|
|
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(I.R.S. Employer Identification No.)
|
|
|
|
(Address of Principal Executive Office)
|
(Zip Code)
|
Title of class
|
Trading symbol
|
Name of exchange on which registered
|
|
|
The
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
|
|
Smaller reporting company
|
|
Emerging growth company
|
Index
|
|||||
Part I
|
|||||
Item 1.
|
4-21
|
||||
Item 1A.
|
21
|
||||
Item 1B.
|
21
|
||||
Item 1C. |
Cybersecurity |
21 |
|||
Item 2.
|
23
|
||||
Item 3.
|
23
|
||||
Item 4.
|
23
|
||||
Part II
|
|||||
Item 5.
|
23
|
||||
Item 6.
|
24
|
||||
Item 7.
|
24-47
|
||||
Item 7A.
|
47-49
|
||||
Item 8.
|
50
|
||||
Report of Independent
Registered PublicAccounting Firm (Bonadio LLP, Pittsford, New York, PCID: ) |
51-53 |
||||
Item 9.
|
97
|
||||
Item 9A.
|
97 | ||||
Item 9B.
|
97 | ||||
Item 9C.
|
97 |
||||
Part III
|
|||||
Item 10.
|
97 | ||||
Item 11.
|
97 | ||||
Item 12.
|
97 | ||||
Item 13.
|
97 | ||||
Item 14.
|
97 | ||||
Part IV
|
|||||
Item 15.
|
98-99
|
||||
Item 16.
|
99 | ||||
100 |
ITEM 1. |
Business
|
Greene County Bancorp, Inc. and Subsidiaries
|
||||||||||||||||
(In thousands)
|
||||||||||||||||
Balance sheet data as of June 30, 2024:
|
Assets
|
Deposits
|
Borrowings
|
Equity
|
||||||||||||
Greene County Bancorp, Inc. (consolidated)
|
$
|
2,825,788
|
$
|
2,389,222
|
$
|
199,137
|
$
|
206,000
|
||||||||
The Bank of Greene County (consolidated)
|
2,824,607
|
2,411,691
|
149,456
|
233,757
|
||||||||||||
Greene County Commercial Bank
|
1,091,800
|
1,044,336
|
-
|
96,954
|
||||||||||||
Greene Property Holdings, Ltd.
|
687,879
|
-
|
-
|
687,879
|
• |
the total capital distributions for the applicable calendar year exceed the sum of the association’s net income for that year to date plus the association’s retained net income for the preceding two years;
|
• |
the association would not be at least adequately capitalized following the distribution;
|
• |
the distribution would violate any applicable statute, regulation, agreement or OCC-imposed condition; or
|
• |
the association is not eligible for expedited treatment of its filings.
|
• |
the association would be undercapitalized following the distribution;
|
• |
the proposed capital distribution raises safety and soundness concerns; or
|
• |
the capital distribution would violate a prohibition contained in any statute, regulation or agreement.
|
• |
Interest and other charges collected or contracted for by the Bank are subject to state usury laws and federal laws concerning interest rates. The Bank’s operations are also subject to federal consumer financial statutes and the
regulations promulgated thereunder including, but not limited to: Truth-In-Lending Act, governing disclosures of credit terms to consumer borrowers;
|
• |
Home Ownership and Equity Protection Act, governing consumers from predatory mortgage lending;
|
• |
Home Mortgage Disclosure Act (“HMDA”), requiring financial institutions to make available to the public expanded information regarding the pricing of home mortgage loans, including the “rate spread” between the annual percentage rate and
the average prime offer rate for mortgage loans of a comparable type;
|
• |
Equal Credit Opportunity Act (“ECOA”), prohibiting discrimination in connection with the extension of credit;
|
• |
Fair Credit Reporting Act (“FCRA”), governing the use and provision of consumer information to credit reporting agencies;
|
• |
Fair Debt Collection Act, governing the manner in which consumer debts may be collected by collection agencies;
|
• |
Truth in Savings Act; and
|
• |
rules and regulations of the various federal agencies charged with the responsibility of implementing such federal laws.
|
• |
Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records;
|
• |
Electronic Funds Transfer Act and Regulation E promulgated thereunder, which govern automatic deposits to and withdrawals from deposit accounts and customers’ rights and liabilities arising from the use of automated teller machines and
other electronic banking services;
|
• |
Check Clearing for the 21st Century Act (also known as “Check 21”), which gives “substitute checks,” such
as digital check images and copies made from that image, the same legal standing as the original paper check;
|
• |
The USA PATRIOT Act, which requires financial institutions to, among other things, establish broadened anti-money laundering compliance programs, and due diligence policies and controls to ensure the detection and reporting of money
laundering. Such required compliance programs are intended to supplement existing compliance requirements that also apply to financial institutions under the Bank Secrecy Act (“BSA”), and the Office of Foreign Assets Control (“OFAC”),
regulations;
|
• |
FCRA’s Red Flags Rule requires financial institutions with covered accounts to develop, implement and administer an identity theft prevention program. This program must include reasonable policies and procedures to detect suspicious
patterns or practices that indicate the possibility of identity theft, such as inconsistencies in personal information or changes in account activity;
|
• |
The Gramm-Leach-Bliley Act, which places limitations on the sharing of consumer financial information by financial institutions with unaffiliated third parties. Specifically, the Gramm-Leach-Bliley Act requires all financial institutions
offering financial products or services to retail customers to provide such customers with the financial institution’s privacy policy and provide such customers the opportunity to “opt out” of the sharing of certain personal financial
information with unaffiliated third parties.
|
ITEM 1A. |
Risk Factors
|
ITEM 1B. |
Unresolved Staff Comments
|
ITEM 1C. |
Cybersecurity
|
• |
Current cybersecurity landscape and emerging threats;
|
• |
Status of ongoing cybersecurity initiatives and strategies;
|
• |
Incident reports and issues identified from any cybersecurity events; and
|
• |
Compliance with regulatory requirements and industry standards.
|
ITEM 2. |
Properties
|
ITEM 3. |
Legal Proceedings
|
ITEM 4. |
Mine Safety Disclosures
|
ITEM 5. |
Market for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
ITEM 6. |
[Reserved]
|
ITEM 7. |
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
(a) |
changes in general market general interest rates,
|
(b) |
changes in general economic conditions,
|
(c) |
credit risk,
|
(d) |
continued period of high inflation could adversely impact customers,
|
(e) |
cybersecurity risks,
|
(f) |
bank failures,
|
(g) |
changes in general business and economic trends,
|
(h) |
legislative and regulatory changes,
|
(i) |
monetary and fiscal policies of the U.S. Treasury and the Federal Reserve,
|
(j) |
changes in the quality or composition of Greene County Bancorp, Inc.’s loan and investment portfolios,
|
(k) |
deposit flows,
|
(l) |
competition, and
|
(m) |
demand for financial services in Greene County Bancorp, Inc.’s market area.
