|
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification Number)
|
|
|
|
(Address of principal executive office)
|
(Zip code)
|
Title of class
|
Trading symbol
|
Name of exchange on which registered
|
|
|
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
Emerging Growth Company
|
|
Smaller reporting company
|
GREENE COUNTY BANCORP, INC.
|
||
INDEX
|
||
PART I.
|
FINANCIAL INFORMATION
|
|
Page
|
||
Item 1.
|
Financial Statements (unaudited)
|
|
3
|
||
4
|
||
5
|
||
6
|
||
7
|
||
8-32
|
||
Item 2.
|
33-49
|
|
Item 3.
|
49
|
|
Item 4.
|
49 | |
PART II.
|
OTHER INFORMATION
|
|
Item 1.
|
50 |
|
Item 1A.
|
50 |
|
Item 2.
|
50 |
|
Item 3.
|
50 |
|
Item 4.
|
50 |
|
Item 5.
|
50 |
|
Item 6.
|
50 |
|
51 |
ASSETS
|
March 31, 2024
|
June 30, 2023
|
||||||
Cash and due from banks
|
$ | $ | ||||||
Interest-bearing deposits
|
||||||||
Total cash and cash equivalents
|
|
|
||||||
Long-term certificates of deposit
|
|
|
||||||
Securities available-for-sale, at fair value
|
|
|
||||||
Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $
|
|
|
||||||
Equity securities, at fair value
|
|
|
||||||
Federal Home Loan Bank stock, at cost
|
|
|
||||||
Loans receivable
|
|
|
||||||
Allowance for credit losses on loans
|
(
|
)
|
(
|
)
|
||||
Net loans receivable
|
|
|
||||||
Premises and equipment, net
|
|
|
||||||
Bank-owned life insurance
|
|
|
||||||
Accrued interest receivable
|
|
|
||||||
Foreclosed real estate
|
|
|
||||||
Prepaid expenses and other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Noninterest-bearing deposits
|
$
|
|
$
|
|
||||
Interest-bearing deposits
|
|
|
||||||
Total deposits
|
|
|
||||||
Borrowings, short-term
|
|
|
||||||
Borrowings, long-term
|
||||||||
Subordinated notes payable, net
|
|
|
||||||
Accrued expenses and other liabilities
|
|
|
||||||
Total liabilities
|
|
|
||||||
SHAREHOLDERS’ EQUITY
|
||||||||
Preferred stock, Authorized -
|
|
|
||||||
Common stock, par value $
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Retained earnings
|
|
|
||||||
Accumulated other comprehensive loss
|
(
|
)
|
(
|
)
|
||||
Treasury stock, at cost
|
(
|
)
|
(
|
)
|
||||
Total shareholders’ equity
|
|
|
||||||
Total liabilities and shareholders’ equity
|
$
|
|
$
|
|
For the three months ended
March 31,
|
For the nine months ended
March 31,
|
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
Interest income:
|
||||||||||||||||
Loans
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Investment securities - taxable
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
|
|
|
|
||||||||||||
Investment securities - tax exempt
|
|
|
|
|
||||||||||||
Interest-bearing deposits and federal funds sold
|
|
|
|
|
||||||||||||
Total interest income
|
|
|
|
|
||||||||||||
Interest expense:
|
||||||||||||||||
Interest on deposits
|
|
|
|
|
||||||||||||
Interest on borrowings
|
|
|
|
|
||||||||||||
Total interest expense
|
|
|
|
|
||||||||||||
Net interest income
|
|
|
|
|
||||||||||||
Provision for credit losses
|
|
(
|
)
|
|
(
|
)
|
||||||||||
Net interest income after provision for credit losses
|
|
|
|
|
||||||||||||
Noninterest income:
|
||||||||||||||||
Service charges on deposit accounts
|
|
|
|
|
||||||||||||
Debit card fees
|
|
|
|
|
||||||||||||
Investment services
|
|
|
|
|
||||||||||||
E-commerce fees
|
|
|
|
|
||||||||||||
Bank-owned life insurance
|
|
|
|
|
||||||||||||
Net loss on sale of
available-for-sale securities
|
( |
) | ||||||||||||||
Other operating income
|
|
|
|
|
||||||||||||
Total noninterest income
|
|
|
|
|
||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
|
|
|
|
||||||||||||
Occupancy expense
|
|
|
|
|
||||||||||||
Equipment and furniture expense
|
|
|
|
|
||||||||||||
Service and data processing fees
|
|
|
|
|
||||||||||||
Computer software, supplies and support
|
|
|
|
|
||||||||||||
Advertising and promotion
|
|
|
|
|
||||||||||||
FDIC insurance premiums
|
|
|
|
|
||||||||||||
Legal and professional fees
|
|
|
|
|
||||||||||||
Other
|
|
|
|
|
||||||||||||
Total noninterest expense
|
|
|
|
|
||||||||||||
Income before provision for income taxes
|
|
|
|
|
||||||||||||
Provision for income taxes
|
|
|
|
|
||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Basic and diluted earnings per share
|
$
|
|
$
|
|
$ | $ | ||||||||||
Basic and diluted average shares outstanding
|
|
|
|
|
For the three months ended
March 31,
|
For the nine months ended
March 31,
|
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
Net Income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Unrealized holding (losses) gains on available-for-sale securities, gross
|
(
|
)
|
|
|
(
|
)
|
||||||||||
Tax effect
|
(
|
)
|
|
|
(
|
)
|
||||||||||
Unrealized holding (losses) gains on available-for-sale securities, net
|
( |
) | ( |
) | ||||||||||||
Reclassification
adjustment for loss on sale of available-for-sale securities realized in net income, gross |
||||||||||||||||
Tax effect |
||||||||||||||||
Reclassification adjustment for loss on sale of available-for-sale securities realized in net income, net |
||||||||||||||||
Total other comprehensive (loss) income, net of taxes
|
(
|
)
|
|
|
(
|
)
|
||||||||||
Comprehensive income
|
$
|
|
$
|
|
$
|
|
$
|
|
Common
stock
|
Additional
paid-in
capital |
Retained
earnings
|
Accumulated
other
comprehensive
loss
|
Treasury
stock
|
Total
shareholders’
equity |
|||||||||||||||||||
Balance at December 31, 2022
|
$
|
|
$
|
|
$
|
|
$ | ( |
) |
$
|
(
|
)
|
$
|
|
||||||||||
Dividends declared
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Net income
|
|
|
||||||||||||||||||||||
Other comprehensive income, net of taxes
|
|
|||||||||||||||||||||||
Balance at March 31, 2023
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
Common
stock
|
Additional
paid-in
capital |
Retained
earnings
|
Accumulated
other
comprehensive
loss
|
Treasury
stock
|
Total
shareholders’
equity |
|||||||||||||||||||
Balance at December 31, 2023
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
||||||||||
Dividends declared
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Net income
|
|
|
||||||||||||||||||||||
Other comprehensive loss, net of taxes
|
( |
) |
(
|
)
|
||||||||||||||||||||
Balance at March 31, 2024
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
Common
stock
|
Additional
paid-in
capital
|
Retained
earnings
|
Accumulated
other
comprehensive
loss
|
Treasury
stock
|
Total
shareholders’
equity |
|||||||||||||||||||
Balance at June 30, 2022
|
$
|
|
$
|
|
$ |
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|||||||||||
Dividends declared
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Net income
|
|
|
||||||||||||||||||||||
Other comprehensive loss, net of taxes
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Balance at March 31, 2023
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
Common
stock
|
Additional
paid-in
capital
|
Retained
earnings
|
Accumulated
other
comprehensive
loss
|
Treasury
stock
|
Total
shareholders’
equity |
|||||||||||||||||||
Balance at June 30, 2023 |
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
||||||||||
Cumulative effect
adjustment for ASU 2016-13 Current Expected Credit Losses
|
( |
) | ( |
) | ||||||||||||||||||||
Dividends declared
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Net income
|
|
|
||||||||||||||||||||||
Other comprehensive income, net of taxes
|
|
|
||||||||||||||||||||||
Balance at March 31, 2024
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
2024 |
2023 |
|||||||
Cash flows from operating activities:
|
||||||||
Net Income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation
|
|
|
||||||
