Greene nty Bancorp(GCBC) - 2025 Q2 - Quarterly Results

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]