Greene County Bancorp, Inc. Reports Net Income of $8.1 Million for the Quarter Ended March 31, 2025 and Reaches New Milestone of $3.0 Billion in Assets
Greene County Bancorp (NASDAQ: GCBC) reported strong financial results for Q3 2025, with net income reaching $8.1 million ($0.47 per share), up 37.4% from $5.9 million in Q3 2024. The company achieved a significant milestone by surpassing $3.0 billion in total assets.
Key financial highlights include:
- Net income of $21.8 million for the nine months ended March 31, 2025 (up 20.9% YoY)
- Total deposits reached $2.7 billion (up 11.1%)
- Net loans increased to $1.6 billion (up 8.0%)
- Return on Average Assets: 1.04%
- Return on Average Equity: 13.40%
The company's growth was driven by higher-yielding loans and securities, alongside strategic deposit rate management. Net interest margin improved to 2.32% for Q3 2025, up from 1.90% in Q3 2024. Credit quality remained strong with nonperforming assets at 0.10% of total assets.
Greene County Bancorp (NASDAQ: GCBC) ha riportato risultati finanziari solidi per il terzo trimestre 2025, con un utile netto di 8,1 milioni di dollari (0,47 dollari per azione), in aumento del 37,4% rispetto ai 5,9 milioni del terzo trimestre 2024. La società ha raggiunto un traguardo importante superando i 3,0 miliardi di dollari in attività totali.
I principali dati finanziari includono:
- Utile netto di 21,8 milioni di dollari nei nove mesi terminati il 31 marzo 2025 (in crescita del 20,9% su base annua)
- Depositi totali pari a 2,7 miliardi di dollari (in aumento dell'11,1%)
- Prestiti netti saliti a 1,6 miliardi di dollari (incremento dell'8,0%)
- Rendimento medio delle attività: 1,04%
- Rendimento medio del patrimonio netto: 13,40%
La crescita dell’azienda è stata guidata da prestiti e titoli con rendimenti più elevati, insieme a una gestione strategica dei tassi sui depositi. Il margine di interesse netto è migliorato al 2,32% nel terzo trimestre 2025, rispetto all’1,90% nello stesso periodo del 2024. La qualità del credito è rimasta solida con attività non performanti pari allo 0,10% del totale attività.
Greene County Bancorp (NASDAQ: GCBC) reportó sólidos resultados financieros en el tercer trimestre de 2025, con un ingreso neto de 8,1 millones de dólares (0,47 dólares por acción), un aumento del 37,4% respecto a los 5,9 millones del tercer trimestre de 2024. La compañía alcanzó un hito significativo al superar los 3.000 millones de dólares en activos totales.
Los aspectos financieros clave incluyen:
- Ingreso neto de 21,8 millones de dólares en los nueve meses terminados el 31 de marzo de 2025 (un aumento del 20,9% interanual)
- Depósitos totales alcanzaron los 2.700 millones de dólares (un aumento del 11,1%)
- Préstamos netos aumentaron a 1.600 millones de dólares (un incremento del 8,0%)
- Retorno sobre activos promedio: 1,04%
- Retorno sobre patrimonio promedio: 13,40%
El crecimiento de la compañía fue impulsado por préstamos y valores con mayores rendimientos, junto con una gestión estratégica de las tasas de depósito. El margen neto de interés mejoró a 2,32% en el tercer trimestre de 2025, desde 1,90% en el tercer trimestre de 2024. La calidad crediticia se mantuvo sólida con activos no productivos en 0,10% del total de activos.
Greene County Bancorp (NASDAQ: GCBC)는 2025년 3분기에 강력한 재무 실적을 보고했으며, 순이익은 810만 달러(주당 0.47달러)로 2024년 3분기 590만 달러 대비 37.4% 증가했습니다. 회사는 총자산 30억 달러를 돌파하는 중요한 이정표를 달성했습니다.
주요 재무 하이라이트는 다음과 같습니다:
- 2025년 3월 31일 종료된 9개월 동안 순이익 2,180만 달러(전년 동기 대비 20.9% 증가)
- 총 예금 27억 달러(11.1% 증가)
- 순대출금 16억 달러(8.0% 증가)
- 평균 자산 수익률: 1.04%
- 평균 자기자본 수익률: 13.40%
회사의 성장은 고수익 대출 및 증권과 전략적인 예금 금리 관리에 힘입었습니다. 2025년 3분기 순이자마진은 2.32%로 2024년 3분기 1.90%에서 개선되었습니다. 신용 품질은 총자산 대비 부실 자산 비율이 0.10%로 안정적으로 유지되었습니다.