Deferred income tax expense
|
|
|
||||||
Net amortization of investment premiums and discounts
|
|
|
||||||
Net amortization of deferred loan costs and fees
|
|
|
||||||
Amortization of subordinated debt issuance costs
|
|
|
||||||
Provision for credit losses
|
|
(
|
)
|
|||||
Bank-owned life insurance income
|
(
|
)
|
(
|
)
|
||||
Net loss on sale of
available-for-sale securities
|
||||||||
Net gain on equity securities
|
(
|
)
|
(
|
)
|
||||
Net loss on sale of foreclosed real estate
|
||||||||
Net increase (decrease) in accrued income taxes
|
|
(
|
)
|
|||||
Net increase in accrued interest receivable
|
(
|
)
|
(
|
)
|
||||
Net increase in prepaid expenses and other assets
|
(
|
)
|
(
|
)
|
||||
Net (decrease) increase in accrued expense and other liabilities
|
(
|
)
|
|
|||||
Net cash provided by operating activities
|
|
|
||||||
Cash flows from investing activities:
|
||||||||
Securities available-for-sale:
|
||||||||
Proceeds from maturities
|
|
|
||||||
Proceeds from sale of securities
|
||||||||
Purchases of securities
|
(
|
)
|
(
|
)
|
||||
Proceeds from principal payments on securities
|
|
|
||||||
Securities held-to-maturity:
|
||||||||
Proceeds from maturities
|
|
|
||||||
Purchases of securities
|
(
|
)
|
(
|
)
|
||||
Proceeds from principal payments on securities
|
|
|
||||||
Net (purchase) redemption of Federal Home Loan Bank Stock
|
(
|
)
|
|
|||||
Purchase of long-term certificate of deposit
|
( |
) | ||||||
Maturity of long-term certificates of deposit
|
|
|
||||||
Surrender of bank owned life insurance
|
||||||||
Purchase of bank owned life insurance
|
( |
) | ||||||
Net increase in loans receivable
|
(
|
)
|
(
|
)
|
||||
Proceeds from sale of foreclosed real estate
|
||||||||
Purchases of premises and equipment
|
(
|
)
|
(
|
)
|
||||
Net cash used in investing activities
|
(
|
)
|
(
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Net increase (decrease) in short-term advances
|
( |
) | ||||||
Proceeds from long-term advances
|
|
|
||||||
Payment of cash dividends
|
(
|
)
|
(
|
)
|
||||
Net increase in deposits
|
|
|
||||||
Net cash provided by financing activities
|
|
|
||||||
Net increase in cash and cash equivalents
|
|
|
||||||
Cash and cash equivalents at beginning of period
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
|
$
|
|
||||
Non-cash investing activities: |
||||||||
Foreclosed loans transferred to foreclosed real estate
|
$ |
$ |
||||||
Cash paid during period for:
|
||||||||
Interest
|
$
|
|
$
|
|
||||
Income taxes
|
$
|
|
$
|
|
At March 31, 2024 | ||||||||||||||||
(In thousands)
|
Amortized
cost (1)
|
Unrealized
gains
|
Unrealized
losses
|
Fair value | ||||||||||||
U.S. government sponsored enterprises
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
U.S. Treasury securities
|
|
|
|
|
||||||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
||||||||||||
Corporate debt securities
|
|
|
|
|
||||||||||||
Total securities available-for-sale
|
$ |
|
$ |
|
$ |
|
$ |
|
At June 30, 2023 | ||||||||||||||||
(In
thousands)
|
Amortized
cost (1)
|
Unrealized
gains
|
Unrealized
losses
|
Fair value | ||||||||||||
U.S. government sponsored enterprises
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
U.S. Treasury securities | ||||||||||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
||||||||||||
Corporate debt securities
|
|
|
|
|
||||||||||||
Total securities available-for-sale
|
$ |
|
$ |
|
$ |
|
$ |
|
|
(1)
|
|
At March 31, 2024 |
||||||||||||||||||||||||
(In thousands)
|
Amortized
cost (1)
|
Unrealized
gains
|
Unrealized
losses
|
Fair value | Allowance(2) |
Net carrying
value
|
||||||||||||||||||
U.S. Treasury securities
|
$ |
|
$ |
|
$ |
|
$ |
|
$ | $ | ||||||||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
||||||||||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
||||||||||||||||||||
Corporate debt securities
|
|
|
|
|
||||||||||||||||||||
Other securities
|
||||||||||||||||||||||||
Total securities held-to-maturity
|
$
|
|
$
|
|
$
|
|
$
|
|
$ |
$ |
At June 30, 2023 | ||||||||||||||||||||||||
(In thousands)
|
Amortized
cost (1)
|
Unrealized
gains
|
Unrealized
losses
|
Fair value | Allowance(2) |
Net carrying
value
|
||||||||||||||||||
U.S. Treasury securities
|
$ |
|
$ |
|
$ |
|
$ |
|
$ | $ | ||||||||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
||||||||||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
||||||||||||||||||||
Corporate debt securities
|
|
|
|
|
||||||||||||||||||||
Other
securities
|
||||||||||||||||||||||||
Total securities held-to-maturity
|
$
|
|
$
|
|
$
|
|
$
|
|
$ |
$ |
|
(1)
|
|
|
(2)
|
|
(In thousands)
|
Three months ended
March 31, 2024
|
Nine months ended
March 31, 2024
|
||||||
Balance beginning of period
|
$
|
|
$ | |||||
Adoption of ASU 2016-13 (CECL) on July 1, 2023
|
|
|||||||
Provision (benefit) for credit losses
|
|
(
|
)
|
|||||
Balance end of period
|
$
|
|
$ |
Less than 12 months
|
More than 12 months
|
Total
|
||||||||||||||||||||||||||||||||||
(In thousands, except number of securities)
|
Fair
value
|
Unrealized
losses
|
Number
of
securities
|
Fair
value
|
Unrealized
losses
|
Number
of
securities
|
Fair
value
|
Unrealized
losses |
Number
of
securities |
|||||||||||||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises
|
$
|
|
$
|
|
|
$
|
|
$
|
|
|
$
|
|
$
|
|
|
|||||||||||||||||||||
U.S. Treasury securities
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
State and political subdivisions
|
||||||||||||||||||||||||||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Corporate debt securities
|
||||||||||||||||||||||||||||||||||||
Total securities available-for-sale
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Securities held-to-maturity:
|
||||||||||||||||||||||||||||||||||||
U.S. Treasury securities
|
||||||||||||||||||||||||||||||||||||
State and political subdivisions
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Corporate debt securities
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total securities held-to-maturity
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total securities
|
$
|
|
$
|
|
|
$
|
|
$
|
|
|
$
|
|
$
|
|
|
Less than 12 months
|
More than 12 months
|
Total
|
||||||||||||||||||||||||||||||||||
(In thousands, except number of securities)
|
Fair
value
|
Unrealized
losses
|
Number
of
securities
|
Fair
value
|
Unrealized
losses
|
Number
of
securities
|
Fair
value
|
Unrealized
losses
|
Number
of
securities
|
|||||||||||||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises
|
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
U.S. Treasury securities
|
||||||||||||||||||||||||||||||||||||
State and political subdivisions
|
||||||||||||||||||||||||||||||||||||
Mortgage-backed securities-residential
|
||||||||||||||||||||||||||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Corporate debt securities
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total securities available-for-sale
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Securities held-to-maturity:
|
||||||||||||||||||||||||||||||||||||
U.S. Treasury securities
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
State and political subdivisions
|
||||||||||||||||||||||||||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Corporate debt securities
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total securities held-to-maturity
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total securities
|
$ |
$
|
|
|
|
$
|
|
$
|
|
|
|
$
|
|
$
|
|
|
|
Securities available-for-sale
|
Amortized cost
|
Fair value
|
||||||
Within one year
|
$
|
|
$
|
|
||||
After one year through five years
|
|
|
