SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/09/24 Greene County Bancorp Inc. 10-Q 12/31/23 88:16M Broadridge Fin’l So… Inc |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 3.62M 2: EX-31.1 Certification -- §302 - SOA'02 HTML 30K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 30K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 26K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 27K 11: R1 Document and Entity Information HTML 77K 12: R2 Consolidated Statements of Financial Condition HTML 135K 13: R3 Consolidated Statements of Financial Condition HTML 47K (Parenthetical) 14: R4 Consolidated Statements of Income HTML 138K 15: R5 Consolidated Statements of Comprehensive Income HTML 64K 16: R6 Consolidated Statements of Changes in HTML 62K Shareholders' Equity 17: R7 Consolidated Statements of Cash Flows HTML 141K 18: R8 Summary of Significant Accounting Policies HTML 68K 19: R9 Recent Accounting Pronouncements HTML 48K 20: R10 Securities HTML 330K 21: R11 Loans and Allowance for Credit Losses on Loans HTML 675K 22: R12 Fair Value Measurements and Fair Value of HTML 165K Financial Instruments 23: R13 Derivative Instruments HTML 57K 24: R14 Earnings Per Share HTML 46K 25: R15 Dividends HTML 28K 26: R16 Employee Benefit Plans HTML 45K 27: R17 Stock-Based Compensation HTML 49K 28: R18 Accumulated Other Comprehensive Loss HTML 78K 29: R19 Operating leases HTML 59K 30: R20 Commitments and Contingent Liabilities HTML 54K 31: R21 Subsequent events HTML 28K 32: R22 Insider Trading Arrangements HTML 31K 33: R23 Summary of Significant Accounting Policies HTML 84K (Policies) 34: R24 Recent Accounting Pronouncements (Policies) HTML 37K 35: R25 Securities (Policies) HTML 28K 36: R26 Securities (Tables) HTML 334K 37: R27 Loans and Allowance for Credit Losses on Loans HTML 668K (Tables) 38: R28 Fair Value Measurements and Fair Value of HTML 162K Financial Instruments (Tables) 39: R29 Derivative Instruments (Tables) HTML 47K 40: R30 Earnings Per Share (Tables) HTML 44K 41: R31 Employee Benefit Plans (Tables) HTML 38K 42: R32 Stock-Based Compensation (Tables) HTML 45K 43: R33 Accumulated Other Comprehensive Loss (Tables) HTML 78K 44: R34 Operating leases (Tables) HTML 60K 45: R35 Commitments and Contingent Liabilities (Tables) HTML 40K 46: R36 Summary of Significant Accounting Policies, Basis HTML 31K of Presentation (Details) 47: R37 Summary of Significant Accounting Policies, Nature HTML 26K of Operations (Details) 48: R38 Summary of Significant Accounting Policies, HTML 29K Interest-bearing Deposits (Details) 49: R39 Summary of Significant Accounting Policies, HTML 27K Allowance for Credit Losses on Loans (Details) 50: R40 Summary of Significant Accounting Policies, HTML 32K Allowance for Credit Losses on Securities Held-to-Maturity (Details) 51: R41 Summary of Significant Accounting Policies, HTML 30K Accrued Interest Receivable (Details) 52: R42 Recent Accounting Pronouncements (Details) HTML 46K 53: R43 Securities, Amortized Cost and Fair Value of HTML 63K Securities Available-for-Sale (Details) 54: R44 Securities, Amortized Cost and Fair Value and HTML 80K Allowance for Credit Loss on Securities Held-to-Maturity (Details) 55: R45 Securities, Allowance for Credit Losses on HTML 35K Securities Held-to-Maturity (Details) 56: R46 Securities, Securities in Continuous Unrealized HTML 168K Loss Position (Details) 57: R47 Securities, Securities by Contractual Maturity HTML 118K (Details) 58: R48 Securities, Securities Pledged (Details) HTML 32K 59: R49 Securities, Federal Home Loan Bank Stock (Details) HTML 29K 60: R50 Loans and Allowance for Credit Losses