|
At or for the years ended June 30,
|
||||||||||||
(Dollars in thousands, except per share amounts)
|
2024
|
2023
|
2022
|
|||||||||
SELECTED FINANCIAL CONDITION DATA:
|
||||||||||||
Total assets
|
$
|
2,825,788
|
$
|
2,698,283
|
$
|
2,571,740
|
||||||
Loans receivable, net of allowance for credit loss on loans
|
1,480,229
|
1,387,654
|
1,229,355
|
|||||||||
Securities available-for-sale, at fair value
|
350,001
|
281,133
|
408,062
|
|||||||||
Securities held-to-maturity, at amortized cost, net of
allowance for credit losses of $483 at June 30, 2024(9)
|
690,354
|
726,363
|
761,852
|
|||||||||
Equity securities
|
328
|
306
|
273
|
|||||||||
Deposits
|
2,389,222
|
2,437,161
|
2,212,604
|
|||||||||
Borrowings
|
149,456
|
-
|
123,700
|
|||||||||
Shareholders' equity
|
206,000
|
183,283
|
157,714
|
|||||||||
AVERAGE BALANCES:
|
||||||||||||
Total assets
|
2,660,947
|
2,580,849
|
2,366,070
|
|||||||||
Interest-earning assets
|
2,568,756
|
2,495,653
|
2,291,448
|
|||||||||
Loans receivable, net of allowance for credit loss on loans
|
1,435,122
|
1,349,538
|
1,123,201
|
|||||||||
Securities, net of allowance for credit loss on securities
|
1,037,023
|
1,086,294
|
1,066,189
|
|||||||||
Deposits
|
2,366,053
|
2,302,167
|
2,134,584
|
|||||||||
Borrowings
|
72,726
|
82,816
|
51,193
|
|||||||||
Shareholders' equity
|
192,515
|
169,837
|
156,098
|
|||||||||
SELECTED OPERATIONS DATA:
|
||||||||||||
Total interest income
|
103,664
|
84,625
|
63,444
|
|||||||||
Total interest expense
|
52,685
|
23,407
|
5,439
|
|||||||||
Net interest income
|
50,979
|
61,218
|
58,005
|
|||||||||
Provision (benefit) for credit losses(9)
|
766
|
(1,071
|
)
|
3,278
|
||||||||
Net interest income after provision for credit losses(9)
|
50,213
|
62,289
|
54,727
|
|||||||||
Total noninterest income
|
13,908
|
12,146
|
12,137
|
|||||||||
Total noninterest expense
|
37,302
|
38,608
|
33,959
|
|||||||||
Income before provision for income taxes
|
26,819
|
35,827
|
32,905
|
|||||||||
Provision for income taxes
|
2,050
|
5,042
|
4,919
|
|||||||||
Net income
|
24,769
|
30,785
|
27,986
|
|||||||||
FINANCIAL RATIOS:
|
||||||||||||
Return on average assets(1)
|
0.93
|
%
|
1.19
|
%
|
1.18
|
%
|
||||||
Return on average shareholders’ equity(2)
|
12.87
|
18.13
|
17.93
|
|||||||||
Noninterest expenses to average total assets
|
1.40
|
1.50
|
1.44
|
|||||||||
Average interest-earning assets to average interest-bearing liabilities
|
111.77
|
112.73
|
114.57
|
|||||||||
Net interest rate spread(3)
|
1.75
|
2.33
|
2.50
|
|||||||||
Net interest margin(4)
|
1.98
|
2.45
|
2.53
|
|||||||||
Efficiency ratio(5)
|
57.49
|
52.63
|
48.41
|
|||||||||
Shareholders’ equity to total assets, at end of period
|
7.29
|
6.79
|
6.13
|
|||||||||
Average shareholders’ equity to average assets
|
7.23
|
6.58
|
6.60
|
|||||||||
Dividend payout ratio(6)
|
22.07
|
15.47
|
15.85
|
|||||||||
Actual dividends declared to net income(7)
|
13.08
|
7.12
|
9.41
|
|||||||||
Non-performing assets to total assets, at end of period
|
0.13
|
0.21
|
0.25
|
|||||||||
Non-performing loans to net loans, at end of period
|
0.25
|
0.39
|
0.51
|
|||||||||
Allowance for credit losses on loans to non-performing loans(9)
|
516.20
|
388.64
|
360.31
|
|||||||||
Allowance for credit losses on loans to total loans receivable(9)
|
1.28
|
1.51
|
1.82
|
|||||||||
Book value per share(8)
|
$
|
12.10
|
$
|
10.76
|
$
|
9.26
|
||||||
Basic earnings per share
|
1.45
|
1.81
|
1.64
|
|||||||||
Diluted earnings per share
|
1.45
|
1.81
|
1.64
|
|||||||||
OTHER DATA:
|
||||||||||||
Closing market price of common stock
|
$
|
33.71
|
$
|
29.80
|
$
|
22.65
|
||||||
Number of full-service offices
|
18
|
18
|
17
|
|||||||||
Number of full-time equivalent employees
|
200
|
206
|
198
|
(Dollars in thousands)
|
1 Year or less
|
1-5 Years
|
5-10 Years
|
After 10 Years
|
Total
|
|||||||||||||||||||||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities
|
$
|
24,789
|
5.40
|
%
|
$
|
18,235
|
1.22
|
%
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
43,024
|
3.63
|
%
|
||||||||||||||||||||||
U.S. government sponsored enterprises
|
-
|
-
|
4,129
|
1.30
|
%
|
8,913
|
1.31
|
%
|
-
|
-
|
13,042
|
1.31
|
%
|
|||||||||||||||||||||||||||
State and political subdivisions
|
169,800
|
4.36
|
%
|
42
|
1.89
|
%
|
-
|
-
|
-
|
-
|
169,842
|
4.36
|
%
|
|||||||||||||||||||||||||||
MBS-residential
|
-
|
-
|
226
|
2.69
|
%
|
1,862
|
2.52
|
%
|
38,314
|
3.39
|
%
|
40,402
|
3.35
|
%
|
||||||||||||||||||||||||||
MBS-multi-family
|
-
|
-
|
9,914
|
2.34
|
%
|
50,713
|
1.74
|
%
|
29,634
|
1.85
|
%
|
90,261
|
1.84
|
%
|
||||||||||||||||||||||||||
Corporate debt securities
|
1,250
|
2.83
|
%
|
16,858
|
3.10
|
%
|
-
|
-
|
1,500
|
3.03
|
%
|
19,608
|
3.08
|
%
|
||||||||||||||||||||||||||
Total securities available-for-sale
|
$
|
195,839
|
4.48
|
%
|
$
|
49,404
|
2.10
|
%
|
$
|
61,488
|
1.70
|
%
|
$
|
69,448
|
2.72
|
%
|
$
|
376,179
|
3.39
|
%
|
||||||||||||||||||||
Securities held-to-maturity:
|
||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities
|
$
|
7,987
|
2.11
|
%
|
$
|
15,798
|
1.37
|
%
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
23,785
|
1.62
|
%
|
||||||||||||||||||||||
State and political subdivisions
|
48,995
|
2.35
|
%
|
137,633
|
2.50
|
%
|
149,383
|
2.26
|
%
|
114,332
|
2.36
|
%
|
450,343
|
2.37
|
%
|
|||||||||||||||||||||||||
MBS-residential
|
-
|
-
|
198
|
3.26
|
%
|
188
|
3.50
|
%
|
47,647
|
3.60
|
%
|
48,033
|
3.60
|
%
|
||||||||||||||||||||||||||
MBS-multi-family
|
9,314
|
3.19
|
%
|
53,260
|
2.53
|
%
|
76,770
|
2.08
|
%
|
4,019
|
2.25
|
%
|
143,363
|
2.33
|
%
|
|||||||||||||||||||||||||
Corporate debt securities
|
-
|
-
|
3,000
|
7.24
|
%
|
21,782
|
5.11
|
%
|
500
|
7.08
|
%
|
25,282
|
5.40
|
%
|
||||||||||||||||||||||||||
Other securities
|
10
|
8.27
|
%
|
-
|
-
|
2
|
3.96
|
%
|
19
|
4.58
|
%
|
31
|
5.74
|
%
|
||||||||||||||||||||||||||
Total securities held-to-maturity
|
$
|
66,306
|
1.95
|
%
|
$
|
209,889
|
1.96
|
%
|
$
|
248,125
|
2.06
|
%
|
$
|
166,517
|
2.17
|
%
|
$
|
690,837
|
2.05
|
%
|
June 30, 2024
|
||||||||
(Dollars in thousands)
|
Amount
|
Percent
|
||||||
Residential real estate
|
$
|
417,589
|
27.85
|
%
|
||||
Commercial real estate
|
936,640
|
62.46
|
||||||
Home equity
|
29,166
|
1.95
|
||||||
Consumer
|
4,771
|
0.32
|
||||||
Commercial
|
111,307
|
7.42
|
||||||
Total gross loans (1)(2)
|
$
|
1,499,473
|
100.00
|
%
|
(1) |
Loan balances include net deferred fees/cost of ($42,000) at June 30, 2024.
|
(2) |
Loan balances exclude accrued interest receivable of $6.2 million at June 30, 2024, which is included in accrued interest receivable in the consolidated statement of financial condition.
