Greene County ( (GCBC) ) has released its Q1 earnings. Here is a breakdown of the information Greene County presented to its investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Greene County Bancorp, Inc. operates in the financial sector, specializing in banking services through its subsidiaries, The Bank of Greene County, Greene County Commercial Bank, and Greene Property Holdings, Ltd., with a focus on serving the Hudson Valley and Capital District Regions of New York State. The company’s main activities include attracting deposits and investing in loans and securities.
Greene County Bancorp recently released its earnings report for the quarter ending September 30, 2024, highlighting steady performance amidst challenging market conditions. The company reported a modest increase in total assets and a stable net income compared to the same quarter last year.
During the quarter, Greene County Bancorp reported total assets of approximately $2.87 billion, an increase from $2.83 billion in the previous quarter. The company’s net income for the quarter was $6.26 million, slightly lower than the $6.47 million reported in the same quarter of 2023. The earnings per share was $0.37, consistent with the previous year’s earnings per share of $0.38. The company also saw an increase in noninterest income, driven by higher bank-owned life insurance income, while noninterest expenses rose due to increased salaries and employee benefits.
The company’s financial condition remains solid with a total deposit growth to $2.49 billion, up from $2.39 billion last quarter. The loan portfolio continues to perform well, with minimal non-accrual loans and adequate allowance for credit losses, ensuring the bank’s resilience against potential credit risks.
Looking ahead, Greene County Bancorp aims to maintain its growth trajectory by focusing on strengthening its core banking operations and enhancing customer service through its regional network. The management remains optimistic about future prospects despite the economic uncertainties, as they continue to navigate through market challenges with a robust financial strategy.
