Greene nty Bancorp(US:GCBC)2025-11-07 20:26Financial Position - Total assets increased by $17.9 million, or 0.6%, to $3.1 billion at September 30, 2025, compared to $3.0 billion at June 30, 2025[123]. - Total cash and cash equivalents decreased by $28.5 million, or 15.6%, to $154.6 million at September 30, 2025, down from $183.1 million at June 30, 2025[124]. - Total securities at carrying value were $1.14 billion as of September 30, 2025, reflecting a slight increase from $1.13 billion at June 30, 2025[127]. - Total deposits reached $2.7 billion at September 30, 2025, an increase of $83.4 million, or 3.2%, from $2.6 billion at June 30, 2025[148]. - Shareholders' equity increased to $248.2 million at September 30, 2025, compared to $238.8 million at June 30, 2025, driven by net income of $8.9 million[165]. Loan and Credit Quality - Net loans receivable rose by $42.3 million, or 2.6%, to $1.65 billion at September 30, 2025, from $1.61 billion at June 30, 2025[123]. - The allowance for credit losses on loans rose by $1.1 million, or 5.7%, to $21.3 million at September 30, 2025, attributed to increased loan volume and adjustments in the commercial real estate segment[129]. - The allowance for credit losses (ACL) on loans to total loans receivable was 1.27% at September 30, 2025, compared to 1.24% at June 30, 2025[141]. - Non-accrual loans and non-performing assets are monitored closely, with three loans modified in the last 12 months totaling an amortized basis of $2.9 million[144]. - Non-performing assets increased to $3.6 million at September 30, 2025, up from $3.1 million at June 30, 2025, representing a 16.1% increase[146]. Securities and Investments - Securities available-for-sale and held-to-maturity increased by $5.0 million, or 0.4%, to $1.137 billion at September 30, 2025[125]. - Total securities available-for-sale amounted to $350.1 million, representing 30.8% of the portfolio, while total securities held-to-maturity reached $787.1 million, or 69.2% of the portfolio[127]. - The commercial real estate loan portfolio totaled $1.09 billion, with non-owner occupied loans comprising 84.7% of this segment[133]. - Mortgage-backed securities represented 32.8% of the securities portfolio at September 30, 2025, with no exposure to sub-prime loans[125]. Income and Expenses - Net income for the three months ended September 30, 2025, was $8.9 million, an increase of $2.6 million or 41.3% compared to $6.3 million for the same period in 2024[184]. - Interest income rose to $31.6 million for the three months ended September 30, 2025, an increase of $3.9 million or 13.9% from $27.8 million in 2024[186]. - Net interest income increased by $4.4 million to $17.5 million for the three months ended September 30, 2025, compared to $13.1 million for the same period in 2024[191]. - Total noninterest expense rose by $511,000, or 5.4%, to $10.1 million for the three months ended September 30, 2025, compared to $9.6 million in 2024[201]. Capital and Regulatory Compliance - The Company met all applicable regulatory capital requirements at September 30, 2025[210]. - As of September 30, 2025, The Bank of Greene County reported total risk-based capital of $304,107 thousand, with a ratio of 16.7% compared to the required 8.0%[211]. - The Tier 1 risk-based capital for The Bank of Greene County was $281,354 thousand, representing a ratio of 15.5%, exceeding the required 6.0%[211]. - Greene County Commercial Bank's total risk-based capital as of September 30, 2025, was $124,630 thousand, with a significant ratio of 44.6% against the required 8.0%[211]. Interest Rates and Economic Conditions - The Federal Reserve raised its target benchmark interest rate by 525 basis points in 2022 and 2023, impacting market rates significantly[166]. - The effective tax rate increased to 12.9% for the three months ended September 30, 2025, from 6.4% in the prior year[202]. - The Company anticipates sufficient funds to meet current commitments and funding needs based on cash levels and available investments[209].