|
At June 30,
|
||||||||||||||||||||||||||||||||
2023
|
2022
|
2021
|
2020
|
|||||||||||||||||||||||||||||
(Dollars in thousands)
|
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
||||||||||||||||||||||||
Residential real estate
|
$
|
372,443
|
26.44
|
%
|
$
|
360,824
|
28.82
|
%
|
$
|
325,167
|
29.34
|
%
|
$
|
279,332
|
27.58
|
%
|
||||||||||||||||
Residential construction and land
|
19,072
|
1.35
|
15,298
|
1.22
|
10,185
|
0.92
|
11,847
|
1.17
|
||||||||||||||||||||||||
Multi-family
|
66,496
|
4.72
|
63,822
|
5.10
|
41,951
|
3.78
|
25,104
|
2.48
|
||||||||||||||||||||||||
Commercial real estate
|
693,436
|
49.22
|
595,635
|
47.57
|
472,887
|
42.66
|
381,415
|
37.67
|
||||||||||||||||||||||||
Commercial construction
|
121,958
|
8.66
|
83,748
|
6.69
|
62,763
|
5.66
|
74,920
|
7.40
|
||||||||||||||||||||||||
Home equity
|
22,752
|
1.61
|
17,877
|
1.43
|
18,285
|
1.65
|
22,106
|
2.18
|
||||||||||||||||||||||||
Consumer installment(1)
|
4,612
|
0.33
|
4,512
|
0.36
|
4,942
|
0.45
|
4,817
|
0.48
|
||||||||||||||||||||||||
Commercial loans
|
108,022
|
7.67
|
110,271
|
8.81
|
172,228
|
15.54
|
213,119
|
21.04
|
||||||||||||||||||||||||
Total gross loans(2)
|
$
|
1,408,791
|
100.00
|
%
|
$
|
1,251,987
|
100.00
|
%
|
$
|
1,108,408
|
100.00
|
%
|
$
|
1,012,660
|
100.00
|
%
|
At June 30, 2024
|
||||||||
(Dollars in thousands)
|
Balance
|
Percentage of total
|
||||||
Owner occupied:
|
||||||||
Warehouse
|
$
|
32,311
|
3.5
|
%
|
||||
Mixed use real estate
|
30,425
|
3.2
|
||||||
Retail
|
18,471
|
2.0
|
||||||
Office building
|
18,419
|
2.0
|
||||||
Firehouse
|
13,827
|
1.5
|
||||||
Other
|
51,730
|
5.5
|
||||||
Total owner occupied
|
165,183
|
17.7
|
||||||
Non-owner occupied:
|
||||||||
Multi-family
|
233,336
|
24.9
|
||||||
Construction
|
108,324
|
11.6
|
||||||
Retail plaza
|
88,254
|
9.4
|
||||||
Mixed use real estate
|
80,752
|
8.6
|
||||||
Motel/Hotel
|
60,221
|
6.4
|
||||||
Warehouse
|
56,571
|
6.0
|
||||||
Office building
|
55,586
|
5.9
|
||||||
Other
|
88,413
|
9.5
|
||||||
Total non-owner occupied
|
771,457
|
82.3
|
||||||
Total commercial real estate
|
$
|
936,640
|
100.0
|
%
|
(In thousands)
|
1 year or less
|
1-5 years
|
5-15 years
|
After 15 years
|
Total
|
|||||||||||||||
Fixed rate:
|
||||||||||||||||||||
Residential real estate
|
$
|
3,459
|
$
|
9,731
|
$
|
147,781
|
$
|
80,769
|
$
|
241,740
|
||||||||||
Commercial real estate
|
35,000
|
33,454
|
186,094
|
8,952
|
263,500
|
|||||||||||||||
Home equity
|
54
|
1,619
|
10,445
|
-
|
12,118
|
|||||||||||||||
Consumer
|
477
|
3,741
|
413
|
-
|
4,631
|
|||||||||||||||
Commercial
|
5,633
|
20,875
|
26,935
|
161
|
53,604
|
|||||||||||||||
Total fixed rate loans
|
$
|
44,623
|
$
|
69,420
|
$
|
371,668
|
$
|
89,882
|
$
|
575,593
|
||||||||||
Variable rate:
|
||||||||||||||||||||
Residential real estate
|
$
|
39,634
|
$
|
51,617
|
$
|
84,598
|
$
|
-
|
$
|
175,849
|
||||||||||
Commercial real estate
|
302,795
|
291,214
|
79,131
|
-
|
673,140
|
|||||||||||||||
Home equity
|
17,048
|
-
|
-
|
-
|
17,048
|
|||||||||||||||
Consumer
|
140
|
-
|
-
|
-
|
140
|
|||||||||||||||
Commercial
|
41,344
|
5,198
|
11,161
|
-
|
57,703
|
|||||||||||||||
Total variable rate loans
|
$
|
400,961
|
$
|
348,029
|
$
|
174,890
|
$
|
-
|
$
|
923,880
|
||||||||||
Total loan portfolio
|
$
|
445,584
|
$
|
417,449
|
$
|
546,558
|
$
|
89,882
|
$
|
1,499,473
|
(Dollars in thousands)
|
June 30, 2024
|
|||
Non-accrual loans:
|
||||
Residential real estate
|
$
|
2,518
|
||
Commercial real estate
|
1,163
|
|||
Home equity
|
47
|
|||
Total non-accrual loans
|
$
|
3,728
|
||
Total foreclosed real estate
|
-
|
|||
Total non-performing assets
|
$
|
3,728
|
||
Non-accrual loans to total loans
|
0.25
|
%
|
||
Non-performing loans to total loans
|
0.25
|
%
|
||
Non-performing assets to total assets
|
0.13
|
%
|
||
Allowance for credit losses on loans to non-performing loans
|
516.20
|
%
|
||
Allowance for credit losses on loans to non-accrual loans
|
516.20
|
%
|
At June 30,
|
||||||||||||||||||||
(Dollars in thousands)
|
2023
|
2022
|
2021
|
2020
|
||||||||||||||||
Non-accrual loans:
|
||||||||||||||||||||
Residential real estate
|
$
|
2,747
|
$
|
2,948
|
$
|
1,324
|
$
|
2,513
|
||||||||||||
Residential construction and land
|
-
|
1
|
-
|
-
|
||||||||||||||||
Multi-family
|
-
|
-
|
-
|
151
|
||||||||||||||||
Commercial real estate
|
1,318
|
1,269
|
444
|
781
|
||||||||||||||||
Home equity
|
54
|
188
|
237
|
319
|
||||||||||||||||
Consumer installment
|
63
|
7
|
-
|
-
|
||||||||||||||||
Commercial
|
1,276
|
1,904
|
296
|
313
|
||||||||||||||||
Total non-accrual loans
|
5,458
|
6,317
|
2,301
|
4,077
|
||||||||||||||||
Foreclosed real estate:
|
||||||||||||||||||||
Residential real estate
|
-
|
68
|
64
|
-
|
||||||||||||||||
Commercial loans
|
302
|
-
|
-
|
-
|
||||||||||||||||
Total foreclosed real estate
|
302
|
68
|
64
|
-
|
||||||||||||||||
Total non-performing assets
|
$
|
5,760
|
$
|
6,385
|
$
|
2,365
|
$
|
4,077
|
||||||||||||
Troubled debt restructuring:
|
||||||||||||||||||||
Non-performing (included above)
|
$
|
2,691
|
$
|
2,707
|
$
|
354
|
$
|
304
|
||||||||||||
Performing (accruing and excluded above)
|
2,805
|
2,336
|
5,050
|
909
|
||||||||||||||||
Non-accrual loans to total loans
|
0.39
|
%
|
0.50
|
%
|
0.21
|
%
|
0.40
|
%
|
||||||||||||
Non-performing loans to total loans
|
0.39
|
%
|
0.50
|
%
|
0.21
|
%
|
0.40
|
%
|
||||||||||||
Non-performing assets to total assets
|
0.21
|
%
|
0.25
|
%
|
0.11
|
%
|
0.24
|
%
|
||||||||||||
Allowance for loan losses to non-performing loans
|
388.64
|
%
|
360.31
|
%
|
854.76
|
%
|
402.04
|
%
|
||||||||||||
Allowance for loan losses to non-accrual loans
|
388.64
|
%
|
360.31
|
%
|
854.76
|
%
|
402.04
|
%
|
(Dollars in thousands)
|
At June 30, 2024
|
|||
Balance at the beginning of the period
|
$
|
21,212
|
||
Adoption of ASU No. 2016-13
|
(1,332
|
)
|
||
Charge-offs:
|
||||
Consumer
|
481
|
|||
Commercial
|
1,152
|
|||
Total charge-offs
|
1,633
|
|||
Recoveries:
|
||||
Commercial real estate
|
3
|
|||
Consumer
|
142
|
|||
Commercial
|
66
|
|||
Total recoveries
|
211
|
|||
Net charge-offs
|
1,422
|
|||
Provision charged to operations
|
786
|
|||
Balance at the end of the period
|
$
|
19,244
|
||
Allowance for credit losses to total loans receivable
|
1.28
|
%
|
||
Consumer net charge-offs to average loans
|
0.02
|
%
|
||
