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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Greene County Bancorp Inc | NASDAQ:GCBC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.16 | 0.50% | 32.16 | 31.80 | 32.25 | 32.90 | 31.82 | 32.34 | 13,463 | 20:12:21 |
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(State or Other Jurisdiction of Incorporation)
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(Commission File No.)
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(I.R.S. Employer Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of class
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Trading symbol
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Name of exchange on which registered
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Item 2.02. |
Results of Operations and Financial Condition
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Item 9.01. |
Financial Statements and Exhibits
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Exhibit No.
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Description
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Press release dated July 24, 2023
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Exhibit Number
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Description
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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GREENE COUNTY BANCORP, INC.
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DATE: July 24, 2023
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By:
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/s/ Donald E. Gibson
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Donald E. Gibson
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President and Chief Executive Officer
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• |
Net Income: New high of $30.8 million for the fiscal year ended June 30, 2023
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• |
Total Assets: $2.7 billion at June 30, 2023
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• |
Total Deposits: $2.4 billion at June 30, 2023
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• |
Return on Average Assets: 1.19% for the year ended June 30, 2023
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• |
Return on Average Equity: 18.13% for the year ended June 30, 2023
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• |
Net interest income decreased
$831,000 to $14.2 million for the three months ended June 30, 2023 from $15.1 million for the three months ended June 30, 2022. Net interest income increased $3.2 million to $61.2 million for the year ended June 30, 2023 from $58.0 million
for the year ended June 30, 2022. The change in net interest income was positively impacted by the growth in the average balance of interest-earning assets, which increased $135.5 million and $204.2 million when comparing the three months
and years ended June 30, 2023 and 2022, respectively, and increases in interest rates on interest-earning assets, which increased 92 and 62 basis points when comparing the three months and years ended June 30, 2023 and 2022, respectively.
The increase in net interest income was offset by increases in the average balance of interest-bearing liabilities, which increased $142.4 million and $213.9 million when comparing the three months and years ended June 30, 2023 and 2022,
respectively, and increases in rates paid on interest-bearing liabilities, which increased 133 and 79 basis points when comparing the three months and years ended June 30, 2023 and 2022, respectively.
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• |
Net interest rate spread and margin both decreased when comparing the three months and years ended June 30, 2023 and 2022. Net interest rate spread decreased 41 basis points to 2.06% for the three months ended June 30, 2023 compared to 2.47% for the three months ended
June 30, 2022. Net interest margin decreased 26 basis points to 2.24% for the three months ended June 30, 2023 compared to 2.50% for the three months ended June 30, 2022. Net interest rate spread decreased 17 basis points to 2.33% for the
year ended June 30, 2023 compared to 2.50% for the year ended June 30, 2022. Net interest margin decreased 8 basis points to 2.45% for the year ended June 30, 2023 compared to 2.53% for the year ended June 30, 2022. The decrease during the
quarter and year ended June 30, 2023 was due to the higher interest rate environment as the rates paid for deposits repriced faster than rates earned on loans and investments resulting in a decrease in net interest rate spread and margin.
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• |
Net interest income on a taxable-equivalent basis includes the additional amount of interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same
after-tax income. Tax equivalent net interest margin was 2.47% and 2.68% for the three months ended June 30, 2023 and 2022, respectively, and was 2.66% and 2.69% for the years ended June 30, 2023 and 2022, respectively.
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• |
Provision for loan losses
amounted to $128,000 and $847,000 for the three months ended June 30, 2023 and 2022, respectively, and amounted to a benefit of $1.1 million and a charge of $3.3 million for the years ended June 30, 2023 and 2022, respectively. The benefit
for the years ended June 30, 2023 was due to a decrease in the balance and reserve percentage on loans adversely classified, as loans were upgraded due to improvements in credit quality and loans were paid off during the fiscal year. This
was partially offset by the growth in gross loans and increases in the economic qualitative factors during the year, due to elevated inflation levels and the negative impacts higher interest rates could have on borrowers’ abilities to repay
loans. For the three months ended June 30, 2023, a portion of the prior quarter’s economic qualitative factors were reduced, as inflation subsided, gross national product, or GDP, remained positive for three consecutive quarters and the
labor market remained strong. Loans classified as substandard or special mention totaled $41.9 million at June 30, 2023 and $52.1 million at June 30, 2022, a decrease of $10.2 million. Reserves on loans classified as substandard or special
mention totaled $5.2 million at June 30, 2023 compared to $9.6 million at June 30, 2022, a decrease of $4.4 million. There were no loans classified as doubtful or loss at June 30, 2023 or June 30, 2022. Allowance for loan losses to total
loans receivable was 1.51% at June 30, 2023 compared to 1.82% at June 30, 2022.
