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Greene County Bancorp Inc. (GCBC-0.40%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reveals that the company's total assets increased to $2.97 billion from $2.83 billion as of June 30, 2024. This growth was driven by an increase in securities and net loans receivable.
Cash and cash equivalents decreased to $166.4 million from $190.4 million, reflecting the company's ongoing management of liquidity and funding needs.
The company's loan portfolio grew by $51.0 million, with commercial real estate loans making up the largest segment. The allowance for credit losses on loans increased slightly to $20.2 million.
Deposits rose to $2.5 billion, with NOW deposits and certificates of deposit showing significant increases. The company reported zero brokered deposits for the period.
Net interest income increased to $14.1 million for the quarter, up from $12.4 million in the previous year. This was due to higher interest income from loans and securities.
Noninterest income also saw an increase, mainly due to higher fee income from customer interest rate swap contracts and loan fees.
Noninterest expense remained relatively stable, with a slight increase attributed to higher service and data processing fees.
The company's effective tax rate decreased, reflecting a higher mix of tax-exempt income and solar investment tax credits.
Greene County Bancorp's shareholders' equity rose to $218.4 million, supported by net income and a decrease in accumulated other comprehensive loss.
The company maintains strong capital positions, with both The Bank of Greene County and Greene County Commercial Bank meeting all regulatory capital requirements.
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 February 7, 2025. To report an error, please email earnings@qz.com.