Commercial loans net charge-offs to average loans
|
0.08
|
%
|
||
Net charge-offs to average loans outstanding
|
0.10
|
%
|
||
Net charge-offs to average assets
|
0.05
|
%
|
At or for the years ended June 30,
|
||||||||||||||||
(Dollars in thousands)
|
2023
|
2022
|
2021
|
2020
|
||||||||||||
Balance at the beginning of the period
|
$
|
22,761
|
$
|
19,668
|
$
|
16,391
|
$
|
13,200
|
||||||||
Charge-offs:
|
||||||||||||||||
Residential real estate
|
-
|
27
|
26
|
102
|
||||||||||||
Commercial real estate
|
9
|
-
|
-
|
-
|
||||||||||||
Consumer installment
|
535
|
454
|
309
|
459
|
||||||||||||
Commercial loans
|
120
|
112
|
500
|
335
|
||||||||||||
Total loans charged off
|
664
|
593
|
835
|
896
|
||||||||||||
Recoveries:
|
||||||||||||||||
Residential real estate
|
6
|
13
|
13
|
16
|
||||||||||||
Commercial real estate
|
4
|
-
|
-
|
-
|
||||||||||||
Consumer installment
|
141
|
115
|
124
|
130
|
||||||||||||
Commercial loans
|
35
|
280
|
1
|
36
|
||||||||||||
Total recoveries
|
186
|
408
|
138
|
182
|
||||||||||||
Net charge-offs
|
478
|
185
|
697
|
714
|
||||||||||||
Provisions (benefit) charged to operations
|
(1,071
|
)
|
3,278
|
3,974
|
3,905
|
|||||||||||
Balance at the end of the period
|
$
|
21,212
|
$
|
22,761
|
$
|
19,668
|
$
|
16,391
|
||||||||
Allowance for loan losses to total loans receivable
|
1.51
|
%
|
1.82
|
%
|
1.77
|
%
|
1.62
|
%
|
||||||||
Residential real estate net charge-offs to average loans outstanding
|
0.00
|
%
|
0.00
|
%
|
0.00
|
%
|
0.01
|
%
|
||||||||
Commercial real estate net charge-offs to average loans outstanding
|
0.00
|
%
|
-
|
-
|
-
|
|||||||||||
Consumer installment net charge-offs to average loans outstanding
|
0.03
|
%
|
0.03
|
%
|
0.02
|
%
|
0.04
|
%
|
||||||||
Commercial loans net charge-offs to average loans outstanding
|
0.01
|
%
|
(0.01
|
%)
|
0.05
|
%
|
0.03
|
%
|
||||||||
Net charge-offs to average loans outstanding
|
0.04
|
%
|
0.02
|
%
|
0.07
|
%
|
0.08
|
%
|
||||||||
Net charge-offs to average assets
|
0.02
|
%
|
0.01
|
%
|
0.04
|
%
|
0.05
|
%
|
(Dollars in thousands)
|
|
At June 30, 2024
|
||||||
Amount of
allowance for
credit loss
|
|
|
Percent
of loans
in each
category
to total
loans
|
|
||||
Residential real estate
|
$
|
4,237
|
27.9
|
%
|
||||
Commercial real estate
|
12,218
|
62.5
|
||||||
Home equity
|
212
|
1.9
|
||||||
Consumer
|
500
|
0.3
|
||||||
Commercial
|
2,077
|
7.4
|
||||||
Totals
|
$
|
19,244
|
100.0
|
%
|
(Dollars in thousands)
|
|
At June 30,
|
||||||||||||||||||||||||||||||
2023
|
2022
|
2021
|
2020
|
|||||||||||||||||||||||||||||
Amount of
loan loss
allowance
|
|
|
Percent
of loans
in each
category
to total
loans
|
|
Amount of
loan loss
allowance
|
Percent
of loans
in each
category
to total
loans
|
|
Amount of
loan loss
allowance
|
|
|
Percent
of loans
in each
category
to total
loans
|
|
|
Amount of
loan loss
allowance
|
|
|
Percent
of loans
in each
category
to total
loans
|
|
||||||||||||||
Residential real estate
|
$
|
2,613
|
26.4
|
%
|
$
|
2,373
|
28.8
|
%
|
$
|
2,012
|
29.3
|
%
|
$
|
2,091
|
27.6
|
%
|
||||||||||||||||
Residential construction and land
|
181
|
1.4
|
141
|
1.2
|
106
|
0.9
|
141
|
1.2
|
||||||||||||||||||||||||
Multi-family
|
197
|
4.7
|
119
|
5.1
|
186
|
3.8
|
176
|
2.5
|
||||||||||||||||||||||||
Commercial real estate
|
13,020
|
49.2
|
16,221
|
47.6
|
13,049
|
42.7
|
8,634
|
37.6
|
||||||||||||||||||||||||
Commercial construction
|
1,622
|
8.7
|
1,114
|
6.7
|
1,535
|
5.7
|
2,053
|
7.4
|
||||||||||||||||||||||||
Home equity
|
46
|
1.6
|
89
|
1.4
|
165
|
1.6
|
295
|
2.2
|
||||||||||||||||||||||||
Consumer installment
|
332
|
0.3
|
349
|
0.4
|
267
|
0.5
|
197
|
0.5
|
||||||||||||||||||||||||
Commercial loans
|
3,201
|
7.7
|
2,355
|
8.8
|
2,348
|
15.5
|
2,804
|
21.0
|
||||||||||||||||||||||||
Unallocated
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Totals
|
$
|
21,212
|
100.0
|
%
|
$
|
22,761
|
100.0
|
%
|
$
|
19,668
|
100.0
|
%
|
$
|
16,391
|
100.0
|
%
|
At June 30,
|
||||||||||||||||||||||||
2024
|
2023
|
2022
|
||||||||||||||||||||||
(Dollars in thousands)
|
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
||||||||||||||||||
Noninterest-bearing deposits
|
$
|
125,442
|
5.3
|
%
|
$
|
159,039
|
6.5
|
%
|
$
|
187,697
|
8.5
|
%
|
||||||||||||
Certificates of deposit
|
138,493
|
5.8
|
128,077
|
5.3
|
40,801
|
1.8
|
||||||||||||||||||
Savings deposits
|
252,362
|
10.6
|
299,038
|
12.3
|
343,731
|
15.5
|
||||||||||||||||||
Money market deposits
|
113,266
|
4.7
|
115,029
|
4.7
|
157,623
|
7.1
|
||||||||||||||||||
NOW deposits
|
1,759,659
|
73.6
|
1,735,978
|
71.2
|
1,482,752
|
67.0
|
||||||||||||||||||
Total deposits
|
$
|
2,389,222
|
100.0
|
%
|
$
|
2,437,161
|
100.0
|
%
|
$
|
2,212,604
|
100.0
|
%
|
At June 30,
|
||||||||||||||||||||||||
2024
|
2023
|
2022
|
||||||||||||||||||||||
(Dollars in thousands)
|
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
||||||||||||||||||
Business deposits
|
$
|
462,716
|
19.4
|
%
|
$
|
487,477
|
20.0
|
%
|
$
|
437,489
|
19.8
|
%
|
||||||||||||
Retail deposits
|
882,170
|
36.9
|
856,079
|
35.1
|
874,758
|
39.5
|
||||||||||||||||||
Municipal deposits
|
1,044,336
|
43.7
|
1,033,605
|
42.4
|
893,114
|
40.4
|
||||||||||||||||||
Brokered deposits
|
-
|
-
|
60,000
|
2.5
|
7,243
|
0.3
|
||||||||||||||||||
Total deposits
|
$
|
2,389,222
|
100.0
|
%
|
$
|
2,437,161
|
100.0
|
%
|
$
|
2,212,604
|
100.0
|
%
|
At June 30,
|
||||||||||||
(Dollars in thousands)
|
2024
|
2023
|
2022
|
|||||||||
Estimated amount of uninsured for the Bank of Greene County
|
$
|
358,851
|
$
|
368,566
|
$
|
328,352
|
||||||
Estimated amount of uninsured for Greene County Commercial Bank(1)
|
931,731
|
941,634
|
858,015
|
|||||||||
Uninsured deposits, per regulatory requirements
|
$
|
1,290,582
|
$
|
1,310,200
|
$
|
1,186,367
|
(Dollars in thousands)
|
At June 30, 2024
|
|||
Uninsured deposits, per regulatory requirements
|
$
|
1,290,582
|
||
Less: Affiliate deposits
|
(40,844
|
)
|
||
Collateralized deposits
|
(931,731
|
)
|
||
Uninsured deposits, after exclusions
|
$
|
318,007
|
||
Immediately available liquidity(1)
|
$
|
369,723
|
||
Uninsured deposits coverage
|
116.3
|
%
|
(1) |
Reflects $190.4 million of cash and cash equivalents, $157.6 million and $21.7 million of remaining borrowing capacity from the Federal Home Loan Bank and the Federal Reserve Bank, as of June 30, 2024, respectively.
