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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 |
Highlights:
Donald Gibson, President & CEO stated: “I am proud of our team’s continued outstanding performance. Greene County Bancorp, Inc. has been recognized by Piper Sandler, as a member of their Sm-All Stars Class of 2023, and is the only bank in the country to have currently achieved seven consecutive years on this prestigious list. To earn Sm-All Star status, companies need to have a market cap below $2.5 billion, and clear numerous hurdles related to growth, profitability, credit quality, and capital strength. Piper Sandler’s objective is to identify the top performing small-cap banks and thrifts in the country.
I am also pleased to report we have opened our new Wealth Management Center, located at 345 Main Street, Catskill, NY, which will serve as the home base for our growing Corporate Cash Management, Private Banking and Investment Service teams. The Wealth Management Center, located in Catskill's Historic District, is an iconic building which was originally built in 1910 and served as the headquarters for The Tanners National Bank. Our goal was to completely renovate the building with state-of-the-art technology, while maintaining its historic character. I am proud to report we accomplished that goal as the Wealth Management Center has been approved and is now listed on the historic register.”
Total consolidated assets for the Company were $2.7 billion at September 30, 2023, primarily consisting of $1.4 billion of net loans and $1.0 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.4 billion at September 30, 2023, consisting of retail, business and municipal banking relationships.
Pre-provision net income was $6.9 million for the three months ended September 30, 2023 as compared to the pre-provision net income of $8.5 million, for the three months ended September 30, 2022, a decrease of $1.6 million, or 18.9%, as the Company booked a negative provision for loan losses for the three months ended September 30, 2022. The decrease in net income was primarily the result of net interest margin compression due to the current interest rate environment, as the Federal Reserve rapidly raised rates since March of 2022. Additionally, due to the high profile failure of certain regional banks this spring and the ensuing industry turmoil, the Company has maintained higher levels of cash liquidity by obtaining brokered deposits, which increased the interest expense on deposits. Further, in an effort to maintain our customer relationships, the Company raised rates paid on deposits, which has been at a faster rate than the Company was able to reprice assets. The Company believes that increasing deposits rates and maintaining long-term relationships will benefit the Company for continued growth and earnings potential in the future.
Selected highlights for the three months ended September 30, 2023 are as follows:
Net Interest Income and Margin
CECL Adoption
Credit Quality and Provision for Credit Losses on Loans
Noninterest Income and Noninterest Expense
Income Taxes
Balance Sheet Summary
Greene County Bancorp, Inc. is the direct and indirect holding company for The Bank of Greene County, a federally chartered savings bank, and Greene County Commercial Bank, a New York-chartered commercial bank, both headquartered in Catskill, New York. Our primary market area is the Hudson Valley Region and Capital District Region in New York State. For more information on Greene County Bancorp, Inc., visit www.tbogc.com.
This press release contains statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic conditions, financial and regulatory changes, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, and market acceptance of the Company’s pricing, products and services.
In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission ("SEC") and may constitute "non-GAAP financial measures" within the meaning of the SEC's rules. The Company has provided in this news release supplemental disclosures for the calculation of net interest margin utilizing a fully taxable-equivalent adjustment and excluding provision for credit losses from net income. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company's performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Our non-GAAP financial measures may differ from similar measures presented by other companies. See the reconciliation of GAAP to non-GAAP measures in the section "Select Financial Ratios."
Greene County Bancorp, Inc.Consolidated Statements of Income, and Selected Financial Ratios (Unaudited)
At or for the Three Months | ||||||
Ended September 30, | ||||||
Dollars in thousands, except share and per share data | 2023 | 2022 | ||||
Interest income | $24,672 | $18,640 | ||||
Interest expense | 11,233 | 2,806 | ||||
Net interest income | 13,439 | 15,834 | ||||
Provision for credit losses6 | 457 | (499 | ) | |||
Noninterest income | 3,299 | 3,098 | ||||
Noninterest expense | 8,845 | 8,797 | ||||
Income before taxes | 7,436 | 10,634 | ||||
Tax provision | 967 | 1,598 | ||||
Net Income | $6,469 | $9,036 | ||||
Basic and diluted EPS | $0.38 | $0.53 | ||||
Weighted average shares outstanding | 17,026,828 | 17,026,828 | ||||
Dividends declared per share4 | $0.08 | $0.07 | ||||
Selected Financial Ratios | ||||||
Return on average assets1 | 0.99% | 1.43% | ||||
Return on average equity1 | 14.09% | 22.55% | ||||
Net interest rate spread1 | 1.89% | 2.52% | ||||
Net interest margin1 | 2.12% | 2.58% | ||||
Fully taxable-equivalent net interest margin2 | 2.37% | 2.76% | ||||
Efficiency ratio3 | 52.84% | 46.47% | ||||
Non-performing assets to total assets | 0.22% | 0.21% | ||||
Non-performing loans to net loans | 0.38% | 0.41% | ||||
Allowance for credit losses on loans to non-performing loans6 | 369.10% | 407.79% | ||||
Allowance for credit losses on loans to total loans6 | 1.40% | 1.64% | ||||
Shareholders’ equity to total assets | 6.85% | 6.18% | ||||
Dividend payout ratio4 | 21.05% | 13.21% | ||||
Actual dividends paid to net income5 | 21.05% | 6.04% | ||||
Book value per share | $10.82 | $9.37 |
1 Ratios are annualized when necessary.2 Interest income calculated on a taxable-equivalent basis includes the additional 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. The rate used for this adjustment was 21% for federal income taxes for the three months ended September 30, 2023 and 2022, 4.44% for New York State income taxes for the three months ended September 30, 2023 and 2022. The following table summarizes the adjustments made to arrive at the fully taxable-equivalent net interest margins.
