Greene County Bancorp, Inc. Reports Net Income of $7.5 Million for the Three Months Ended December 31, 2024, an Increase of 31% When Comparing the Same Quarter Ended December 31, 2023

Core Viewpoint - Greene County Bancorp, Inc. reported strong financial performance for the second quarter of its fiscal year, with significant increases in net income and total assets compared to the previous year [1][3][6]. Financial Performance - Net income for the three months ended December 31, 2024, was $7.5 million, a 31.2% increase from $5.7 million in the same period of 2023 [1][3]. - For the six months ended December 31, 2024, net income was $13.8 million, up from $12.2 million in 2023, marking a 12.9% increase [1][6]. - Pre-provision net income for the six months ended December 31, 2024, was $14.9 million, a 16.1% increase from $12.8 million in 2023 [4]. Asset and Deposit Growth - Total consolidated assets reached a record high of $2.97 billion at December 31, 2024, up from $2.83 billion at June 30, 2024 [6][13]. - Net loans increased to $1.53 billion, a 3.4% rise from $1.48 billion at June 30, 2024 [17]. - Total deposits were $2.5 billion at December 31, 2024, reflecting a 3.3% increase from $2.4 billion at June 30, 2024 [17]. Interest Income and Margin - Net interest income rose to $14.1 million for the three months ended December 31, 2024, compared to $12.4 million in 2023, driven by an increase in interest-earning assets [5][23]. - The net interest margin increased to 2.04% for the three months ended December 31, 2024, up from 1.94% in the same period of 2023 [9][24]. Credit Quality - Provision for credit losses on loans was $505,000 for the three months ended December 31, 2024, compared to $183,000 in 2023, reflecting increased loan volume [9][10]. - Nonperforming loans amounted to $4.1 million at December 31, 2024, compared to $3.7 million at June 30, 2024, indicating a slight increase in credit risk [14]. Noninterest Income and Expense - Noninterest income increased by 11.4% to $3.9 million for the three months ended December 31, 2024, primarily due to higher fee income [14]. - Noninterest expense rose to $9.4 million for the three months ended December 31, 2024, a slight increase from $9.3 million in 2023 [14]. Tax and Effective Tax Rate - The effective tax rate was 7.3% for the three months ended December 31, 2024, down from 10.4% in the same period of 2023, reflecting a higher mix of tax-exempt income [12]. Shareholder Equity - Shareholders' equity increased to $218.4 million at December 31, 2024, compared to $206.0 million at June 30, 2024, primarily due to net income and a decrease in accumulated other comprehensive loss [17].