Greene County Bancorp (GCBC) Q4 2024 earnings summary

Executive summary

• Net income for fiscal year ended June 30, 2024 was $24.8 million, down 19.5% year-over-year; quarterly net income was $6.7 million, up 4.2% from prior year quarter.

• EPS for the year was $1.45, compared to $1.81 last year; quarterly EPS was $0.40, up from $0.38.

• Total assets reached a record $2.8 billion; net loans also hit a record $1.5 billion.

• Recognized on the 2024 KBW Bank Honor Roll for the thirteenth consecutive year.

Financial highlights

• Net interest income for the year was $51.0 million, down $10.2 million from prior year due to margin compression.

• Noninterest income rose 14.5% to $13.9 million, driven by higher fee income and BOLI restructuring.

• Noninterest expense decreased 3.4% to $37.3 million, mainly due to lower legal and professional fees.

• Provision for credit losses was $766,000 for the year, compared to a benefit of $1.1 million last year.

• Net income excluding provision for credit losses (non-GAAP) was $25.5 million, down 14.1% year-over-year.

Outlook and guidance

• Management expects elevated interest rates to continue impacting net interest margin but believes higher deposit rates and customer retention will support future growth.

• Forward-looking statements caution on economic, regulatory, and competitive risks.