||||||
After five years through ten years
|
|
|
||||||
After ten years
|
|
|
||||||
Total securities available-for-sale
|
|
|
||||||
Mortgage-backed and asset-backed securities
|
|
|
||||||
Total securities available-for-sale
|
|
|
||||||
Securities held-to-maturity
|
||||||||
Within one year
|
|
|
||||||
After one year through five years
|
|
|
||||||
After five years through ten years
|
|
|
||||||
After ten years
|
|
|
||||||
Total securities held-to-maturity
|
|
|
||||||
Mortgage-backed securities
|
|
|
||||||
Total securities held-to-maturity
|
|
|
||||||
Total securities
|
$
|
|
$
|
|
(In thousands)
|
March 31, 2024
|
|||
Residential real estate
|
$
|
|
||
Commercial real estate
|
|
|||
Home equity
|
|
|||
Consumer
|
|
|||
Commercial
|
|
|||
Total gross loans(1)(2)
|
|
|||
Allowance for credit losses on loans
|
(
|
)
|
||
Loans receivable, net
|
$
|
|
(1)
|
|
(2)
|
|
(In thousands)
|
30-59
days
past due
|
60-89
days
past due
|
90 days
or more
past due
|
Total
past due
|
Current
|
Total loans
|
Loans on
non-
accrual
|
|||||||||||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Home equity
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Consumer
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial loans
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total gross loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Activity for the three months ended March 31, 2024
|
||||||||||||||||||||||||
(In thousands)
|
Residential
real estate
|
Commercial
real estate
|
Home equity
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||
Balance at December 31, 2023
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||
Charge-offs
|
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||
Recoveries
|
|
|
|
|
|
|
||||||||||||||||||
Provision
|
|
(
|
)
|
|
|
|
|
|||||||||||||||||
Balance at March 31, 2024
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Activity for the nine months ended March
31, 2024
|
||||||||||||||||||||||||
(In thousands)
|
Residential
real estate
|
Commercial
real estate
|
Home equity
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||
Balance at June 30, 2023
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||
Adoption of ASU No. 2016-13
|
|
(
|
)
|
|
|
|
(
|
)
|
||||||||||||||||
Charge-offs
|
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||
Recoveries
|
|
|
|
|
|
|
||||||||||||||||||
Provision
|
|
|
|
|
(
|
)
|
|
|||||||||||||||||
Balance at March 31, 2024
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
At March 31, 2024 | |||||||||||||||||||||||||||||||||||
(In thousands)
|
2024
|
2023
|
2022
|
2021
|
2020
|
Prior
|
Revolving loans amortized cost basis
|
Revolving loans converted to term
|
Total
|
|||||||||||||||||||||||||||
Residential real estate
|
||||||||||||||||||||||||||||||||||||
By payment activity status:
|
||||||||||||||||||||||||||||||||||||
Performing
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Non-performing
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total residential real estate
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Current period gross charge-offs
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Commercial real estate
|
||||||||||||||||||||||||||||||||||||
By internally assigned grade:
|
||||||||||||||||||||||||||||||||||||
Pass
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Special mention
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Substandard
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total commercial real estate
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Current period gross charge-offs
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Home equity
|
||||||||||||||||||||||||||||||||||||
By payment activity status:
|
||||||||||||||||||||||||||||||||||||
Performing
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Non-performing
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total home equity
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Current period gross charge-offs
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Consumer
|
||||||||||||||||||||||||||||||||||||
By payment activity status:
|
||||||||||||||||||||||||||||||||||||
Performing
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Non-performing
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total Consumer
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Current period gross charge-offs
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||||||||||||||
By internally assigned grade:
|
||||||||||||||||||||||||||||||||||||
Pass
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Special mention
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Substandard
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total Commercial
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||||||
Current period gross charge-offs
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
For the three and nine months ended March 31, 2024
|
||||||||||||||||
|
Term extension
|
Term extension and
interest rate reduction
|
||||||||||||||
(Dollars in thousands) |
Amortized cost
|
Percentage of
total class
|
Amortized cost
|
Percentage of total class
|
||||||||||||
Commercial real estate
|
$
|
|
|
%
|
$
|
|
|
%
|
||||||||
Total
|
$
|
|
$
|
|
For the three and nine months ended March 31, 2024
|
|||||
Loan type
|
Term extension
|
Interest rate reduction
|
|||
Commercial real estate
|
Added a weighted-average
months to the life of the loans
|
Interest rates were reduced by an
average of
|
(In thousands)
|
June 30, 2023
|
|||
Residential real estate:
|
||||
Residential real estate
|
$
|
|
||
Residential construction and land
|
|
|||
Multi-family
|
|
|||
Commercial real estate:
|
||||
Commercial real estate
|
|
|||
Commercial construction
|
|
|||
Consumer loan:
|
||||
Home equity
|
|
|||
Consumer installment
|
|
|||
Commercial loans
|
|
|||
Total gross loans(1)
|
|
|||
Allowance for loan losses
|
(
|
)
|
||
Deferred fees and cost, net
|
|
|||
Loans receivable, net
|
$
|
|
(1)
|
|
(In thousands)
|
Performing
|
Special mention
|
Substandard
|
Total
|
||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Residential construction and land
|
|
|
|
|
||||||||||||
Multi-family
|
|
|
|
|
||||||||||||
Commercial real estate
|
|
|
|
|
||||||||||||
Commercial construction
|
|
|
|
|
||||||||||||
Home equity
|
|
|
|
|
||||||||||||
Consumer installment
|
|
|
|
|
||||||||||||
Commercial loans |
|
|
|
|
||||||||||||
Total gross loans |
$ |
|
$ |
|
$ |
|
$ |
|
(In thousands)
|
30-59
days
past due
|
60-89
days
past due
|
90 days
or more
past due
|
Total
past due
|
Current
|
Total loans
|
Loans on
non-
accrual
|
|||||||||||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Residential construction and land
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Multi-family
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial construction
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Home equity
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Consumer installment
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial loans
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total gross loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
At June 30, 2023
|
For the three months ended
March 31, 2023
|
For the nine months ended
March 31, 2023
|
||||||||||||||||||||||||||
(In thousands)
|
Recorded
investment
|
Unpaid
principal
|
Related
allowance
|
Average
recorded
investment
|
Interest
income
recognized
|
Average
recorded
investment
|
Interest
income
recognized
|
|||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
-
