Greene County Bancorp Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Greene County Bancorp Inc. (GCBC) has filed its 10-Q report for the period ending December 31, 2023.</b>

AI Summary

GREENE COUNTY BANCORP INC (GCBC) filed a Quarterly Report (10-Q) with the SEC on February 9, 2024. Filing is a 10-Q for Greene County Bancorp Inc. (GCBC). The reporting period is for the quarter and nine months ended December 31, 2023. The company is incorporated in Delaware and operates in the Savings Institutions sector. Key dates include filing date February 9, 2024, and period end December 31, 2023. The filing includes financial data for periods ending December 31, 2023, and December 31, 2022.

Why It Matters

For investors and stakeholders tracking GREENE COUNTY BANCORP INC, this filing contains several important signals. This filing provides an update on the company's financial performance and position for the most recent fiscal quarter and year-to-date period. Investors and analysts can use this report to assess GCBC's financial health, operational efficiency, and potential risks and opportunities.

Risk Assessment

Risk Level: low — GREENE COUNTY BANCORP INC shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain immediate red flags.

Analyst Insight

Monitor future filings for trends in revenue, net income, and debt levels to assess GCBC's financial trajectory.

Key Numbers

• 2023-12-31 — Period of Report (Conformed period of report)
• 2024-02-09 — Filing Date (Filed as of date)
• 2023-07-01 to 2023-12-31 — Nine Months Ended (Reporting period for nine months)
• 2022-07-01 to 2022-12-31 — Prior Year Nine Months (Comparative period for nine months)
• 2023-10-01 to 2023-12-31 — Quarter Ended (Reporting period for the quarter)
• 2022-10-01 to 2022-12-31 — Prior Year Quarter (Comparative period for the quarter)

Key Players & Entities

• GREENE COUNTY BANCORP INC (company) — Filer name
• GCBC (company) — Ticker symbol
• 2023-12-31 (date) — Period of report
• 2024-02-09 (date) — Filing date
• 302 MAIN STREET (address) — Business address
• CATSKILL (location) — City in business address
• NY (location) — State in business address
• 12414 (postal_code) — ZIP code in business address

Forward-Looking Statements

• GREENE COUNTY BANCORP INC will continue to grow its loan portfolio in the next fiscal year. (GREENE COUNTY BANCORP INC) — medium confidence, target: 2024-06-30

FAQ

Key Dates

• 2023-12-31: Period End — End of the reporting period for the 10-Q filing.
• 2024-02-09: Filing Date — Date the 10-Q was officially filed with the SEC.

Key Financial Figures

• $0.10 — nge on which registered Common Stock, $0.10 par value GCBC The Nasdaq Stock Mar

Filing Documents

• ef20015374_10q.htm (10-Q) — 3799KB
• ef20015374_ex31-1.htm (EX-31.1) — 9KB
• ef20015374_ex31-2.htm (EX-31.2) — 9KB
• ef20015374_ex32-1.htm (EX-32.1) — 5KB
• ef20015374_ex32-2.htm (EX-32.2) — 5KB
• image00002.jpg (GRAPHIC) — 4KB
• 0001140361-24-006651.txt (&nbsp;) — 17720KB
• gcbc-20231231.xsd (EX-101.SCH) — 68KB
• gcbc-20231231_cal.xml (EX-101.CAL) — 152KB
• gcbc-20231231_def.xml (EX-101.DEF) — 468KB
• gcbc-20231231_lab.xml (EX-101.LAB) — 1055KB
• gcbc-20231231_pre.xml (EX-101.PRE) — 698KB
• ef20015374_10q_htm.xml (XML) — 4280KB

Financial Statements (unaudited)

Financial Statements (unaudited) * Consolidated Statements of Financial Condition 3 * Consolidated Statements of Income 4 * Consolidated Statements of Comprehensive Income 5 * Consolidated Statements of Changes in Shareholders' Equity 6 * Consolidated Statements of Cash Flows 7 * Notes to Consolidated Financial Statements 8-32 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33-47 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 4.

Controls and Procedures

Controls and Procedures 48 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 48 Item 1A.

Risk Factors

Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 49

Signatures

Signatures 50 2 Index Greene County Bancorp, Inc. Consolidated Financial Condition At December 31, 2023 and June 30, 2023 (Unaudited) (In thousands, except share and per share amounts) ASSETS December 31, 2023 June 30, 2023 Cash and due from banks $ 12,147 $ 15,305 Interest-bearing deposits 163,933 181,140 Total cash and cash equivalents 176,080 196,445 Long-term certificates of deposit 3,822 4,576 Securities available-for-sale, at fair value 307,809 281,133 Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $ 485 at December 31 , 2023 700,853 726,363 Equity securities, at fair value 325 306 Federal Home Loan Bank stock, at cost 7,654 1,682 Loans receivable 1,457,175 1,408,866 Allowance for credit losses on loans ( 20,309 ) ( 21,212 ) Net loans receivable 1,436,866 1,387,654 Premises and equipment, net 15,232 15,028 Bank-owned life insurance 56,003 55,063 Accrued interest receivable 14,499 12,249 Foreclosed real estate 302 302 Prepaid expenses and other assets 17,243 17,482 Total assets $ 2,736,688 $ 2,698,283 LIABILITIES AND SHAREHOLDERS' EQUITY Noninterest-bearing deposits $ 137,424 $ 159,039 Interest-bearing deposits 2,197,413 2,278,122 Total deposits 2,334,837 2,437,161 Borrowings from Federal Home Loan Bank, short-term 125,000 - Borrowings from Federal Home Loan Bank, long-term 4,374 - Subordinated notes payable, net 49,588 49,495 Accrued expenses and other liabilities 27,593 28,344 Total liabilities 2,541,392 2,515,000 SHAREHOLDERS' EQUITY Preferred stock, Authorized - 1,000,000 shares; Issued - None - - Common stock, par value $ 0.10 per share; Authorized - 36,000,000 shares; Issued – 17,222,680 shares at December 31 , 2023 and June 30 , 2023 ; Outstanding – 17,026,828 shares at December 31 , 2023 , and June 30 , 2023 1,722 1,722 Additional pa

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements At and for the Three and Six Months Ended December 31, 2023 and 2022 (1) Summary of Significant Accounting Policies Basis of Presentation Within the accompanying unaudited interim consolidated financial statements and related notes to the consolidated financial statements, the June 30, 2023 data was derived from the audited consolidated financial statements and notes of Greene County Bancorp, Inc. (the "Company") and its wholly owned subsidiaries, The Bank of Greene County (the "Bank") and the Bank's wholly owned subsidiaries, Greene County Commercial Bank (the "Commercial Bank") and Greene Property Holdings, Ltd. The interim consolidated financial statements at and for the three and six months ended December 31, 2023 and 2022 are unaudited. The financial statements have been prepared in accordance with accounting principles generally accepted in the United Report on Form 10-K for the year ended June 30, 2023, such information and notes have not been duplicated herein. In the opinion of management, all adjustments (consisting of only normal recurring items) necessary for a fair presentation of the financial position and results of operations and cash flows at and for the periods presented have been included. Certain previous years' amounts in the unaudited consolidated financial statements and notes thereto, have been reclassified to conform to the current year's presentation. All material inter-company accounts and transactions have been elimi

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View this 10-Q filing on SEC EDGAR