Fri, Sep 6, 8:30 PM (188 days ago)
Greene County Bancorp, Inc. reported a net income of $24.8 million for the fiscal year ended June 30, 2024, representing a 19.5% decrease from $30.8 million in 2023, primarily due to a significant rise in interest expenses, which surged by $29.3 million. Total interest income increased by $19.0 million, driven by growth in loans, particularly in residential and commercial real estate. The net interest margin fell to 1.98% from 2.45%, reflecting higher deposit rates amid a competitive lending environment. Total assets grew by 4.7% to $2.83 billion, while deposits decreased by 2.0% to $2.39 billion. The allowance for credit losses on loans was $19.2 million, down from $21.2 million, with net charge-offs rising to $1.4 million. Shareholders’ equity increased to $206.0 million, supported by retained earnings and a reduction in accumulated other comprehensive loss. The company adopted the CECL standard on July 1, 2023, impacting the allowance for credit losses methodology. Liquidity remains strong, with significant cash reserves and access to funding through the Federal Home Loan Bank. The company faces ongoing risks from interest rate fluctuations and credit quality in its loan portfolio.