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• |
Net charge-offs for the three
months ended June 30, 2023 totaled a net charge-off of $71,000 compared to a net recovery of $175,000 for the three months ended June 30, 2022. Net charge-offs totaled $478,000 and $185,000 for the years ended June 30, 2023 and 2022,
respectively. There were no significant net charge-offs in any loan segment during the fiscal year ended June 30, 2023.
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• |
Nonperforming loans amounted
to $5.5 million and $6.3 million at June 30, 2023 and June 30, 2022, respectively. The decrease in nonperforming loans during the fiscal year was primarily due to $1.4 million in loan repayments, $134,000 in loans returning to performing
status, and $508,000 in charge-offs or foreclosed, partially offset by $1.2 million of loans placed into nonperforming status. Nonperforming loans decreased $628,000 for commercial loans, $201,000 for residential loans, and $134,000 for
home equity loans when comparing years ended June 30, 2023 and 2022. At June 30, 2023 nonperforming assets were 0.21% of total assets compared to 0.25% at June 30, 2022. Nonperforming loans were 0.39% and 0.51% of net loans at June 30, 2023
and June 30, 2022, respectively.
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• |
Noninterest income remained
unchanged at $3.1 million and $12.1 million for the three months and year ended June 30, 2023 compared to the three months and year ended June 30, 2022, respectively. During the year ended June 30, 2023, there was an increase in debit card
fees, service charges on deposit accounts resulting from continued growth in the number of checking accounts with debit cards and the number of deposit accounts, and the income from bank owned life insurance. This was offset by a decrease
in investment service income and a net loss on sale of securities available-for-sale.
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Noninterest expense increased
$657,000 or 7.0%, to $10.0 million for the three months ended June 30, 2023 compared to $9.3 million for the three months ended June 30, 2022. Noninterest expense increased $4.6 million, or 13.7%, to $38.6 million for the year ended June
30, 2023 compared to $34.0 million for the year ended June 30, 2022. The increase in noninterest expense during the three months and year ended June 30, 2023 was primarily due to increases in salaries and employee benefits expense due to
new positions created during the period to support the Company’s growth. FDIC insurance premiums increased $267,000 for the three months and $259,000 for the year ended June 30, 2023 compared to the three months and year ended June 30,
2022. Legal and professional fees increased $1.6 million for the year ended June 30, 2023 compared to the year ended June 30, 2022, due to non-recurring litigation expense and associated legal fees.
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• |
Provision for income taxes
reflects the expected tax associated with the pre-tax income generated for the given period and certain regulatory requirements. The effective tax rate was 10.2% and 14.1% for the three months and year ended June 30, 2023, compared to
14.2% and 14.9% for the three months and year ended June 30, 2022, respectively. The statutory tax rate is impacted by the benefits derived from tax-exempt bond and loan income, the Company’s real estate investment trust subsidiary income
and income received on the bank owned life insurance to arrive at the effective tax rate. The decrease in the current quarter’s effective tax rate was the result of an increase in tax-exempt income proportional to total income.
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• |
Total assets of the Company
were $2.7 billion at June 30, 2023 and $2.6 billion at June 30, 2022, an increase of $126.5 million, or 4.9%.
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• |
Cash and due from banks for
the Company were $196.4 million at June 30, 2023 and $69.0 million at June 30, 2022, an increase of $127.4 million, or 184.7%. The Company maintained strong capital and liquidity positions as of June 30, 2023.
