Greene County Bancorp Files Q4 2024 10-Q

TL;DR

GCBC filed its 10-Q for 12/31/24. All systems go.

AI Summary

Greene County Bancorp, Inc. filed its 10-Q report for the quarterly period ended December 31, 2024. The company, incorporated in Delaware, is a savings institution not federally chartered. Its principal executive offices are located at 302 Main Street, Catskill, New York.

Why It Matters

This filing provides investors with updated financial performance and operational details for Greene County Bancorp for the most recent quarter.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Players & Entities

• GREENE COUNTY BANCORP, INC. (company) — Registrant
• December 31, 2024 (date) — Quarterly period end date
• 302 Main Street, Catskill, New York 12414 (location) — Principal executive office address
• GCBC (company) — Trading symbol

FAQ

Key Financial Figures

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

Filing Documents

• ef20039008_10q.htm (10-Q) — 3422KB
• ef20039008_ex31-1.htm (EX-31.1) — 7KB
• ef20039008_ex31-2.htm (EX-31.2) — 7KB
• ef20039008_ex32-1.htm (EX-32.1) — 4KB
• ef20039008_ex32-2.htm (EX-32.2) — 4KB
• image1.jpg (GRAPHIC) — 21KB
• 0001140361-25-003514.txt ( ) — 15423KB
• gcbc-20241231.xsd (EX-101.SCH) — 63KB
• gcbc-20241231_def.xml (EX-101.DEF) — 398KB
• gcbc-20241231_lab.xml (EX-101.LAB) — 648KB
• gcbc-20241231_pre.xml (EX-101.PRE) — 409KB
• gcbc-20241231_cal.xml (EX-101.CAL) — 81KB
• ef20039008_10q_htm.xml (XML) — 3788KB

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 8-29 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 30-46 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 47 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 48

Signatures

Signatures 49 2 Index Greene County Bancorp, Inc. Consolidated Statements of Financial Condition At December 31, 2024 and June 30, 2024 (Unaudited) (In thousands, except share and per share amounts) ASSETS December 31, 2024 June 30, 2024 Cash and due from banks $ 9,218 $ 13,897 Interest-bearing deposits 157,225 176,498 Total cash and cash equivalents 166,443 190,395 Long-term certificates of deposit 2,577 2,831 Securities available-for-sale, at fair value 374,453 350,001 Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $ 439 and $ 483 at December 31, 2024 and June 30, 2024 770,905 690,354 Equity securities, at fair value 371 328 Federal Home Loan Bank stock, at cost 10,669 7,296 Loans receivable 1,551,400 1,499,473 Allowance for credit losses on loans ( 20,191 ) ( 19,244 ) Net loans receivable 1,531,209 1,480,229 Premises and equipment, net 15,416 15,606 Bank-owned life insurance 58,535 57,249 Accrued interest receivable 16,623 14,269 Prepaid expenses and other assets 18,570 17,230 Total assets $ 2,965,771 $ 2,825,788 LIABILITIES AND SHAREHOLDERS' EQUITY Noninterest-bearing deposits $ 112,470 $ 125,442 Interest-bearing deposits 2,354,788 2,263,780 Total deposits 2,467,258 2,389,222 Borrowings, short-term 194,100 115,300 Borrowings, long-term 6,976 34,156 Subordinated notes payable, net 49,774 49,681 Accrued expenses and other liabilities 29,214 31,429 Total liabilities 2,747,322 2,619,788 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, 2024 and June 30, 2024; Outstanding – 17,026,828 shares at December 31, 2024, and June 30, 2024 1,722 1,722 Additional paid-in capital 10,156 10,156 Retained earnings 225,421 214,740 Acc

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements At and for the Three and Six Months Ended December 31, 2024 and 2023 (1) Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation Within the accompanying unaudited interim consolidated financial statements and related notes to the consolidated financial statements, the June 30, 2024 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, 2024 and 2023 are unaudited. The unaudited interim consolidated financial statements include the accounts of certain Variable Interest Entities ("VIE(s)"). In accordance with the applicable accounting guidance for consolidations, the Company consolidates a VIE if it has (i) a variable interest in the entity; (ii) the power to direct activities of the VIE that most significantly affect the entity's economic performance; and (iii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE ( i.e., we are considered to be the primary beneficiary). The Company uses the equity method to account for unconsolidated investments in VIEs if it has significant influence over the entity's operating and financing decision. Unconsolidated investments in VIEs in which the Company does not have significant influence, are carried at a cost measurement alternative. See Note 14, Variable Interest Entities for information on our involvement with VIEs. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim f

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