on Loans, HTML 64K Major Loan Segments and Classes (Details) 61: R51 Loans and Allowance for Credit Losses on Loans, HTML 167K Nonaccrual Loans (Details) 62: R52 Loans and Allowance for Credit Losses on Loans, HTML 106K Allowance for Credit Losses on Loans (Details) 63: R53 Loans and Allowance for Credit Losses on Loans, HTML 300K Credit Monitoring Process (Details) 64: R54 Loans and Allowance for Credit Losses on Loans, HTML 70K Individually Evaluated Loans (Details) 65: R55 Loans and Allowance for Credit Losses on Loans, HTML 27K Loan Modifications to Borrowers Experiencing Financial Difficulties (Details) 66: R56 Loans and Allowance for Credit Losses on Loans, HTML 75K Loan Segments and Classes Prior to Adoption of ASU 2016-13 (Cecl) (Details) 67: R57 Loans and Allowance for Credit Losses on Loans, HTML 111K Impaired Loan Analysis (Details) 68: R58 Loans and Allowance for Credit Losses on Loans, HTML 89K Activity and Allocation of Allowance for Loan Losses by Loan Class (Details) 69: R59 Loans and Allowance for Credit Losses on Loans, HTML 53K Loans Modified as Troubled Debt Restructuring (Details) 70: R60 Loans and Allowance for Credit Losses on Loans, HTML 29K Foreclosed Real Estate (Fre) (Details) 71: R61 Fair Value Measurements and Fair Value of HTML 88K Financial Instruments, Assets Measured on Recurring Basis (Details) 72: R62 Fair Value Measurements and Fair Value of HTML 35K Financial Instruments, Fair Value Measurements for Collateral Dependent Evaluated Loans and Foreclosed Real Estate (Details) 73: R63 Fair Value Measurements and Fair Value of HTML 86K Financial Instruments, Carrying Amount and Estimated Fair Value (Details) 74: R64 Derivative Instruments (Details) HTML 76K 75: R65 Earnings Per Share (Details) HTML 68K 76: R66 Dividends (Details) HTML 36K 77: R67 Employee Benefit Plans (Details) HTML 45K 78: R68 Stock-Based Compensation (Details) HTML 48K 79: R69 Accumulated Other Comprehensive Loss (Details) HTML 61K 80: R70 Operating leases, Quantitative Data (Details) HTML 47K 81: R71 Operating leases, Undiscounted Cash Flows HTML 49K (Details) 82: R72 Commitments and Contingent Liabilities (Details) HTML 44K 83: R73 Subsequent events (Details) HTML 42K 85: XML IDEA XML File -- Filing Summary XML 163K 88: XML XBRL Instance -- ef20015374_10q_htm XML 5.04M 84: EXCEL IDEA Workbook of Financial Report Info XLSX 217K 7: EX-101.CAL XBRL Calculations -- gcbc-20231231_cal XML 356K 8: EX-101.DEF XBRL Definitions -- gcbc-20231231_def XML 1.07M 9: EX-101.LAB XBRL Labels -- gcbc-20231231_lab XML 2.33M 10: EX-101.PRE XBRL Presentations -- gcbc-20231231_pre XML 1.55M 6: EX-101.SCH XBRL Schema -- gcbc-20231231 XSD 192K 86: JSON XBRL Instance as JSON Data -- MetaLinks 605± 940K 87: ZIP XBRL Zipped Folder -- 0001140361-24-006651-xbrl Zip 532K
i United States
|
i 14-1809721
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification Number)
|
i 302 Main Street, i Catskill, i New
York
|
i 12414
|
|
(Address of principal executive office)
|
(Zip code)
|
Title of class
|
Trading symbol
|
Name of exchange on which registered
|
i Common Stock, $0.10 par value
|
i GCBC
|
i The Nasdaq Stock Market
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
Emerging Growth Company i ☐
|
i Non-accelerated filer ☒
|
Smaller reporting company i ☒
|
PART I.
|
FINANCIAL INFORMATION
|
|
Page | ||
Item 1.
|
Financial Statements (unaudited)
|
|
3 | ||
4 | ||
5 | ||
6 | ||
7 | ||
8-32 | ||
Item 2.
|
33-47 | |
Item 3.
|
47 | |
Item 4.
|
48 | |
PART II.
|
OTHER INFORMATION
|
|
Item 1.
|
48 | |
Item 1A.
|
48 | |
Item 2.
|
48 | |
Item 3.
|
48 | |
Item 4.
|
48 | |
Item 5.
|
48 | |
Item 6.
