Greene County Bancorp, Inc. reported a significant increase in financial performance for the three and nine months ended March 31, 2025, compared to the same periods in the previous year. The company achieved a net income of $8.1 million for the third quarter, up from $5.9 million, marking a 37.9% increase. For the nine-month period, net income rose to $21.8 million from $18.0 million, reflecting a 21.1% increase. The basic earnings per share also improved, reaching $0.47 for the third quarter and $1.28 for the nine months, compared to $0.34 and $1.06, respectively, in the prior year.
Total assets increased by 6.5% to $3.0 billion as of March 31, 2025, up from $2.8 billion at June 30, 2024. This growth was driven by an 8.0% increase in net loans receivable, which rose to $1.6 billion, and a 9.3% increase in securities available-for-sale and held-to-maturity, totaling $1.1 billion. The company’s total deposits also saw a notable increase of 11.1%, reaching $2.7 billion, with significant growth in NOW deposits and certificates of deposit.
Operationally, Greene County Bancorp has expanded its customer base and strengthened its relationships with other financial institutions, contributing to the growth in its loan portfolio. The company reported a total of $1.6 billion in gross loans, with commercial real estate loans making up the largest segment at 64.8%. The allowance for credit losses on loans increased to $21.2 million, reflecting the growth in the loan portfolio and a slight deterioration in economic forecasts.
Looking ahead, Greene County Bancorp remains focused on managing interest rate risk and maintaining a strong liquidity position. The company has implemented a strategic reduction in deposit rates in response to the Federal Reserve's rate cuts while continuing to offer competitive financial solutions. The management anticipates that the strong capital and liquidity positions will support ongoing growth and stability in the face of changing market conditions.
About GREENE COUNTY BANCORP INC
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