Financial Performance - Net income for the three months ended September 30, 2024, was $6.3 million, a decrease of 3.2% from $6.5 million in the same period of 2023[1] - Net income for the three months ended September 30, 2024, was $6,261,000, down from $6,469,000, a decrease of 3.2%[26] - Basic and diluted EPS decreased to $0.37 from $0.38, a decline of 2.6%[26] Assets and Deposits - Total assets reached a new record high of $2.9 billion at September 30, 2024, an increase of $48.8 million, or 1.7%, from $2.8 billion at June 30, 2024[15] - Total assets as of September 30, 2024, were $2,874,621,000, up from $2,825,788,000, an increase of 1.7%[27] - Total deposits increased to $2.5 billion at September 30, 2024, up $96.7 million, or 4.1%, from $2.4 billion at June 30, 2024[17] - Total deposits increased to $2,485,874,000 from $2,389,222,000, reflecting a growth of 4.0%[27] Loans and Credit Losses - Net loans remained at $1.5 billion at September 30, 2024, with a growth of $15.3 million in commercial real estate loans[17] - Provision for credit losses on loans was $634,000 for the three months ended September 30, 2024, compared to $457,000 in the same period of 2023[9] - Provision for credit losses increased to $634,000 from $457,000, reflecting a rise of 38.7%[26] - The allowance for credit losses on loans to non-performing loans was 542.39%, up from 369.10%, showing an increase in coverage for potential loan losses[26] Income and Expenses - Noninterest income increased by $438,000, or 13.3%, to $3.7 million for the three months ended September 30, 2024, compared to $3.3 million in the same period of 2023[12] - Noninterest income rose to $3,737,000, compared to $3,299,000, marking an increase of 13.3%[26] - Noninterest expense rose by $705,000, or 8.0%, to $9.6 million for the three months ended September 30, 2024, primarily due to increased salaries and employee benefits[13] Tax and Efficiency - The effective tax rate decreased to 6.4% for the three months ended September 30, 2024, from 13.0% in the same period of 2023[14] - The efficiency ratio for the period was 56.60%, compared to 52.84% in the previous year, indicating a decline in operational efficiency[26] Interest Income - Interest income for the three months ended September 30, 2024, was $27,769,000, an increase from $24,672,000 in the same period last year, representing a growth of 8.5%[26] - Net interest income for the same period was $13,136,000, slightly down from $13,439,000, indicating a decrease of 2.3%[26] - The net interest margin decreased to 2.03% for the three months ended September 30, 2024, down from 2.12% in the same period of 2023[7] Shareholders' Equity - Shareholders' equity increased to $216.3 million at September 30, 2024, compared to $206.0 million at June 30, 2024, driven by net income and a decrease in accumulated other comprehensive loss[18]

