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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.34 | -1.14% | 29.52 | 11.57 | 33.00 | 30.45 | 28.555 | 29.95 | 30,726 | 22:30:02 |
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(State or Other Jurisdiction of Incorporation)
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(Commission File No.)
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(I.R.S. EmployerIdentification No.)
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(Address of Principal Executive Offices)
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(Zip Code) |
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 January 23, 2024
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Exhibit Number 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: January 23, 2024
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By:
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/s/ Donald E. Gibson |
Donald E. Gibson
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President and Chief Executive Officer
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• |
Net Income: $12.2 million for the six months ended December 31, 2023
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• |
Total Assets: $2.7 billion at December 31, 2023, a new record high
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• |
Net Loans: $1.4 billion at December 31, 2023, a new record high
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• |
Return on Average Assets: 0.92% for the six months ended December 31, 2023
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• |
Return on Average Equity: 13.07% for the six months ended December 31, 2023
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• |
Net interest income decreased
$3.5 million to $12.4 million for the three months ended December 31, 2023 from $15.9 million for the three months ended December 31, 2022. Net interest income decreased $5.9 million to $25.9 million for the six months ended December
31, 2023 from $31.8 million for the six months ended December 31, 2022. The decrease in net interest income was due to an increase in the average balance of interest-bearing liabilities, which increased $77.4 million and $83.6 million
when comparing the three and six months ended December 31, 2023 and 2022, respectively, and increases in rates paid on interest-bearing liabilities, increased 147 and 148 basis points when comparing the three and six months ended
December 31, 2023 and 2022, respectively. The decrease in net interest income was partially offset by increases in the average balance of interest-earning assets, which increased $68.5 million and $74.4 million when comparing the three
and six months ended December 31, 2023 and 2022, respectively, and increases in interest rates on interest-earning assets, which increased 70 and 78 basis points when comparing the three and six months ended December 31, 2023 and 2022,
respectively.
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• |
Net interest rate spread and margin both decreased when comparing the three and six months ended December 31, 2023 and 2022. Net interest rate spread decreased 77 and 70 basis points to 1.70% and 1.79% for the three and six months ended December 31,
2023 compared to 2.47% and 2.49% for the three and six months ended December 31, 2022, respectively. Net interest margin decreased 63 and 54 basis points to 1.94% and 2.03%, for the three and six months ended December 31, 2023 compared
to 2.57% for both the three and six months ended December 31, 2022, respectively. The decrease was due to the higher interest rate environment and the pressure to match higher yields on deposits, which resulted in higher rates paid on
deposits and therefore higher interest expense. This was partially offset by increases in interest income on loans and securities, as they reprice at higher yields and the interest rates earned on new balances were higher than the
historic low levels from the prior period.
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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 2.19% and 2.77% for the three months ended December 31, 2023 and 2022, respectively, and was 2.28% and 2.77% for the six months ended December 31, 2023 and 2022,
respectively.
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• |
The Company adopted the Current Expected Credit Loss (CECL) accounting standard effective July 1, 2023. As a result of the day-one CECL adjustment, the Company recognized a $1.3 million decrease to the allowance for credit losses on
loans, a $503,000 increase to the allowance for credit losses on investment securities held-to-maturity, a $1.5 million increase to the reserve for unfunded loan commitments, and a $510,000 decrease to retained earnings, net of $186,000
in deferred income taxes, compared to fiscal year end June 30, 2023.
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• |
Provision for credit losses
amounted to $170,000 and $244,000 for the three months ended December 31, 2023 and 2022, respectively, and amounted to a charge of $627,000 and a benefit of $255,000 for the six months ended December 31, 2023 and 2022, respectively. The
loan provision for the six months ended December 31, 2023 was primarily due to the growth in gross loans and increases in the qualitative factor adjustments, offset by improvements in the economic forecasts. The allowance for credit
losses on loans to total loans receivable was 1.39% at December 31, 2023 compared to 1.51% at June 30, 2023 and 1.42% at day-one CECL adoption (July 1, 2023).