|
49 | |
50 |
ASSETS
|
||||||||
Cash and due from banks
|
$ | i 12,147 | $ | i 15,305 | ||||
Interest-bearing deposits
|
i 163,933 |
i 181,140 |
||||||
Total cash and cash equivalents
|
i 176,080
|
i 196,445
|
||||||
Long-term certificates of deposit
|
i 3,822
|
i 4,576
|
||||||
Securities available-for-sale, at fair value
|
i 307,809
|
i 281,133
|
||||||
Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $ i 485
at December 31, 2023
|
i 700,853
|
i 726,363
|
||||||
Equity securities, at fair value
|
i 325
|
i 306
|
||||||
Federal Home Loan Bank stock, at cost
|
i 7,654
|
i 1,682
|
||||||
Loans receivable
|
i 1,457,175
|
i 1,408,866
|
||||||
Allowance for credit losses on loans
|
( i 20,309
|
)
|
( i 21,212
|
)
|
||||
Net loans receivable
|
i 1,436,866
|
i 1,387,654
|
||||||
Premises and equipment, net
|
i 15,232
|
i 15,028
|
||||||
Bank-owned life insurance
|
i 56,003
|
i 55,063
|
||||||
Accrued interest receivable
|
i 14,499
|
i 12,249
|
||||||
Foreclosed real estate
|
i 302
|
i 302
|
||||||
Prepaid expenses and other assets
|
i 17,243
|
i 17,482
|
||||||
Total assets
|
$
|
i 2,736,688
|
$
|
i 2,698,283
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Noninterest-bearing deposits
|
$
|
i 137,424
|
$
|
i 159,039
|
||||
Interest-bearing deposits
|
i 2,197,413
|
i 2,278,122
|
||||||
Total deposits
|
i 2,334,837
|
i 2,437,161
|
||||||
Borrowings from Federal Home Loan Bank, short-term
|
i 125,000
|
i -
|
||||||
Borrowings from Federal Home Loan Bank, long-term |
i 4,374 | i - | ||||||
Subordinated notes payable, net
|
i 49,588
|
i 49,495
|
||||||
Accrued expenses and other liabilities
|
i 27,593
|
i 28,344
|
||||||
Total liabilities
|
i 2,541,392
|
i 2,515,000
|
||||||
SHAREHOLDERS’ EQUITY
|
||||||||
Preferred stock, Authorized - i i 1,000,000 / shares; Issued - i i None /
|
i -
|
i -
|
||||||
Common stock, par value $ i i 0.10 /
per share;
Authorized - i i 36,000,000 / shares; Issued – i i 17,222,680 /
shares at December 31, 2023 and June 30, 2023; Outstanding – i i 17,026,828 /
shares at December 31, 2023,
and June 30, 2023
|
i 1,722
|
i 1,722
|
||||||
Additional paid-in capital
|
i 10,156
|
i 10,156
|
||||||
Retained earnings
|
i 203,396
|
i 193,721
|
||||||
Accumulated other comprehensive loss
|
( i 19,070
|
)
|
( i 21,408
|
)
|
||||
Treasury stock, at cost i i 195,852 / shares at December 31, 2023,
and June 30, 2023
|
( i 908
|
)
|
( i 908
|
)
|
||||
Total shareholders’ equity
|
i 195,296
|
i 183,283
|
||||||
Total liabilities and shareholders’ equity
|
$
|
i 2,736,688
|
$
|
i 2,698,283
|
For the three months ended
December 31,
|
For the six months ended
|
|||||||||||||||
2022
|
2023
|
2022
|
||||||||||||||
Interest income:
|
||||||||||||||||
Loans
|
$
|
i 17,776
|
$
|
i 14,801
|
$
|
i 34,981
|
$
|
i 28,183
|
||||||||
Investment securities - taxable
|
i 805
|
i 690
|
i 1,573
|
i 1,354
|
||||||||||||
Mortgage-backed securities
|
i 1,573
|
i 1,364
|
i 3,066
|
i 2,854
|
||||||||||||
Investment securities - tax exempt
|
i 4,334
|
i 3,504
|
i 8,624
|
i 6,581
|
||||||||||||
Interest-bearing deposits and federal funds sold
|
i 1,105
|
i 169
|
i 2,021
|
i 196
|
||||||||||||
Total interest income
|
i 25,593
|
i 20,528
|
i 50,265
|
i 39,168
|
||||||||||||
Interest expense:
|
||||||||||||||||
Interest on deposits
|
i 12,558
|
i 3,738
|
i 23,165
|
i 5,748
|
||||||||||||
Interest on borrowings
|
i 647
|
i 867
|
i 1,273
|
i 1,663
|
||||||||||||
Total interest expense
|
i 13,205
|
i 4,605
|
i 24,438
|
i 7,411
|
||||||||||||
Net interest income
|
i 12,388
|
i 15,923
|
i 25,827
|
i 31,757
|
||||||||||||
Provision for credit losses
|
i 170
|
i 244
|
i 627
|
( i 255
