UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended June 30, 2025 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transaction period from ___________________ to ______________________ Commission File Number: 0-25165 GREENE COUNTY BANCORP, INC. (Name of registrant as specified in its Charter) United States 14-1809721 (State or ...

[Earnings Release Overview](index=1&type=section&id=Earnings%20Release%20Overview) Greene County Bancorp, Inc. achieved record financial performance for FY2025 and Q4, marked by significant net income growth and strategic expansion [Headline and Key Financial Results](index=1&type=section&id=Headline%20and%20Key%20Financial%20Results) Greene County Bancorp, Inc. achieved record net income of **$31.1 million** for FY2025, a **25.7% increase**, with Q4 net income rising **38.6%** to **$9.3 million** | Metric | Q4 FY2025 | Q4 FY2024 | YoY Change (%) | FY2025 | FY2024 | YoY Change (%) | | :--------------------- | :-------- | :-------- | :------------- | :------- | :------- | :------------- | | Net Income | $9.3M | $6.7M | 38.6% | $31.1M | $24.8M | 25.7% | | Basic & Diluted EPS | $0.55 | $0.40 | 37.5% | $1.83 | $1.45 | 26.2% | [CEO Statement and Strategic Highlights](index=1&type=section&id=CEO%20Statement%20and%20Strategic%20Highlights) CEO Donald Gibson emphasized the company's consistent record earnings, strategic expansion into Saratoga County, and recognition as a top commercial mortgage lender - Achieved record high net income for the fiscal year ended June 30, 2025, marking **16 years of record earnings out of the past 17**[2](index=2&type=chunk) - Announced plans to expand into Saratoga County with a new branch, extending geographic footprint from five to six counties within New York State[2](index=2&type=chunk) - Recognized by the Albany Business Review as one of the Capital Region's **11 fastest-growing large companies** (revenue exceeding $100.0 million) and ranked as the **number one commercial mortgage lender** in New York's Capital Region for 2024 commercial loan volume[2](index=2&type=chunk) [Financial Highlights Summary](index=1&type=section&id=Financial%20Highlights%20Summary) The company reached record highs in total assets (**$3.0 billion**), net loans (**$1.6 billion**), and net income (**$31.1 million**) for FY2025, alongside strong ROAA and ROAE | Metric | Value at June 30, 2025 | | :-------------------------- | :--------------------- | | Net Income (FY) | $31.1 million (record high) | | Total Assets | $3.0 billion (record high) | | Net Loans | $1.6 billion (record high) | | Total Deposits | $2.6 billion | | Return on Average Assets (FY) | 1.10% | | Return on Average Equity (FY) | 14.08% | [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) This section analyzes the company's financial performance, covering net interest income, credit quality, noninterest income and expense, and income taxes [Net Interest Income and Margin](index=2&type=section&id=Net%20Interest%20Income%20and%20Margin) Net interest income significantly increased for Q4 and FY2025, driven by higher asset balances, improved yields, and strategic deposit rate management, enhancing net interest margin | Metric | Q4 FY2025 | Q4 FY2024 | YoY Change | FY2025 | FY2024 | YoY Change | | :---------------- | :-------- | :-------- | :--------- | :------- | :------- | :--------- | | Net Interest Income | $16.7M | $12.9M | +$3.8M | $60.1M | $51.0M | +$9.1M | | Metric | Q4 FY2025 | Q4 FY2024 | YoY Change (bps) | FY2025 | FY2024 | YoY Change (bps) | | :------------------ | :-------- | :-------- | :--------------- | :------- | :------- | :--------------- | | Net Interest Rate Spread | 2.14% | 1.72% | +42 | 1.97% | 1.75% | +22 | | Net Interest Margin | 2.37% | 1.97% | +40 | 2.19% | 1.98% | +21 | - Increase in net interest income was due to an increase in the average balance of interest-earning assets (**$219.0 million for Q4**, **$170.7 million for FY**) and increased interest rates on interest-earning assets (**16 basis points for Q4**, **26 basis points for FY**)[6](index=6&type=chunk) - The Company implemented a strategic reduction in deposit rates during FY2025, aligning with the Federal Reserve's rate cuts[7](index=7&type=chunk) [Credit Quality and Provision for Credit Losses](index=3&type=section&id=Credit%20Quality%20and%20Provision%20for%20Credit%20Losses) Q4 FY2025 saw a benefit for credit losses due to improved qualitative factors, while overall credit quality improved with reduced nonperforming assets and loans | Metric | Q4 FY2025 | Q4 FY2024 | FY2025 | FY2024 | | :------------------------ | :-------- | :-------- | :------- | :------- | | Provision for Credit Losses | ($880,000) | ($151,000) | $1.3M | $766,000 | | Metric | June 30, 2025 | June 30, 2024 | | :-------------------------------------- | :-------------- | :-------------- | | Nonperforming assets to total assets | 0.10% | 0.13% | | Nonperforming loans to net loans | 0.19% | 0.25% | | Allowance for credit losses on loans to total loans | 1.24% | 1.28% | | Net charge-offs on loans (FY) | $349,000 | $1.4M | - The benefit for credit losses in Q4 FY2025 was primarily attributable to an improvement in qualitative factors assessments on loans[9](index=9&type=chunk) - Loans classified as substandard and special mention decreased by **$3.2 million** to **$45.4 million** at June 30, 2025[9](index=9&type=chunk) [Noninterest Income and Noninterest Expense](index=4&type=section&id=Noninterest%20Income%20and%20Noninterest%20Expense) Noninterest income increased due to swap contracts and tax credits, while noninterest expense rose from higher salaries, data processing, and unfunded commitment allowances | Metric | Q4 FY2025 | Q4 FY2024 | YoY Change | FY2025 | FY2024 | YoY Change | | :---------------- | :-------- | :-------- | :--------- | :------- | :------- | :--------- | | Noninterest Income | $3.8M | $3.7M | +$46,000 | $15.2M | $13.9M | +$1.3M | | Noninterest Expense | $10.4M | $9.9M | +$497,000 | $39.4M | $37.3M | +$2.1M | - FY2025 noninterest income increase was primarily due to a **$610,000 Employee Retention Tax Credit**, a **$528,000 increase in fee income from customer interest rate swap contracts**, and **$363,000 from bank owned life insurance**[13](index=13&type=chunk) - FY2025 noninterest expense increase was mainly driven by a **$579,000 increase in salaries and employee benefit costs**, a **$544,000 increase in service and data processing fees**, and a **$796,000 increase in the allowance for credit losses on unfunded commitments**[13](index=13&type=chunk) [Income Taxes](index=4&type=section&id=Income%20Taxes) The effective tax rate increased for Q4 and FY2025, driven by higher pre-tax income and a reduced proportion of tax-exempt income | Metric | Q4 FY2025 | Q4 FY2024 | FY2025 | FY2024 | | :-------------- | :-------- | :-------- | :------- | :------- | | Effective Tax Rate | 14.8% | 1.4% | 10.2% | 7.6% | - The increase in the effective tax rate is primarily due to higher pre-tax income and a lower mix of tax-exempt income from municipal bonds, tax advantage loans, and bank owned life insurance in proportion to pre-tax income[11](index=11&type=chunk) [Balance Sheet Overview](index=2&type=section&id=Balance%20Sheet%20Overview) This section outlines the company's balance sheet, detailing changes in assets, liabilities, and shareholders' equity as of June 30, 2025 [Assets](index=2&type=section&id=Assets) Total assets reached a record **$3.0 billion** at June 30, 2025, a **7.6% increase**, primarily driven by growth in net loans and held-to-maturity securities | Metric | June 30, 2025 | June 30, 2024 | YoY Change | YoY Change (%) | | :------------------------------------ | :-------------- | :-------------- | :--------- | :------------- | | Total Assets | $3.0B | $2.8B | +$214.8M | 7.6% | | Net Loans Receivable | $1.6B | $1.5B | +$127.0M | 8.6% | | Securities available-for-sale and held-to-maturity | $1.1B | $1.0B | +$91.9M | 8.8% | - Loan growth during FY2025 consisted primarily of **$117.9 million in commercial real estate loans**, **$5.5 million in commercial loans**, and **$4.9 million in home equity loans**[16](index=16&type=chunk) - Securities purchases totaled **$444.2 million** during FY2025, primarily state and political subdivision securities (**$308.5 million**)[14](index=14&type=chunk) [Liabilities and Shareholders' Equity](index=2&type=section&id=Liabilities%20and%20Shareholders'%20Equity) Total deposits grew **10.5%** to **$2.6 billion**, borrowings decreased, and shareholders' equity increased **16.0%** due to net income and reduced AOCI | Metric | June 30, 2025 | June 30, 2024 | YoY Change | YoY Change (%) | | :-------------------- | :-------------- | :-------------- | :--------- | :------------- | | Total Deposits | $2.6B | $2.4B | +$250.6M | 10.5% |\ | Borrowings | $128.1M | $199.1M | -$71.0M | -35.7% |\ | Shareholders' Equity | $238.8M | $206.0M | +$32.8M | 16.0% | - NOW deposits increased by **$192.6 million (10.9%)** and certificates of deposits increased by **$89.7 million (64.8%)** year-over-year[16](index=16&type=chunk) - Shareholders' equity increased primarily from net income of **$31.1 million** and a decrease in accumulated other comprehensive loss of **$6.2 million**, partially offset by dividends declared and paid of **$4.5 million**[16](index=16&type=chunk) [Corporate Information](index=5&type=section&id=Corporate%20Information) This section covers Greene County Bancorp, Inc.'s corporate structure, market presence, and important disclaimers on forward-looking statements and non-GAAP measures [Corporate