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• |
Loans classified as
substandard and special mention totaled $55.0 million at December 31, 2023 and $41.9 million at June 30, 2023, an increase of $13.1 million. There were no loans classified as doubtful or loss at December 31, 2023 or June 30, 2023.
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• |
Net charge-offs amounted
to $123,000 and $102,000 for the three months ended December 31, 2023 and 2022, respectively, an increase of $21,000. Net charge-offs totaled $216,000 and $217,000 for the six months ended December 31, 2023 and 2022, respectively. There
were no significant charge offs in any loan segment during the three and six months ended December 31, 2023.
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• |
Nonperforming loans amounted
to $5.6 million at December 31, 2023 and $5.5 million at June 30, 2023, respectively. The activity in nonperforming loans during the period included $403,000 in loan repayments, $19,000 in loans returning to performing status, $46,000
in charge-offs or transfers to foreclosed, and $665,000 of loans placed into nonperforming status. At December 31, 2023, nonperforming assets were 0.22% of total assets compared to 0.21% at June 30, 2023. Nonperforming loans were 0.39%
of net loans at December 31, 2023 and June 30, 2023.
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• |
Noninterest income
increased $583,000, or 20.1%, to $3.5 million for the three months ended December 31, 2023 compared to $2.9 million for the three months ended December 31, 2022. Noninterest income increased $784,000, or 13.1%, to $6.8 million for the
six months ended December 31, 2023 compared to $6.0 million for the six months ended December 31, 2022. The increase during the three and six months ended December 31, 2023 was primarily due to an increase in fee income earned on
customer interest rate swap contracts and income from bank owned life insurance.
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• |
Noninterest expense
decreased $625,000 or 6.3% to $9.3 million for the three months ended December 31, 2023 compared to $10.0 million for the three months ended December 31, 2022. Noninterest expense decreased $577,000 or 3.1%, to $18.2 million for the six
months ended December 31, 2023, compared to $18.7 million for the six months ended December 31, 2022. The decrease during the three and six months ended December 31, 2023 was primarily due to a
decrease in legal and professional fees, and service and data processing fees paid as compared to the three and six months ended December 31, 2022. This was partially offset by the
increase in computer software and supplies due to the Company purchasing new equipment to upgrade our IT infrastructure, and an increase in salaries and benefits expense, as compared to the three and six months ended December 31, 2022.
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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 10.4% and 11.8% for the three and six months ended December 31, 2023 and 16.5%
and 15.7% for the three and six months ended December 31, 2022. 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 $2.74 billion at December 31, 2023 and $2.70 billion at June 30, 2023, an increase of $38.4 million or 1.42%.
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• |
Total cash and cash equivalents for the Company were $176.1 million at December 31, 2023 and $196.4 million at June 30, 2023. The Company has continued to maintain strong capital and liquidity positions as of December 31, 2023.
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• |
Securities available-for-sale and held-to-maturity for the Company were $1.0 billion at December 31, 2023 and June 30, 2023. Securities purchases totaled $121.3 million during the six months ended December 31, 2023 and consisted primarily of $119.7 million of
state and political subdivision securities and $1.6 million of corporate debt securities. Principal pay-downs and maturities during the six months ended December 31, 2023 amounted to $122.2 million, primarily consisting of $109.3
million of state and political subdivision securities, $1.4 million of collateralized mortgage obligations, and $11.5 million of mortgage-backed securities.
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• |
Net loans receivable
increased $49.2 million, or 3.6%, to $1.44 billion at December 31, 2023 from $1.39 billion at June 30, 2023. The loan growth experienced during the six months consisted primarily of $29.8 million in commercial real estate loans, $10.1
million in residential real estate loans, $3.4 million in home equity loans and $4.9 million in commercial loans.