Greene County Bancorp (NASDAQ : GCBC) a annoncé de solides résultats financiers pour le troisième trimestre 2025, avec un bénéfice net atteignant 8,1 millions de dollars (0,47 dollar par action), en hausse de 37,4 % par rapport à 5,9 millions au troisième trimestre 2024. La société a franchi une étape importante en dépassant 3,0 milliards de dollars d’actifs totaux.
Les principaux indicateurs financiers comprennent :
- Bénéfice net de 21,8 millions de dollars pour les neuf mois clos au 31 mars 2025 (en hausse de 20,9 % sur un an)
- Dépôts totaux atteignant 2,7 milliards de dollars (en hausse de 11,1 %)
- Prêts nets portés à 1,6 milliard de dollars (en hausse de 8,0 %)
- Rendement moyen des actifs : 1,04 %
- Rendement moyen des capitaux propres : 13,40 %
La croissance de l’entreprise a été soutenue par des prêts et titres à rendement plus élevé, ainsi qu’une gestion stratégique des taux de dépôt. La marge nette d’intérêt s’est améliorée à 2,32 % au troisième trimestre 2025, contre 1,90 % au troisième trimestre 2024. La qualité du crédit est restée solide, avec des actifs non performants représentant 0,10 % du total des actifs.
Greene County Bancorp (NASDAQ: GCBC) meldete starke Finanzergebnisse für das dritte Quartal 2025, mit einem Nettogewinn von 8,1 Millionen US-Dollar (0,47 US-Dollar pro Aktie), was einem Anstieg von 37,4 % gegenüber 5,9 Millionen US-Dollar im dritten Quartal 2024 entspricht. Das Unternehmen erreichte einen wichtigen Meilenstein, indem es die Marke von 3,0 Milliarden US-Dollar an Gesamtvermögen überschritt.
Wesentliche finanzielle Highlights umfassen:
- Nettogewinn von 21,8 Millionen US-Dollar für die neun Monate bis zum 31. März 2025 (plus 20,9 % im Jahresvergleich)
- Gesamteinlagen erreichten 2,7 Milliarden US-Dollar (plus 11,1 %)
- Netto-Darlehen stiegen auf 1,6 Milliarden US-Dollar (plus 8,0 %)
- Rendite auf durchschnittliche Vermögenswerte: 1,04 %
- Rendite auf durchschnittliches Eigenkapital: 13,40 %
Das Wachstum des Unternehmens wurde durch höher verzinste Kredite und Wertpapiere sowie eine strategische Verwaltung der Einlagenzinsen vorangetrieben. Die Nettozinsmarge verbesserte sich im dritten Quartal 2025 auf 2,32 %, gegenüber 1,90 % im dritten Quartal 2024. Die Kreditqualität blieb mit notleidenden Aktiva von 0,10 % der Gesamtaktiva stabil.
- Net income increased 37.4% YoY to $8.1 million in Q3 2025
- Total assets reached new milestone of $3.0 billion
- Net interest margin improved to 2.32% from 1.90% YoY
- Total deposits grew 11.1% to $2.7 billion
- Net loans increased 8.0% to $1.6 billion
- Strong credit quality with nonperforming assets at only 0.10% of total assets
- Increased provision for credit losses to $1.1 million from $277,000 YoY
- Reported $665,000 loss on sales of securities available-for-sale
- Noninterest expense increased 8.8% to $10.0 million
Insights
GCBC reported 37.4% quarterly profit growth, milestone $3B in assets, improving credit quality, and enhanced interest margin amid strategic rate management.
Greene County Bancorp's Q3 FY2025 results demonstrate exceptional financial performance with net income of
The company achieved a significant milestone by surpassing
Profitability metrics show strong performance with return on average assets at
Credit quality remains robust with nonperforming loans decreasing to
The balance sheet shows strategic growth with securities increasing
The bank's ability to grow deposits organically while maintaining strong asset quality during rapid expansion demonstrates effective execution of its business strategy and prudent risk management in a changing interest rate landscape.
