GREENE COUNTY BANCORP INC

For the period ended Mar 31, 2024. Filed May 10, 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.

Mar 31, 2024 · Filed May 10, 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 Nine Months Ended March 31, 2024 and 2023

(In thousands, except share and per share amounts)

	For the three months ended March 31,		For the nine months ended March 31,
	2024	2023	2024	2023
Interest income:
Loans	$18,063	$15,676	$53,044	$43,859
Investment securities - taxable	1,116	722	2,689	2,076
Mortgage-backed securities	1,625	1,422	4,691	4,276
Investment securities - tax exempt	4,426	3,836	13,050	10,417
Interest-bearing deposits and federal funds sold	841	277	2,862	473
Total interest income	26,071	21,933	76,336	61,101
Interest expense:
Interest on deposits	12,944	5,559	36,109	11,307
Interest on borrowings	832	1,148	2,105	2,811
Total interest expense	13,776	6,707	38,214	14,118
Net interest income	12,295	15,226	38,122	46,983
Provision for credit losses	290	(944)	917	(1,199)
Net interest income after provision for credit losses	12,005	16,170	37,205	48,182
Noninterest income:
Service charges on deposit accounts	1,011	1,132	3,468	3,583
Debit card fees	1,120	1,082	3,373	3,362
Investment services	265	213	714	591
E-commerce fees	24	26	83	81
Bank-owned life insurance	615	340	1,551	1,020
Net loss on sale of available-for-sale securities	-	-	-	(251)
Other operating income	377	266	1,000	666
Total noninterest income	3,412	3,059	10,189	9,052
Noninterest expense:
Salaries and employee benefits	6,102	6,193	17,247	17,070
Occupancy expense	688	617	1,818	1,654
Equipment and furniture expense	151	150	527	529
Service and data processing fees	661	674	1,866	2,040
Computer software, supplies and support	319	407	1,301	1,157
Advertising and promotion	122	115	321	336
FDIC insurance premiums	326	191	952	638
Legal and professional fees	319	507	1,119	2,655
Other	546	1,002	2,254	2,525
Total noninterest expense	9,234	9,856	27,405	28,604
Income before provision for income taxes	6,183	9,373	19,989	28,630
Provision for income taxes	322	1,282	1,952	4,305
Net income	$5,861	$8,091	$18,037	$24,325
Basic and diluted earnings per share	$0.34	$0.48	$1.06	$1.43
Basic and diluted average shares outstanding	17,026,828	17,026,828	17,026,828	17,026,828

Index

Consolidated Statements of

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.