Overview](index=5&type=section&id=Corporate%20Overview) Greene County Bancorp, Inc. is the holding company for its banking subsidiaries, providing community-based services across New York's Hudson Valley and Capital Region - Greene County Bancorp, Inc. is the holding company for the Bank of Greene County and its subsidiary Greene County Commercial Bank[15](index=15&type=chunk) - The Company is the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State[15](index=15&type=chunk) - Greene County Bancorp, Inc. (GCBC) is publicly traded on the Nasdaq Capital Market[15](index=15&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This section cautions that the release contains forward-looking statements, subject to various risks and uncertainties, and the company disclaims any update obligation - The release contains forward-looking statements, identified by terms like 'believe,' 'expect,' 'anticipate,' and 'intend,' which involve known and unknown risks and uncertainties[17](index=17&type=chunk) - Factors that may cause actual results to differ materially include local, regional, national, and international economic conditions, financial and regulatory changes, interest rates, competition, and technological developments[17](index=17&type=chunk) - The Company cautions readers not to place undue reliance on forward-looking statements and disclaims any obligation to publicly release revisions unless required by law[18](index=18&type=chunk)[19](index=19&type=chunk) [Non-GAAP Measures](index=6&type=section&id=Non-GAAP%20Measures) The release includes non-GAAP measures like fully taxable-equivalent net interest margin, which management deems useful supplemental information, not a GAAP substitute - The news release contains non-GAAP financial measures, including fully taxable-equivalent net interest margin and pre-provision net income[20](index=20&type=chunk)[21](index=21&type=chunk) - Management believes these non-GAAP measures are useful in evaluating the Company's performance and should be considered supplemental, not a substitute for GAAP[21](index=21&type=chunk) [Financial Statements (Unaudited)](index=7&type=section&id=Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements, including income statements, balance sheets, and non-GAAP reconciliations [Consolidated Statements of Income, and Selected Financial Ratios](index=7&type=section&id=Consolidated%20Statements%20of%20Income%2C%20and%20Selected%20Financial%20Ratios) This section provides unaudited consolidated statements of income and key financial ratios for Q4 and FY2025 and 2024, detailing income components and performance metrics | Dollars in thousands, except share and per share data | 2025 (3 Months) | 2024 (3 Months) | 2025 (Years) | 2024 (Years) | | :---------------------------------------------------- | :-------------- | :-------------- | :----------- | :----------- | | Interest income | $30,739 | $27,328 | $117,705 | $103,664 | | Interest expense | 14,033 | 14,471 | 57,584 | 52,685 | | Net interest income | 16,706 | 12,857 | 60,121 | 50,979 | | Provision for credit losses | (880) | (151) | 1,316 | 766 | | Noninterest income | 3,765 | 3,719 | 15,233 | 13,908 | | Noninterest expense | 10,394 | 9,897 | 39,372 | 37,302 | | Income before taxes | 10,957 | 6,830 | 34,666 | 26,819 | | Tax provision | 1,624 | 98 | 3,528 | 2,050 | | Net income | $9,333 | $6,732 | $31,138 | $24,769 | | Basic and diluted EPS | $0.55 | $0.40 | $1.83 | $1.45 | | Dividends declared per share | $0.09 | $0.08 | $0.36 | $0.32 | | Selected Financial Ratios | 2025 (3 Months) | 2024 (3 Months) | 2025 (Years) | 2024 (Years) | | :-------------------------------------- | :-------------- | :-------------- | :----------- | :----------- | | Return on average assets | 1.28% | 1.00% | 1.10% | 0.93% | | Return on average equity | 15.98% | 13.36% | 14.08% | 12.87% | | Net interest rate spread | 2.14% | 1.72% | 1.97% | 1.75% | | Net interest margin | 2.37% | 1.97% | 2.19% | 1.98% | | Fully taxable-equivalent net interest margin | 2.67% | 2.24% | 2.47% | 2.25% | | Efficiency ratio | 50.77% | 59.71% | 52.25% | 57.49% | | Non-performing assets to total assets | | | 0.10% | 0.13% | | Non-performing loans to net loans | | | 0.19% | 0.25% | | Allowance for credit losses on loans to non-performing loans | | | 658.37% | 516.20% | | Allowance for credit losses on loans to total loans | | | 1.24% | 1.28% | | Shareholders' equity to total assets | | | 7.85% | 7.29% | | Dividend payout ratio | | | 19.67% | 22.07% | | Actual dividends paid to net income | | | 14.37% | 13.08% | | Book value per share | | | $14.03 | $12.10 | [Consolidated Statements of Financial Condition](index=8&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) This section presents the unaudited consolidated balance sheets as of June 