“Greene County Bancorp, Inc. Reports Strong Financial Performance for the Second Quarter of Fiscal Year 2025”

Greene County Bancorp, Inc., a leading provider of community-based banking services, recently disclosed its financial results for the three and six months ending December 31, 2024. The company reported a net income of $7.5 million for the three months, reflecting a significant 31% increase compared to the same period in 2023. For the six months ended December 31, 2024, net income amounted to $13.8 million, showcasing a rise of 12.9% from the corresponding timeframe in the prior year.

These results were driven by solid performance across key segments, with net income growth attributed to talented employees, described as one of the company’s most valuable assets by President & CEO Donald Gibson. Total consolidated assets reached a record high at $2.97 billion by the end of December 2024, with key figures showing an increase in total loans, total assets, and total deposits.

The company strategically managed its balance sheet by focusing on higher-yielding loans and securities while adjusting deposit rates to align with the changing interest rate environment set by the Federal Reserve. This approach led to a higher net interest margin for the three months ending December 31, 2024, compared to the same period in 2023.

Additionally, Greene County Bancorp, Inc. reported an increase in noninterest income, partially attributed to growing fee income on customer interest rate swap contracts and loan fees. However, noninterest expenses saw moderate growth, primarily due to increased salaries and employee benefit costs to support the company’s expansion. The effective tax rate was lower for the periods ended December 31, 2024, reflecting a higher mix of tax-exempt income.

Looking at the balance sheet, total assets surpassed $2.97 billion, an increase of $140.0 million from the previous period. Loans receivable, net of allowance for credit losses, amounted to $1.53 billion, showing growth driven mostly by commercial real estate and residential loans. Total deposits increased to $2.5 billion, with NOW and certificate of deposits showing notable growth.

The company shared a positive outlook for the future despite potential risks, emphasizing a commitment to providing transparent financial information and advancing economic development in the regions it serves.

Greene County Bancorp, Inc. remains dedicated to promoting community growth and sustaining a high quality of life within the Hudson Valley and Capital Region of New York State. For further details on the financial performance of Greene County Bancorp, Inc., interested parties are encouraged to visit the company’s official website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Greene County Bancorp’s 8K filing here.

About Greene County Bancorp

Greene County Bancorp, Inc operates as a holding company for The Bank of Greene County that provides various financial services in the United States. The company's deposit products include savings, NOW accounts, money market accounts, certificates of deposit, non-interest bearing checking accounts, and individual retirement accounts.