Greene nty Bancorp(US:GCBC)2024-11-08 17:15Financial Position - Total assets increased by $48.8 million, or 1.7%, to $2.9 billion at September 30, 2024, compared to $2.8 billion at June 30, 2024[124]. - Cash and cash equivalents rose by $23.0 million, or 12.1%, to $213.5 million at September 30, 2024, from $190.4 million at June 30, 2024[125]. - Securities available-for-sale and held-to-maturity increased by $26.1 million, or 2.5%, to $1.1 billion at September 30, 2024[126]. - At September 30, 2024, 59.3% of the securities portfolio consisted of state and political subdivision securities, while mortgage-backed securities represented 29.3% of the portfolio[126]. - Total gross loans reached $1.5 billion, with commercial real estate loans comprising 63.4% of the total loan portfolio as of September 30, 2024[133]. - The total securities held-to-maturity amounted to $701.9 million, representing 65.8% of the total securities as of September 30, 2024[129]. - Total deposits increased by $96.7 million, or 4.1%, to $2.5 billion at September 30, 2024, compared to $2.4 billion at June 30, 2024[151]. - Uninsured deposits after exclusions represented 12.2% of total deposits as of September 30, 2024, amounting to $304.0 million[156]. - The Bank had $604.8 million of its mortgage portfolio pledged as collateral for borrowing at the Federal Home Loan Bank of New York as of September 30, 2024[158]. Loan and Credit Quality - Net loans receivable remained stable at $1.5 billion at both September 30, 2024, and June 30, 2024[124]. - Net loans receivable increased by $1.2 million, or 0.1%, to $1.5 billion at September 30, 2024, with significant contributions from $15.3 million in commercial real estate loans and $1.7 million in home equity loans[131]. - The allowance for credit losses (ACL) on loans totaled $19.8 million at September 30, 2024, compared to $19.2 million at June 30, 2024, reflecting an increase in the ACL to total loans receivable ratio from 1.28% to 1.32%[143]. - The allowance for credit losses on unfunded commitments increased to $1.6 million as of September 30, 2024, up from $1.3 million at June 30, 2024[144]. - Non-performing assets decreased to $3.6 million at September 30, 2024, from $3.7 million at June 30, 2024, representing a reduction of approximately 2.7%[149]. - Loans classified as substandard and special mention totaled $59.0 million at September 30, 2024, an increase of $10.4 million from $48.6 million at June 30, 2024[192]. Income and Expenses - Net income for the three months ended September 30, 2024, was $6.3 million, a decrease of $208,000 from $6.5 million in the same period in 2023[180]. - Interest income rose to $27.8 million for the three months ended September 30, 2024, an increase of $3.1 million, or 12.6%, from $24.7 million in 2023[181]. - Net interest income decreased by $303,000 to $13.1 million for the three months ended September 30, 2024, from $13.4 million for the same period in 2023[186]. - 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 for the same period in 2023[194]. - Total noninterest expense increased by $705,000, or 8.0%, to $9.6 million for the three months ended September 30, 2024, compared to $8.8 million for the same period in 2023[196]. - Provision for credit losses on loans amounted to $634,000 for the three months ended September 30, 2024, compared to $457,000 for the same period in 2023[191]. Capital and Ratios - Shareholders' equity increased to $216.3 million at September 30, 2024, up from $206.0 million at June 30, 2024, driven by net income of $6.3 million[166]. - Shareholders' equity to total assets increased to 7.52% as of September 30, 2024, compared to 7.29% on June 30, 2024[170]. - As of September 30, 2024, the total risk-based capital for The Bank of Greene County was $280,437 thousand, with a ratio of 17.4%[205]. - The Tier 1 risk-based capital stood at $260,309 thousand, representing a ratio of 16.2% as of September 30, 2024[205]. - The total risk-based capital for Greene County Commercial Bank was $111,335 thousand, with a remarkable ratio of 46.1% as of September 30, 2024[205]. - The Tier 1 leverage ratio for Greene County Commercial Bank was 9.8% as of September 30, 2024[205]. - The capital conservation buffer required is 2.50% for both banks as of the reporting dates[205]. Market and Economic Conditions - The Company aims to manage various risks, including market, credit, liquidity, and operational risks, to ensure financial stability[108]. - Forward-looking statements indicate that future results may differ materially due to various risks and uncertainties, including changes in economic conditions and regulatory policies[114]. - The fair value of the fixed income bond portfolio improved due to a decrease in market rates following a 50 basis point cut by the Federal Reserve in September 2024[168].