
| Securities held-to-maturity, at amortized cost, net of allowance for credit losses of | 701,919 | 690,354 | |||||
| Equity securities, at fair value | 339 | 328 | |||||
| Federal Home Loan Bank stock, at cost | 4,795 | 7,296 | |||||
| Loans receivable | 1,501,212 | 1,499,473 | |||||
| Less: Allowance for credit losses on loans | (19,781 | ) | (19,244 | ) | |||
| Net loans receivable | 1,481,431 | 1,480,229 | |||||
| Premises and equipment, net | 15,498 | 15,606 | |||||
| Bank owned life insurance | 57,898 | 57,249 | |||||
| Accrued interest receivable | 14,909 | 14,269 | |||||
| Prepaid expenses and other assets | 17,258 | 17,230 | |||||
| Total assets | $ | 2,874,621 | $ | 2,825,788 | |||
| Liabilities and shareholders’ equity | |||||||
| Noninterest bearing deposits | $ | 132,897 | $ | 125,442 | |||
| Interest bearing deposits | 2,352,977 | 2,263,780 | |||||
| Total deposits | 2,485,874 | 2,389,222 | |||||
| Borrowings, short-term | 63,000 | 115,300 | |||||
| Borrowings, long-term | 29,781 | 34,156 | |||||
| Subordinated notes payable, net | 49,727 | 49,681 | |||||
| Accrued expenses and other liabilities | 29,941 | 31,429 | |||||
| Total liabilities | 2,658,323 | 2,619,788 | |||||
| Total shareholders’ equity | 216,298 | 206,000 | |||||
| Total liabilities and shareholders’ equity | $ | 2,874,621 | $ | 2,825,788 | |||
| Common shares outstanding | 17,026,828 | 17,026,828 | |||||
| Treasury shares | 195,852 | 195,852 | |||||
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 September 30, | ||||||
| (Dollars in thousands) | 2024 | 2023 | ||||
| Net interest income (GAAP) | $ | 13,136 | $ | 13,439 | ||
| Tax-equivalent adjustment(1) | 1,713 | 1,563 | ||||
| Net interest income-fully taxable-equivalent basis (non-GAAP) | $ | 14,849 | $ | 15,002 | ||
| Average interest-earning assets (GAAP) | $ | 2,589,580 | $ | 2,534,918 | ||
| Net interest margin-fully taxable-equivalent basis (non-GAAP) | 2.29 | % | 2.37 | % | ||
(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 pre-provision net income.
| For the three months ended | |||||||||
| (Dollars in thousands) | September 30, 2024 | June 30, 2024 | September 30, 2023 | ||||||
| Net income (GAAP) | $ | 6,261 | $ | 6,732 | $ | 6,469 | |||
| Provision for credit losses on loans | 634 | (151 | ) | 457 | |||||
| Pre-provision net income (non-GAAP) | $ | 6,895 | $ | 6,581 | $ | 6,926 | |||
The above information is preliminary and based on the Company’s data available at the time of presentation.
For Further Information Contact:
Donald E. 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 Q1 2025?
How much did GCBC's total assets grow to in Q1 2025?
What was GCBC's Return on Average Equity for Q1 2025?
How did GCBC's net interest income change compared to the previous year?