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• |
Deposits totaled $2.3
billion at December 31, 2023 and $2.4 billion at June 30, 2023, a decrease of $102.3 million, or 4.2%. NOW deposits decreased $42.6 million, or 2.5%, noninterest-bearing deposits decreased $21.6 million, or 13.6%, money market deposits
decreased $23.3 million, or 20.2%, and savings deposits decreased $32.6 million, or 10.9%, when comparing December 31, 2023 and June 30, 2023. Certificates of deposits increased $17.7 million, or 13.8%, when
comparing December 31, 2023 and June 30, 2023. As of December 31, 2023, the overall brokered deposit balance amounted to $64.1 million, which included $15.0 million of NOW deposits in the form of
IntraFi Insured Network Deposits and $49.1 million of certificates of deposits in the form of brokered certificates of deposits. As of June 30, 2023, the overall brokered deposits balance amounted to $60.0 million of brokered
certificates of deposits. The Company maintained the increased level of brokered deposits to support overall liquidity and a higher cash position.
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• |
Borrowings for the Company
amounted to $179.0 million at December 31, 2023 compared to $49.5 million at June 30, 2023, an increase of $129.5 million. At December 31, 2023, borrowings consisted of $49.6 million of
Fixed-to-Floating Rate Subordinated Notes, $125.0 million of overnight borrowings with Federal Home Loan Bank of New York (“FHLB”), and $4.4 million of long-term borrowings with the FHLB.
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• |
Shareholders’ equity
increased to $195.3 million at December 31, 2023 from $183.3 million at June 30, 2023, resulting primarily from net income of $12.2 million and a decrease in accumulated other comprehensive loss of $2.3 million, partially offset by
dividends declared and paid of $2.0 million and the day-one CECL adoption impact of $510,000.
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At or for the Three Months
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At or for the Six Months
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|||||||||||||||
Ended December 31,
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Ended December 31,
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Dollars in thousands, except share and per share data
|
2023
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2022
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2023
|
2022
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||||||||||||
Interest income
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$
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25,593
|
$
|
20,528
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$
|
50,265
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$
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39,168
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||||||||
Interest expense
|
13,205
|
4,605
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24,438
|
7,411
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||||||||||||
Net interest income
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12,388
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15,923
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25,827
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31,757
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Provision for credit losses6
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170
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244
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627
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(255
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)
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Noninterest income
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3,478
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2,895
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6,777
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5,993
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Noninterest expense
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9,326
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9,951
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18,171
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18,748
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Income before taxes
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6,370
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8,623
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13,806
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19,257
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Tax provision
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663
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1,425
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1,630
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3,023
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Net income
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$
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5,707
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$
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7,198
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$
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12,176
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$
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16,234
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Basic and diluted EPS
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$
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0.34
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$
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0.42
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$
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0.72
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$
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0.95
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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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0.08
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$
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0.07
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$
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0.16
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$
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0.14
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Selected Financial Ratios
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Return on average assets1
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0.86
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%
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1.12
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%
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0.92
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%
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1.27
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%
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Return on average equity1
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12.12
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%
|
17.64
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%
|
13.07
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%
|
20.03
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%
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||||||||
Net interest rate spread1