|
)
|
|||||||||||
Net interest income after provision for credit losses
|
i 12,218
|
i 15,679
|
i 25,200
|
i 32,012
|
||||||||||||
Noninterest income:
|
||||||||||||||||
Service charges on deposit accounts
|
i 1,227
|
i 1,234
|
i 2,457
|
i 2,451
|
||||||||||||
Debit card fees
|
i 1,120
|
i 1,138
|
i 2,253
|
i 2,280
|
||||||||||||
Investment services
|
i 206
|
i 198
|
i 449
|
i 378
|
||||||||||||
E-commerce fees
|
i 30
|
i 29
|
i 59
|
i 55
|
||||||||||||
Bank-owned life insurance
|
i 574
|
i 340
|
i 936
|
i 680
|
||||||||||||
Net loss on sale of
available-for-sale securities
|
i - | ( i 251 | ) | i - | ( i 251 | ) | ||||||||||
Other operating income
|
i 321
|
i 207
|
i 623
|
i 400
|
||||||||||||
Total noninterest income
|
i 3,478
|
i 2,895
|
i 6,777
|
i 5,993
|
||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
i 5,654
|
i 5,449
|
i 11,145
|
i 10,877
|
||||||||||||
Occupancy expense
|
i 593
|
i 513
|
i 1,130
|
i 1,037
|
||||||||||||
Equipment and furniture expense
|
i 238
|
i 221
|
i 376
|
i 379
|
||||||||||||
Service and data processing fees
|
i 614
|
i 664
|
i 1,205
|
i 1,366
|
||||||||||||
Computer software, supplies and support
|
i 471
|
i 369
|
i 982
|
i 750
|
||||||||||||
Advertising and promotion
|
i 102
|
i 145
|
i 199
|
i 221
|
||||||||||||
FDIC insurance premiums
|
i 314
|
i 205
|
i 626
|
i 447
|
||||||||||||
Legal and professional fees
|
i 417
|
i 1,697
|
i 800
|
i 2,148
|
||||||||||||
Other
|
i 923
|
i 688
|
i 1,708
|
i 1,523
|
||||||||||||
Total noninterest expense
|
i 9,326
|
i 9,951
|
i 18,171
|
i 18,748
|
||||||||||||
Income before provision for income taxes
|
i 6,370
|
i 8,623
|
i 13,806
|
i 19,257
|
||||||||||||
Provision for income taxes
|
i 663
|
i 1,425
|
i 1,630
|
i 3,023
|
||||||||||||
Net income
|
$
|
i 5,707
|
$
|
i 7,198
|
$
|
i 12,176
|
$
|
i 16,234
|
||||||||
Basic and diluted earnings per share
|
$
|
i i 0.34 /
|
$
|
i i 0.42 /
|
$ | i i 0.72 / | $ | i i 0.95 / | ||||||||
Basic and diluted average shares outstanding
|
i i 17,026,828 /
|
i i 17,026,828 /
|
i i 17,026,828 /
|
i i 17,026,828 /
|
For the three months ended
December 31,
|
For the six months ended
|
|||||||||||||||
2022
|
2023
|
2022
|
||||||||||||||
Net Income
|
$
|
i 5,707
|
$
|
i 7,198
|
$
|
i 12,176
|
$
|
i 16,234
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Unrealized holding gain (losses) on available-for-sale securities, gross
|
i 8,257
|
i 2,445
|
i 3,192
|
( i 6,587
|
)
|
|||||||||||
Tax effect
|
i 2,207
|
i 654
|
i 854
|
( i 1,760
|
)
|
|||||||||||
Unrealized holding gain (losses) on available-for-sale securities, net
|
i 6,050 | i 1,791 | i 2,338 | ( i 4,827 | ) | |||||||||||
Reclassification
adjustment for loss on sale of available-for-sale securities realized in net income, gross |
i - | i 251 | i - | i 251 | ||||||||||||
Tax effect |
i - | i 67 | i - | i 67 | ||||||||||||
Reclassification
adjustment for loss on sale of available-for-sale securities realized in net income, net |
i - | i 184 | i - | i 184 | ||||||||||||
Total other comprehensive income (loss), net of taxes
|
i 6,050
|
i 1,975
|
i 2,338
|
( i 4,643
|
)
|
|||||||||||
Comprehensive income
|
$
|
i 11,757
|
$
|
i 9,173
|
$
|
i 14,514
|
$
|
i 11,591
|
Common
Stock
|
Additional
Paid-In
Capital |
Retained
Earnings
|
Accumulated
Other
Comprehensive
Loss
|
Treasury
Stock
|
Total
Shareholders’
Equity |
|||||||||||||||||||
Balance at September 30, 2023
|
$
|
i 1,722
|
$
|
i 10,156
|
$
|
i 198,318
|
$ | ( i 25,120 | ) |
$
|
( i 908
|
)
|
$
|
i 184,168
|
||||||||||
Dividends declared
|
( i 629
|
)
|
( i 629
|
)
|
||||||||||||||||||||
Net income
|
i 5,707
|
i 5,707
|
||||||||||||||||||||||