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Commercial real estate
|
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Home equity
|
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Consumer Installment |
- | |||||||||||||||||||||||||||
Commercial loans
|
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Impaired loans with no allowance
|
|
|
-
|
|
|
|
|
|||||||||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||||||
Residential real estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Home equity
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial loans
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Impaired loans with allowance
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total impaired:
|
||||||||||||||||||||||||||||
Residential real estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Home equity
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Consumer Installment | ||||||||||||||||||||||||||||
Commercial loans
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total impaired loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
(Dollars in thousands)
|
Number of
contracts
|
Pre-Modification
outstanding
recorded
investment
|
Post-Modification
outstanding
recorded
investment
|
Current
outstanding
recorded
investment
|
||||||||||||
For the year ended June 30, 2023
|
||||||||||||||||
Residential real estate
|
|
$
|
|
$
|
|
$ | ||||||||||
Commercial real estate
|
|
$ |
|
$ |
|
$ | ||||||||||
Commercial loans
|
|
$ |
|
$ |
|
$ |
Activity for the three months ended March 31, 2023
|
||||||||||||||||||||
(In thousands)
|
Balance at
December 31, 2022
|
Charge-offs
|
Recoveries
|
Provision
|
Balance at
March 31, 2023
|
|||||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Residential construction and land
|
|
|
|
(
|
)
|
|
||||||||||||||
Multi-family
|
|
|
|
|
|
|||||||||||||||
Commercial real estate
|
|
|
|
(
|
)
|
|
||||||||||||||
Commercial construction
|
|
|
|
|
|
|||||||||||||||
Home equity
|
|
|
|
|
|
|||||||||||||||
Consumer installment
|
|
|
|
|
|
|||||||||||||||
Commercial loans
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Activity for the nine months ended March 31, 2023
|
||||||||||||||||||||
(In thousands)
|
Balance at
June 30, 2022
|
Charge-offs
|
Recoveries
|
Provision
|
Balance at
March 31, 2023
|
|||||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Residential construction and land
|
|
|
|
|
|
|||||||||||||||
Multi-family
|
|
|
|
|
|
|||||||||||||||
Commercial real estate
|
|
|
|
(
|
)
|
|
||||||||||||||
Commercial construction
|
|
|
|
|
|
|||||||||||||||
Home equity
|
|
|
|
(
|
)
|
|
||||||||||||||
Consumer installment
|
|
|
|
|
|
|||||||||||||||
Commercial loans
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
Allowance for loan losses
|
Loans receivable
|
|||||||||||||||
Ending balance June 30, 2023
Impairment analysis
|
Ending balance June 30, 2023
Impairment analysis
|
|||||||||||||||
(In thousands)
|
Individually
evaluated
|
Collectively
evaluated
|
Individually
evaluated
|
Collectively
evaluated
|
||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Residential construction and land
|
|
|
|
|
||||||||||||
Multi-family
|
|
|
|
|
||||||||||||
Commercial real estate
|
|
|
|
|
||||||||||||
Commercial construction
|
|
|
|
|
||||||||||||
Home equity
|
|
|
|
|
||||||||||||
Consumer installment
|
|
|
|
|
||||||||||||
Commercial loans
|
|
|
|
|
||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
(In thousands)
|
March 31, 2024
|
June 30, 2023
|
||||||
Commercial loans | $ |
$ |
||||||
Total foreclosed real estate
|
$
|
|
$
|
|
Fair value measurements using
|
||||||||||||||||
Quoted prices
in active
markets for
identical assets
|
Significant
other observable
inputs
|
Significant
unobservable
inputs
|
||||||||||||||
(In thousands)
|
March 31, 2024
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets:
|
||||||||||||||||
U.S. government sponsored enterprises
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
U.S. Treasury securities
|
|
|
|
|
||||||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
||||||||||||
Corporate debt securities
|
|
|
|
|
||||||||||||
Securities available-for-sale
|
|
|
|
|
||||||||||||
Equity securities
|
|
|
|
|
||||||||||||
Interest rate swaps |
||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Liabilities: |
||||||||||||||||
Interest rate swaps |
$ |
$ |
$ |
$ |
||||||||||||
Total |
$ |
$ |
$ |
$ |
Fair value measurements using
|
||||||||||||||||
Quoted prices
in active
markets for
identical assets
|
Significant
other observable
inputs
|
Significant
unobservable
inputs
|
||||||||||||||
(In thousands)
|
June 30, 2023
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets:
|
||||||||||||||||
U.S. government sponsored enterprises
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
U.S. Treasury securities | ||||||||||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
||||||||||||
Corporate debt securities
|
|
|
|
|
||||||||||||
Securities available-for-sale
|
|
|
|
|
||||||||||||
Equity securities
|
|
|
|
|
||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
March 31, 2024
|
June 30, 2023
|
|||||||||||||||||||
(In thousands)
|
Fair value
hierarchy
|
Carrying
amount
|
Estimated
fair value
|
Carrying
amount
|
Estimated
fair value
|
|||||||||||||||
|
||||||||||||||||||||
Collateral dependent evaluated loans
|
3
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||
Foreclosed real estate
|
3
|
$
|
|
$
|
|
$
|
|
$
|
|
|
March 31, 2024
|
Fair value measurements using
|
||||||||||||||||||
(In thousands) |
Carrying
Amount |
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Long term certificates of deposit
|
|
|
|
|
|
|||||||||||||||
Securities available-for-sale
|
|
|
|
|
|
|||||||||||||||
Securities held-to-maturity
|
|
|
|
|
|
|||||||||||||||
Equity securities
|
|
|
|
|
|
|||||||||||||||
Federal Home Loan Bank stock
|
|
|
|
|
|
|||||||||||||||
Net loans receivable
|
|
|
|
|
|
|||||||||||||||
Accrued interest receivable
|
|
|
|
|
|
|||||||||||||||
Interest rate swaps asset |
||||||||||||||||||||
Deposits
|
|
|
|
|
|
|||||||||||||||
Borrowings |
||||||||||||||||||||
Subordinated notes payable, net
|
|
|
|
|
|
|||||||||||||||
Accrued interest payable
|
|
|
|
|
|
|||||||||||||||
Interest rate swaps liability |
|
June 30, 2023
|
Fair value measurements using
|
||||||||||||||||||
(In thousands) |
Carrying
Amount |
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Long term certificate of deposit
|
|
|
|
|
|
|||||||||||||||
Securities available-for-sale
|
|
|
|
|
|
|||||||||||||||
Securities held-to-maturity
|
|
|
|
|
|
|||||||||||||||
Equity securities
|
|
|
|
|
|
|||||||||||||||
Federal Home Loan Bank stock
|
|
|
|
|
|
|||||||||||||||
Net loans receivable
|
|
|
|
|
|
|||||||||||||||
Accrued interest receivable
|
|
|
|
|
|
|||||||||||||||
Deposits
|
|
|
|
|
|
|||||||||||||||
Subordinated notes payable, net | ||||||||||||||||||||
Accrued interest payable
|
|
|
|
|
|
At March 31, 2024 | |||||||||||||||||||||
Asset derivatives
|
Liability derivatives
|
||||||||||||||||||||
(In thousands)
|
Statement of
financial
condition
location
|
Notional
amount
|
Fair value
|
Statement of
financial
condition
location
|
Notional
amount
|
Fair value
|
|||||||||||||||
Interest rate derivatives
|
Other assets |
$
|
|
$
|
|
Other liabilities |
$
|
|
$
|
|
|||||||||||
Less cash collateral
|
|
Other liabilities |
(
|
)
|
|||||||||||||||||
Total after netting
|
$
|
|
$
|
|
For the three months
ended March 31,
|
For the nine months
ended March 31,
|
|||||||||||||||
2024
|
2023
|
2024 | 2023 | |||||||||||||
Net Income
|
$
|
|