30, 2025, and 2024, detailing assets, liabilities, and shareholders' equity | Dollars In thousands, except share data | June 30, 2025 | June 30, 2024 | | :-------------------------------------- | :------------ | :------------ | | **Assets** | | | | Total cash and cash equivalents | $183,078 | $190,395 | | Securities available-for-sale, at fair value | 356,062 | 350,001 | | Securities held-to-maturity, at amortized cost, net of allowance for credit losses | 776,147 | 690,354 | | Net loans receivable | 1,607,260 | 1,480,229 | | Total assets | $3,040,609 | $2,825,788 | | **Liabilities and shareholders' equity** | | | | Total deposits | $2,639,835 | $2,389,222 | | Borrowings, short-term | 74,000 | 115,300 | | Borrowings, long-term | 4,189 | 34,156 | | Subordinated notes payable, net | 49,867 | 49,681 | | Total liabilities | 2,801,772 | 2,619,788 | | Total shareholders' equity | 238,837 | 206,000 | | Total liabilities and shareholders' equity | $3,040,609 | $2,825,788 | [Non-GAAP to GAAP Reconciliations](index=9&type=section&id=Non-GAAP%20to%20GAAP%20Reconciliations) This section provides detailed reconciliations for non-GAAP financial measures, including fully taxable-equivalent net interest margins and pre-provision net income | (Dollars in thousands) | Q4 FY2025 | Q4 FY2024 | FY2025 | FY2024 | | :------------------------------------------ | :-------- | :-------- | :------- | :------- | | Net interest income (GAAP) | $16,706 | $12,857 | $60,121 | $50,979 | | Tax-equivalent adjustment | 2,130 | 1,740 | 7,679 | 6,791 | | Net interest income-fully taxable-equivalent basis (non-GAAP) | $18,836 | $14,597 | $67,800 | $57,770 | | Net interest margin-fully taxable-equivalent basis (non-GAAP) | 2.67% | 2.24% | 2.47% | 2.25% | | (Dollars in thousands) | Q4 FY2025 | Q4 FY2024 | FY2025 | FY2024 | | :-------------------------- | :-------- | :-------- | :------- | :------- | | Net income (GAAP) | $9,333 | $6,732 | $31,138 | $24,769 | | Provision for credit losses | (880) | (151) | 1,316 | 766 | | Pre-provision net income (non-GAAP) | $8,453 | $6,581 | $32,454 | $25,535 |

Core Insights - Greene County Bancorp, Inc. reported record high net income of $31.1 million for the fiscal year ended June 30, 2025, representing a 25.7% increase from $24.8 million in the previous year [1][3] - The company plans to expand into Saratoga County, increasing its geographic footprint from five to six counties in New York State [3] - Total consolidated assets reached $3.0 billion at June 30, 2025, up from $2.8 billion a year earlier, marking a 7.6% increase [19] Financial Performance - Net income for the quarter ended June 30, 2025, was $9.3 million, compared to $6.7 million for the same quarter in 2024, a 38.6% increase [1][6] - Pre-provision net income for the year ended June 30, 2025, was $32.5 million, up 27.1% from $25.5 million in 2024 [4] - Net interest income increased to $60.1 million for the year ended June 30, 2025, from $51.0 million in 2024, a rise of 17.8% [5][24] Asset and Loan Growth - Total loans receivable increased by $127.0 million, or 8.6%, to $1.6 billion at June 30, 2025 [19] - The average balance of interest-earning assets rose by $219.0 million for the quarter and $170.7 million for the year ended June 30, 2025 [5][8] - Securities available-for-sale and held-to-maturity increased by $91.9 million, or 8.8%, to $1.1 billion at June 30, 2025 [19] Deposit and Borrowing Trends - Total deposits increased by $250.6 million, or 10.5%, to $2.6 billion at June 30, 2025 [19] - NOW deposits rose by $192.6 million, or 10.9%, while certificates of deposits increased by $89.7 million, or 64.8% [19] - Borrowings decreased to $128.1 million at June 30, 2025, from $199.1 million a year earlier [19] Credit Quality - The provision for credit losses for the year ended June 30, 2025, was a charge of $1.3 million, compared to $766,000 in 2024 [10] - Nonperforming loans decreased to $3.1 million at June 30, 2025, from $3.7 million a year earlier [16] - The allowance for credit losses on loans to total loans was 1.24% at June 30, 2025, compared to 1.28% at June 30, 2024 [12] Noninterest Income and Expenses - Noninterest income increased by $1.3 million, or 9.5%, to $15.2 million for the year ended June 30, 2025 [13] - Noninterest expense rose by $2.1 million, or 5.6%, to $39.4 million for the year ended June 30, 2025 [13] - The effective tax rate increased to 14.8% for the year ended June 30, 2025, from 10.2% in 2024 [14]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OF 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT Commission File Number: 0-25165 GREENE COUNTY BANCORP, INC. (Exact Name of Registrant as Specified in its Charter) United States 14-1809721 (State or other jurisdiction of incorporation or organization) (I.R.S. ...

