Greene nty Bancorp(US:GCBC)2026-01-21 20:44Financial Performance - Net income for the six months ended December 31, 2025, was $19.2 million, a record high, compared to $13.8 million for the same period in 2024, representing a 39.3% increase[2][4] - Pre-provision net income increased by $5.7 million, or 38.7%, to $20.6 million for the six months ended December 31, 2025, compared to $14.9 million for the same period in 2024[7] - Net interest income increased by $9.4 million to $36.6 million for the six months ended December 31, 2025, from $27.2 million for the same period in 2024[8] - Net income for the six months ended December 31, 2025, was $19.2 million, compared to $13.8 million for the same period in 2024, reflecting a significant year-over-year growth[25] - Basic and diluted earnings per share (EPS) increased to $1.13 for the six months ended December 31, 2025, compared to $0.81 for the same period in 2024[25] - Net income (GAAP) for the six months ended December 31, 2025, was $19,162 thousand, an increase of 39.9% from $13,751 thousand in the same period of 2024[33] Asset and Loan Growth - Total assets reached $3.1 billion at December 31, 2025, marking a new record high for the company[4][6] - Total assets increased by $106.4 million, or 3.5%, to $3.1 billion at December 31, 2025, compared to $3.0 billion at June 30, 2025[16] - Net loans amounted to $1.7 billion at December 31, 2025, also a record high for the company[4][6] - Net loans receivable rose by $58.6 million, or 3.6%, to $1.7 billion at December 31, 2025, driven by growth in commercial real estate loans, commercial loans, and home equity loans[18] - Loans receivable increased to $1,687,184 thousand as of December 31, 2025, compared to $1,627,406 thousand at June 30, 2025, reflecting a growth of 3.7%[29] Income and Expense Analysis - Noninterest income decreased by $470,000, or 6.2%, to $7.1 million for the six months ended December 31, 2025, compared to $7.6 million for the same period in 2024[15] - Noninterest expense increased by $1.6 million, or 8.4%, to $20.5 million for the six months ended December 31, 2025, compared to $18.9 million for the same period in 2024[15] - The efficiency ratio improved to 46.93% for the six months ended December 31, 2025, down from 54.39% in the same period of 2024[25] Tax and Equity - The effective tax rate was 10.9% for the six months ended December 31, 2025, compared to 6.9% for the same period in 2024, primarily due to higher pre-tax income[13] - Shareholders' equity increased to $258.3 million at December 31, 2025, primarily due to net income of $19.2 million and a decrease in accumulated other comprehensive loss[18] Recognition and Awards - The company was recognized as a top-performing bank in Piper Sandler's Class of 2025 Bank & Thrift Small-Cap All Stars, ranking 9th out of 24 banks[5] Credit Losses - The allowance for credit losses on loans increased by $1.2 million, or 5.9%, to $21.3 million at December 31, 2025, reflecting an increase in loan volume[18] - The allowance for credit losses on loans was $21,334 thousand as of December 31, 2025, compared to $20,146 thousand at June 30, 2025[29] Deposits - Deposits remained stable at $2.6 billion as of December 31, 2025, with a notable increase in NOW deposits by $48.1 million, or 2.5%[18] - Total deposits reached $2,641,040 thousand as of December 31, 2025, slightly up from $2,639,835 thousand at June 30, 2025[29] Forward-Looking Statements - The Company cautions that forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those anticipated[19] Interest Margin - Net interest margin on a fully taxable-equivalent basis (non-GAAP) improved to 2.83% for the three months ended December 31, 2025, compared to 2.31% in the same period of 2024[31]