$
|
|
$ | $ | ||||||||||
Weighted average shares – basic
|
|
|
||||||||||||||
Weighted average shares - diluted
|
|
|
||||||||||||||
Earnings per share - basic
|
$
|
|
$
|
|
$ | $ | ||||||||||
Earnings per share - diluted
|
$
|
|
$
|
|
$ | $ |
Three months ended
March 31,
|
Nine months ended
March 31,
|
|||||||||||||||
(In thousands)
|
2024
|
2023
|
2024
|
2023
|
||||||||||||
Interest cost
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Expected return on plan assets
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Amortization of net loss
|
|
|
|
|
||||||||||||
Net periodic pension cost
|
$
|
|
$
|
|
$
|
|
$
|
|
Three months ended March 31,
|
Nine months ended March 31,
|
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
Number of options outstanding, beginning of period
|
|
|
|
|
||||||||||||
Options granted
|
|
|
|
|
||||||||||||
Options paid in cash
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Number of options outstanding, end of period
|
|
|
|
|
Three months ended
March 31, |
Nine months ended
March 31,
|
|||||||||||||||
(In thousands)
|
2024
|
2023
|
2024
|
2023
|
||||||||||||
Cash paid out on options vested
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Compensation costs recognized
|
$ |
|
$ |
|
$ |
|
$ |
|
(In thousands)
|
Unrealized
losses on
securities
available-for-
sale
|
Pension
benefits |
Total
|
|||||||||
Balance – December 31, 2022
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Other comprehensive income before reclassification
|
|
|
|
|||||||||
Other comprehensive income for the three months ended March 31, 2023
|
|
|
|
|||||||||
Balance – March 31, 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
|
||||||||||||
Balance – December 31, 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Other comprehensive loss before reclassification
|
(
|
)
|
|
(
|
)
|
|||||||
Other comprehensive loss for the three months ended March 31, 2024
|
(
|
)
|
|
(
|
)
|
|||||||
Balance – March 31, 2024
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
(In thousands)
|
Unrealized
losses on
securities
available-for-
sale
|
Pension
benefits |
Total
|
|||||||||
Balance – June 30, 2022
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Other comprehensive loss before reclassification
|
(
|
)
|
|
(
|
)
|
|||||||
Amounts reclassified to net loss on sale of available-for-sale securities
non-interest income
|
||||||||||||
Tax expense effect
|
||||||||||||
Net of tax
|
||||||||||||
Other comprehensive loss for the nine months ended March 31, 2023
|
(
|
)
|
|
(
|
)
|
|||||||
Balance – March 31, 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
|
||||||||||||
Balance – June 30, 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Other comprehensive income before reclassification
|
|
|
|
|||||||||
Other comprehensive income for the nine months ended March 31, 2024
|
|
|
|
|||||||||
Balance – March 31, 2024
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
(In thousands)
|
||||||||
Operating lease amounts:
|
March 31, 2024
|
June 30, 2023
|
||||||
Right-of-use assets
|
$
|
|
$
|
|
||||
Lease liabilities
|
$
|
|
$
|
|
For the three months ended
March 31,
|
||||||||
(In thousands) |
2024
|
2023
|
||||||
Other information:
|
||||||||
Operating outgoing cash flows from operating leases
|
$
|
|
$
|
|
||||
Right-of-use assets obtained in exchange for new operating lease liabilities |
$ | $ | ||||||
Lease costs:
|
||||||||
Operating lease cost
|
$
|
|
$
|
|
||||
Variable lease cost
|
$
|
|
$
|
|
For the nine months ended
March 31,
|
||||||||
(In thousands) |
2024
|
2023
|
||||||
Other information:
|
||||||||
Operating outgoing cash flows from operating leases
|
$
|
|
$
|
|
||||
Right-of-use assets obtained in exchange for new operating lease liabilities
|
$
|
|
$
|
|
||||
Lease costs:
|
||||||||
Operating lease cost
|
$
|
|
$
|
|
||||
Variable lease cost
|
$
|
|
$
|
|
(In thousands, except weighted-average information)
|
||||
Within the twelve months ended March 31,
|
||||
2024
|
$
|
|
||
2025
|
|
|||
2026
|
|
|||
2027
|
|
|||
2028
|
|
|||
Thereafter
|
|
|||
Total undiscounted cash flow
|
|
|||
Less net present value adjustment
|
(
|
)
|
||
Lease Liability
|
$
|
|
||
Weighted-average remaining lease term (Years)
|
|
|||
Weighted-average discount rate
|
|
%
|
(In thousands)
|
March 31, 2024
|
June 30, 2023
|
||||||
Unfunded loan commitments
|
$
|
|
$
|
|
||||
Unused lines of credit
|
|
|
||||||
Standby letters of credit
|
|
|
||||||
Total credit-related financial
instruments with off-balance sheet risk
|
$
|
|
$
|
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operation
|
(a) |
changes in general market interest rates,
|
(b) |
general economic conditions,
|
(c) |
legislative and regulatory changes,
|
(d) |
monetary and fiscal policies of the U.S. Treasury and the Federal Reserve,
|
(e) |
changes in the quality or composition of Greene County Bancorp, Inc.’s loan and investment portfolios,
|
(f) |
deposit flows,
|
(g) |
competition, and
|
(h) |
demand for financial services in Greene County Bancorp, Inc.’s market area.
|
March 31, 2024
|
June 30, 2023
|
|||||||||||||||
(Dollars in thousands)
|
Balance
|
Percentage of portfolio
|
Balance
|
Percentage of portfolio
|
||||||||||||
Securities available-for-sale:
|
||||||||||||||||
U.S. Government sponsored enterprises
|
$
|
10,950
|
1.0
|
%
|
$
|
10,823
|
1.1
|
%
|
||||||||
U.S. Treasury securities
|
43,133
|
4.1
|
16,500
|
1.6
|
||||||||||||
State and political subdivisions
|
170,976
|
16.4
|
138,011
|
13.7
|
||||||||||||
Mortgage-backed securities-residential
|
29,378
|
2.8
|
25,601
|
2.5
|
||||||||||||
Mortgage-backed securities-multifamily
|
72,517
|
6.9
|
72,086
|
7.2
|
||||||||||||
Corporate debt securities
|
18,565
|
1.8
|
18,112
|
1.8
|
||||||||||||
Total securities available-for-sale
|
345,519
|
33.0
|
281,133
|
27.9
|
||||||||||||
Securities held-to-maturity:
|
||||||||||||||||
U.S. treasury securities
|
33,767
|
3.2
|
33,705
|
3.4
|
||||||||||||
State and political subdivisions
|
462,598
|
44.2
|
478,756
|
47.5
|
||||||||||||
Mortgage-backed securities-residential
|
33,947
|
3.3
|
37,186
|
3.7
|
||||||||||||
Mortgage-backed securities-multifamily
|
145,234
|
13.9
|
155,046
|
15.4
|
||||||||||||
Corporate debt securities
|
24,794
|
2.4
|
21,632
|
2.1
|
||||||||||||
Other securities
|
31
|
0.0
|
38
|
0.0
|
||||||||||||
Total securities held-to-maturity
|
700,371
|
67.0
|
726,363
|
72.1
|
||||||||||||
Total securities (at carrying value)
|
$
|
1,045,890
|
100.0
|
%
|
$
|
1,007,496
|
100.0
|
%
|
March 31, 2024
|
June 30, 2023
|
|||||||||||||||
(Dollars in thousands)
|
Balance
|
Percentage of portfolio
|
Balance
|
Percentage of portfolio
|
||||||||||||
Residential real estate
|
$
|
411,555
|
27.8
|
%
|
$
|
390,944
|
27.8
|
%
|
||||||||
Commercial real estate
|
924,777
|
62.6
|
882,388
|
62.6
|
||||||||||||
Home equity
|
27,659
|
1.9
|
22,887
|
1.6
|
||||||||||||
Consumer
|
4,721
|
0.3
|
4,646
|
0.3
|
||||||||||||
Commercial loans
|
108,923
|
7.4
|
108,001
|
7.7
|
||||||||||||
Total gross loans(1)(2)
|
1,477,635
|
100.0
|
%
|
1,408,866
|
100.0
|
%
|
||||||||||
Allowance for credit losses on loans
|
(20,382
|
)
|
(21,212
|
)
|
||||||||||||
Total net loans
|
$
|
1,457,253
|
$
|
1,387,654
|
(1) |
Loan balances include net deferred fees/cost of $167 and $75,000 at March 31, 2024 and at June 30, 2023, respectively.
|
(2) |
Loan balances exclude accrued interest receivable of $6.7 million and $5.5 million at March 31, 2024 and at June 30, 2023, respectively, which is included in accrued interest receivable in the consolidated statement of financial
condition.