Other comprehensive income, net of taxes
|
i 6,050
|
i 6,050 | ||||||||||||||||||||||
Balance at December 31, 2023
|
$
|
i 1,722
|
$
|
i 10,156
|
$
|
i 203,396
|
$
|
( i 19,070
|
)
|
$
|
( i 908
|
)
|
$
|
i 195,296
|
Common
Stock
|
Additional
Paid-In
Capital |
Retained
Earnings
|
Accumulated
Other
Comprehensive
Loss
|
Treasury
Stock
|
Total
Shareholders’
Equity |
|||||||||||||||||||
Balance at September 30, 2022
|
$
|
i 1,722
|
$
|
i 10,156
|
$
|
i 173,617
|
$
|
( i 25,001
|
)
|
$
|
( i 908
|
)
|
$
|
i 159,586
|
||||||||||
Dividends declared
|
( i 552
|
)
|
( i 552
|
)
|
||||||||||||||||||||
Net income
|
i 7,198
|
i 7,198
|
||||||||||||||||||||||
Other comprehensive income, net of taxes
|
i 1,975 |
i 1,975
|
||||||||||||||||||||||
Balance at December 31, 2022
|
$
|
i 1,722
|
$
|
i 10,156
|
$
|
i 180,263
|
$
|
( i 23,026
|
)
|
$
|
( i 908
|
)
|
$
|
i 168,207
|
Common
Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Loss
|
Treasury
Stock
|
Total
Shareholders’
Equity |
|||||||||||||||||||
Balance at June 30, 2023
|
$
|
i 1,722
|
$
|
i 10,156
|
$ | i 193,721 |
$
|
( i 21,408
|
)
|
$
|
( i 908
|
)
|
$
|
i 183,283
|
||||||||||
Cumulative effect
adjustment for ASU 2016-13 Current Expected Credit Losses
|
( i 510 | ) | ( i 510 | ) | ||||||||||||||||||||
Dividends declared
|
( i 1,991
|
)
|
( i 1,991
|
)
|
||||||||||||||||||||
Net income
|
i 12,176
|
i 12,176
|
||||||||||||||||||||||
Other comprehensive income, net of taxes
|
i 2,338
|
i 2,338
|
||||||||||||||||||||||
Balance at December 31, 2023
|
$
|
i 1,722
|
$
|
i 10,156
|
$
|
i 203,396
|
$
|
( i 19,070
|
)
|
$
|
( i 908
|
)
|
$
|
i 195,296
|
Common
Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Loss
|
Treasury
Stock
|
Total
Shareholders’
Equity |
|||||||||||||||||||
Balance at June 30, 2022 |
$
|
i 1,722
|
$
|
i 10,156
|
$
|
i 165,127
|
$
|
( i 18,383
|
)
|
$
|
( i 908
|
)
|
$
|
i 157,714
|
||||||||||
Dividends declared
|
( i 1,098
|
)
|
( i 1,098
|
)
|
||||||||||||||||||||
Net income
|
i 16,234
|
i 16,234
|
||||||||||||||||||||||
Other comprehensive loss, net of taxes
|
( i 4,643
|
)
|
( i 4,643
|
)
|
||||||||||||||||||||
Balance at December 31, 2022
|
$
|
i 1,722
|
$
|
i 10,156
|
$
|
i 180,263
|
$
|
( i 23,026
|
)
|
$
|
( i 908
|
)
|
$
|
i 168,207
|
2023 |
2022 |
|||||||
Cash flows from operating activities:
|
||||||||
Net Income
|
$
|
i 12,176
|
$
|
i 16,234
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation
|
i 440
|
i 429
|
||||||
Deferred income tax (benefit) expense
|
( i 48
|
)
|
i 671
|
|||||
Net amortization of investment premiums and discounts
|
i 657
|
i 1,410
|
||||||
Net amortization of deferred loan costs and fees
|
i 177
|
i 101
|
||||||
Amortization of subordinated debt issuance costs
|
i 93
|
i 93
|
||||||
Provision for credit losses
|
i 627
|
( i 255
|
)
|
|||||
Bank-owned life insurance income
|
( i 936
|
)
|
( i 680
|
)
|
||||
Net loss on sale of
available-for-sale securities
|
i - | i 251 | ||||||
Net gain on equity securities
|
( i 19
|
)
|
( i 8
|
)
|
||||
Net loss on sale of foreclosed real estate
|
i - | i 5 | ||||||
Net increase (decrease) in accrued income taxes
|
i 678
|
( i 2,119
|
)
|
|||||
Net increase in accrued interest receivable
|
( i 2,250
|
)
|
( i 3,151
|
)
|
||||
Net increase in prepaid expenses and other assets
|
( i 1,060
|
)
|
( i 238
|
)
|
||||
Net decrease in accrued expense and other liabilities
|
( i 2,275
|
)
|
( i 2,701
|
)
|
||||
Net cash provided by operating activities
|
i 8,260
|
i 10,042
|
||||||
Cash flows from investing activities:
|
||||||||
Securities available-for-sale:
|
||||||||
Proceeds from maturities
|
i 82,091
|
i 129,742
|
||||||
