Greene nty Bancorp(US:GCBC)2024-04-23 17:22Financial Performance - Net income for the nine months ended March 31, 2024, was $18.0 million, a decrease of $6.3 million or 25.9% compared to $24.3 million for the same period in 2023[1] - Net interest income decreased by $8.9 million to $38.1 million for the nine months ended March 31, 2024, compared to $47.0 million for the same period in 2023[6] - Noninterest income increased by $1.1 million or 12.6% to $10.2 million for the nine months ended March 31, 2024, compared to $9.1 million for the same period in 2023[10] - Net interest income for the three months ended March 31, 2024, was $12.3 million, down from $15.2 million in the same period of 2023[19] - Net income for the nine months ended March 31, 2024, was $18.0 million, compared to $24.3 million for the same period in 2023, reflecting a decrease of 26.5%[19] - The Company reported a basic and diluted EPS of $1.06 for the nine months ended March 31, 2024, down from $1.43 in the same period of 2023[19] Assets and Loans - Total assets reached a record high of $2.9 billion at March 31, 2024, with net loans also at a record high of $1.5 billion[3] - Total assets increased to $2.9 billion at March 31, 2024, up by $173.2 million, or 6.4%, from $2.7 billion at June 30, 2023[15] - Net loans receivable rose by $69.6 million, or 5.0%, to $1.5 billion at March 31, 2024, driven by growth in commercial real estate loans, residential real estate loans, and home equity loans[15] Expenses and Efficiency - Noninterest expense decreased by $1.2 million or 4.2% to $27.4 million for the nine months ended March 31, 2024, compared to $28.6 million for the same period in 2023[13] - The efficiency ratio improved to 56.73% for the nine months ended March 31, 2024, compared to 51.05% for the same period in 2023[19] Credit Quality - The provision for credit losses on loans amounted to $922,000 for the nine months ended March 31, 2024, compared to a benefit of $1.2 million for the same period in 2023[12] - Nonperforming loans amounted to $5.6 million at March 31, 2024, remaining stable at 0.39% of net loans[12] Shareholders' Equity - Shareholders' equity increased to $199.2 million at March 31, 2024, from $183.3 million at June 30, 2023, primarily due to net income and a decrease in accumulated other comprehensive loss[16] Tax and Regulatory Changes - The effective tax rate decreased to 5.2% for the three months ended March 31, 2024, compared to 13.7% for the same period in 2023[14] - The Company adopted the CECL accounting standard effective July 1, 2023, impacting the financial results[22] New Developments - The company opened a new Capital Region Banking Center in Albany, New York, on March 19, 2024, marking its first non-branch office in the region[3] Borrowings and Deposits - Borrowings increased to $85.8 million at March 31, 2024, up from $49.5 million at June 30, 2023, reflecting a rise of $36.3 million[15] - Deposits totaled $2.6 billion at March 31, 2024, an increase of $119.9 million, or 4.9%, compared to $2.4 billion at June 30, 2023[15]