Core Insights - Greene County Bancorp, Inc. reported a net income of $8.9 million for the three months ended September 30, 2025, representing a 41.7% increase from $6.3 million in the same period of 2024 [1][6][23] Financial Performance - Total consolidated assets reached a record high of $3.1 billion at September 30, 2025, with net loans at $1.6 billion and total deposits at $2.7 billion, both also record highs [3][6][15] - Pre-provision net income increased to $10.1 million for the three months ended September 30, 2025, up 46.9% from $6.9 million in the same period of 2024 [4][32] - Net interest income rose by $4.4 million to $17.5 million, driven by an increase in the average balance of interest-earning assets and a rise in interest rates on those assets [5][23] Asset and Liability Management - The average balance of interest-earning assets increased by $239.8 million, while interest rates on these assets rose by 18 basis points [5][7] - The cost of NOW deposits decreased by 41 basis points, and the cost of certificates of deposit decreased by 88 basis points [8][10] - Total deposits increased by $83.4 million, or 3.2%, compared to June 30, 2025, with significant growth in NOW and noninterest-bearing deposits [15][27] Credit Quality - Provision for credit losses was $1.3 million for the three months ended September 30, 2025, compared to $634,000 in the same period of 2024, primarily due to increased loan volume [10][12] - Nonperforming loans amounted to $3.6 million, representing 0.22% of net loans, an increase from 0.19% at June 30, 2025 [10][12] Noninterest Income and Expenses - Noninterest income increased by $249,000, or 6.7%, to $4.0 million, mainly due to higher income from customer interest rate swap contracts [14][23] - Noninterest expense rose by $511,000, or 5.4%, to $10.1 million, driven by increased salaries and employee benefits [14][23] Taxation - The effective tax rate for the three months ended September 30, 2025, was 12.9%, up from 6.4% in the same period of 2024, primarily due to higher pre-tax income [12][23] Strategic Developments - The company announced its expansion into Saratoga County, with a new office set to open on October 25, 2025, marking entry into a growing market [3][6]

Lending and Loan Portfolio - As of June 30, 2025, the largest aggregate amount loaned by the Company to one borrower was $47.7 million, consisting of seven commercial mortgages and construction loans[58]. - During fiscal 2024, the Company purchased $17.4 million of residential loans outside its primary market area, ensuring full due diligence on each loan[30]. - The Company purchased $53.4 million of commercial real estate loans outside its primary market area during fiscal year 2025, with full due diligence completed[41]. - The Company originates residential mortgage loans with a maximum loan-to-value ratio of 85.0%, and up to 90.0% for first-time homebuyer programs[30]. - The Company has seen an increase in adjustable-rate mortgage loans due to the higher interest rate environment, focusing on first-time homebuyer loans[32]. - The Company requires personal guarantees on all commercial real estate mortgages unless properties are fully stabilized with strong cash flow coverage[42]. - The Company’s consumer loans consist of direct loans on new and used automobiles, personal loans, home equity loans, and other installment loans, generally with terms of one to five years[45]. - The Company’s commercial loan portfolio includes loans collateralized by inventory, business assets, and real estate, with terms of up to 20 years[50]. - The Company’s underwriting procedures for consumer loans include an assessment of the applicant's credit history and ability to meet debt obligations[48]. Investment Strategy and Portfolio - The Company primarily invests in high-quality securities, focusing on U.S. government and government-sponsored enterprise securities[61]. - The Company’s investment strategy emphasizes diversified investing across short-, intermediate-, and long-term securities to manage interest rate risk[62]. - The Company has no private-label mortgage-backed securities in its portfolio, limiting credit risk exposure[69]. - The Company’s investments in state and political subdivision securities are generally exempt from federal income tax, enhancing their attractiveness despite lower yields[66]. - Management believes the credit risk on its state and political subdivision securities portfolio is low, supported by thorough analysis and monitoring[67]. - The Company does not hold any asset-backed securities in its portfolio as of June 30, 2025[73]. Capital and Regulatory Compliance - As of June 30, 2025, the Company had $1.2 billion in deposits at the Commercial Bank[78]. - The Bank of Greene County and Greene County