CATSKILL, N.Y., April 22, 2025 (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 nine months ended March 31, 2025, which is the third quarter of the Company’s fiscal year ending June 30, 2025. Net income for the three and nine months ended March 31, 2025 was
Highlights:
- Net Income:
$21.8 million for the nine months ended March 31, 2025 - Total Assets:
$3.0 billion at March 31, 2025, a new record high - Net Loans:
$1.6 billion at March 31, 2025, a new record high - Total Deposits
$2.7 billion at March 31, 2025, a new record high - Return on Average Assets:
1.04% for the nine months ended March 31, 2025 - Return on Average Equity:
13.40% for the nine months ended March 31, 2025
Donald Gibson, President & CEO stated: “I am pleased to report we reached a new milestone exceeding
Total consolidated assets for the Company were
Pre-provision net income was
Selected highlights for the three and nine months ended March 31, 2025 are as follows:
Net Interest Income and Margin
- Net interest income increased
$3.9 million to$16.2 million for the three months ended March 31, 2025 from$12.3 million for the three months ended March 31, 2024. Net interest income increased$5.3 million to$43.4 million for the nine months ended March 31, 2025 from$38.1 million for the nine months ended March 31, 2024. The increase in net interest income was due to an increase in the average balance of interest-earning assets which increased$205.8 million and$154.6 million when comparing the three and nine months ended March 31, 2025 and 2024, respectively, increases in interest rates on interest-earning assets, which increased 23 basis points and 30 basis points when comparing the three and nine months ended March 31, 2025 and 2024, respectively, and a decrease of 23 basis points in rates paid on interest-bearing liabilities when comparing the three months ended March 31, 2025 and 2024, respectively. The increase in net interest income was offset by increases in the average balance of interest-bearing liabilities, which increased$204.2 million and$156.6 million when comparing the three and nine months ended March 31, 2025 and 2024, respectively, and an increase of 15 basis points in rates paid on interest-bearing liabilities when comparing the nine months ended March 31, 2025 and 2024, respectively.
Average loan balances increased$113.1 million and$80.3 million and the yield on loans increased 19 basis points and 26 basis points when comparing the three and nine months ended March 31, 2025 and 2024, respectively. The average balance of securities increased$104.5 million and$76.4 million and the yield on such securities increased 11 basis points and 40 basis points when comparing the three and nine months ended March 31, 2025 and 2024, respectively. Average interest-bearing bank balances and federal funds decreased$11.9 million and$2.1 million and the yield on interest-bearing bank balances and federal funds increased 22 basis points and 6 basis points when comparing the three and nine months ended March 31, 2025 and 2024, respectively.
The cost of NOW deposits decreased 29 basis points, the cost of certificates of deposit decreased 56 basis points, and the cost of savings and money market deposits decreased 5 basis points when comparing the three months ended March 31, 2025 and 2024, respectively. The cost of NOW deposits increased 9 basis points, the cost of certificates of deposit increased 4 basis points, and the cost of savings and money market deposits increased 8 basis points when comparing the nine months ended March 31, 2025 and 2024, respectively. The growth in interest-bearing liabilities was primarily due to an increase in average NOW deposits of$179.5 million and$120.8 million and an increase in average certificates of deposits of$58.9 million and$58.7 million when comparing the three and nine months ended March 31, 2025 and 2024, respectively. This was partially offset by a decrease in average savings and money market deposits of$14.9 million and$25.4 million when comparing the three and nine months ended March 31, 2025 and 2024, respectively. Yields on interest-earning assets increased when comparing the three and nine months ended March 31, 2025 and 2024 as the Company continued to reprice assets into the higher interest rate environment. During the nine months ended March 31, 2025, the Company implemented a strategic reduction in deposit rates that aligns with the Federal Reserve’s rate cuts, while providing competitive financial solutions to the Company’s customers that reflect the prevailing economic conditions, while growing new relationships.
- Net interest rate spread increased 46 basis points to
2.12% for the three months ended March 31, 2025 compared to1.66% for the three months ended March 31, 2024. Net interest rate spread increased 15 basis points to1.90% for the nine months ended March 31, 2025, compared to1.75% for the nine months ended March 31, 2024.
Net interest margin increased 42 basis points to2.32% for the three months ended March 31, 2025, compared to1.90% for the three months ended March 31, 2024. Net interest margin increased 15 basis points to2.14% for the nine months ended March 31, 2025, compared to1.99% for the nine months ended March 31, 2024. The increase in net interest rate spread and margin during the three and nine months ended March 31, 2025, was due to increases in interest income on loans and securities, as they continue to reprice at higher yields and the interest rates earned on new balances were higher than the historic low levels from the prior periods. This was partially offset by the increase in rates paid on deposits as compared to the nine months ended March 31, 2025.
