GREENE COUNTY BANCORP INC

For the period ended Dec 31, 2023. Filed Feb 9, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 31, 2023 · Filed Feb 9, 2024

GCBC$35.82-1.6%Stored close · as of Nov 10, 2026

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Contents

* Consolidated Statements of Income

For the Three and Six Months Ended December 31, 2023 and 2022

(In thousands, except share and per share amounts)

	For the three months ended December 31,		For the six months ended December 31,
	2023	2022	2023	2022
Interest income:
Loans	$17,776	$14,801	$34,981	$28,183
Investment securities - taxable	805	690	1,573	1,354
Mortgage-backed securities	1,573	1,364	3,066	2,854
Investment securities - tax exempt	4,334	3,504	8,624	6,581
Interest-bearing deposits and federal funds sold	1,105	169	2,021	196
Total interest income	25,593	20,528	50,265	39,168
Interest expense:
Interest on deposits	12,558	3,738	23,165	5,748
Interest on borrowings	647	867	1,273	1,663
Total interest expense	13,205	4,605	24,438	7,411
Net interest income	12,388	15,923	25,827	31,757
Provision for credit losses	170	244	627	(255)
Net interest income after provision for credit losses	12,218	15,679	25,200	32,012
Noninterest income:
Service charges on deposit accounts	1,227	1,234	2,457	2,451
Debit card fees	1,120	1,138	2,253	2,280
Investment services	206	198	449	378
E-commerce fees	30	29	59	55
Bank-owned life insurance	574	340	936	680
Net loss on sale of available-for-sale securities	-	(251)	-	(251)
Other operating income	321	207	623	400
Total noninterest income	3,478	2,895	6,777	5,993
Noninterest expense:
Salaries and employee benefits	5,654	5,449	11,145	10,877
Occupancy expense	593	513	1,130	1,037
Equipment and furniture expense	238	221	376	379
Service and data processing fees	614	664	1,205	1,366
Computer software, supplies and support	471	369	982	750
Advertising and promotion	102	145	199	221
FDIC insurance premiums	314	205	626	447
Legal and professional fees	417	1,697	800	2,148
Other	923	688	1,708	1,523
Total noninterest expense	9,326	9,951	18,171	18,748
Income before provision for income taxes	6,370	8,623	13,806	19,257
Provision for income taxes	663	1,425	1,630	3,023
Net income	$5,707	$7,198	$12,176	$16,234
Basic and diluted earnings per share	$0.34	$0.42	$0.72	$0.95
Basic and diluted average shares outstanding	17,026,828	17,026,828	17,026,828	17,026,828

Index

Consolidated Statements ofComprehensive Income

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.