|
(Dollars in thousands)
|
At June 30, 2024
|
|||
Portion of certificates of deposits in excess of insurance limits
|
$
|
38,396
|
||
Certificates of deposits otherwise uninsured with a maturity of:
|
||||
Within three months
|
$
|
7,863
|
||
After three but within six months
|
13,471
|
|||
After six but within twelve months
|
915
|
|||
Over twelve months
|
3,397
|
Selected Equity Data:
|
At June 30,
|
|||||||
2024
|
2023
|
|||||||
Shareholders’ equity to total assets, at end of period
|
7.29
|
%
|
6.79
|
%
|
||||
Book value per share(1)
|
$
|
12.10
|
$
|
10.76
|
||||
Closing market price of common stock(1)
|
$
|
33.71
|
$
|
29.80
|
For the years ended June 30,
|
||||||||
2024
|
2023
|
|||||||
Average shareholders’ equity to average assets
|
7.23
|
%
|
6.58
|
%
|
||||
Dividend payout ratio(1)
|
22.07
|
%
|
15.47
|
%
|
||||
Actual dividends paid to net income(2)
|
13.08
|
%
|
7.12
|
%
|
Fiscal years ended June 30, | ||||||||||||||||||||||||
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, net(1)
|
$
|
1,455,235
|
$
|
71,540
|
4.92
|
%
|
$
|
1,371,653
|
$
|
60,049
|
4.38
|
%
|
||||||||||||
Securities non-taxable
|
630,317
|
17,594
|
2.79
|
672,877
|
14,385
|
2.14
|
||||||||||||||||||
Securities taxable
|
407,199
|
10,312
|
2.53
|
413,417
|
8,384
|
2.03
|
||||||||||||||||||
Interest-earning bank balances and federal funds
|
73,775
|
4,023
|
5.45
|
34,816
|
1,592
|
4.57
|
||||||||||||||||||
FHLB stock
|
2,230
|
195
|
8.74
|
2,890
|
215
|
7.44
|
||||||||||||||||||
Total interest-earning assets
|
2,568,756
|
103,664
|
4.04
|
%
|
2,495,653
|
84,625
|
3.39
|
%
|
||||||||||||||||
Cash and due from banks
|
12,322
|
12,684
|
||||||||||||||||||||||
Allowance for credit losses on loans(2)
|
(20,113
|
)
|
(22,115
|
)
|
||||||||||||||||||||
Allowance for credit losses on securities held-to-maturity(2)
|
(493
|
)
|
-
|
|||||||||||||||||||||
Other noninterest-earning assets
|
100,475
|
94,627
|
||||||||||||||||||||||
Total assets
|
$
|
2,660,947
|
$
|
2,580,849
|
||||||||||||||||||||
Interest-Bearing Liabilities:
|
||||||||||||||||||||||||
Savings and money market deposits
|
$
|
373,688
|
$
|
1,466
|
0.39
|
%
|
$
|
464,988
|
$
|
929
|
0.20
|
%
|
||||||||||||
NOW deposits
|
1,737,165
|
43,617
|
2.51
|
1,596,832
|
17,516
|
1.10
|
||||||||||||||||||
Certificates of deposit
|
114,705
|
4,631
|
4.04
|
69,279
|
1,610
|
2.32
|
||||||||||||||||||
Borrowings
|
72,726
|
2,971
|
4.09
|
82,816
|
3,352
|
4.05
|
||||||||||||||||||
Total interest-bearing liabilities
|
2,298,284
|
52,685
|
2.29
|
%
|
2,213,915
|
23,407
|
1.06
|
%
|
||||||||||||||||
Noninterest-bearing deposits
|
140,495
|
171,068
|
||||||||||||||||||||||
Other noninterest-bearing liabilities
|
29,653
|
26,029
|
||||||||||||||||||||||
Shareholders' equity
|
192,515
|
169,837
|
||||||||||||||||||||||
Total liabilities and equity
|
$
|
2,660,947
|
$
|
2,580,849
|
||||||||||||||||||||
Net interest income
|
$
|
50,979
|
$
|
61,218
|
||||||||||||||||||||
Net interest rate spread
|
1.75
|
%
|
2.33
|
%
|
||||||||||||||||||||
Net earnings assets
|
$
|
270,472
|
$
|
281,738
|
||||||||||||||||||||
Net interest margin
|
1.98
|
%
|
2.45
|
%
|
||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
111.77
|
% |
112.73
|
% |
For the years ended June 30,
|
||||||||
(Dollars in thousands)
|
2024
|
2023
|
||||||
Net interest income (GAAP)
|
$
|
50,979
|
$
|
61,218
|
||||
Tax-equivalent adjustment(1)
|
6,791
|
5,258
|
||||||
Net interest income fully taxable-equivalent basis (non-GAAP)
|
$
|
57,770
|
$
|
66,476
|
||||
Average interest-earning assets (GAAP)
|
$
|
2,568,756
|
$
|
2,495,653
|
||||
Net interest margin fully taxable-equivalent basis (non-GAAP)
|
2.25
|
%
|
2.66
|
%
|
(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.
|
(In thousands)
|
Years ended June 30,
|
|||||||||||||||||||||||
2024 versus 2023
|
2023 versus 2022
|
|||||||||||||||||||||||
Increase/(decrease)
Due to
|
Total
increase/
(decrease)
|
Increase/(decrease)
Due to
|
Total
increase/
(decrease)
|
|||||||||||||||||||||
Volume
|
Rate
|
Volume
|
Rate
|
|||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans receivable, net(1)
|
$
|
3,801
|
$
|
7,690
|
$
|
11,491
|
$
|
9,808
|
$
|
3,116
|
$
|
12,924
|
||||||||||||
Securities non-taxable
|
(955
|
)
|
4,164
|
3,209
|
306
|
4,562
|
4,868
|
|||||||||||||||||
Securities taxable
|
(127
|
)
|
2,055
|
1,928
|
(5
|
)
|
1,794
|
1,789
|
||||||||||||||||
Interest-bearing bank balances and federal funds
|
2,074
|
357
|
2,431
|
(138
|
)
|
1,573
|
1,435
|
|||||||||||||||||
FHLB stock
|
(54
|
)
|
34
|
(20
|
)
|
75
|
90
|
165
|
||||||||||||||||
Total interest-earning assets
|
4,739
|
14,300
|
19,039
|
10,046
|
11,135
|
21,181
|
||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings and money market deposits
|
(211
|
)
|
748
|
537
|
(4
|
)
|
174
|
170
|
||||||||||||||||
NOW deposits
|
1,675
|
24,426
|
26,101
|
281
|
14,801
|
15,082
|
||||||||||||||||||
Certificates of deposit
|
1,418
|
1,603
|
3,021
|
458
|
869
|
1,327
|
||||||||||||||||||
Borrowings
|
(414
|
)
|
33
|
(381
|
)
|
1,271
|
118
|
1,389
|
||||||||||||||||
Total interest-bearing liabilities
|
2,468
|
26,810
|
29,278
|
2,006
|
15,962
|
17,968
|
||||||||||||||||||
Net change in net interest income
|
$
|
2,271
|
$
|
(12,510
|
)
|
$
|
(10,239
|
)
|
$
|
8,040
|
$
|
(4,827
|
)
|
$
|
3,213
|
(Dollars in thousands)
|
For the years ended June 30,
|
Change from prior year
|
||||||||||||||
2024
|
2023
|
Amount
|
Percent
|
|||||||||||||
Service charges on deposit accounts
|
$
|
4,640
|
$
|
4,713
|
$
|
(73
|
)
|
(1.5
|
%)
|
|||||||
Debit card fees
|
4,438
|
4,512
|
(74
|
)
|
(1.6
|
)
|
||||||||||
Investment services
|
1,157
|
781
|
376
|
48.1
|
||||||||||||
E-commerce fees
|
116
|
110
|
6
|
5.5
|
||||||||||||
Bank owned life insurance
|
2,183
|
1,369
|
814
|
59.5
|
||||||||||||
Net loss on sale of securities available-for-sale
|
-
|
(251
|
)
|
251
|
(100.0
|
)
|
||||||||||
Other operating income
|
1,374
|
912
|
462
|
50.7
|
||||||||||||
Total noninterest income
|
$
|
13,908
|
$
|
12,146
|
$
|
1,762
|
14.5
|
%
|
(Dollars in thousands)
|
For the years ended June 30,
|
Change from prior year
|
||||||||||||||
2024
|
2023
|
Amount
|
Percent
|
|||||||||||||
Salaries and employee benefits
|
$
|
23,836
|
$
|
23,418
|
$
|
418
|
1.8
|
%
|
||||||||
Occupancy expense
|
2,446
|
2,333
|
113
|
4.8
|
||||||||||||
Equipment and furniture expense
|
710
|
699
|
11
|
1.6
|
||||||||||||
Service and data processing fees
|
2,386
|
2,869
|
(483
|
)
|
(16.8
|
)
|
||||||||||
Computer software, supplies and support
|
1,577
|
1,653
|
(76
|
)
|
(4.6
|
)
|
||||||||||
Advertising and promotion
|
445
|
498
|
(53
|
)
|
(10.6
|
)
|
||||||||||
FDIC insurance premiums
|
1,289
|
1,085
|
204
|
18.8
|
||||||||||||
Legal and professional fees
|
1,516
|
3,024
|
(1,508
|
)
|
(49.9
|
)
|
||||||||||
Other
|
3,097
|
3,029
|
68
|
2.2
|
||||||||||||
Total noninterest expense
|
$
|
37,302
|
$
|
38,608
|
$
|
(1,306
|
)
|
(3.4
|
%)
|
Cash equivalents/(deposits plus short term borrowings)
|
7.50
|
%
|
||
(Cash equivalents plus unpledged securities)/(deposits plus short term borrowings)
|
8.43
|
%
|
||
(Cash equivalents plus unpledged securities plus additional borrowing capacity)/(deposits plus short term borrowings)
|
19.04
|
%
|
(In thousands)
|
2024
|
2023
|
||||||
Unfunded loan commitments
|
$
|
107,966
|
$
|
124,498
|
||||
Unused lines of credit
|
99,176
|
94,898
|
||||||
Standby letters of credit
|
754
|
179
|
||||||
Total commitments
|
$
|
207,896
|
$
|
219,575
|
ITEM 7A. |
Quantitative and Qualitative Disclosures About Market Risk
|
(i) |
maintaining a high level of liquid interest-earning assets such as short-term interest-earning deposits and various investment securities;
|
(ii) |
maintaining a high concentration of less interest-rate sensitive and lower-costing core deposits;
|
(iii) |
originating consumer installment loans that have up to five-year terms but that have significantly shorter average lives due to early prepayments;
|
(iv) |
originating adjustable-rate commercial real estate mortgage loans and commercial loans; and
|
(v) |
where possible, matching the funding requirements for fixed-rate residential mortgages with lower-costing core deposits.