- 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
2.60% and2.20% for the three months ended March 31, 2025 and 2024, respectively, and was2.41% and2.25% for the nine months ended March 31, 2025 and 2024, respectively.
Credit Quality and Provision for Credit Losses on Loans
- Provision for credit losses on loans amounted to
$1.1 million and$277,000 for the three months ended March 31, 2025 and 2024, respectively, and$2.3 million and$922,000 for the nine months ended March 31, 2025 and 2024, respectively. The loan provision for the nine months ended March 31, 2025 was primarily attributable to growth in gross loans and a modest deterioration in the economic forecasts used in the Current Expected Credit Loss (“CECL”) model as of March 31, 2025. The allowance for credit losses on loans to total loans receivable was1.31% at March 31, 2025 compared to1.28% at June 30, 2024. - Loans classified as substandard and special mention totaled
$44.8 million at March 31, 2025 and$48.6 million at June 30, 2024, a decrease of$3.8 million . Of the loans classified as substandard or special mention,$41.6 million were performing at March 31, 2025. There were no loans classified as doubtful or loss at March 31, 2025 or June 30, 2024. - Net charge-offs on loans amounted to
$96,000 and$204,000 for the three months ended March 31, 2025 and 2024, respectively, a decrease of$108,000. Net charge-offs totaled$305,000 and$420,000 for the nine months ended March 31, 2025 and 2024, respectively. There were no material charge-offs in any loan segment during the three and nine months ended March 31, 2025. - Nonperforming loans amounted to
$2.9 million at March 31, 2025 and$3.7 million at June 30, 2024. The activity in nonperforming loans during the period included$2.3 million in loan repayments,$128,000 in charge-offs or transfers to foreclosure,$67,000 in loans returning to performing status, and$1.7 million of loans placed into nonperforming status. At March 31, 2025, nonperforming assets were0.10% of total assets compared to0.13% at June 30, 2024. At March 31, 2025, nonperforming loans were0.18% of net loans compared to0.25% at June 30, 2024.
Noninterest Income and Noninterest Expense
Noninterest income increased
- Noninterest expense increased
$808,000 , or8.8% , to$10.0 million for the three months ended March 31, 2025 compared to$9.2 million for the three months ended March 31, 2024. Noninterest expense increased$1.6 million , or5.7% , to$29.0 million for the nine months ended March 31, 2025 as compared to$27.4 million for the nine months ended March 31, 2024. The increase during the nine months ended March 31, 2025 was primarily due to an increase of$479,000 in salaries and employee benefit costs, as new positions were created during the period to support the Company’s continued growth, an increase of$341,000 in service and data processing fees and an increase of$749,000 in the allowance for credit losses on unfunded commitments, due to the Company’s increased contractual obligations to extend credit. This was partially offset by a decrease of$116,000 in legal and professional fees during the nine months ended March 31, 2025.
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
9.9% and8.0% for the three and nine months ended March 31, 2025, and5.2% and9.8% for the three and nine months ended March 31, 2024, respectively. 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 increase during the three months ended March 31, 2025 is due to higher pre-tax income. The decrease in the effective tax rate during the nine months ended March 31, 2025 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, and solar investment tax credits earned.
