Greene County Bancorp, Inc. Reports Record High Net Income of $31.1 Million for the Fiscal Year Ended June 30, 2025, Announces Plans to Expand into Saratoga County

Core Insights - Greene County Bancorp, Inc. reported record high net income of $31.1 million for the fiscal year ended June 30, 2025, representing a 25.7% increase from $24.8 million in the previous year [1][3] - The company plans to expand into Saratoga County, increasing its geographic footprint from five to six counties in New York State [3] - Total consolidated assets reached $3.0 billion at June 30, 2025, up from $2.8 billion a year earlier, marking a 7.6% increase [19] Financial Performance - Net income for the quarter ended June 30, 2025, was $9.3 million, compared to $6.7 million for the same quarter in 2024, a 38.6% increase [1][6] - Pre-provision net income for the year ended June 30, 2025, was $32.5 million, up 27.1% from $25.5 million in 2024 [4] - Net interest income increased to $60.1 million for the year ended June 30, 2025, from $51.0 million in 2024, a rise of 17.8% [5][24] Asset and Loan Growth - Total loans receivable increased by $127.0 million, or 8.6%, to $1.6 billion at June 30, 2025 [19] - The average balance of interest-earning assets rose by $219.0 million for the quarter and $170.7 million for the year ended June 30, 2025 [5][8] - Securities available-for-sale and held-to-maturity increased by $91.9 million, or 8.8%, to $1.1 billion at June 30, 2025 [19] Deposit and Borrowing Trends - Total deposits increased by $250.6 million, or 10.5%, to $2.6 billion at June 30, 2025 [19] - NOW deposits rose by $192.6 million, or 10.9%, while certificates of deposits increased by $89.7 million, or 64.8% [19] - Borrowings decreased to $128.1 million at June 30, 2025, from $199.1 million a year earlier [19] Credit Quality - The provision for credit losses for the year ended June 30, 2025, was a charge of $1.3 million, compared to $766,000 in 2024 [10] - Nonperforming loans decreased to $3.1 million at June 30, 2025, from $3.7 million a year earlier [16] - The allowance for credit losses on loans to total loans was 1.24% at June 30, 2025, compared to 1.28% at June 30, 2024 [12] Noninterest Income and Expenses - Noninterest income increased by $1.3 million, or 9.5%, to $15.2 million for the year ended June 30, 2025 [13] - Noninterest expense rose by $2.1 million, or 5.6%, to $39.4 million for the year ended June 30, 2025 [13] - The effective tax rate increased to 14.8% for the year ended June 30, 2025, from 10.2% in 2024 [14]