Financial Performance - Net income for the quarter ended March 31, 2025, was $8.1 million, a 37.4% increase from $5.9 million for the same quarter in 2024[2] - Net income for the nine months ended March 31, 2025, was $21.8 million, compared to $18.0 million for the same period in 2024, reflecting a growth of 20.5%[22] - Basic and diluted earnings per share (EPS) increased to $0.47 for the three months ended March 31, 2025, compared to $0.34 for the same period in 2024[22] - Pre-provision net income increased by $5.0 million, or 26.6%, to $24.0 million for the nine months ended March 31, 2025, compared to $19.0 million for the same period in 2024[4] - Pre-provision net income for Q1 2025 reached $9,138,000, up 48.4% from $6,151,000 in Q1 2024[30] Assets and Loans - Total consolidated assets reached a new record high of $3.0 billion as of March 31, 2025, up from $1.0 billion in 2018[2] - Net loans amounted to $1.6 billion at March 31, 2025, marking a new record high[3] - Net loans receivable rose by $118.0 million, or 8.0%, to $1.6 billion at March 31, 2025, driven primarily by $111.9 million in commercial real estate loans[13] - Average interest-earning assets for Q1 2025 were $2,789,102,000, compared to $2,583,271,000 in Q1 2024, reflecting a growth of 8.0%[28] - The average interest-earning assets for the nine months ended March 31, 2025, were $2,711,083,000, up from $2,556,441,000 in the same period of 2024, indicating a growth of 6.0%[28] Deposits - Total deposits were $2.7 billion at March 31, 2025, also a new record high[3] - Deposits totaled $2.7 billion at March 31, 2025, an increase of $265.5 million, or 11.1%, from $2.4 billion at June 30, 2024[13] Income and Expenses - Net interest income rose by $3.9 million to $16.2 million for the quarter ended March 31, 2025, compared to $12.3 million for the same quarter in 2024[5] - Noninterest income increased by $444,000, or 13.0%, to $3.9 million for the quarter ended March 31, 2025[8] - Noninterest expense increased by $808,000, or 8.8%, to $10.0 million for the quarter ended March 31, 2025, compared to $9.2 million for the same quarter in 2024[11] - The efficiency ratio improved to 50.04% for the three months ended March 31, 2025, down from 58.79% for the same period in 2024[22] Credit Quality - The provision for credit losses on loans was $1.1 million for the quarter ended March 31, 2025, compared to $277,000 for the same quarter in 2024[10] - Nonperforming loans decreased to $2.9 million at March 31, 2025, from $3.7 million at June 30, 2024[10] - The company maintained a non-performing loans to net loans ratio of 0.18% as of March 31, 2025, down from 0.39% a year earlier[22] Return on Equity - The company reported a return on average equity of 14.41% for the three months ended March 31, 2025, compared to 11.92% for the same period in 2024[22]

Core Points - Greene County Bancorp, Inc. reported a net income of $8.1 million for the third quarter of fiscal year 2025, representing a 37.4% increase compared to $5.9 million in the same quarter of the previous year [1][2] - For the nine months ended March 31, 2025, net income was $21.8 million, up from $18.0 million in the prior year, marking a 20.9% increase [1][5] - The company achieved a milestone of $3.0 billion in consolidated assets as of March 31, 2025, with total deposits reaching $2.7 billion [2][5] Financial Performance - Net interest income for the three months ended March 31, 2025, increased by $3.9 million to $16.2 million, and for the nine months, it rose by $5.3 million to $43.4 million [4][21] - Pre-provision net income for the nine months ended March 31, 2025, was $24.0 million, an increase of 26.6% from $19.0 million in the previous year [3][30] - The return on average assets was 1.04% and return on average equity was 13.40% for the nine months ended March 31, 2025 [5][21] Asset and Loan Growth - Total consolidated assets were $3.0 billion, with net loans at $1.6 billion and total securities at $1.1 billion as of March 31, 2025 [2][5] - Average loan balances increased by $113.1 million for the three months and $80.3 million for the nine months ended March 31, 2025 [7][15] - The company experienced a significant increase in commercial real estate loans, contributing to the overall loan growth [15] Credit Quality - The provision for credit losses on loans was $1.1 million for the three months ended March 31, 2025, compared to $277,000 in the same period of the previous year [8][10] - Nonperforming