Balance Sheet Summary
- Total assets of the Company were
$3.0 billion at March 31, 2025 and$2.8 billion at June 30, 2024, an increase of$182.2 million , or6.5% . - Total cash and cash equivalents for the Company were
$155.5 million at March 31, 2025 and$190.4 million at June 30, 2024. The Company has continued to maintain strong capital and liquidity positions as of March 31, 2025. - Securities available-for-sale and held-to-maturity increased
$96.4 million , or9.3% , to$1.1 billion at March 31, 2025 as compared to$1.0 billion at June 30, 2024. Securities purchases totaled$330.9 million during the nine months ended March 31, 2025, and consisted primarily of$207.7 million of state and political subdivision securities,$86.4 million of mortgage-backed securities,$24.7 million of U.S. Treasury securities, and$11.4 million of collateralized mortgage obligations. Principal pay-downs and maturities during the nine months ended March 31, 2025 amounted to$234.3 million , primarily consisting of$160.5 million of state and political subdivision securities,$53.0 million of U.S. Treasury securities,$17.5 million of mortgage-backed securities,$2.0 million of collateralized mortgage obligations and$1.3 million of corporate debt securities. - Net loans receivable increased
$118.0 million , or8.0% , to$1.6 billion at March 31, 2025 as compared to$1.5 billion at June 30, 2024. Loan growth experienced during the nine months ended March 31, 2025 consisted primarily of$111.9 million in commercial real estate loans,$3.2 million in home equity loans,$3.0 million in commercial loans, and$2.0 million in residential real estate loans. - Deposits totaled
$2.7 billion at March 31, 2025 and$2.4 billion at June 30, 2024, an increase of$265.5 million , or11.1% . The Company had$11.6 million and zero brokered deposits at March 31, 2025 and June 30, 2024, respectively. NOW deposits increased$232.6 million , or13.2% , and certificates of deposits increased$53.6 million , or38.7% , when comparing March 31, 2025 and June 30, 2024. Noninterest bearing deposits decreased$9.2 million , or7.4% , savings deposits decreased$7.8 million , or3.1% , and money market deposits decreased$3.7 million , or3.3% , when comparing March 31, 2025 and June 30, 2024. - Borrowings amounted to
$94.0 million at March 31, 2025 compared to$199.1 million at June 30, 2024, a decrease of$105.1 million . At March 31, 2025, borrowings included$42.0 million of overnight borrowings with the Federal Home Loan Bank of New York (“FHLB”),$49.8 million of Fixed-to-Floating Rate Subordinated Notes, and$2.2 million of long-term borrowings with the FHLB. - Shareholders’ equity increased to
$229.0 million at March 31, 2025 compared to$206.0 million at June 30, 2024, resulting primarily from net income of$21.8 million and a decrease in accumulated other comprehensive loss of$5.0 million , partially offset by dividends declared and paid of$3.8 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 9 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 | At or for the Nine Months | ||||||||||||||||||
| Ended March 31, | Ended March 31, | ||||||||||||||||||
| Dollars in thousands, except share and per share data | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Interest income | $ | 29,779 | $ | 26,071 | $ | 86,966 | $ | 76,336 | |||||||||||
| Interest expense | 13,568 | 13,776 | 43,551 | 38,214 | |||||||||||||||
| Net interest income | 16,211 | 12,295 | 43,415 | 38,122 | |||||||||||||||
| Provision for credit losses | 1,084 | 290 | 2,196 | 917 | |||||||||||||||
| Noninterest income | 3,856 | 3,412 | 11,468 | 10,189 | |||||||||||||||
| Noninterest expense | 10,042 | 9,234 | 28,978 | 27,405 | |||||||||||||||
| Income before taxes | 8,941 | 6,183 | 23,709 | 19,989 | |||||||||||||||
| Tax provision | 887 | 322 | 1,904 | 1,952 | |||||||||||||||
| Net income | $ | 8,054 | $ | 5,861 | $ | 21,805 | $ | 18,037 | |||||||||||
| Basic and diluted EPS | $ | 0.47 | $ | 0.34 | $ | 1.28 | $ | 1.06 | |||||||||||
| Weighted average shares outstanding | 17,026,828 | 17,026,828 | 17,026,828 | 17,026,828 | |||||||||||||||
| Dividends declared per share (4) | $ | 0.09 | $ | 0.08 | $ | 0.27 | $ | 0.24 | |||||||||||
| Selected Financial Ratios | |||||||||||||||||||
| Return on average assets(1) | 1.12 | % | 0.88 | % | 1.04 | % | 0.91 | % | |||||||||||
| Return on average equity(1) | 14.41 | % | 11.92 | % | 13.40 | % | 12.69 | % | |||||||||||
| Net interest rate spread(1) | 2.12 | % | 1.66 | % | 1.90 | % | 1.75 | % | |||||||||||
| Net interest margin(1) | 2.32 | % | 1.90 | % | 2.14 | % | 1.99 | % | |||||||||||
| Fully taxable-equivalent net interest margin(2) | 2.60 | % | 2.20 | % | 2.41 | % | 2.25 | % | |||||||||||
| Efficiency ratio(3) | 50.04 | % | 58.79 | % | 52.80 | % | 56.73 | % | |||||||||||
| Non-performing assets to total assets | 0.10 | % | 0.21 | % | |||||||||||||||
| Non-performing loans to net loans | 0.18 | % | 0.39 | % | |||||||||||||||
| Allowance for credit losses on loans to non-performing loans | 724.65 | % | 361.45 | % | |||||||||||||||
| Allowance for credit losses on loans to total loans | 1.31 | % | 1.38 | % | |||||||||||||||
| Shareholders’ equity to total assets | 7.61 | % | 6.94 | % | |||||||||||||||
| Dividend payout ratio(4) | 21.09 | % | 22.64 | % | |||||||||||||||
| Actual dividends paid to net income(5) | 17.30 | % | 14.50 | % | |||||||||||||||
| Book value per share | $ | 13.45 | $ | 11.70 | |||||||||||||||
| (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 ended March 31, 2023, June 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and March 31, 2025. Dividends declared during the three months ended September 30, 2023, September 30, 2024, and December 31, 2024 were paid to the MHC. | |||||||||||||||||||
Greene County Bancorp, Inc.
