Greene County Bancorp Inc (GCBC) Quarterly 10-Q Report
Greene County Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total assets of $2.9 billion, an increase of $48.8 million from June 30, 2024. Securities available-for-sale and held-to-maturity increased by $26.1 million, while net loans receivable remained steady at $1.5 billion.
Cash and cash equivalents rose by $23.0 million to $213.5 million. The increase is attributed to the company's response to industry conditions and maintaining liquidity.
Interest income for the quarter was $27.8 million, up from $24.7 million in the previous year, driven by higher yields on loans and securities. Interest expense increased to $14.6 million due to higher rates on deposits.
Net interest income decreased slightly to $13.1 million from $13.4 million, with net interest margin declining to 2.03% from 2.12%.
The provision for credit losses on loans was $634,000, reflecting changes in economic forecasts. The allowance for credit losses on loans to total loans was 1.32%.
Noninterest income increased by $438,000 to $3.7 million, primarily due to higher income from bank-owned life insurance and fees from customer interest rate swaps.
Noninterest expense rose by $705,000 to $9.6 million, attributed to higher salaries, data processing fees, and reserves for credit losses on unfunded commitments.
The effective tax rate for the quarter was 6.4%, lower than the previous year's 13.0%, due to a higher proportion of tax-exempt income.
Deposits increased by $96.7 million to $2.5 billion, with no brokered deposits reported. NOW deposits saw the largest increase.
The company reported shareholders' equity of $216.3 million, up from $206.0 million, due to net income and reduced comprehensive loss.
Greene County Bancorp's capital ratios exceeded regulatory requirements, with a total risk-based capital ratio of 17.4% for The Bank of Greene County (GCBC).
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Greene County Bancorp Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email [email protected].