loans decreased to $2.9 million at March 31, 2025, from $3.7 million at June 30, 2024, indicating improved credit quality [10][11] Noninterest Income and Expenses - Noninterest income increased by $444,000, or 13.0%, to $3.9 million for the three months ended March 31, 2025, and by $1.3 million, or 12.6%, to $11.5 million for the nine months [9][21] - Noninterest expense rose by $808,000, or 8.8%, to $10.0 million for the three months ended March 31, 2025, and by $1.6 million, or 5.7%, to $29.0 million for the nine months [9][21] Balance Sheet Highlights - Total deposits increased by $265.5 million, or 11.1%, to $2.7 billion at March 31, 2025, compared to $2.4 billion at June 30, 2024 [15][26] - Shareholders' equity rose to $229.0 million at March 31, 2025, from $206.0 million at June 30, 2024, primarily due to net income and a decrease in accumulated other comprehensive loss [15][26]

Core Points - Greene County Bancorp, Inc. reported a net income of $8.1 million for the three months ended March 31, 2025, and $21.8 million for the nine months ended March 31, 2025, representing increases of 37.4% and 20.9% respectively compared to the same periods in 2024 [1][3][6] - The company achieved a milestone of $3.0 billion in consolidated assets as of March 31, 2025, with net loans of $1.6 billion and total deposits of $2.7 billion, both record highs [3][6][18] - Pre-provision net income for the nine months ended March 31, 2025, was $24.0 million, an increase of 26.6% from the previous year [4][6] Financial Performance - Net interest income increased to $16.2 million for the three months ended March 31, 2025, and $43.4 million for the nine months ended March 31, 2025, driven by higher average balances of interest-earning assets and increased interest rates [5][6][8] - The net interest margin rose to 2.32% for the three months and 2.14% for the nine months ended March 31, 2025, reflecting improved interest income on loans and securities [9][10] - Noninterest income increased to $3.9 million for the three months and $11.5 million for the nine months ended March 31, 2025, primarily due to the Employee Retention Tax Credit and increased fee income [12][6] Credit Quality - Provision for credit losses on loans was $1.1 million for the three months and $2.3 million for the nine months ended March 31, 2025, attributed to loan growth and economic forecast adjustments [10][6] - Nonperforming loans decreased to $2.9 million at March 31, 2025, compared to $3.7 million at June 30, 2024, indicating improved credit quality [15][6] Balance Sheet Highlights - Total assets reached $3.0 billion at March 31, 2025, up from $2.8 billion at June 30, 2024, marking a 6.5% increase [18][6] - Total deposits increased by $265.5 million, or 11.1%, to $2.7 billion as of March 31, 2025 [18][6] - Shareholders' equity rose to $229.0 million at March 31, 2025, primarily due to net income and a decrease in accumulated other comprehensive loss [18][6]

Financial Position - Total assets increased by $140.0 million, or 5.0%, to $2.97 billion at December 31, 2024, compared to $2.83 billion at June 30, 2024[136] - Total deposits rose to $2.5 billion at December 31, 2024, representing an increase of $78.0 million, or 3.3%, from $2.4 billion at June 30, 2024[163] - Shareholders' equity grew to $218.4 million at December 31, 2024, compared to $206.0 million at June 30, 2024, driven by net income of $13.8 million[178] - The Company reported an increase in book value per share to $12.83 at December 31, 2024, up from $12.10 at June 30, 2024[183] - Total assets increased to $2,850,592,000 as of December 31, 2024, from $2,642,902,000 in 2023, marking a growth of 7.9%[187] Loan and Credit Quality - Net loans receivable increased by $51.0 million, or 3.4%, to $1.53 billion at December 31, 2024[136] - The allowance for credit losses (ACL) on loans was $20.2 million at December 31, 2024, compared to $19.2 million at June 30, 2024, with an ACL to total loans receivable ratio of 1.30%[155] - Non-accrual loans totaled $4.1 million as of December 31, 2024, up from $3.7 million at June 30, 2024, with a non-accrual loans to total loans ratio of 0.26%[160] - Loans classified as substandard and special mention totaled $54.2 million at December 31, 2024, an increase of $5.6 million from June 30, 2024[209] - The allowance for credit losses on unfunded commitments increased to $1.7 million as of December 31, 2024, from $1.3 million at June 30, 2024[156] Securities and