|
At March 31, 2024
|
||||||||
(Dollars in thousands)
|
Balance
|
Percentage of
total
|
||||||
Owner occupied:
|
||||||||
Warehouse
|
$
|
36,123
|
3.9
|
%
|
||||
Mixed use real estate
|
33,685
|
3.6
|
||||||
Retail
|
18,796
|
2.0
|
||||||
Office building
|
17,408
|
1.9
|
||||||
Firehouse
|
14,307
|
1.5
|
||||||
Other
|
50,895
|
5.6
|
||||||
Total owner occupied
|
171,214
|
18.5
|
||||||
Non-owner occupied:
|
||||||||
Apartment
|
153,994
|
16.7
|
||||||
Construction
|
115,635
|
12.5
|
||||||
Retail plaza
|
81,706
|
8.8
|
||||||
Mixed use real estate
|
79,981
|
8.6
|
||||||
Multi-family
|
68,779
|
7.4
|
||||||
Office building
|
53,576
|
5.8
|
||||||
Motel/Hotel
|
52,968
|
5.7
|
||||||
Warehouse
|
48,917
|
5.3
|
||||||
Other
|
98,007
|
10.7
|
||||||
Total non-owner occupied
|
753,563
|
81.5
|
||||||
Total commercial real estate
|
$
|
924,777
|
100.0
|
%
|
(Dollars in thousands)
|
March 31, 2024
|
June 30, 2023
|
||||||
Nonaccrual loans:
|
||||||||
Residential real estate
|
$
|
2,672
|
$
|
2,747
|
||||
Commercial real estate
|
1,664
|
1,318
|
||||||
Home equity
|
48
|
54
|
||||||
Consumer installment
|
-
|
63
|
||||||
Commercial
|
1,255
|
1,276
|
||||||
Total nonaccrual loans
|
$
|
5,639
|
$
|
5,458
|
||||
Foreclosed real estate:
|
||||||||
Commercial
|
302
|
302
|
||||||
Total foreclosed real estate
|
302
|
302
|
||||||
Total nonperforming assets
|
$
|
5,941
|
$
|
5,760
|
||||
Total nonperforming assets of total assets
|
0.21
|
%
|
0.21
|
%
|
||||
Total nonperforming loans to net loans
|
0.39
|
%
|
0.39
|
%
|
||||
Allowance for credit losses on loans to nonperforming loans
|
361.45
|
%
|
388.64
|
%
|
||||
Allowance for credit losses on loans to total loans receivable
|
1.38
|
%
|
1.51
|
%
|
(Dollars in thousands)
|
March 31, 2024
|
Percentage
of portfolio
|
June 30, 2023
|
Percentage
of portfolio
|
||||||||||||
Noninterest-bearing deposits
|
$
|
131,452
|
5.2
|
%
|
$
|
159,039
|
6.5
|
%
|
||||||||
Certificates of deposit
|
123,461
|
4.8
|
128,077
|
5.3
|
||||||||||||
Savings deposits
|
255,761
|
10.0
|
299,038
|
12.3
|
||||||||||||
Money market deposits
|
116,094
|
4.5
|
115,029
|
4.7
|
||||||||||||
NOW deposits
|
1,930,339
|
75.5
|
1,735,978
|
71.2
|
||||||||||||
Total deposits
|
$
|
2,557,107
|
100.0
|
%
|
$
|
2,437,161
|
100.0
|
%
|
(Dollars in thousands)
|
March 31, 2024
|
Percentage
of portfolio
|
June 30, 2023
|
Percentage
of portfolio
|
||||||||||||
Business deposits
|
$
|
437,241
|
17.1
|
%
|
$
|
487,477
|
20.0
|
%
|
||||||||
Retail deposits
|
838,665
|
32.8
|
856,079
|
35.1
|
||||||||||||
Municipal deposits
|
1,161,108
|
45.4
|
1,033,605
|
42.4
|
||||||||||||
Brokered deposits
|
120,093
|
4.7
|
60,000
|
2.5
|
||||||||||||
Total deposits
|
$
|
2,557,107
|
100.0
|
%
|
$
|
2,437,161
|
100.0
|
%
|
(Dollars in thousands)
|
At March 31, 2024
|
|||
Uninsured deposits, per regulatory requirements
|
$
|
1,360,126
|
||
Less: Affiliate deposits
|
(29,606
|
)
|
||
Collateralized deposits
|
(1,060,931
|
)
|
||
Uninsured deposits, after exclusions
|
$
|
269,588
|
||
Immediately available liquidity(1)
|
$
|
425,797
|
||
Uninsured deposits coverage
|
157.9
|
%
|
(1)
|
Reflects $255.8 million of cash and cash equivalents, $149.7 million and $20.3 million of remaining borrowing capacity from the Federal Home Loan Bank and the Federal Reserve Bank, as of March 31, 2024.
|
Selected Equity Data:
|
||||||||
At March 31, 2024
|
At June 30, 2023
|
|||||||
Shareholders’ equity to total assets, at end of period
|
6.94
|
%
|
6.79
|
%
|
||||
Book value per share
|
$
|
11.70
|
$
|
10.76
|
||||
Closing market price of common stock
|
$
|
28.79
|
$
|
29.80
|
||||
For the nine months ended March 31,
|
||||||||
2024
|
2023
|
|||||||
Average shareholders’ equity to average assets
|
7.16
|
%
|
6.48
|
%
|
||||
Dividend payout ratio1
|
22.64
|
%
|
14.69
|
%
|
||||
Actual dividends paid to net income2
|
14.50
|
%
|
6.76
|
%
|
Three months ended March 31,
|
||||||||||||||||||||||||
2024
|
2023
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Average
Outstanding
balance
|
Interest
earned /
paid
|
Average yield /
rate
|
Average
Outstanding
balance
|
Interest
earned /
paid
|
Average
yield /
rate
|
||||||||||||||||||
Interest-earning Assets:
|
||||||||||||||||||||||||
Loans receivable, net1
|
$
|
1,467,100
|
$
|
18,063
|
4.92
|
%
|
$
|
1,400,351
|
$
|
15,676
|
4.48
|
%
|
||||||||||||
Securities non-taxable
|
629,287
|
4,426
|
2.81
|
671,917
|
3,836
|
2.28
|
||||||||||||||||||
Securities taxable
|
414,311
|
2,682
|
2.59
|
405,648
|
2,091
|
2.06
|
||||||||||||||||||
Interest-bearing bank balances and federal funds
|
70,437
|
841
|
4.78
|
21,126
|
277
|
5.24
|
||||||||||||||||||
FHLB stock
|
2,136
|
59
|
11.05
|
3,760
|
53
|
5.64
|
||||||||||||||||||
Total interest-earning assets
|
2,583,271
|
26,071
|
4.04
|
%
|
2,502,802
|
21,933
|
3.51
|
%
|
||||||||||||||||
Cash and due from banks
|
14,300
|
14,566
|
||||||||||||||||||||||
Allowance for credit losses on loans
|
(20,392
|
)
|
(21,572
|
)
|
||||||||||||||||||||
Allowance for credit losses on securities held-to-maturity
|
(486
|
)
|
-
|
|||||||||||||||||||||
Other noninterest-earning assets
|
101,311
|
96,057
|
||||||||||||||||||||||
Total assets
|
$
|
2,678,004
|
$
|
2,591,853
|
||||||||||||||||||||
Interest-Bearing Liabilities:
|
||||||||||||||||||||||||
Savings and money market deposits
|
$
|
362,939
|
$
|
422
|
0.47
|
%
|
$
|
458,036
|
$
|
233
|
0.20
|
%
|
||||||||||||
NOW deposits
|
1,748,528
|
11,225
|
2.57
|
1,614,497
|
5,058
|
1.25
|
||||||||||||||||||
Certificates of deposit
|
124,542
|
1,297
|
4.17
|
51,308
|
268
|
2.09
|
||||||||||||||||||
Borrowings
|
80,730
|
832
|
4.12
|
103,373
|
1,148
|
4.44
|
||||||||||||||||||
Total interest-bearing liabilities
|
2,316,739
|
13,776
|
2.38
|
%
|
2,227,214
|
6,707
|
1.20
|
%
|
||||||||||||||||
Noninterest-bearing deposits
|
134,675
|
165,208
|
||||||||||||||||||||||
Other noninterest-bearing liabilities
|
29,847
|
25,485
|
||||||||||||||||||||||
Shareholders' equity
|
196,743
|
173,946
|
||||||||||||||||||||||
Total liabilities and equity
|
$
|
2,678,004
|
$
|
2,591,853
|
||||||||||||||||||||
Net interest income
|
$
|
12,295
|
$
|
15,226
|
||||||||||||||||||||
Net interest rate spread
|
1.66
|
%
|
2.31
|
%
|
||||||||||||||||||||
Net earnings assets
|
$
|
266,532
|
$
|
275,588
|
||||||||||||||||||||
Net interest margin
|
1.90
|
%
|
2.43
|
%
|
||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
111.50
|
% |
112.37
|
% |
Taxable-equivalent net interest income and net interest margin
|
For the three months ended
March 31,
|
|||||||