Proceeds from sale of securities
|
i - | i 1,675 | ||||||
Purchases of securities
|
( i 107,484
|
)
|
( i 75,377
|
)
|
||||
Proceeds from principal payments on securities
|
i 1,757
|
i 9,764
|
||||||
Securities held-to-maturity:
|
||||||||
Proceeds from maturities
|
i 27,168
|
i 36,451
|
||||||
Purchases of securities
|
( i 13,824
|
)
|
( i 32,162
|
)
|
||||
Proceeds from principal payments on securities
|
i 11,185
|
i 14,247
|
||||||
Net (purchase) redemption of Federal Home Loan Bank Stock
|
( i 5,972
|
)
|
i 644
|
|||||
Purchase of long-term certificate of deposit
|
i - | ( i 245 | ) | |||||
Maturity of long-term certificates of deposit
|
i 745
|
i 245
|
||||||
Surrender of bank owned life insurance
|
i 23,100 | i - | ||||||
Purchase of bank owned life insurance
|
( i 23,104 | ) | i - | |||||
Net increase in loans receivable
|
( i 48,702
|
)
|
( i 138,357
|
)
|
||||
Proceeds from sale of foreclosed real estate
|
i - | i 63 | ||||||
Purchases of premises and equipment
|
( i 644
|
)
|
( i 517
|
)
|
||||
Net cash used in investing activities
|
( i 53,684
|
)
|
( i 53,827
|
)
|
||||
Cash flows from financing activities
|
||||||||
Net increase (decrease) in short-term FHLB advances
|
i 125,000 | ( i 16,100 | ) | |||||
Proceeds from long-term FHLB advances
|
i 4,374
|
i -
|
||||||
Payment of cash dividends
|
( i 1,991
|
)
|
( i 1,098
|
)
|
||||
Net (decrease) increase in deposits
|
( i 102,324
|
)
|
i 52,790
|
|||||
Net cash provided by financing activities
|
i 25,059
|
i 35,592
|
||||||
Net decrease in cash and cash equivalents
|
( i 20,365
|
)
|
( i 8,193
|
)
|
||||
Cash and cash equivalents at beginning of period
|
i 196,445
|
i 69,009
|
||||||
Cash and cash equivalents at end of period
|
$
|
i 176,080
|
$
|
i 60,816
|
||||
Cash paid during period for:
|
||||||||
Interest
|
$
|
i 24,354
|
$
|
i 7,198
|
||||
Income taxes
|
$
|
i 1,000
|
$
|
i 4,471
|
At December 31, 2023 | ||||||||||||||||
(In thousands)
|
Amortized
Cost (1)
|
Unrealized
Gains
|
Unrealized
Losses
|
Fair Value | ||||||||||||
U.S. government sponsored enterprises
|
$
|
i 13,048
|
$
|
i -
|
$
|
i 1,989
|
$
|
i 11,059
|
||||||||
U.S. Treasury securities
|
i 18,292
|
i -
|
i 1,575
|
i 16,717
|
||||||||||||
State and political subdivisions
|
i 162,736
|
i 1,099
|
i 1
|
i 163,834
|
||||||||||||
Mortgage-backed securities-residential
|
i 27,925
|
i -
|
i 3,540
|
i 24,385
|
||||||||||||
Mortgage-backed securities-multi-family
|
i 90,805
|
i -
|
i 17,557
|
i 73,248
|
||||||||||||
Corporate debt securities
|
i 19,831
|
i 41
|
i 1,306
|
i 18,566
|
||||||||||||
Total securities available-for-sale
|
$ |
i 332,637
|
$ |
i 1,140
|
$ |
i 25,968
|
$ |
i 307,809
|
At June 30, 2023 | ||||||||||||||||
(In
thousands)
|
Amortized
Cost (1)
|
Unrealized
Gains
|
Unrealized
Losses
|
Fair Value | ||||||||||||
U.S. government sponsored enterprises
|
$
|
i 13,054
|
$
|
i -
|
$
|
i 2,231
|
$
|
i 10,823
|
||||||||
U.S. Treasury securities | i 18,349 | i - | i 1,849 | i 16,500 | ||||||||||||
State and political subdivisions
|
i 137,343
|
i 670
|
i 2
|
i 138,011
|
||||||||||||
Mortgage-backed securities-residential
|
i 29,586
|
i -
|
i 3,985
|
i 25,601
|
||||||||||||
Mortgage-backed securities-multi-family
|
i 91,016
|
i -
|
i 18,930
|
i 72,086
|
||||||||||||
Corporate debt securities
|
i 19,805
|
i -
|
i 1,693
|
i 18,112
|
||||||||||||
Total securities available-for-sale
|
$ |
i 309,153
|
$ |
i 670
|
$ |
i 28,690
|
$ |
i 281,133
|
|
(1)
|
Amortized cost excludes accrued interest receivable of $ i 3.6 million and $ i 2.9
million at December 31, 2023 and June 30, 2023, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition.