|
Changes in Market Interest Rates (Basis Points)
|
||||||||||||||||||||
(Dollars in thousands)
|
Company EVE
|
$ Change from
par
|
% Change from
par
|
EVE Ratio(1)
|
Change(2)
|
|||||||||||||||
+300 bp
|
$
|
208,413
|
$
|
(89,336
|
)
|
(30.00
|
)%
|
8.25 | % |
(264
|
)bp
|
|||||||||
+200 bp
|
240,142
|
(57,607
|
)
|
(19.35
|
)
|
9.27 |
(162
|
)
|
||||||||||||
+100 bp
|
271,966
|
(25,783
|
)
|
(8.66
|
)
|
10.22 |
(67
|
)
|
||||||||||||
PAR
|
297,749
|
-
|
-
|
10.89 |
-
|
|||||||||||||||
-100 bp
|
316,184
|
18,435
|
6.19
|
11.26 |
37
|
|||||||||||||||
-200 bp
|
332,390
|
34,641
|
11.63
|
11.54 |
65
|
ITEM 8. |
Financial Statements and Supplementary Data
|
/s/ Donald E Gibson
|
/s/ Nick Barzee
|
||||
Donald E. Gibson
|
Nick Barzee
|
||||
President and Chief Executive Officer
|
Senior Vice President,
Chief Financial Officer
|
|
•
|
Testing the design and operating effectiveness of controls over the evaluation of the ACL on loans collectively evaluated for impairment, including controls
addressing:
|
|
•
|
Data inputs, judgments and calculations used to determine the qualitative loss factors.
|
|
•
|
Problem loan identification and delinquency monitoring.
|
|
•
|
Management’s evaluation of qualitative loss factors.
|
|
•
|
Substantively testing management’s process, including evaluating their judgments and assumptions, for developing the ACL on loans collectively evaluated for
impairment, which included:
|
|
•
|
Evaluating the appropriateness of the Company’s accounting policies, judgments and elections involved in the adoption of ASC 326.
|
|
•
|
Testing the mathematical accuracy of the ACL calculation.
|
|
•
|
Testing the relevance and reliability of the data used in the qualitative allocation.
|
|
•
|
Evaluating the reasonableness of management’s judgments related to the qualitative loss factors to determine if the loss factors are calculated in accordance with
management’s policies and were consistently applied from the point of adoption to year end.
|
ASSETS
|
2024
|
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(1)
|
( |
) | ( |
) | ||||
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
|
$
|
|
$
|
|
(1)
|
Effective July 1, 2023, the allowance calculation is based upon the CECL methodology. Prior to July 1, 2023, the allowance calculation was based upon the incurred loss methodology.
|
2024
|
2023
|
|||||||
Interest income:
|
||||||||
Loans
|
$
|
|
$
|
|
||||
Investment securities - tax exempt
|
|
|
||||||
Investment securities - taxable
|
|
|
||||||
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(1)
|
|
(
|
)
|
|||||
Net interest income after provision for credit losses(1)
|
|
|
||||||
Noninterest income:
|
||||||||
Service charges on deposit accounts
|
|
|
||||||
Debit card fees
|
|
|
||||||
Investment services
|
|
|
||||||
E-commerce fees
|
|
|
||||||
Bank-owned life insurance
|
|
|
||||||
Net loss on sale of securities available-for-sale |
( |
) | ||||||
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 earnings per share
|
$
|
|
$
|
|
||||
Basic average shares outstanding
|
|
|
||||||
Diluted earnings per share
|
$
|
|
$
|
|
||||
Diluted average shares outstanding
|
|
|
||||||
Dividends per share
|
$
|
|
$
|
|
(1)
|
Effective July 1, 2023, the allowance calculation is based upon the CECL methodology. Prior to July 1, 2023, the allowance calculation was based upon the incurred loss methodology.
|
2024
|
2023
|
|||||||
Net Income
|
$
|
|
$
|
|
||||
Other comprehensive income (loss): | ||||||||
Unrealized holding gains (losses) on securities available-for-sale, gross |
|
(
|
)
|
|||||
Tax effect
|
|
(
|
)
|
|||||
Unrealized holding gains (losses) on securities available-for-sale, net |
|
(
|
)
|
|||||
Reclassification adjustment for loss on sale of securities available-for-sale realized in net income, gross |
||||||||
Tax effect |
||||||||
Reclassification adjustment for loss on sale of securities available-for-sale realized in net income, net |
||||||||
Pension actuarial gain, gross
|
|
|
||||||
Tax effect
|
|
|
||||||
Pension actuarial gain, net
|
|
|
||||||
Amortization of pension actuarial losses recognized in salaries and benefits, gross
|
|
|
||||||
Tax effect
|
|
|
||||||
Amortization of pension actuarial losses recognized in salaries and benefits, net
|
|
|
||||||
Total other comprehensive income (loss), net of taxes
|
|
(
|
)
|
|||||
Comprehensive income
|
$
|
|
$
|
|
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 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 June 30, 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 benefit
|
(
|
)
|
(
|
)
|
||||
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 securities available-for-sale |
||||||||
Net gain on equity securities
|
(
|
)
|
(
|
)
|
||||
Net (gain) loss on sale of foreclosed real estate
|
(
|
)
|
|
|||||
Net increase (decrease) in accrued income taxes
|
|
(
|
)
|
|||||
Net increase in accrued interest receivable
|
(
|
)
|
(
|
)
|
||||
Net (increase) decrease in prepaid expenses and other assets
|
(
|
)
|
|
|||||
Net increase in accrued expenses 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 certificate 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) provided by investing activities
|
(
|
)
|
|
|||||
Cash flows from financing activities:
|
||||||||
Net increase (decrease) in short-term advances
|
|
(
|
)
|
|||||
Proceeds from long-term advances
|
||||||||
Payment of cash dividends
|
(
|
)
|
(
|
)
|
||||
Net (decrease) increase in deposits
|
(
|
)
|
|
|||||
Net cash provided by financing activities
|
|
|
||||||
Net (decrease) increase in cash and cash equivalents
|
(
|
)
|
|
|||||
Cash and cash equivalents at beginning of year
|
|
|
||||||
Cash and cash equivalents at end of year
|
$
|
|
$
|
|
||||
Non-cash investing activities:
|
||||||||
Foreclosed loans transferred to other real estate
|
$
|
|
$
|
|
||||
Cash paid during period for:
|
||||||||
Interest
|
$
|
|
$
|
|
||||
Income taxes
|
$
|
|
$
|
|
Note 1. |
Summary of significant accounting policies
|
Note 2. |
Balances at other banks
|
Note 3. |
Securities
|
At June 30, 2024 | ||||||||||||||||
(In thousands)
|
Amortized
cost(1)
|
Unrealized
gains
|
Unrealized
losses
|
Fair value
|
||||||||||||
U.S. Treasury securities
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
U.S. government sponsored enterprises
|
|
|
|
|
||||||||||||
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. Treasury securities
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
U.S. government sponsored enterprises
|
||||||||||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
||||||||||||
Corporate debt securities
|
|
|
|
|
||||||||||||
Total securities available-for-sale
|
$ |
|
$ |
|
$ |
|
$ |
|
(1) |
|
|
At June 30, 2024 | |||||||||||||||||||||||
(In thousands) |
Amortized
cost(1)
|
Unrealized gains
|
Unrealized losses
|
Fair value
|
Allowance(2)
|
Net carrying value
|
||||||||||||||||||
Securities held-to-maturity:
|
||||||||||||||||||||||||
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)
|
Effective July 1, 2023, the allowance calculation is based upon
the CECL methodology. Prior to July 1, 2023, the allowance calculation was based upon the incurred loss methodology.