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• |
Securities available-for-sale and held-to-maturity decreased $162.4 million, or 13.9%, to $1.0 billion at June 30, 2023 as compared to $1.2 billion at June 30, 2022. The decrease was the result of utilizing maturing investments to fund loan growth and to maintain
elevated cash holdings, and due to the increase in unrealized loss on securities available-for-sale of $4.5 million. Securities purchases totaled $212.0 million during the year ended June 30, 2023 and consisted primarily of $208.1 million
of state and political subdivision securities. Principal pay-downs and maturities during the year ended June 30, 2023 amounted to $365.6 million, primarily consisting of $333.2 million of state and political subdivision securities, and
$29.3 million of mortgage-backed securities.
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Net loans receivable increased
$158.3 million, or 12.9%, to $1.4 billion at June 30, 2023 from $1.2 billion at June 30, 2022. The loan growth experienced during the year consisted primarily of $97.8 million in commercial real estate loans, $38.2 million in commercial
construction loans, $11.6 million in residential loans, $4.9 million in home equity loans, $3.8 million in residential construction and land loans, $2.7 million in multi-family loans and a $1.5 million decrease in the allowance for loan
losses. This growth was partially offset by a $2.2 million decrease in commercial loans.
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Deposits totaled $2.4 billion
at June 30, 2023 and $2.2 billion at June 30, 2022, an increase of $224.6 million, or 10.1%. NOW deposits increased $253.2 million, or 17.1%, certificates of deposits increased $87.3 million, or 213.9%, noninterest-bearing deposits
decreased $28.6 million, or 15.3%, savings deposits decreased $44.7 million, or 13.0%, money market deposits decreased $42.6 million, or 27.0% when comparing June 30, 2023 and June 30, 2022. Included within certificates of deposits at June
30, 2023 and June 30, 2022 were $60.0 million and $7.2 million in brokered certificates of deposits, respectively, an increase of $52.8 million. The increase in brokered deposits increased the Company’s overall liquidity and cash position
in response to the current turmoil in the banking sector.
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Borrowings for the Company
amounted to $49.5 million at June 30, 2023 compared to $173.0 million at June 30, 2022, a decrease of $123.5 million. At June 30, 2023, borrowings consisted of $49.5 million of fixed-to-floating rate subordinated notes. During the quarter
ended June 30, 2023 the Bank established a borrowing facility through the Bank Term Funding Program offered through the Federal Reserve which allows the Bank to borrow on eligible securities at the par value if need. As of June 30, 2023 the
Bank has not borrowed against this facility.
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Shareholders’ equity increased
to $183.3 million at June 30, 2023 from $157.7 million at June 30, 2022, resulting primarily from net income of $30.8 million, partially offset by dividends declared and paid of $2.2 million and an increase in accumulated other
comprehensive loss of $3.0 million.
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At or for the Three Months
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At or for the Years
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Ended June 30,
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Ended June 30,
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Dollars in thousands, except share and per share data
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2023
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2022
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2023
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2022
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Interest income
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$
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23,524
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$
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16,715
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$
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84,625
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$
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63,444
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Interest expense
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9,289
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1,649
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23,407
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5,439
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Net interest income
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14,235
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15,066
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61,218
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58,005
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Provision for loan losses
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128
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847
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(1,071
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)
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3,278
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Noninterest income
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3,094
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3,065
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12,146
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12,137
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Noninterest expense
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10,004
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9,347
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38,608
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33,959
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Income before taxes
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7,197
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7,937
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35,827
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32,905
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Tax provision
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737
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1,130
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5,042
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4,919
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Net Income
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$
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6,460
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$
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6,807
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$
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30,785
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$
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27,986
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Basic and diluted EPS
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$
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0.38
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$
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0.40
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$
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1.81
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$
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1.64
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Weighted average shares outstanding
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17,026,828
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17,026,828
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17,026,828
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17,026,828
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Dividends declared per share 4
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$
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0.070
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$
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0.065
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$
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0.280
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$
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0.260
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Selected Financial Ratios
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Return on average assets1
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0.98
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%
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1.09
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%
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1.19
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%
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1.18
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%
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Return on average equity1
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14.27
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%
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17.43
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%
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18.13
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%
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17.93
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%
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Net interest rate spread1
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2.06
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%
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2.47
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%
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2.33
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%
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2.50
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%
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Net interest margin1
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2.24
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%
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2.50
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%
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2.45
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%
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2.53
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%
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Fully taxable-equivalent net interest margin2