|
At December 31, 2023 | ||||||||||||||||||||||||
(In thousands)
|
Amortized
Cost (1)
|
Unrealized
Gains
|
Unrealized
Losses
|
Fair Value | Allowance(2) |
Net Carrying
Value
|
||||||||||||||||||
U.S. Treasury securities
|
$ |
i 33,747
|
$ |
i -
|
$ |
i 1,808
|
$ |
i 31,939
|
$ | i - | $ | i 33,747 | ||||||||||||
State and political subdivisions
|
i 463,515
|
i 6,243
|
i 31,654
|
i 438,104
|
i 46 | i 463,469 | ||||||||||||||||||
Mortgage-backed securities-residential
|
i 34,912
|
i -
|
i 2,969
|
i 31,943
|
i - | i 34,912 | ||||||||||||||||||
Mortgage-backed securities-multi-family
|
i 145,915
|
i -
|
i 17,282
|
i 128,633
|
i - | i 145,915 | ||||||||||||||||||
Corporate debt securities
|
i 23,212
|
i 5
|
i 2,660
|
i 20,557
|
i 438 | i 22,774 | ||||||||||||||||||
Other securities
|
i 37 | i - | i - | i 37 | i 1 | i 36 | ||||||||||||||||||
Total securities held-to-maturity
|
$
|
i 701,338
|
$
|
i 6,248
|
$
|
i 56,373
|
$
|
i 651,213
|
$ |
i 485 | $ |
i 700,853 |
At June 30, 2023 | ||||||||||||||||||||||||
(In thousands)
|
Amortized
Cost (1)
|
Unrealized
Gains
|
Unrealized
Losses
|
Fair Value | Allowance(2) |
Net Carrying
Value
|
||||||||||||||||||
U.S. Treasury securities
|
$ |
i 33,705
|
$ |
i -
|
$ |
i 2,438
|
$ |
i 31,267
|
$ | i - | $ | i 33,705 | ||||||||||||
State and political subdivisions
|
i 478,756
|
i 5,178
|
i 30,662
|
i 453,272
|
i - | i 478,756 | ||||||||||||||||||
Mortgage-backed securities-residential
|
i 37,186
|
i -
|
i 3,625
|
i 33,561
|
i - | i 37,186 | ||||||||||||||||||
Mortgage-backed securities-multi-family
|
i 155,046
|
i -
|
i 20,324
|
i 134,722
|
i - | i 155,046 | ||||||||||||||||||
Corporate debt securities
|
i 21,632
|
i -
|
i 3,426
|
i 18,206
|
i - | i 21,632 | ||||||||||||||||||
Other
securities
|
i 38 | i - | i - | i 38 | i - | i 38 | ||||||||||||||||||
Total securities held-to-maturity
|
$
|
i 726,363
|
$
|
i 5,178
|
$
|
i 60,475
|
$
|
i 671,066
|
$ |
i - | $ |
i 726,363 |
|
(1)
|
Amortized cost
excludes accrued interest receivable of $ i 4.5 million and $ i 3.9
million at December 31, 2023 and June 30, 2023, respectively, which is included in accrued interest receivable in the consolidated statements of financial condition.
|
|
(2)
|
The Company adopted ASU 2016-13 (CECL) on July 1, 2023. For periods subsequent to adoption, an allowance is calculated under the CECL methodology. The periods prior to adoption did not
have an allowance for credit losses under applicable GAAP for those periods.
|
(In thousands)
|
Three months ended
|
Six months ended
|
||||||
Balance beginning of period
|
$
|
i 498
|
$ | i - | ||||
Adoption of ASU 2016-13 (CECL) on July 1, 2023
|
i -
|
i 503 | ||||||
Benefit for credit losses
|
( i 13
|
)
|
( i 18
|
)
|
||||
Balance end of period
|
$
|
i 485
|
$ | i 485 |
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. government sponsored enterprises
|
$
|
i -
|
$
|
i -
|
i -
|
$
|
i 11,059
|
$
|
i 1,989
|
i 5
|
$
|
i 11,059
|
$
|
i 1,989
|
i 5
|
|||||||||||||||||||||
U.S. Treasury securities
|
i 778
|
i 41
|
i 2
|
i 15,939
|
i 1,534
|
i 6
|
i 16,717
|
i 1,575
|
i 8
|
|||||||||||||||||||||||||||
State and political subdivisions
|
i - | i - | i - | i 83 | i 1 | i 1 | i 83 | i 1 | i 1 | |||||||||||||||||||||||||||
Mortgage-backed securities-residential
|
i -
|
i -
|
i -
|
i 24,379
|
i 3,540
|
i 26
|
i 24,379
|
i 3,540
|
i 26
|
|||||||||||||||||||||||||||
Mortgage-backed securities-multi-family