Residential and Commercial Lending - As of June 30, 2024, the Company purchased $17.4 million of residential loans outside its primary market area, ensuring full due diligence on each loan to maintain credit quality [23]. - The Company offers residential mortgage loans with a maximum loan-to-value ratio of 85%, increasing to 90% for first-time homebuyer programs [23]. - The Company has seen an increase in adjustable-rate mortgage loans due to the higher interest rate environment, reflecting a shift in customer preference [25]. - The Company's adjustable-rate mortgage loans allow for maximum rate adjustments of 150 basis points per year and 600 basis points over the loan term [26]. - At June 30, 2024, the largest loan to one borrower was $23.8 million, consisting of eleven commercial mortgages and lines, performing according to repayment terms [44]. - The Company retains most residential mortgage loans in its portfolio, exposing it to interest rate risk as yields on fixed-rate assets remain constant while deposit rates may increase [24]. - The Company has emphasized growing its commercial lending department, focusing on multi-family and mixed-use properties [32]. - The Company requires personal guarantees on all commercial real estate mortgages unless properties are fully stabilized with strong cash flow coverage [33]. - The Company’s consumer loans include direct loans on automobiles and personal loans, generally with terms of one to five years [36]. Investment Strategy and Risk Management - The Company maintains high balances of liquid investments to mitigate interest rate risk and meet collateral requirements for municipal deposits exceeding FDIC insurance limits [45]. - The Company’s investment strategy focuses on high-quality securities, with an emphasis on managing interest rate risk through diversified investments across short-, intermediate-, and long-term categories [47]. - The Company does not hold any private-label mortgage-backed securities, focusing instead on those guaranteed by government-sponsored enterprises [53]. - The Company’s portfolio of state and political subdivision securities is primarily composed of short-term obligations, which are generally exempt from federal income tax [50]. - The Company has an unrecaptured pre-1988 Federal bad debt reserve of approximately $1.8 million, for which no Federal income tax provision has been made [67]. - The Company does not engage in balance sheet derivative or hedging investment transactions, such as interest rate swaps or caps [47]. - The Company’s mortgage-backed securities are primarily secured by cash flows from pools of mortgages, with guarantees from entities like Freddie Mac and Fannie Mae [54]. - The Company employs a risk management approach to assess credit risk on its state and political subdivision securities portfolio, which is considered low [52]. Capital and Regulatory Compliance - As of June 30, 2024, The Bank of Greene County met the criteria for being considered "well capitalized," with a total risk-based capital ratio exceeding 10%, a Tier 1 risk-based ratio exceeding 8.0%, a common equity Tier 1 ratio exceeding 6.5%, and a leverage ratio exceeding 5.0% [81]. - The capital standards require maintenance of common equity Tier 1 capital, Tier 1 capital, and total capital to risk-weighted assets of at least 4.5%, 6%, and 8%, respectively [75]. - The community bank leverage ratio was established at 9% Tier 1 capital to total average assets, effective January 1, 2020 [78]. - The Bank of Greene County was in compliance with the loans-to-one borrower limitations as of June 30, 2024, which generally restricts loans to a single borrower to 15% of unimpaired capital and surplus [81]. - The Bank received a "satisfactory" Community Reinvestment Act rating in its most recent examination, indicating compliance with credit needs in its communities [88]. - Federal regulations require that an insured depository institution shall not make any capital distribution if it would be undercapitalized after such distribution [86]. - The Bank has exercised a one-time opt-out regarding the treatment of Accumulated Other Comprehensive Income (AOCI) in its regulatory capital determinations [75]. - The Bank must maintain at least 65% of its portfolio assets in qualified thrift investments to satisfy the qualified thrift lender requirement [82]. - The regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a capital conservation buffer of 2.5% of common equity Tier 1 capital to risk-weighted assets [77]. Cybersecurity and Risk Management - The Bank is subject to various federal and state laws regarding cybersecurity, which impose standards and requirements related to data security and risk management processes [90]. - The Board of Directors oversees cybersecurity risk management, ensuring effective governance and proactive responses to emerging threats [127]. - The Company has not experienced any material losses related to cybersecurity threats for the year ended June 30, 2024 [126]. - The Company employs comprehensive methodologies for risk assessment, including regular examinations of emerging threats and vulnerability scanning [121]. - The Chief Information Security Officer and Chief Information Officer regularly update the Board on cybersecurity risks and compliance with regulatory requirements [128]. - The Company has developed an Incident Response Plan to address cybersecurity incidents, ensuring timely mitigation and remediation [122]. Interest Rate Risk and Sensitivity - The Company has a relatively low level of net interest income (NII) sensitivity, indicating low income exposure to rising interest rates, with the largest risk being a declining rate environment [269]. - As of June 30, 2024, the Company's economic value of equity (EVE) was $297,749 thousand at par, with a projected decrease of 30% to $208,413 thousand in a +300 basis points rate shock scenario [273]. - The cumulative one-year and three-year gap positions were positive at 16.03% and 10.69% respectively, indicating a favorable position for interest rate sensitivity [276]. - EVE sensitivity has increased across the industry due to loans and investments losing market value in the current higher interest rate environment [274]. - The Company performs dynamic modeling to assess interest rate risk, incorporating projected balance sheets and income statements under various economic scenarios [270]. - The EVE ratio at par was 10.89%, with a projected change of -264 basis points in a +300 basis points rate shock scenario [273]. - The Company utilizes gap analysis to monitor interest rate sensitivity, with a positive gap indicating a favorable position during rising interest rates [276]. - The EVE measure does not account for future changes in the balance sheet, which may limit its effectiveness [271]. - The Company’s interest rate risk measurements are subject to certain assumptions that may not reflect actual market responses [275]. - The analysis of interest rate sensitivity is limited by the potential for different reactions of similar maturity assets and liabilities to market rate changes [277].