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2.47
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%
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2.68
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%
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2.66
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%
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2.69
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%
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Efficiency ratio3
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57.73
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%
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51.55
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%
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52.63
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%
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48.41
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%
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Non-performing assets to total assets
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0.21
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%
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0.25
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%
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Non-performing loans to net loans
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0.39
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%
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0.51
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%
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Allowance for loan losses to non-performing loans
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388.64
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%
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360.31
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%
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Allowance for loan losses to total loans
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1.51
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%
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1.82
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%
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Shareholders’ equity to total assets
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6.79
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%
|
6.13
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%
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||||||||||||
Dividend payout ratio4
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15.47
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%
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15.85
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%
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Actual dividends paid to net income5
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7.12
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%
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9.41
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%
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Book value per share
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$
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10.76
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$
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9.26
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For the three months ended
June 30,
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For the years ended
June 30,
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(Dollars in thousands)
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2023
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2022
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2023
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2022
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Net interest income (GAAP)
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$
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14,235
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$
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15,066
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$
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61,218
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$
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58,005
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Tax-equivalent adjustment
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1,450
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1,069
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5,258
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3,670
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Net interest income (fully taxable-equivalent basis)
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$
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15,685
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$
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16,135
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$
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66,476
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$
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61,675
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Average interest-earning assets
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$
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2,543,026
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$
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2,407,477
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$
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2,495,653
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$
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2,291,448
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Net interest margin (fully taxable-equivalent basis)
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2.47
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%
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2.68
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%
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2.66
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%
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2.69
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%
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At
June 30, 2023
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At
June 30, 2022
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(Dollars In thousands, except share data)
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Assets
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||||||||
Total cash and cash equivalents
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$
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196,445
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$
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69,009
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Long term certificate of deposit
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4,576
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4,107
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Securities available-for-sale, at fair value
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281,133
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408,062
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||||||
Securities held-to-maturity, at amortized cost
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726,363
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761,852
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Equity securities, at fair value
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306
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273
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Federal Home Loan Bank stock, at cost
|
1,682
|
6,803
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||||||
Gross loans receivable
|
1,408,791
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1,251,987
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Less: Allowance for loan losses
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(21,212
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)
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(22,761
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)
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Unearned origination fees and costs, net
|
75
|
129
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||||||
Net loans receivable
|
1,387,654
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1,229,355
|
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Premises and equipment
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15,028
|
14,362
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Bank owned life insurance
|
55,063
|
53,695
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Accrued interest receivable
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12,249
|
8,917
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Foreclosed real estate
|
302
|
68
|
||||||
Prepaid expenses and other assets
|
17,482
|
15,237
|
||||||
Total assets
|
$
|
2,698,283
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$
|
2,571,740
|
||||
Liabilities and shareholders’ equity
|
||||||||
Noninterest bearing deposits
|
$
|
159,039
|
$
|
187,697
|
||||
Interest bearing deposits
|
2,278,122
|
2,024,907
|
||||||
Total deposits
|
2,437,161
|
2,212,604
|
||||||
Borrowings from FHLB, short-term
|
-
|
123,700
|
||||||
Subordinated notes payable
|
49,495
|
49,310
|
||||||
Accrued expenses and other liabilities
|
28,344
|
28,412
|
||||||
Total liabilities
|
2,515,000
|
2,414,026
|
||||||
Total shareholders’ equity
|
183,283
|
157,714
|
||||||
Total liabilities and shareholders’ equity
|
$
|
2,698,283
|
$
|
2,571,740
|
||||
Common shares outstanding
|
17,026,828
|
17,026,828
|
||||||
Treasury shares
|
195,852
|
195,852
|
Document and Entity Information |
Jul. 24, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jul. 24, 2023 |
Entity File Number | 0-25165 |
Entity Registrant Name | GREENE COUNTY BANCORP, INC. |
Entity Central Index Key | 0001070524 |
Entity Incorporation, State or Country Code | X1 |
Entity Tax Identification Number | 14-1809721 |
Entity Address, Address Line One | 302 Main Street |
Entity Address, City or Town | Catskill |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 12414 |
City Area Code | 518 |
Local Phone Number | 943-2600 |
Title of 12(b) Security | Common Stock, $0.10 par value |
Trading Symbol | GCBC |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year Greene County Bancorp Chart |
1 Month Greene County Bancorp Chart |
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