Commercial Bank are required to maintain a Common Equity Tier 1 capital ratio of at least 4.5%, a Tier 1 capital ratio of at least 6.0%, and a total capital ratio of at least 8.0%[98]. - As of June 30, 2025, the Bank of Greene County was considered "well capitalized," exceeding the total risk-based capital ratio of 10.0%, Tier 1 risk-based ratio of 8.0%, common equity Tier 1 ratio of 6.5%, and leverage ratio of 5.0%[107]. - The Bank must maintain at least 65.0% of its portfolio assets in qualified thrift investments to satisfy the qualified thrift lender requirement[110]. - The Bank utilized the IRS Domestic Building and Loan Association test and satisfied the requirements for the years ended June 30, 2025, and 2024[113]. - The Bank has elected not to opt into the community bank leverage ratio framework and will continue to follow Basel capital requirements[104]. - The Company is subject to minimum capital requirements imposed by the FDIC, which may be higher based on specific circumstances[151]. - The Company has issued subordinated notes to raise regulatory capital, with outstanding notes due in September 2030 and 2031[80]. Interest Rate Risk Management - The Company follows strategies to manage interest rate risk by investing in liquid securities and originating adjustable-rate loans[320]. - The Company’s net interest income sensitivity (NII) is relatively low, indicating limited exposure to rising interest rates[321]. - The Economic Value of Equity (EVE) analysis indicates the present value of future cash flows, with specific calculations based on market conditions as of June 30, 2025[324]. - The company's EVE (Economic Value of Equity) sensitivity has increased due to the current higher interest rate environment, with a projected EVE of $343,831 thousand at par[326]. - A 300 basis point increase in interest rates would result in a decrease of EVE by $84,536 thousand, representing a 24.59% decline[326]. - The company's cumulative one-year, two-year, and three-year gap positions are positive at 17.10%, 15.58%, and 13.88%, respectively, indicating a favorable interest rate sensitivity[330]. - As interest rates rise, the company anticipates that the market value of loans and investments will continue to decline, but EVE sensitivity is expected to improve as funds are reinvested at higher rates[328]. - The company is committed to monitoring EVE sensitivity and will take corrective actions as necessary to manage interest rate risks[328]. - The methodology used for measuring interest rate risk has inherent shortcomings, as it relies on assumptions that may not accurately reflect actual market responses[329]. - The interest rate sensitivity gap is defined as the difference between interest-earning assets and interest-bearing liabilities maturing or repricing within specific time periods[330]. - A negative gap position during rising interest rates could hinder the company's ability to invest in higher-yielding assets[330]. - The company acknowledges that certain assets and liabilities may react differently to changes in market interest rates, complicating the analysis[332]. - The ability of borrowers to service adjustable-rate loans may decrease if interest rates rise, impacting the company's loan portfolio[332]. Regulatory Environment and Compliance - The Bank is subject to extensive regulation by the OCC and must file reports and undergo periodic examinations[96]. - The Bank is required to hold shares of capital stock in the Federal Home Loan Bank equal to at least 1.0% of the aggregate principal amount of its unpaid residential mortgage loans[134]. - The Federal Reserve Board has reduced reserve requirement ratios to zero, with no current plans to re-impose them[135]. - The Bank must conduct enhanced scrutiny of account relationships to guard against money laundering and report suspicious transactions[122]. - The Bank's authority to extend credit to insiders is governed by specific regulations that require terms to be comparable to those for unaffiliated persons[124]. - The Bank received a "satisfactory" rating under the Community Reinvestment Act in its most recent examination[118]. - Federal regulations require the Bank to maintain a sufficient amount of liquid assets to ensure safe and sound operation[116]. - Institutions with less than $10 billion in assets pay lower assessments under the FDIC's risk-based assessment system, which estimates the probability of failure within three years[129]. - The OCC has the authority to impose civil penalties up to $25,000 per day for violations, which can increase to $1 million per day for reckless disregard[125]. - The Bank must maintain compliance with federal safety and soundness standards, which include internal controls, information systems, and credit underwriting[126].