|
(In thousands)
|
Year ended June 30, 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. Treasury securities
|
$
|
|
$
|
|
|
$
|
|
$
|
|
|
$
|
|
$
|
|
|
|||||||||||||||||||||
U.S. government sponsored enterprises
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
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. Treasury securities
|
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||||||||
U.S. government sponsored enterprises
|
||||||||||||||||||||||||||||||||||||
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
|
$
|
|
$
|
|
Note 4. |
Loans and Allowance for Credit Losses on Loans
|
(In thousands)
|
June 30, 2024
|
|||
Residential real estate
|
$
|
|
||
Commercial real estate
|
|
|||
Home equity
|
|
|||
Consumer
|
|
|||
Commercial
|
|
|||
Total gross loans(1)(2)
|
|
|||
Allowance for credit losses on loans(3)
|
(
|
)
|
||
Loans receivable, net
|
$
|
|
(1)
|
|
(2)
|
|
(3)
|
|
(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
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total gross loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Activity for the years ended June 30, 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 June 30, 2024
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
At June 30, 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 year ended June 30, 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
|
$
|
|
|
%
|
$
|
|
|
%
|
||||||||
Consumer |
% | |||||||||||||||
Total
|
$
|
|
$
|
|
For the year ended June 30, 2024
|
|||||
Loan type
|
Term extension
|
Interest rate reduction
|
|||
Commercial real estate
|
Added a weighted-average
|
Interest rates were reduced by an average of
|
|||
Consumer |
Added a weighted-average |
(In thousands)
|
2024
|
2023
|
||||||
Commercial loans |
$ |
$ |
||||||
Total foreclosed real estate
|
$
|
|
$
|
|
(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
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
As of June 30, 2023
|
For the year ended June 30, 2023
|
|||||||||||||||||||
(In thousands)
|
Recorded
Investment
|
Unpaid Principal
|
Related Allowance
|
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 year ended June 30, 2023
|
||||||||||||||||||||
(In thousands)
|
Balance June 30,
2022
|
Charge-offs
|
Recoveries
|
Provision
|
Balance June 30,
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
|
$
|
|
$
|
|
$
|
|
$
|
|
Note 5. |
Premises and Equipment
|
(In thousands)
|
2024
|
2023
|
||||||
Land
|
$
|
|
$
|
|
||||
Building and improvements
|
|
|
||||||
Furniture and equipment
|
|
|
||||||
Less: accumulated depreciation
|
(
|
)
|
(
|
)
|
||||
Total premises and equipment
|
$
|
|
$
|
|
Note 6. |
Deposits
|
(In thousands)
|
2024
|
2023
|
||||||
Noninterest-bearing deposits
|
$
|
|
$
|
|
||||
Certificates of deposit
|
|
|
||||||
Savings deposits
|
|
|
||||||
Money market deposits
|
|
|
||||||
NOW deposits
|
|
|
||||||
Total deposits
|
$
|
|
$
|
|
(In thousands)
|
3 Months
or Less
|
3 to 6
Months
|
7 to 12
Months
|
Over 12
Months
|
Total
|
|||||||||||||||
Certificates of deposit less than $250,000
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Certificates of deposit $250,000 or more
|
|
|
|
|
|
|||||||||||||||
Total certificates of deposit
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
(In thousands)
|
||||
The year ended June 30,
|
||||
2025
|
$
|
|
||
2026
|
|
|||
2027
|
|
|||
2028
|
|
|||
2029
|
|
|||
$
|
|
Note 7. |
Borrowings
|
Note 8. |
Accumulated Other Comprehensive Loss
|
Unrealized
losses on
securities
available-
for-sale
|
Pension benefits
|
Total
|
||||||||||
Balance - June 30, 2022
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Other comprehensive (loss) income before reclassification, net of tax
|
(
|
)
|
|
(
|
)
|
|||||||
Amounts reclassified to net loss on sale of securities available-for-sale non-interest income | ||||||||||||
Tax expense effect recognized in provision for income taxes | ||||||||||||
Net of tax
|
||||||||||||
Amortization of pension actuarial losses recognized in other expense
|
|
|
|
|||||||||
Tax expense effect recognized in provision for income taxes
|
|
|
|
|||||||||
Net of tax
|
|
|
|
|||||||||
Other comprehensive (loss) income for the year ended June 30, 2023
|
(
|
)
|
|
(
|
)
|
|||||||
Balance - June 30, 2023
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Other comprehensive income before reclassification, net of tax
|
|
|
|
|||||||||
Amortization of pension actuarial losses recognized in other expense
|
|
|
|
|||||||||
Tax expense effect recognized in provision for income taxes
|
|
|
|
|||||||||
Net of tax
|
|
|
|
|||||||||
Other comprehensive income for the year ended June 30, 2024
|
|
|
|
|||||||||
Balance - June 30, 2024
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
Note 9. |
Employee Benefit Plans
|
(In thousands)
|
||||||||
Change in projected benefit obligation:
|
2024
|
2023
|
||||||
Benefit obligation at beginning of period
|
$
|
|
$
|
|
||||
Interest cost
|
|
|
||||||
Actuarial loss
|
(
|
)
|
(
|
)
|
||||
Benefits paid
|
(
|
)
|
(
|
)
|
||||
Benefit obligation at June 30
|
|
|
||||||
Change in fair value of plan assets:
|
||||||||
Fair value of plan assets at beginning of period
|
|
|
||||||
Actual return on plan assets
|
|
|
||||||
Employer contributions
|
|
|
||||||
Benefits paid
|
(
|
)
|
(
|
)
|
||||
Fair value of plan assets at June 30
|
|
|
||||||
Overfunded status at June 30 included in other liabilities
|
$
|
(
|
)
|
$
|
(
|
)
|
(In thousands)
|
2024
|
2023
|
||||||
Interest cost
|
$
|
|
$
|
|
||||
Expected return on plan assets
|
(
|
)
|
(
|
)
|
||||
Amortization of net loss
|
|
|
||||||
Effect of settlement | ||||||||
|
$
|
|
$
|
|
(In thousands)
|
2024
|
2023 |
||||||
Actuarial loss on plan assets and benefit obligations
|
$
|
|
$
|
|
||||
Deferred tax expense
|
|
|
||||||
Net change in plan assets and benefit obligations recognized in other comprehensive income
|
$
|
|
$
|
|
(In thousands)
|
||||||||
Other liabilities:
|
2024
|
2023
|
||||||
Projected benefit obligation in (surplus) excess of fair value of pension plan
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Accumulated other comprehensive loss, net of taxes:
|
||||||||
Net losses and past service liability
|
$
|
(
|
)
|
$
|
(
|
)
|
Projected benefit obligation:
|
2024
|
2023
|
||||||
Discount rate
|
|
%
|
|
%
|
||||
Net periodic pension expense:
|
||||||||
Amortization period, in years
|
|
|
||||||
Discount rate
|
|
%
|
|
%
|
||||
Expected long-term rate of return on plan assets
|
|
%
|
|
%
|
(Dollars in thousands)
|
2024
|
2023
|
||||||||||||||
Fair Value
|
Fair Value
|
|||||||||||||||
Mutual funds – fixed income
|
$
|
|
|
%
|
$
|
|
|
%
|
||||||||
Mutual funds – equity
|
|
|
|
|
||||||||||||
Total plan assets
|
$
|
|
|
%
|
$
|
|
|
%
|
(In thousands)
|
||||
2025
|
$
|
|
||
2026
|
|
|||
2027
|
|
|||
2028
|
|
|||
2029
|
|
|||
2030-2034
|
|
Note 10. |
Stock-Based Compensation
|
2024
|
2023
|
|||||||
Number of options outstanding at beginning of year
|
|
|
||||||
Options granted
|
|
|
||||||
Options forfeited
|
(
|
)
|
(
|
)
|
||||
Options paid in cash upon vesting
|
(
|
)
|
(
|
)
|
||||
Number of options outstanding at period end
|
|
|
(In thousands)
|
2024
|
2023
|
||||||
Cash paid out on options vested
|
$
|
|
$
|
|
||||
Compensation expense recognized
|
|
|
Note 11.
|
Earnings Per Share
|
2024
|
2023
|
|||||||
Net income
|
$
|
|
$
|
|
||||
Weighted average shares – basic
|
|
|
||||||
Weighted average shares – dilute
|
|
|
||||||
Earnings per share – basic
|
$
|
|
$
|
|
||||
Earnings per share – diluted
|
$
|
|
$
|
|
Note 12. |
Income Taxes
|
(In thousands)
|
2024
|
2023
|
||||||
Current expense:
|
||||||||
Federal
|
$
|
|
$
|
|
||||
State
|
|
|
||||||
Total current expense
|
|
|
||||||
Deferred benefit
|
(
|
)
|
(
|
)
|
||||
Total provision for income taxes
|
$
|
|
$
|
|
2024
|
2023
|
|||||||
Tax based on federal statutory rate
|
|
%
|
|
%
|
||||
State income taxes, net of federal benefit
|
(
|
)
|
|
|||||
Tax-exempt income
|
(
|
)
|
(
|
)
|
||||
Captive insurance premium income
|
|
(
|
)
|
|||||
Other, net
|
(
|
)
|
|
|||||
Total income tax expense
|
|
%
|
|
%
|
(In thousands)
|
2024
|
2023
|
||||||
Deferred tax assets:
|
||||||||
Allowance for credit losses
|
$
|
|
$
|
|
||||
Allowance for credit losses on unfunded commitments
|
|
|||||||
Unrealized losses on securities | ||||||||
Other benefit plans
|
|
|
||||||
Lease liability
|
|
|
||||||
Other
|
||||||||
Total deferred tax assets
|
|
|
||||||
Deferred tax liabilities:
|
||||||||
Depreciation
|
|
|
||||||
Net loan costs
|
|
|
||||||
Real estate investment trust income
|
|
|
||||||
Lease right of use asset
|
|
|
||||||
Pension benefits
|
|
|
||||||
Other
|
|
|
||||||
Total deferred tax liabilities
|
|
|
||||||
Net deferred tax asset included in prepaid expenses and other assets
|
$
|
|
$
|
|
Note 13. |
Commitments and Contingent Liabilities
|
(In thousands)
|
2024
|
2023
|
||||||
Unfunded loan commitments
|
$
|
|
$
|
|
||||
Unused lines of credit
|
|
|
||||||
Standby letters of credit
|
|
|
||||||
Total credit-related financial instruments with off-balance sheet risk
|
