Greene nty Bancorp(US:GCBC)2025-05-09 12:14Financial Position - Total assets increased by $182.2 million, or 6.5%, reaching $3.0 billion at March 31, 2025, compared to $2.8 billion at June 30, 2024[131] - Total cash and cash equivalents decreased by $34.9 million, or 18.3%, to $155.5 million at March 31, 2025, from $190.4 million at June 30, 2024[132] - Total deposits increased by $265.5 million, or 11.1%, to $2.7 billion at March 31, 2025, compared to $2.4 billion at June 30, 2024[154] - Shareholders' equity increased to $229.0 million at March 31, 2025, from $206.0 million at June 30, 2024, driven by net income of $21.8 million[168] - The Company maintains strong capital and liquidity positions as of March 31, 2025, despite fluctuations in cash levels[132] Loan and Credit Quality - Net loans receivable rose by $118.0 million, or 8.0%, to $1.6 billion at March 31, 2025, from $1.5 billion at June 30, 2024[131] - The allowance for credit losses on loans totaled $21.2 million at March 31, 2025, up from $19.2 million at June 30, 2024, representing an increase of 1.31% of total loans receivable[147] - Non-accrual loans decreased to $2.9 million at March 31, 2025, down from $3.7 million at June 30, 2024, with a non-accrual loans to total loans ratio of 0.18%[151] - The allowance for credit losses on unfunded commitments increased to $1.8 million as of March 31, 2025, compared to $1.3 million at June 30, 2024[148] - The allowance for credit losses on loans to total loans receivable was 1.31% at March 31, 2025, compared to 1.28% at June 30, 2024[197] Income and Earnings - Net income for the three months ended March 31, 2025, was $8.1 million, an increase of $2.2 million compared to $5.9 million for the same period in 2024[184] - Net interest income for the three months ended March 31, 2025, was $16,211 thousand, up from $12,295 thousand in 2024, representing a year-over-year increase of 31.3%[178] - Net interest income for the nine months ended March 31, 2025, was $43,415 thousand, an increase of $5,293 thousand from $38,122 thousand in 2024[180] - Noninterest income increased by $444,000, or 13.0%, to $3.9 million for the three months ended March 31, 2025, compared to $3.4 million for the same period in 2024[200] - Total noninterest income for the nine months ended March 31, 2025, was $11.5 million, an increase of $1.3 million, or 12.6%, compared to $10.2 million for the same period in 2024[200] Asset Composition - Securities available-for-sale and held-to-maturity increased by $96.4 million, or 9.3%, totaling $1.1 billion at March 31, 2025[133] - Total securities available-for-sale amounted to $355.4 million, accounting for 31.3% of the portfolio as of March 31, 2025, compared to $350.0 million or 33.6% at June 30, 2024[135] - The total balance of securities held-to-maturity was $781.3 million, representing 68.7% of the total securities as of March 31, 2025, compared to $690.4 million or 66.4% at June 30, 2024[135] - At March 31, 2025, 58.8% of the securities portfolio consisted of state and political subdivision securities, aimed at tax savings and community participation[133] Operational Efficiency - Noninterest expense increased by $808,000, or 8.8%, to $10.0 million for the three months ended March 31, 2025, compared to $9.2 million for the same period in 2024[201] - Salaries and employee benefits rose by $479,000, or 2.8%, to $17.7 million for the nine months ended March 31, 2025, driven by the creation of new positions[201] - The effective tax rate increased to 9.9% for the three months ended March 31, 2025, compared to 5.2% for the same period in 2024[202] Market and Economic Conditions - Future economic conditions and regulatory changes may materially affect the Company's financial results and strategies[122] - The Company’s net interest income is significantly affected by interest rate risk, which impacts loan originations and repayment capabilities[118] - The Company anticipates sufficient funds to meet current commitments, with total off-balance sheet credit exposures of $253.3 million as of March 31, 2025[208]