Greene County Bancorp, Inc. Reports Net Income of $8.1 Million for the Quarter Ended March 31, 2025 and Reaches New Milestone of $3.0 Billion in Assets

Core Points - Greene County Bancorp, Inc. reported a net income of $8.1 million for the three months ended March 31, 2025, and $21.8 million for the nine months ended March 31, 2025, representing increases of 37.4% and 20.9% respectively compared to the same periods in 2024 [1][3][6] - The company achieved a milestone of $3.0 billion in consolidated assets as of March 31, 2025, with net loans of $1.6 billion and total deposits of $2.7 billion, both record highs [3][6][18] - Pre-provision net income for the nine months ended March 31, 2025, was $24.0 million, an increase of 26.6% from the previous year [4][6] Financial Performance - Net interest income increased to $16.2 million for the three months ended March 31, 2025, and $43.4 million for the nine months ended March 31, 2025, driven by higher average balances of interest-earning assets and increased interest rates [5][6][8] - The net interest margin rose to 2.32% for the three months and 2.14% for the nine months ended March 31, 2025, reflecting improved interest income on loans and securities [9][10] - Noninterest income increased to $3.9 million for the three months and $11.5 million for the nine months ended March 31, 2025, primarily due to the Employee Retention Tax Credit and increased fee income [12][6] Credit Quality - Provision for credit losses on loans was $1.1 million for the three months and $2.3 million for the nine months ended March 31, 2025, attributed to loan growth and economic forecast adjustments [10][6] - Nonperforming loans decreased to $2.9 million at March 31, 2025, compared to $3.7 million at June 30, 2024, indicating improved credit quality [15][6] Balance Sheet Highlights - Total assets reached $3.0 billion at March 31, 2025, up from $2.8 billion at June 30, 2024, marking a 6.5% increase [18][6] - Total deposits increased by $265.5 million, or 11.1%, to $2.7 billion as of March 31, 2025 [18][6] - Shareholders' equity rose to $229.0 million at March 31, 2025, primarily due to net income and a decrease in accumulated other comprehensive loss [18][6]