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1.70
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%
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2.47
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%
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1.79
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%
|
2.49
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%
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Net interest margin1
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1.94
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%
|
2.57
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%
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2.03
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%
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2.57
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%
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Fully taxable-equivalent net interest margin2
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2.19
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%
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2.77
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%
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2.28
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%
|
2.77
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%
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Efficiency ratio3
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58.78
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%
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52.88
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%
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55.73
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%
|
49.66
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%
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Non-performing assets to total assets
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0.22
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%
|
0.21
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%
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||||||||||||
Non-performing loans to net loans
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0.39
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%
|
0.39
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%
|
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Allowance for credit losses on loans to non-performing loans6
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359.58
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%
|
414.52
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%
|
||||||||||||
Allowance for credit losses on loans to total loans6
|
1.39
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%
|
1.60
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%
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||||||||||||
Shareholders’ equity to total assets
|
7.14
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%
|
6.43
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%
|
||||||||||||
Dividend payout ratio4
|
22.22
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%
|
14.74
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%
|
||||||||||||
Actual dividends paid to net income5
|
16.35
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%
|
6.76
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%
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Book value per share
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$
|
11.47
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$
|
9.88
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For the three months ended
December 31,
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For the six months ended
December 31,
|
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(Dollars in thousands)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Net interest income (GAAP)
|
$
|
12,388
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$
|
15,923
|
$
|
25,827
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$
|
31,757
|
||||||||
Tax-equivalent adjustment
|
1,591
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1,283
|
3,154
|
2,407
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Net interest income (fully taxable-equivalent basis)
|
$
|
13,979
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$
|
17,206
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$
|
28,981
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$
|
34,164
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Average interest-earning assets
|
$
|
2,551,427
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$
|
2,482,976
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$
|
2,543,172
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$
|
2,468,727
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Net interest margin (fully taxable-equivalent basis)
|
2.19
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%
|
2.77
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%
|
2.28
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%
|
2.77
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%
|
At
December 31, 2023
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At
June 30, 2023
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|||||||
(Dollars In thousands, except share data)
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Assets
|
||||||||
Cash and due from banks
|
$
|
12,147
|
$
|
15,305
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||||
Interest-bearing deposits
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163,933
|
181,140
|
||||||
Total cash and cash equivalents
|
176,080
|
196,445
|
||||||
Long term certificate of deposit
|
3,822
|
4,576
|
||||||
Securities available-for-sale, at fair value
|
307,809
|
281,133
|
||||||
Securities held-to-maturity, at amortized cost, net of
|
||||||||
allowance for credit losses of $485 at December 31, 20236
|
701,338
|
726,363
|
||||||
Equity securities, at fair value
|
325
|
306
|
||||||
Federal Home Loan Bank stock, at cost
|
7,654
|
1,682
|
||||||
Loans receivable
|
1,457,175
|
1,408,866
|
||||||
Less: Allowance for credit losses on loans6
|
(20,309
|
)
|
(21,212
|
)
|
||||
Net loans receivable
|
1,436,866
|
1,387,654
|
||||||
Premises and equipment
|
15,232
|
15,028
|
||||||
Bank owned life insurance
|
56,003
|
55,063
|
||||||
Accrued interest receivable
|
14,499
|
12,249
|
||||||
Foreclosed real estate
|
302
|
302
|
||||||
Prepaid expenses and other assets
|
17,243
|
17,482
|
||||||
Total assets
|
$
|
2,736,688
|
$
|
2,698,283
|
||||
Liabilities and shareholders’ equity
|
||||||||
Noninterest bearing deposits
|
$
|
137,424
|
$
|
159,039
|
||||
Interest bearing deposits
|
2,197,413
|
2,278,122
|
||||||
Total deposits
|
2,334,837
|
2,437,161
|
||||||
Borrowings from FHLB, short-term
|
125,000
|
-
|
||||||
Borrowings from FHLB, long-term
|
4,374
|
-
|
||||||
Subordinated notes payable
|
49,588
|
49,495
|
||||||
Accrued expenses and other liabilities
|
27,593
|
28,344
|
||||||
Total liabilities
|
2,541,392
|
2,515,000
|
||||||
Total shareholders’ equity
|
195,296
|
183,283
|
||||||
Total liabilities and shareholders’ equity
|
$
|
2,736,688
|
$
|
2,698,283
|
||||
Common shares outstanding
|
17,026,828
|
17,026,828
|
||||||
Treasury shares
|
195,852
|
195,852
|
||||||
Document and Entity Information |
Jan. 23, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jan. 23, 2024 |
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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