GCBCMEDIUM SIGNALFINANCIAL10-K

Greene County Bancorp reported solid growth across key metrics with net income rising 25.7% and net interest income expanding 13.5% year-over-year.

The bank demonstrated healthy profitability growth while maintaining strong deposit growth of 10.5%, indicating successful balance sheet expansion. The meaningful increase in dividends paid (+38.1%) suggests management confidence in sustained earnings power and commitment to shareholder returns.

Comparing 2025-09-05 vs 2024-09-06View on EDGAR →
FINANCIAL ANALYSIS

GCBC delivered broad-based financial improvements with net income growing notably to $31.1M and net interest income expanding to $117.7M, reflecting effective asset deployment in the current rate environment. Operating cash flow strengthened modestly to $28.0M while the bank substantially reduced capital expenditures from $1.5M to $691K. The combination of growing deposits, expanding stockholders' equity to $238.8M, and increased dividend distributions signals a well-capitalized institution generating solid returns for shareholders.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-54.1%
$1.5M→$691K

Capex reduced 54.1% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Dividends Paid
Cash Flow
+38.1%
$3.2M→$4.5M

Dividend payments increased 38.1% — management confidence in sustained cash generation.

Net Income
P&L
+25.7%
$24.8M→$31.1M

Net income grew 25.7% — bottom-line growth signals improving overall business health.

Stockholders Equity
Balance Sheet
+15.9%
$206.0M→$238.8M

Equity base grew 15.9% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Net Interest Income
P&L
+13.5%
$103.7M→$117.7M

Net interest income grew 13.5% — benefiting from rate environment or loan book expansion.

Operating Cash Flow
Cash Flow
+12.3%
$24.9M→$28.0M

Operating cash flow grew 12.3% — strong conversion of earnings to cash, healthy business fundamentals.

Revenue
P&L
+11.1%
$3.7M→$4.1M

Revenue growing 11.1% — solid top-line momentum, watch margins for quality of growth.

Total Deposits
Balance Sheet
+10.5%
$2.4B→$2.6B

Deposits grew 10.5% — expanding customer base or increased trust in the institution.

LANGUAGE CHANGES
NEW — 2025-09-05
PRIOR — 2024-09-06
ADDED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
Computed by reference to the closing price of Common Stock of $27.72 on December 31, 2024, the aggregate value of stock held by non-affiliates was $ 177,217 ,000.
As of September 4, 2025, there were 17,026,828 shares outstanding of the Registrant's common stock.
At June 30, 2025, 7,808,300 shares of Greene County Bancorp, Inc.
in exchange for 100.0% of the common stock of Greene Property Holdings, Ltd.
(consolidated) $ 3,040,609 $ 2,639,835 $ 128,056 $ 238,837 The Bank of Greene County (consolidated) 3,039,860 2,670,760 78,189 258,333 Greene County Commercial Bank 1,210,940 1,184,514 - 109,490 Greene Property Holdings, Ltd.
5 Index As of 2024, the Greene County population was approximately 46,000, Columbia County was approximately 59,000, Albany County was approximately 318,000, Ulster County was approximately 182,000 and Rensselaer County was approximately 159,000.
Columbia County s major industry s consists of tourism and health care, and Columbia County is also a bedroom community for persons working in the Albany capital region.
The Company continues to utilize high quality underwriting standards in originating all loans.
In an effort to manage the interest rate risk, the Company originates both fixed and adjustable-rate loans for commercial, residential and consumer lending.
REMOVED
Computed by reference to the closing price of Common Stock of $28.20 on December 31, 2023, the aggregate value of stock held by non-affiliates was $ 179,230 ,000.
As of September 5, 2024, there were 17,026,828 shares outstanding of the Registrant s common stock.
At June 30, 2024, 7,808,300 shares of Greene County Bancorp, Inc.
in exchange for 100% of the common stock of Greene Property Holdings, Ltd.
( GRM ) was formed in December 2014 as a pooled captive insurance company subsidiary of Greene County Bancorp, Inc., incorporated in the State of Nevada.
During the fiscal year ended June 30, 2023, management determined to close down GRM due to proposed IRS regulations.
The purpose of this company was to provide additional insurance coverage for the Company and its subsidiaries related to the operations of the Company for which insurance may not be economically feasible.
On June 21, 2023, GRM received a formal surrender of certificate of authority and voluntary withdrawal notice from the State of Nevada, Division of Insurance.
The remaining liabilities were settled and assets transferred to Greene County Bancorp Inc., the parent of GRM as of June 28, 2023, and the corporation was formally liquidated under IRS Code 332 as of June 30, 2023.
(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.
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