Consolidated Statements of Financial Condition (Unaudited)
| At March 31, 2025 | At June 30, 2024 | ||||||
| Dollars In thousands, except share data | |||||||
| Assets | |||||||
| Cash and due from banks | $ | 12,717 | $ | 13,897 | |||
| Interest-bearing deposits | 142,766 | 176,498 | |||||
| Total cash and cash equivalents | 155,483 | 190,395 | |||||
| Long term certificate of deposit | 1,640 | 2,831 | |||||
| Securities available-for-sale, at fair value | 355,432 | 350,001 | |||||
| Securities held-to-maturity, at amortized cost, net of | |||||||
| allowance for credit losses of | 781,338 | 690,354 | |||||
| Equity securities, at fair value | 400 | 328 | |||||
| Federal Home Loan Bank stock, at cost | 3,834 | 7,296 | |||||
| Loans receivable | 1,619,378 | 1,499,473 | |||||
| Less: Allowance for credit losses on loans | (21,196 | ) | (19,244 | ) | |||
| Net loans receivable | 1,598,182 | 1,480,229 | |||||
| Premises and equipment, net | 15,202 | 15,606 | |||||
| Bank owned life insurance | 59,160 | 57,249 | |||||
| Accrued interest receivable | 18,433 | 14,269 | |||||
| Prepaid expenses and other assets | 18,852 | 17,230 | |||||
| Total assets | $ | 3,007,956 | $ | 2,825,788 | |||
| Liabilities and shareholders’ equity | |||||||
| Noninterest bearing deposits | $ | 116,195 | $ | 125,442 | |||
| Interest bearing deposits | 2,538,522 | 2,263,780 | |||||
| Total deposits | 2,654,717 | 2,389,222 | |||||
| Borrowings, short-term | 42,000 | 115,300 | |||||
| Borrowings, long-term | 2,195 | 34,156 | |||||
| Subordinated notes payable, net | 49,820 | 49,681 | |||||
| Accrued expenses and other liabilities | 30,181 | 31,429 | |||||
| Total liabilities | 2,778,913 | 2,619,788 | |||||
| Total shareholders’ equity | 229,043 | 206,000 | |||||
| Total liabilities and shareholders’ equity | $ | 3,007,956 | $ | 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 March 31, | For the nine months ended March 31, | ||||||||||||||
| (Dollars in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Net interest income (GAAP) | $ | 16,211 | $ | 12,295 | $ | 43,415 | $ | 38,122 | |||||||
| Tax-equivalent adjustment(1) | 1,945 | 1,897 | 5,524 | 5,051 | |||||||||||
| Net interest income-fully taxable-equivalent basis (non-GAAP) | $ | 18,156 | $ | 14,192 | $ | 48,939 | $ | 43,173 | |||||||
| Average interest-earning assets (GAAP) | $ | 2,789,102 | $ | 2,583,271 | $ | 2,711,083 | $ | 2,556,441 | |||||||
| Net interest margin-fully taxable-equivalent basis (non-GAAP) | 2.60 | % | 2.20 | % | 2.41 | % | 2.25 | % | |||||||
(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 March 31, | ||||||
| (Dollars in thousands) | 2025 | 2024 | ||||
| Net income (GAAP) | $ | 8,054 | $ | 5,861 | ||
| Provision for credit losses | 1,084 | 290 | ||||
| Pre-provision net income (non-GAAP) | $ | 9,138 | $ | 6,151 | ||
| For the nine months ended March 31, | ||||||
| (Dollars in thousands) | 2025 | 2024 | ||||
| Net income (GAAP) | $ | 21,805 | $ | 18,037 | ||
| Provision for credit losses | 2,196 | 917 | ||||
| Pre-provision net income (non-GAAP) | $ | 24,001 | $ | 18,954 | ||
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 Q3 2025?
How much did GCBC's total assets grow to in March 2025?
What was GCBC's net interest margin in Q3 2025?
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