(Dollars in thousands)
|
2024
|
2023
|
||||||
Net interest income (GAAP)
|
$
|
12,295
|
$
|
15,226
|
||||
Tax-equivalent adjustment(1)
|
1,897
|
1,400
|
||||||
Net interest income (fully taxable-equivalent)
|
$
|
14,192
|
$
|
16,626
|
||||
Average interest-earning assets
|
$
|
2,583,271
|
$
|
2,502,802
|
||||
Net interest margin (fully taxable-equivalent)
|
2.20
|
%
|
2.66
|
%
|
Nine months ended March 31,
|
||||||||||||||||||||||||
2024
|
2023
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Average
Outstanding
balance
|
Interest
earned /
paid
|
Average
yield /
rate
|
Average
Outstanding
balance
|
Interest
earned /
paid
|
Average
yield /
rate
|
||||||||||||||||||
Interest-earning Assets:
|
||||||||||||||||||||||||
Loans receivable, net1
|
$
|
1,448,636
|
$
|
53,044
|
4.88
|
%
|
$
|
1,360,446
|
$
|
43,859
|
4.30
|
%
|
||||||||||||
Securities non-taxable
|
631,016
|
13,050
|
2.76
|
684,541
|
10,417
|
2.03
|
||||||||||||||||||
Securities taxable
|
400,432
|
7,235
|
2.41
|
415,768
|
6,209
|
1.99
|
||||||||||||||||||
Interest-bearing bank balances and federal funds
|
74,168
|
2,862
|
5.15
|
15,892
|
473
|
3.97
|
||||||||||||||||||
FHLB stock
|
2,189
|
145
|
8.83
|
3,272
|
143
|
5.83
|
||||||||||||||||||
Total interest-earning assets
|
2,556,441
|
76,336
|
3.98
|
%
|
2,479,919
|
61,101
|
3.29
|
%
|
||||||||||||||||
Cash and due from banks
|
12,673
|
13,077
|
||||||||||||||||||||||
Allowance for credit losses on loans
|
(20,207
|
)
|
(22,334
|
)
|
||||||||||||||||||||
Allowance for credit losses on securities held-to-maturity
|
(492
|
)
|
-
|
|||||||||||||||||||||
Other noninterest-earning assets
|
99,956
|
93,941
|
||||||||||||||||||||||
Total assets
|
$
|
2,648,371
|
$
|
2,564,603
|
||||||||||||||||||||
Interest-Bearing Liabilities:
|
||||||||||||||||||||||||
Savings and money market deposits
|
$
|
376,317
|
$
|
1,004
|
0.36
|
%
|
$
|
478,274
|
$
|
642
|
0.18
|
%
|
||||||||||||
NOW deposits
|
1,730,371
|
31,876
|
2.46
|
1,565,536
|
9,846
|
0.84
|
||||||||||||||||||
Certificates of deposit
|
109,333
|
3,229
|
3.94
|
61,194
|
819
|
1.78
|
||||||||||||||||||
Borrowings
|
67,729
|
2,105
|
4.14
|
93,112
|
2,811
|
4.03
|
||||||||||||||||||
Total interest-bearing liabilities
|
2,283,750
|
38,214
|
2.23
|
%
|
2,198,116
|
14,118
|
0.86
|
%
|
||||||||||||||||
Noninterest-bearing deposits
|
145,824
|
175,009
|
||||||||||||||||||||||
Other noninterest-bearing liabilities
|
29,231
|
25,253
|
||||||||||||||||||||||
Shareholders' equity
|
189,566
|
166,225
|
||||||||||||||||||||||
Total liabilities and equity
|
$
|
2,648,371
|
$
|
2,564,603
|
||||||||||||||||||||
Net interest income
|
$
|
38,122
|
$
|
46,983
|
||||||||||||||||||||
Net interest rate spread
|
1.75
|
%
|
2.43
|
%
|
||||||||||||||||||||
Net earnings assets
|
$
|
272,691
|
$
|
281,803
|
||||||||||||||||||||
Net interest margin
|
1.99
|
%
|
2.53
|
%
|
||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
111.94
|
% |
112.82
|
% |
Taxable-equivalent net interest income and net interest margin
|
For the nine months ended March 31,
|
|||||||
(Dollars in thousands)
|
2024
|
2023
|
||||||
Net interest income (GAAP)
|
$
|
38,122
|
$
|
46,983
|
||||
Tax-equivalent adjustment(1)
|
5,051
|
3,808
|
||||||
Net interest income (fully taxable-equivalent)
|
$
|
43,173
|
$
|
50,791
|
||||
Average interest-earning assets
|
$
|
2,556,441
|
$
|
2,479,919
|
||||
Net interest margin (fully taxable-equivalent)
|
2.25
|
%
|
2.73
|
%
|
(i) |
Change attributable to changes in volume (changes in volume multiplied by prior rate);
|
(ii) |
Change attributable to changes in rate (changes in rate multiplied by prior volume); and
|
(iii) |
The net change.
|
Three months ended March 31,
2024 versus 2023
|
Nine months ended March 31,
2024 versus 2023
|
|||||||||||||||||||||||
Increase/(decrease)
Due to
|
Total
Increase/
|
Increase/(decrease)
Due to
|
Total
Increase/
|
|||||||||||||||||||||
(Dollars in thousands)
|
Volume
|
Rate
|
(decrease)
|
Volume
|
Rate
|
(decrease)
|
||||||||||||||||||
Interest Earning Assets:
|
||||||||||||||||||||||||
Loans receivable, net1
|
$
|
780
|
$
|
1,607
|
$
|
2,387
|
$
|
2,981
|
$
|
6,204
|
$
|
9,185
|
||||||||||||
Securities non-taxable
|
(255
|
)
|
845
|
590
|
(868
|
)
|
3,501
|
2,633
|
||||||||||||||||
Securities taxable
|
45
|
546
|
591
|
(237
|
)
|
1,263
|
1,026
|
|||||||||||||||||
Interest-bearing bank balances and federal funds
|
590
|
(26
|
)
|
564
|
2,210
|
179
|
2,389
|
|||||||||||||||||
FHLB stock
|
(30
|
)
|
36
|
6
|
(57
|
)
|
59
|
2
|
||||||||||||||||
Total interest-earning assets
|
1,130
|
3,008
|
4,138
|
4,029
|
11,206
|
15,235
|
||||||||||||||||||
Interest-Bearing Liabilities:
|
||||||||||||||||||||||||
Savings and money market deposits
|
(57
|
)
|
246
|
189
|
(163
|
)
|
525
|
362
|
||||||||||||||||
NOW deposits
|
449
|
5,718
|
6,167
|
1,140
|
20,890
|
22,030
|
||||||||||||||||||
Certificates of deposit
|
606
|
423
|
1,029
|
948
|
1,462
|
2,410
|
||||||||||||||||||
Borrowings
|
(238
|
)
|
(78
|
)
|
(316
|
)
|
(781
|
)
|
75
|
(706
|
)
|
|||||||||||||
Total interest-bearing liabilities
|
760
|
6,309
|
7,069
|
1,144
|
22,952
|
24,096
|
||||||||||||||||||
Net change in net interest income
|
$
|
370
|
$
|
(3,301
|
)
|
$
|
(2,931
|
)
|
$
|
2,885
|
$
|
(11,746
|
)
|
$
|
(8,861
|
)
|
(In thousands)
|
For the three months
ended March 31,
|
Change from prior year
|
For the nine months
ended March 31,
|
Change from prior year
|
||||||||||||||||||||||||||||
Noninterest income:
|
2024
|
2023
|
Amount
|
Percent
|
2024
|
2023
|
Amount
|
Percent
|
||||||||||||||||||||||||
Service charges on deposit accounts
|
$
|
1,011
|
$
|
1,132
|
$
|
(121
|
)
|
(10.69
|
)%
|
$
|
3,468
|
$
|
3,583
|
$
|
(115
|
)
|
(3.21
|
)%
|
||||||||||||||
Debit card fees
|
1,120
|
1,082
|
38
|
3.51
|
3,373
|
3,362
|
11
|
0.33
|
||||||||||||||||||||||||
Investment services
|
265
|
213
|
52
|
24.41
|
714
|
591
|
123
|
20.81
|
||||||||||||||||||||||||
E-commerce fees
|
24
|
26
|
(2
|
)
|
(7.69
|
)
|
83
|
81
|
2
|
2.47
|
||||||||||||||||||||||
Bank-owned life insurance
|
615
|
340
|
275
|
80.88
|
1,551
|
1,020
|
531
|
52.06
|
||||||||||||||||||||||||
Net loss on available-for-sale securities
|
-
|
-
|
-
|
-
|
|
-
|
(251
|
)
|
251
|
(100.00
|
)
|
|||||||||||||||||||||
Other operating income
|
377
|
266
|
111
|
41.73
|
1,000
|
666
|
334
|
50.15
|
||||||||||||||||||||||||
Total noninterest income
|
$
|
3,412
|
$
|
3,059
|
$
|
353
|
11.54
|
%
|
$
|
10,189
|
$
|
9,052
|
$
|
1,137
|
12.56
|
%
|
(In thousands)
|
For the three months
ended March 31,
|
Change from prior year
|
