Greene nty Bancorp(GCBC) - 2025 Q1 - Quarterly Results

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]