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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-0.40%).
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 earnings@qz.com.