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 third quarter of fiscal year 2025, representing a 37.4% increase compared to $5.9 million in the same quarter of the previous year [1][2] - For the nine months ended March 31, 2025, net income was $21.8 million, up from $18.0 million in the prior year, marking a 20.9% increase [1][5] - The company achieved a milestone of $3.0 billion in consolidated assets as of March 31, 2025, with total deposits reaching $2.7 billion [2][5] Financial Performance - Net interest income for the three months ended March 31, 2025, increased by $3.9 million to $16.2 million, and for the nine months, it rose by $5.3 million to $43.4 million [4][21] - Pre-provision net income for the nine months ended March 31, 2025, was $24.0 million, an increase of 26.6% from $19.0 million in the previous year [3][30] - The return on average assets was 1.04% and return on average equity was 13.40% for the nine months ended March 31, 2025 [5][21] Asset and Loan Growth - Total consolidated assets were $3.0 billion, with net loans at $1.6 billion and total securities at $1.1 billion as of March 31, 2025 [2][5] - Average loan balances increased by $113.1 million for the three months and $80.3 million for the nine months ended March 31, 2025 [7][15] - The company experienced a significant increase in commercial real estate loans, contributing to the overall loan growth [15] Credit Quality - The provision for credit losses on loans was $1.1 million for the three months ended March 31, 2025, compared to $277,000 in the same period of the previous year [8][10] - Nonperforming loans decreased to $2.9 million at March 31, 2025, from $3.7 million at June 30, 2024, indicating improved credit quality [10][11] Noninterest Income and Expenses - Noninterest income increased by $444,000, or 13.0%, to $3.9 million for the three months ended March 31, 2025, and by $1.3 million, or 12.6%, to $11.5 million for the nine months [9][21] - Noninterest expense rose by $808,000, or 8.8%, to $10.0 million for the three months ended March 31, 2025, and by $1.6 million, or 5.7%, to $29.0 million for the nine months [9][21] Balance Sheet Highlights - Total deposits increased by $265.5 million, or 11.1%, to $2.7 billion at March 31, 2025, compared to $2.4 billion at June 30, 2024 [15][26] - Shareholders' equity rose to $229.0 million at March 31, 2025, from $206.0 million at June 30, 2024, primarily due to net income and a decrease in accumulated other comprehensive loss [15][26]