Greene nty Bancorp(US:GCBC)2026-02-06 21:30Financial Position - 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[134]. - Total cash and cash equivalents decreased by $59.0 million, or 32.2%, to $124.1 million at December 31, 2025[135]. - Total deposits were $2.6 billion as of December 31, 2025, with NOW deposits increasing by $48.1 million, or 2.5%, compared to June 30, 2025[161]. - Shareholders' equity increased to $258.3 million at December 31, 2025, compared to $238.8 million at June 30, 2025, driven by net income of $19.2 million[176]. - As of December 31, 2025, shareholders' equity to total assets increased to 8.21% from 7.85% at June 30, 2025[180]. - Book value per share rose to $15.17 as of December 31, 2025, compared to $14.03 at June 30, 2025[180]. Loan and Credit Quality - Net loans receivable increased by $58.6 million, or 3.6%, to $1.7 billion at December 31, 2025[134]. - Total gross loans reached $1.7 billion at December 31, 2025, with commercial real estate loans comprising 65.1% of the portfolio[142]. - Non-owner occupied multi-family loans accounted for $288.3 million, or 26.3% of total commercial real estate loans, as of December 31, 2025[146]. - The allowance for credit losses on loans increased by $1.2 million, or 5.9%, to $21.3 million at December 31, 2025, from $20.1 million at June 30, 2025[140]. - The allowance for credit losses on loans to non-performing loans was 654.22% as of December 31, 2025, indicating a strong coverage ratio[158]. - Net charge-offs on loans for the three months ended December 31, 2025, amounted to $140,000, an increase from $95,000 in the same period of 2024[154]. Securities and Investments - Securities available-for-sale and held-to-maturity rose by $89.7 million, or 7.9%, to $1.2 billion at December 31, 2025[136]. - At December 31, 2025, 57.8% of the securities portfolio consisted of state and political subdivision securities[136]. - Mortgage-backed securities represented 32.4% of the securities portfolio at December 31, 2025, with no exposure to sub-prime loans[136]. - As of December 31, 2025, total securities available-for-sale increased to $411.6 million, representing 33.7% of the portfolio, up from $356.1 million or 31.4% at June 30, 2025[138]. - The total securities held-to-maturity increased to $810.3 million, representing 66.3% of the portfolio, up from $776.1 million or 68.6% at June 30, 2025[138]. Revenue and Income - The Company’s primary source of revenue is net interest income, which is affected by changes in interest rates and market conditions[119]. - For the three months ended December 31, 2025, net interest income was $19,059,000, up from $14,068,000 in the same period of 2024[189]. - Net income increased to $10.3 million for the three months ended December 31, 2025, compared to $7.5 million for the same period in 2024, representing a 37.3% increase[193]. - Interest income increased by $4.1 million, or 13.9%, to $33.5 million for the three months ended December 31, 2025, compared to $29.4 million for the same period in 2024[196]. - Net interest income increased by $5.0 million to $19.1 million for the three months ended December 31, 2025, from $14.1 million for the same period in 2024[200]. Expenses and Efficiency - Total noninterest expense increased by $1.1 million, or 11.4%, to $10.5 million for the three months ended December 31, 2025, compared to $9.4 million for the same period in 2024[208]. - Salaries and employee benefits increased by $570,000, or 10.1%, for the three months ended December 31, 2025, compared to the same period in 2024[208]. - Legal and professional fees rose by $234,000, or 95.5%, for the three months ended December 31, 2025, compared to the same period in 2024[208]. Capital and Regulatory Compliance - The Company met all applicable regulatory capital requirements at December 31, 2025[218]. - As of December 31, 2025, The Bank of Greene County reported total risk-based capital of $315,317 thousand, with a ratio of 16.9%, exceeding the required 8.89%[219]. - The Tier 1 risk-based capital for The Bank of Greene County was $291,974 thousand, representing a ratio of 15.6%, above the required 9.64%[219]. - Greene County Commercial Bank's total risk-based capital as of December 31, 2025, was $127,715 thousand, with a significant ratio of 50.2%, well above the required 2.50%[219]. - The Tier 1 leverage ratio for Greene County Commercial Bank was reported at 8.9% as of December 31, 2025, exceeding the required 2.50%[219].