For the three months ended September 30, | ||||||
(Dollars in thousands) | 2023 | 2022 | ||||
Net interest income (GAAP) | $13,439 | $15,834 | ||||
Tax-equivalent adjustment | 1,563 | 1,125 | ||||
Net interest income (fully taxable-equivalent basis) | $15,002 | $16,959 | ||||
Average interest-earning assets | $2,534,918 | $2,454,479 | ||||
Net interest margin (fully taxable-equivalent basis) | 2.37% | 2.76% |
3 The efficiency ratio has been calculated as noninterest expense divided by the sum of net interest income and noninterest income.4 The dividend payout ratio has been calculated based on the dividends declared per share divided by basic earnings per share. No adjustments have been made to account for dividends waived by Greene County Bancorp, MHC (“MHC”), the Company’s majority shareholder, owning 54.1% of the shares outstanding. 5 Dividends declared divided by net income. The MHC waived its right to receive dividends declared during the three months December 31, 2021, March 31, 2022, September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023. Dividends declared during the three months ended June 30, 2022 and September 30, 2023 were paid to the MHC. 6 The Company adopted the CECL accounting standard effective July 1, 2023.
The above information is preliminary and based on the Company’s data available at the time of presentation.Greene County Bancorp, Inc.Consolidated Statements of Financial Condition (Unaudited)
AtSeptember 30, 2023 | AtJune 30, 2023 | ||||||
(Dollars In thousands, except share data) | |||||||
Assets | |||||||
Cash and due from banks | $23,454 | $15,305 | |||||
Interest-bearing deposits | 106,799 | 181,140 | |||||
Total cash and cash equivalents | 130,253 | 196,445 | |||||
Long term certificate of deposit | 4,070 | 4,576 | |||||
Securities- available for sale, at fair value | 308,716 | 281,133 | |||||
Securities- held to maturity, at amortized cost, net of allowance for credit losses of $498 at September 30, 20236 | 711,716 | 726,363 | |||||
Equity securities, at fair value | 299 | 306 | |||||
Federal Home Loan Bank stock, at cost | 1,979 | 1,682 | |||||
Gross loans receivable | 1,448,402 | 1,408,791 | |||||
Less: Allowance for credit losses on loans6 | (20,249 | ) | (21,212 | ) | |||
Unearned origination fees and costs, net | (62 | ) | 75 | ||||
Net loans receivable | 1,428,091 | 1,387,654 | |||||
Premises and equipment | 15,282 | 15,028 | |||||
Bank owned life insurance | 55,425 | 55,063 | |||||
Accrued interest receivable | 13,761 | 12,249 | |||||
Foreclosed real estate | 302 | 302 | |||||
Prepaid expenses and other assets | 18,301 | 17,482 | |||||
Total assets | $2,688,195 | $2,698,283 | |||||
Liabilities and shareholders’ equity | |||||||
Noninterest bearing deposits | $166,054 | $159,039 | |||||
Interest bearing deposits | 2,254,427 | 2,278,122 | |||||
Total deposits | 2,420,481 | 2,437,161 | |||||
Borrowings from FHLB, long-term | 4,374 | - | |||||
Subordinated notes payable | 49,542 | 49,495 | |||||
Accrued expenses and other liabilities | 29,630 | 28,344 | |||||
Total liabilities | 2,504,027 | 2,515,000 | |||||
Total shareholders’ equity | 184,168 | 183,283 | |||||
Total liabilities and shareholders’ equity | $2,688,195 | $2,698,283 | |||||
Common shares outstanding | 17,026,828 | 17,026,828 | |||||
Treasury shares | 195,852 | 195,852 |
6 The Company adopted the CECL accounting standard effective July 1, 2023.
The above information is preliminary and based on the Company’s data available at the time of presentation.
For Further Information Contact:Donald E. GibsonPresident & CEO(518) 943-2600donaldg@tbogc.com
Michelle M. Plummer, CPA, CGMASEVP, COO & CFO(518) 943-2600michellep@tbogc.com
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