Greene nty Bancorp(GCBC) - 2025 Q3 - Quarterly Results

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]