For the nine months
ended March 31,
|
Change from prior year
|
||||||||||||||||||||||||||||
Noninterest expense:
|
2024
|
2023
|
Amount
|
Percent
|
2024
|
2023
|
Amount
|
Percent
|
||||||||||||||||||||||||
Salaries and employee benefits
|
$
|
6,102
|
$
|
6,193
|
$
|
(91
|
)
|
(1.47
|
)%
|
$
|
17,247
|
$
|
17,070
|
$
|
177
|
1.04
|
%
|
|||||||||||||||
Occupancy expense
|
688
|
617
|
71
|
11.51
|
1,818
|
1,654
|
164
|
9.92
|
||||||||||||||||||||||||
Equipment and furniture expense
|
151
|
150
|
1
|
0.67
|
527
|
529
|
(2
|
)
|
(0.38
|
)
|
||||||||||||||||||||||
Service and data processing fees
|
661
|
674
|
(13
|
)
|
(1.93
|
)
|
1,866
|
2,040
|
(174
|
)
|
(8.53
|
)
|
||||||||||||||||||||
Computer software, supplies and support
|
319
|
407
|
(88
|
)
|
(21.62
|
)
|
1,301
|
1,157
|
144
|
12.45
|
||||||||||||||||||||||
Advertising and promotion
|
122
|
115
|
7
|
6.09
|
321
|
336
|
(15
|
)
|
(4.46
|
)
|
||||||||||||||||||||||
FDIC insurance premiums
|
326
|
191
|
135
|
70.68
|
952
|
638
|
314
|
49.22
|
||||||||||||||||||||||||
Legal and professional fees
|
319
|
507
|
(188
|
)
|
(37.08
|
)
|
1,119
|
2,655
|
(1,536
|
)
|
(57.85
|
)
|
||||||||||||||||||||
Other
|
546
|
1,002
|
(456
|
)
|
(45.51
|
)
|
2,254
|
2,525
|
(271
|
)
|
(10.73
|
)
|
||||||||||||||||||||
Total noninterest expense
|
$
|
9,234
|
$
|
9,856
|
$
|
(622
|
)
|
(6.31
|
)%
|
$
|
27,405
|
$
|
28,604
|
$
|
(1,199
|
)
|
(4.19
|
)%
|
Cash equivalents/(deposits plus short term borrowings)
|
9.86
|
%
|
||
(Cash equivalents plus unpledged securities)/(deposits plus short term borrowings)
|
10.99
|
%
|
||
(Cash equivalents plus unpledged securities plus additional borrowing capacity)/(deposits plus short term borrowings)
|
21.02
|
%
|
(In thousands)
|
||||
Unfunded loan commitments
|
$
|
108,186
|
||
Unused lines of credit
|
94,768
|
|||
Standby letters of credit
|
429
|
|||
Total commitments
|
$
|
203,383
|
To be well
|
||||||||||||||||||||||||||||||||
For capital
|
capitalized under
|
|||||||||||||||||||||||||||||||
adequacy
|
prompt corrective
|
Capital conservation
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Actual
|
purposes
|
action provisions
|
buffer
|
||||||||||||||||||||||||||||
The Bank of Greene County
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Actual
|
Required
|
||||||||||||||||||||||||
As of March 31, 2024:
|
||||||||||||||||||||||||||||||||
Total risk-based capital
|
$
|
274,001
|
17.3
|
%
|
$
|
126,672
|
8.0
|
%
|
$
|
158,340
|
10.0
|
%
|
9.31
|
%
|
2.50
|
%
|
||||||||||||||||
Tier 1 risk-based capital
|
254,180
|
16.1
|
95,004
|
6.0
|
126,672
|
8.0
|
10.05
|
2.50
|
||||||||||||||||||||||||
Common equity tier 1 capital
|
254,180
|
16.1
|
71,253
|
4.5
|
102,921
|
6.5
|
11.55
|
2.50
|
||||||||||||||||||||||||
Tier 1 leverage ratio
|
254,180
|
9.4
|
108,168
|
4.0
|
135,210
|
5.0
|
5.40
|
2.50
|
||||||||||||||||||||||||
As of June 30, 2023:
|
||||||||||||||||||||||||||||||||
Total risk-based capital
|
$
|
249,165
|
16.5
|
%
|
$
|
121,020
|
8.0
|
%
|
$
|
151,275
|
10.0
|
%
|
8.47
|
%
|
2.50
|
%
|
||||||||||||||||
Tier 1 risk-based capital
|
230,228
|
15.2
|
90,765
|
6.0
|
121,020
|
8.0
|
9.22
|
2.50
|
||||||||||||||||||||||||
Common equity tier 1 capital
|
230,228
|
15.2
|
68,074
|
4.5
|
98,328
|
6.5
|
10.72
|
2.50
|
||||||||||||||||||||||||
Tier 1 leverage ratio
|
230,228
|
8.7
|
106,141
|
4.0
|
132,676
|
5.0
|
4.68
|
2.50
|
Greene County Commercial Bank
|
||||||||||||||||||||||||||||||||
As of March 31, 2024:
|
||||||||||||||||||||||||||||||||
Total risk-based capital
|
$
|
108,599
|
44.6
|
%
|
$
|
19,488
|
8.0
|
%
|
$
|
24,360
|
10.0
|
%
|
36.58
|
%
|
2.50
|
%
|
||||||||||||||||
Tier 1 risk-based capital
|
108,599
|
44.6
|
14,616
|
6.0
|
19,488
|
8.0
|
38.58
|
2.50
|
||||||||||||||||||||||||
Common equity tier 1 capital
|
108,599
|
44.6
|
10,962
|
4.5
|
15,834
|
6.5
|
40.08
|
2.50
|
||||||||||||||||||||||||
Tier 1 leverage ratio
|
108,599
|
8.9
|
48,571
|
4.0
|
60,714
|
5.0
|
4.94
|
2.50
|
||||||||||||||||||||||||
As of June 30, 2023:
|
||||||||||||||||||||||||||||||||
Total risk-based capital
|
$
|
104,781
|
46.6
|
%
|
$
|
17,975
|
8.0
|
%
|
$
|
22,469
|
10.0
|
%
|
38.63
|
%
|
2.50
|
%
|
||||||||||||||||
Tier 1 risk-based capital
|
104,781
|
46.6
|
13,481
|
6.0
|
17,975
|
8.0
|
40.63
|
2.50
|
||||||||||||||||||||||||
Common equity tier 1 capital
|
104,781
|
46.6
|
10,111
|
4.5
|
14,605
|
6.5
|
42.13
|
2.50
|
||||||||||||||||||||||||
Tier 1 leverage ratio
|
104,781
|
9.1
|
45,958
|
4.0
|
57,447
|
5.0
|
5.12
|
2.50
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. |
Controls and Procedures
|
Part II. |
Other Information
|
Item 1. |
Legal Proceedings
|
Item 1A. |
Risk Factors
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
|
a) |
Not applicable
|
b) |
Not applicable
|
c) |
On September 17, 2019, the Board of Directors of the Company adopted a stock repurchase program. Under the repurchase program, the Company is authorized to repurchase up to 400,000 shares of its common stock. Repurchases will be made at
management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock,
alternative uses for capital, and the Company’s financial performance. There were no additional share repurchases during the quarter ended March 31, 2024.
|
Item 3. |
Defaults Upon Senior Securities
|
Item 4. |
Mine Safety Disclosures
|
Item 5. |
Other Information
|
Item 6. |
Exhibits
|
Exhibits
|
|
31.1 |
Certification of Chief Executive Officer, adopted pursuant to Rule 13a-14(a)/15d-14(a)
|
Certification of Chief Financial Officer, adopted pursuant to Rule 13a-14(a)/15d-14(a)
|
|
Statement of Chief Executive Officer, furnished pursuant to U.S.C. Section 1350
|
|
Statement of Chief Financial Officer, furnished pursuant to U.S.C. Section 1350
|
|
101
|
The following materials from Greene County Bancorp, Inc. Form 10-Q for the quarter ended March 31, 2024, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated Statements
of Financial Condition, (ii) the Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Shareholders’ Equity, (v) Consolidated Statements of Cash Flows and (iv)
Notes to Consolidated Financial Statements, (detail tagged).
|
104
|
Cover Page Integrative Data File (formatted in iXBRL and included in exhibit 101).
|
Greene County Bancorp, Inc.
|
|
Date:May 10, 2024
|
|
By:/s/ Donald E. Gibson
|
|
Donald E. Gibson
|
|
President and Chief Executive Officer
|
Date:May 10, 2024
|
|
By:/s/ Michelle M. Plummer
|
|
Michelle M. Plummer, CPA, CGMA
|
|
Senior Executive Vice President, Chief Financial Officer, and Chief Operating Officer
|