[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]

Financial Position - Total assets increased by $182.2 million, or 6.5%, reaching $3.0 billion at March 31, 2025, compared to $2.8 billion at June 30, 2024[131] - Total cash and cash equivalents decreased by $34.9 million, or 18.3%, to $155.5 million at March 31, 2025, from $190.4 million at June 30, 2024[132] - 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[154] - Shareholders' equity increased to $229.0 million at March 31, 2025, from $206.0 million at June 30, 2024, driven by net income of $21.8 million[168] - The Company maintains strong capital and liquidity positions as of March 31, 2025, despite fluctuations in cash levels[132] Loan and Credit Quality - Net loans receivable rose by $118.0 million, or 8.0%, to $1.6 billion at March 31, 2025, from $1.5 billion at June 30, 2024[131] - The allowance for credit losses on loans totaled $21.2 million at March 31, 2025, up from $19.2 million at June 30, 2024, representing an increase of 1.31% of total loans receivable[147] - Non-accrual loans decreased to $2.9 million at March 31, 2025, down from $3.7 million at June 30, 2024, with a non-accrual loans to total loans ratio of 0.18%[151] - The allowance for credit losses on unfunded commitments increased to $1.8 million as of March 31, 2025, compared to $1.3 million at June 30, 2024[148] - The allowance for credit losses on loans to total loans receivable was 1.31% at March 31, 2025, compared to 1.28% at June 30, 2024[197] Income and Earnings - Net income for the three months ended March 31, 2025, was $8.1 million, an increase of $2.2 million compared to $5.9 million for the same period in 2024[184] - Net interest income for the three months ended March 31, 2025, was $16,211 thousand, up from $12,295 thousand in 2024, representing a year-over-year increase of 31.3%[178] - Net interest income for the nine months ended March 31, 2025, was $43,415 thousand, an increase of $5,293 thousand from $38,122 thousand in 2024[180] - Noninterest income increased by $444,000, or 13.0%, to $3.9 million for the three months ended March 31, 2025, compared to $3.4 million for the same period in 2024[200] - Total noninterest income for the nine months ended March 31, 2025, was $11.5 million, an increase of $1.3 million, or 12.6%, compared to $10.2 million for the same period in 2024[200] Asset Composition - Securities available-for-sale and held-to-maturity increased by $96.4 million, or 9.3%, totaling $1.1 billion at March 31, 2025[133] - Total securities available-for-sale amounted to $355.4 million, accounting for 31.3% of the portfolio as of March 31, 2025, compared to $350.0 million or 33.6% at June 30, 2024[135] - The total balance of securities held-to-maturity was $781.3 million, representing 68.7% of the total securities as of March 31, 2025, compared to $690.4 million or 66.4% at June 30, 2024[135] - At March 31, 2025, 58.8% of the securities portfolio consisted of state and political subdivision securities, aimed at tax savings and community participation[133] Operational Efficiency - Noninterest expense increased by $808,000, or 8.8%, to $10.0 million for the three months ended March 31, 2025, compared to $9.2 million for the same period in 2024[201] - Salaries and employee benefits rose by $479,000, or 2.8%, to $17.7 million for the nine months ended March 31, 2025, driven by the creation of new positions[201] - The effective tax rate increased to 9.9% for the three months ended March 31, 2025, compared to 5.2% for the same period in 2024[202] Market and Economic Conditions - Future economic conditions and regulatory changes may materially affect the Company's financial results and strategies[122] - The Company’s net interest income is significantly affected by interest rate risk, which impacts loan originations and repayment capabilities[118] - The Company anticipates sufficient funds to meet current commitments, with total off-balance sheet credit exposures of $253.3 million as of March 31, 2025[208]

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]