Financial Performance - Net income for the fiscal year ended June 30, 2024, was $24.8 million, a decrease of $6.0 million or 19.5% compared to $30.8 million for the fiscal year ended June 30, 2023[2][4]. - Net income for the year ended June 30, 2024, was $24.769 million, down from $30.785 million for the year ended June 30, 2023[33]. - Net income for the three months ended June 30, 2024, was $6,732 thousand, compared to $6,460 thousand for the same period in 2023, representing an increase of 4.20%[39]. - Net income excluding provision for credit losses (non-GAAP) for the three months ended June 30, 2024, was $6,581 thousand, slightly down from $6,588 thousand in the previous year[39]. - The Company reported a basic and diluted EPS of $1.45 for the year ended June 30, 2024, down from $1.81 for the year ended June 30, 2023[33]. Income and Revenue - Net interest income decreased by $10.2 million to $51.0 million for the year ended June 30, 2024, from $61.2 million for the year ended June 30, 2023[5]. - Interest income for the year ended June 30, 2024, was $103.664 million, compared to $84.625 million for the year ended June 30, 2023, representing an increase of 22.5%[33]. - Noninterest income increased by $1.8 million or 14.5% to $13.9 million for the year ended June 30, 2024, compared to $12.1 million for the year ended June 30, 2023[16]. - Net interest margin decreased to 1.98% for the year ended June 30, 2024, compared to 2.45% for the year ended June 30, 2023[12]. - Net interest margin on a fully taxable-equivalent basis (non-GAAP) decreased to 2.24% for the three months ended June 30, 2024, down from 2.47% in the prior year[37]. Assets and Loans - Total assets reached a record high of $2.8 billion at June 30, 2024, an increase of $127.5 million or 4.7% from $2.7 billion at June 30, 2023[19]. - Average loan balances increased by $83.6 million for the year ended June 30, 2024, with the yield on loans increasing by 54 basis points[11]. - Net loans receivable increased by $92.6 million, or 6.7%, to $1.5 billion at June 30, 2024, compared to $1.4 billion at June 30, 2023[21]. - Net loans receivable rose to $1,480,229 thousand, up from $1,387,654 thousand, marking an increase of 6.66% year-over-year[35]. Deposits and Borrowings - Consolidated deposits totaled $2.4 billion at June 30, 2024, consisting of retail, business, municipal, and private banking relationships[10]. - Deposits totaled $2.39 billion at June 30, 2024, a decrease of $47.9 million, or 2.0%, from $2.44 billion at June 30, 2023[22]. - Total deposits decreased to $2,389,222 thousand as of June 30, 2024, from $2,437,161 thousand, a decline of 1.97%[35]. - Borrowings increased to $199.1 million at June 30, 2024, from $49.5 million at June 30, 2023, an increase of $149.6 million[23]. - The Company had zero brokered deposits as of June 30, 2024, compared to $60 million as of June 30, 2023[22]. Credit Quality - Nonperforming loans decreased to $3.7 million at June 30, 2024, from $5.5 million at June 30, 2023[15]. - The allowance for credit losses on loans to total loans receivable was 1.28% at June 30, 2024, down from 1.51% at June 30, 2023[13]. - The allowance for credit losses on loans was $19,244 thousand as of June 30, 2024, down from $21,212 thousand in the previous year, indicating improved credit quality[35]. Shareholders' Equity - Shareholders' equity increased to $206.0 million at June 30, 2024, from $183.3 million at June 30, 2023, primarily due to net income of $24.8 million[24]. - Total shareholders' equity increased to $206,000 thousand as of June 30, 2024, compared to $183,283 thousand in the previous year, reflecting a growth of 12.35%[35]. Taxation - The effective tax rate decreased to 1.4% for the three months ended June 30, 2024, compared to 10.2% for the same period in 2023[18]. Efficiency - The efficiency ratio for the year ended June 30, 2024, was 57.49%, compared to 52.63% for the year ended June 30, 2023[33]. Accounting Standards - The Company adopted the CECL accounting standard effective July 1, 2023, impacting the allowance for credit losses[34].

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, 2024 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. ...

Exhibit 99.1 To enhance our strategy highlighted above, on March 19, 2024, we opened a new Capital Region Banking Center, located at 3 Winners Circle, Albany, New York. This is our first non-branch office in the Capital Region. We have made tremendous strides in the Capital Region and our new Center is specifically designed to build on that momentum." • Net Income: $18.0 million for the nine months ended March 31, 2024 • Total Assets: $2.9 billion at March 31, 2024, a new record high • Net Loans: $1.5 billi ...

CATSKILL, N.Y., April 23, 2024 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (the "Company") (NASDAQ:GCBC), the holding company for The Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported net income for the three and nine months ended March 31, 2024, which is the third quarter of the Company's fiscal year ending June 30, 2024. Net income for the three and nine months ended March 31, 2024 was $5.9 million, or $0.34 per basic and diluted share, and $18.0 million, or $1.06 ...

CATSKILL, N.Y., April 17, 2024 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (NASDAQ-GCBC) today announced that its Board of Directors has approved a quarterly cash dividend of $0.08 per share on the Company's common stock. The dividend reflects an annual cash dividend rate of $0.32 per share which is the same rate as the dividend declared during the previous quarter. The cash dividend for the quarter ended March 31, 2024 will be paid to shareholders of record as of May 15, 2024, and is expected to be pai ...

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 DECEMBER 31, 2023 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 ...

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 SEPTEMBER 30, 2023 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. ...

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, 2023 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 ...