$
|
|
$
|
|
Note 14. |
Derivative Instruments
|
At June 30, 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
|
$
|
|
$
|
|
Note 15. |
Operating Leases
|
(In thousands)
|
||||||||
Operating lease amounts:
|
2024
|
2023
|
||||||
Right-of-use assets
|
$
|
|
$
|
|
||||
Lease liabilities
|
$
|
|
$
|
|
||||
Other information:
|
||||||||
Operating outgoing cash flows from operating leases
|
$
|
|
$
|
|
||||
Right-of-use assets obtained in exchange for new operating lease liabilities
|
$
|
|
$
|
|
(In thousands)
|
||||||||
Lease costs
|
2024
|
2023
|
||||||
Operating lease cost
|
$
|
|
$
|
|
||||
Variable lease cost
|
$
|
|
$
|
|
(In thousands, except weighted-average information)
|
||||
Within the twelve months ended June 30,
|
||||
2025
|
$
|
|
||
2026
|
|
|||
2027
|
|
|||
2028
|
|
|||
2029
|
|
|||
Thereafter
|
|
|||
Total undiscounted cash flow
|
|
|||
Less net present value adjustment
|
(
|
)
|
||
Lease liability
|
$
|
|
2024
|
2023
|
|||||||
Weighted-average remaining lease term (years)
|
|
|
||||||
Weighted-average discount rate
|
|
%
|
|
%
|
Note 16. |
Concentrations of Credit Risk
|
Note 17. |
Fair Value Measurements and Fair Value of Financial Instruments
|
Fair Value Measurements Using
|
||||||||||||||||
Quoted prices
in active markets
for identical
assets
|
Significant
other observable
inputs
|
Significant
unobservable
inputs
|
||||||||||||||
(In thousands)
|
June 30, 2024
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets:
|
||||||||||||||||
U.S. Treasury securities | $ |
$ |
$ |
$ |
||||||||||||
U.S. government sponsored enterprises
|
|
|
|
|
|
|
|
|
||||||||
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. Treasury securities | $ |
$ |
$ |
$ |
||||||||||||
U.S. government sponsored enterprises
|
|
|
|
|
|
|
|
|
||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
||||||||||||
Corporate debt securities
|
|
|
|
|
||||||||||||
Securities available-for-sale
|
|
|
|
|
||||||||||||
Equity securities
|
|
|
|
|
||||||||||||
Total securities measured at fair value
|
$
|
|
$
|
|
$
|
|
$
|
|
June 30, 2024
|
June 30, 2023
|
|||||||||||||||||||
(In thousands)
|
Fair value
hierarchy
|
Carrying
amount
|
Estimated
fair value
|
Carrying
amount
|
Estimated
fair value
|
|||||||||||||||
|
||||||||||||||||||||
Loans evaluated individually
|
3
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||
Foreclosed real estate
|
3
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|
June 30, 2024
|
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
|
|
|
|
|
|
|||||||||||||||
Interest rate swap asset |
||||||||||||||||||||
Deposits
|
|
|
|
|
|
|||||||||||||||
Borrowings | ||||||||||||||||||||
Subordinated notes payable, net
|
|
|
|
|
|
|||||||||||||||
Accrued interest payable
|
|
|
|
|
|
|||||||||||||||
Interest rate swap 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
|
|
|
|
|
|
Note 18. |
Regulatory Matters
|
To be well | ||||||||||||||||||||||||||||||||
capitalized under
|
||||||||||||||||||||||||||||||||
For capital
|
prompt corrective
|
Capital conservation
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Actual
|
adequacy purposes
|
action provisions
|
buffer
|
||||||||||||||||||||||||||||
The Bank of Greene County
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Actual
|
Required
|
||||||||||||||||||||||||
As of June 30, 2024:
|
||||||||||||||||||||||||||||||||
Total risk-based capital
|
$
|
|
|
%
|
$
|
|
|
%
|
$
|
|
|
%
|
|
%
|
|
%
|
||||||||||||||||
Tier 1 risk-based capital
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Common equity tier 1 capital
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Tier 1 leverage ratio
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
As of June 30, 2023:
|
||||||||||||||||||||||||||||||||
Total risk-based capital
|
$
|
|
|
%
|
$
|
|
|
%
|
$
|
|
|
%
|
|
%
|
|
%
|
||||||||||||||||
Tier 1 risk-based capital
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Common equity tier 1 capital
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Tier 1 leverage ratio
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Greene County Commercial Bank
|
||||||||||||||||||||||||||||||||
As of June 30, 2024:
|
||||||||||||||||||||||||||||||||
Total risk-based capital
|
$
|
|
|
%
|
$
|
|
|
%
|
$
|
|
|
%
|
|
%
|
|
%
|
||||||||||||||||
Tier 1 risk-based capital
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Common equity tier 1 capital
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Tier 1 leverage ratio
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
As of June 30, 2023:
|
||||||||||||||||||||||||||||||||
Total risk-based capital
|
$
|
|
|
%
|
$
|
|
|
%
|
$
|
|
|
%
|
|
%
|
|
%
|
||||||||||||||||
Tier 1 risk-based capital
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Common equity tier 1 capital
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Tier 1 leverage ratio
|
|
|
|
|
|
|
|
|
Note 19. |
Condensed Financial Statements of Greene County Bancorp, Inc.
|
ASSETS
|
2024
|
2023
|
||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Investment in subsidiaries
|
|
|
||||||
Long-term certificates of deposit |
||||||||
Securities available-for-sale, at fair value |
||||||||
Accrued interest receivable
|
|
|
||||||
Prepaid expenses and other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Subordinated notes payable, net
|
$
|
|
$
|
|
||||
Accrued expenses and other liabilities
|
|
|
||||||
Total liabilities
|
|
|
||||||
Total shareholders’ equity
|
|
|
||||||
Total liabilities and shareholders’ equity
|
$
|
|
$
|
|
2024
|
2023
|
|||||||
INCOME:
|
||||||||
Equity in undistributed net income of subsidiaries
|
$
|
|
$
|
|
||||
Dividend distributed by
|
|
|
||||||
Interest-earning deposits
|
|
|
||||||
Other income |
||||||||
Total Income
|
|
|
||||||
OPERATING EXPENSES:
|
||||||||
Legal fees
|
|
|
||||||
Interest on borrowings
|
|
|
||||||
Other expense
|
|
|
||||||
Total operating expenses
|
|
|
||||||
Net income
|
$
|
|
$
|
|
Cash flow from operating activities:
|
2024
|
2023
|
||||||
Net Income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Undistributed earnings of subsidiaries
|
(
|
)
|
(
|
)
|
||||
Amortization of subordinated debt issuance costs
|
|
|
||||||
Net decrease (increase) in prepaid expenses and other assets
|
|
(
|
)
|
|||||
Net (decrease) increase in total liabilities
|
(
|
)
|
|
|||||
Net cash provided by operating activities
|
|
|
||||||
Cash flows from investing activities:
|
||||||||
Net cash transferred related to Greene Risk Management Inc. liquidation |
( |
) | ||||||
Net cash used by investing activities
|
|
(
|
)
|
|||||
Cash flows from financing activities:
|
||||||||
Payment of cash dividends
|
(
|
)
|
(
|
)
|
||||
Net cash used by financing activities
|
(
|
)
|
(
|
)
|
||||
Net increase in cash and cash equivalents
|
|
|
||||||
Cash and cash equivalents at beginning of year
|
|
|
||||||
Cash and cash equivalents at end of year
|
$
|
|
$
|
|
Note 20. |
Subsequent events
|
ITEM 9A. |
Controls and Procedures
|
ITEM 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
ITEM 15. |
Exhibits and Financial Statement Schedules
|
(a)(1) |
The following financial statements and Reports of Bonadio & Co., LLP are included in this Annual Report on Form 10-K:
|
(a)(2) |
List of Financial Schedules
|
(a)(3) |
Exhibits
|
3.1
|
||
3.2
|
||
3.3
|
||
4.0
|
||
4.2
|
||
4.3
|
||
4.4
|
||
4.5
|
||
4.6
|
||
10.1
|
||
10.2
|
||
10.3
|
||
10.4
|
21.
|
||
23.
|
||
31.1
|
||
31.2
|
||
32.1
|
||
32.2
|
||
101
|
The following materials from Greene County Bancorp, Inc. Form 10-K for the year ended June 30, 2024, formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Statements of Income,
(ii) the Consolidated Statements of Financial Condition, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Shareholders’ Equity, (v) Consolidated Statements of Cash Flows and (vi) related
notes, tagged as blocks of text and in detail.
|
|
104
|
Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)
|
ITEM 16. |
Form 10-K Summary
|
GREENE COUNTY BANCORP, INC.
|
|
Date: September 6, 2024
|
By: /s/ Donald E. Gibson
|
Donald E. Gibson
|
|
President and Chief Executive Officer
|
By: /s/ Donald E. Gibson
|
|
Donald E. Gibson
|
|
President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
Date: September 6, 2024
|
|
By: /s/ Nick Barzee
|
|
Nick Barzee
|
|
Chief Financial Officer
|
|
(Principal Financial and Accounting Officer)
|
|
Date: September 6, 2024
|
|
By: /s/ Jay P. Cahalan
|
|
Jay P. Cahalan
|
|
Chairman of the Board
|
|
Date: September 6, 2024
|
|
By: /s/ David H. Jenkins
|
|
David H. Jenkins, DVM
|
|
Director
|
|
Date: September 6, 2024
|
|
By: /s/ Peter W. Hogan, CPA
|
|
Peter W. Hogan, CPA
|
|
Director
|
|
Date: September 6, 2024
|
|
By: /s/ Charles H. Schaefer
|
|
Charles H. Schaefer
|
|
Director
|
|
Date: September 6, 2024
|
|
By: /s/ Michelle M. Plummer
|
|
Michelle M. Plummer, CPA, CGMA
|
|
Director
|
|
Date: September 6, 2024
|
|
By: /s/ Stephen E. Nelson
|
|
Stephen E. Nelson
|
|
Director
|
|
Date: September 6, 2024
|
|
By: /s/ Tejraj S. Hada
|
|
Tejraj S. Hada
|
|
Director
|
|
Date: September 6, 2024
|