Greene nty Bancorp(GCBC) - 2024 Q4 - Annual Results

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].