Investments - Securities available-for-sale and held-to-maturity rose by $105.0 million, or 10.1%, to $1.1 billion at December 31, 2024[136] - Total securities available-for-sale amounted to $374.5 million, representing 32.7% of the portfolio, while total securities held-to-maturity reached $770.9 million, accounting for 67.3% of the portfolio[140] - At December 31, 2024, 59.4% of the securities portfolio consisted of state and political subdivision securities[138] - Mortgage-backed securities represented 32.2% of the securities portfolio at December 31, 2024, with no exposure to sub-prime loans[138] Income and Expenses - The Company’s net interest income is primarily affected by changes in interest rates and the level of assets and liabilities[121] - For the three months ended December 31, 2024, net interest income increased to $14,068,000 from $12,388,000 in 2023, representing a growth of 13.6%[188] - Interest income rose to $29.4 million for the three months ended December 31, 2024, up from $25.6 million in 2023, marking a 14.9% increase[198] - Noninterest income increased by $397,000, or 11.4%, to $3.9 million for the three months ended December 31, 2024, compared to $3.5 million for the same period in 2023[211] - Noninterest expense increased by $60,000, or 0.6%, to $9.4 million for the three months ended December 31, 2024, compared to $9.3 million for the same period in 2023[213] Risk and Liquidity - The Company is exposed to various risks including market risk, credit risk, and liquidity risk, which may materially affect its operations[120] - The primary liquidity measurement indicated a Month 1 liquidity ratio of 101.76% as of December 31, 2024[220] - The Company anticipates sufficient funds to meet current commitments based on cash and cash equivalents and available-for-sale investments[220] - Unfunded loan commitments totaled $141.9 million as of December 31, 2024[220] - The Company had zero brokered deposits at both December 31, 2024, and June 30, 2024[163] Interest Rates and Economic Conditions - The Federal Reserve raised its target benchmark interest rate by 525 basis points from March 2022 to December 2023, impacting market conditions[179] - The net interest margin on a fully taxable-equivalent basis improved to 2.31% in 2024 from 2.19% in 2023[188] - The net interest rate spread for the three months ended December 31, 2024, was 1.80%, up from 1.70% in the previous year[187] - The effective tax rate decreased to 7.3% and 6.9% for the three and six months ended December 31, 2024, respectively, down from 10.4% and 11.8% in the prior year[214]

Financial Performance - Net income for the three months ended December 31, 2024, was $7.5 million, an increase of 31.2% compared to $5.7 million for the same period in 2023[2] - Net income for the six months ended December 31, 2024, was $13.8 million, compared to $12.2 million for the same period in 2023, reflecting a growth of 12.9%[21] - Net income for Q4 2024 was $7,490,000, representing a 31.3% increase from $5,707,000 in Q4 2023[29] - Pre-provision net income increased by $2.1 million, or 16.1%, to $14.9 million for the six months ended December 31, 2024, compared to $12.8 million for the same period in 2023[4] - Pre-provision net income for Q4 2024 was $7,968,000, an increase of 35.5% from $5,877,000 in Q4 2023[29] - Pre-provision net income for the six months ended December 31, 2024, was $14,863,000, an increase of 16.3% from $12,803,000 in the same period of 2023[29] Assets and Liabilities - Total consolidated assets reached a record high of $2.97 billion at December 31, 2024, with net loans of $1.53 billion and total deposits of $2.47 billion[3] - Total assets increased by $140.0 million, or 5.0%, to $2.97 billion at December 31, 2024, compared to $2.83 billion at June 30, 2024[12] - Net loans receivable rose by $51.0 million, or 3.4%, to $1.53 billion at December 31, 2024, driven primarily by $46.4 million in commercial real estate loans[12] - Deposits totaled $2.5 billion at December 31, 2024, an increase of $78.0 million, or 3.3%, from $2.4 billion at June 30, 2024[12] - Securities available-for-sale and held-to-maturity increased by $105.0 million, or 10.1%, to $1.1 billion at December 31, 2024[12] Income and Expenses - Net interest income rose by $1.7 million to $14.1 million for the three months ended December 31, 2024, driven by an increase in the average balance of interest-earning assets[5] - Noninterest income increased by $397,000, or 11.4%, to $3.9 million for the three months ended December 31, 2024, primarily due to higher fee income from interest rate swap contracts and loan fees[8] - Noninterest expense increased by $765,000, or 4.2%, to $18.9 million for the six months ended December 31, 2024, mainly due to higher salaries and employee benefits[10] - Interest income for the three months ended December 31, 2024, was $29.4 million, up from $25.6 million in the same period of 2023, representing a year-over-year increase of 7.1%[21] Tax and Provisions - The effective tax rate decreased to 7.3% for the three months ended December 31, 2024, compared to 10.4% for the same period in 2023, reflecting a higher mix of tax-exempt income[11] - Provision for credit losses on loans amounted to $1.2 million for the six months ended December 31, 2024, up from $645,000 for the same period in 2023, attributed to increased loan volume[9] - Provision for credit losses in Q4 2024 was $478,000, compared to $170,000 in Q4 2023, indicating an increase of 180.0%[29] Ratios and Margins - The net interest margin increased by 10 basis points to 2.04% for the three months ended December 31, 2024, compared to 1.94% for the same period in 2023[9] - The efficiency ratio improved to 52.31% for the three months ended December 31, 2024, compared to 58.78% for the same period in 2023[21] - The company reported a net interest margin of 2.30% for the six months ended December 31, 2024, compared to 2.28% for the same period in 2023[27] - Net interest margin on a fully taxable-equivalent basis for Q4 2024 was 2.31%, up from 2.19% in Q4 2023[27] Equity and Shareholder Information - Shareholders' equity increased to $218.4 million at December 31, 2024, from $206.0 million at June 30, 2024, primarily due to net income and a decrease in accumulated other comprehensive loss[14] - Basic and diluted earnings per share (EPS) increased to $0.44 for the three months ended December 31, 2024, up from $0.34 in the same period of 2023[21]

Core Viewpoint - Greene County Bancorp, Inc. reported strong financial performance for the second quarter of its fiscal year, with significant increases in net income and total assets compared to the previous year [1][3][6]. Financial Performance - Net income for the three months ended December 31, 2024, was $7.5 million, a 31.2% increase from $5.7 million in the same period of 2023 [1][3]. - For the six months ended December 31, 2024, net income was $13.8 million, up from $12.2 million in 2023, marking a 12.9% increase [1][6]. - Pre-provision net income for the six months ended December 31, 2024, was $14.9 million, a 16.1% increase from $12.8 million in 2023 [4]. Asset and Deposit Growth - Total consolidated assets reached a record high of $2.97 billion at December 31, 2024, up from $2.83 billion at June 30, 2024 [6][13]. - Net loans increased to $1.53 billion, a 3.4% rise from $1.48 billion at June 30, 2024 [17]. - Total deposits were $2.5 billion at December 31, 2024, reflecting a 3.3% increase from $2.4 billion at June 30, 2024 [17]. Interest Income and Margin - Net interest income rose to $14.1 million for the three months ended December 31, 2024, compared to $12.4 million in 2023, driven by an increase in interest-earning assets [5][23]. - The net interest margin increased to 2.04% for the three months ended December 31, 2024, up from 1.94% in the same period of 2023 [9][24]. Credit Quality - Provision for credit losses on loans was $505,000 for the three months ended December 31, 2024, compared to $183,000 in 2023, reflecting increased loan volume [9][10]. - Nonperforming loans amounted to $4.1 million at December 31, 2024, compared to $3.7 million at June 30, 2024, indicating a slight increase in credit risk [14]. Noninterest Income and Expense - Noninterest income increased by 11.4% to $3.9 million for the three months ended December 31, 2024, primarily due to higher fee income [14]. - Noninterest expense rose to $9.4 million for the three months ended December 31, 2024, a slight increase from $9.3 million in 2023 [14]. Tax and Effective Tax Rate - The effective tax rate was 7.3% for the three months ended December 31, 2024, down from 10.4% in the same period of 2023, reflecting a higher mix of tax-exempt income [12]. Shareholder Equity - Shareholders' equity increased to $218.4 million at December 31, 2024, compared to $206.0 million at June 30, 2024, primarily due to net income and a decrease in accumulated other comprehensive loss [17].