|
i -
|
i -
|
i -
|
i 73,248
|
i 17,557
|
i 31
|
i 73,248
|
i 17,557
|
i 31
|
|||||||||||||||||||||||||||
Corporate debt securities
|
i - | i - | i - | i 16,623 | i 1,306 | i 16 | i 16,623 | i 1,306 | i 16 | |||||||||||||||||||||||||||
Total securities available-for-sale
|
i 778
|
i 41
|
i 2
|
i 141,331
|
i 25,927
|
i 85
|
i 142,109
|
i 25,968
|
i 87
|
|||||||||||||||||||||||||||
Securities held-to-maturity:
|
||||||||||||||||||||||||||||||||||||
U.S. Treasury securities
|
i - | i - | i - | i 31,939 | i 1,808 | i 8 | i 31,939 | i 1,808 | i 8 | |||||||||||||||||||||||||||
State and political subdivisions
|
i 11,853
|
i 182
|
i 131
|
i 298,626
|
i 31,472
|
i 2,149
|
i 310,479
|
i 31,654
|
i 2,280
|
|||||||||||||||||||||||||||
Mortgage-backed securities-residential
|
i 3
|
i -
|
i 2
|
i 31,940
|
i 2,969
|
i 27
|
i 31,943
|
i 2,969
|
i 29
|
|||||||||||||||||||||||||||
Mortgage-backed securities-multi-family
|
i -
|
i -
|
i -
|
i 128,633
|
i 17,282
|
i 52
|
i 128,633
|
i 17,282
|
i 52
|
|||||||||||||||||||||||||||
Corporate debt securities
|
i 3,090
|
i 409
|
i 3
|
i 16,582
|
i 2,251
|
i 16
|
i 19,672
|
i 2,660
|
i 19
|
|||||||||||||||||||||||||||
Total securities held-to-maturity
|
i 14,946
|
i 591
|
i 136
|
i 507,720
|
i 55,782
|
i 2,252
|
i 522,666
|
i 56,373
|
i 2,388
|
|||||||||||||||||||||||||||
Total securities
|
$
|
i 15,724
|
$
|
i 632
|
i 138
|
$
|
i 649,051
|
$
|
i 81,709
|
i 2,337
|
$
|
i 664,775
|
$
|
i 82,341
|
i 2,475
|
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. government sponsored enterprises
|
$ | i - | $ | i - | i - |
$ | i 10,823 | $ | i 2,231 | i 5 |
$ | i 10,823 | $ | i 2,231 | i 5 |
|||||||||||||||||||||
U.S. Treasury securities
|
i 761 | i 57 | i 2 | i 15,739 | i 1,792 | i 6 | i 16,500 | i 1,849 | i 8 | |||||||||||||||||||||||||||
State and political subdivisions
|
i - | i - | i - | i 82 | i 2 | i 1 | i 82 | i 2 | i 1 | |||||||||||||||||||||||||||
Mortgage-backed securities-residential
|
i 476 | i 29 | i 7 | i 25,125 | i 3,956 | i 21 | i 25,601 | i 3,985 | i 28 | |||||||||||||||||||||||||||
Mortgage-backed securities-multi-family
|
i 2,679 |
i 182
|
i 1
|
i 69,407
|
i 18,748
|
i 30
|
i 72,086
|
i 18,930
|
i 31
|
|||||||||||||||||||||||||||
Corporate debt securities
|
i 2,352 |
i 40
|
i 2
|
i 15,760
|
i 1,653
|
i 15
|
i 18,112
|
i 1,693
|
i 17
|
|||||||||||||||||||||||||||
Total securities available-for-sale
|
i 6,268 |
i 308
|
i 12
|
i 136,936
|
i 28,382
|
i 78
|
i 143,204
|
i 28,690
|
i 90
|
|||||||||||||||||||||||||||
Securities held-to-maturity:
|
||||||||||||||||||||||||||||||||||||
U.S. Treasury securities
|
i - |
i -
|
i -
|
i 31,267
|
i 2,438
|
i 8
|
i 31,267
|
i 2,438
|
i 8
|
|||||||||||||||||||||||||||
State and political subdivisions
|
i 40,412 | i 520 | i 448 | i 295,479 | i 30,142 | i 2,018 | i 335,891 | i 30,662 | i 2,466 | |||||||||||||||||||||||||||
Mortgage-backed securities-residential
|
i 1,982 |
i 120
|
i 12
|
i 31,579
|
i 3,505
|
i 18
|
i 33,561
|
i 3,625
|
i 30
|
|||||||||||||||||||||||||||
Mortgage-backed securities-multi-family
|
i 5,362 |
i 245
|
i 2
|
i 129,360
|
i 20,079
|
i 54
|
i 134,722
|
i 20,324
|
i 56
|
|||||||||||||||||||||||||||
Corporate debt securities
|
i 10,236 |
i 2,012
|
i 9
|
i 7,970
|
i 1,414
|
i 10
|
i 18,206
|
i 3,426
|
i 19
|
|||||||||||||||||||||||||||
Total securities held-to-maturity
|
i 57,992 |
i 2,897
|
i 471
|
i 495,655
|
i 57,578
|
i 2,108
|
i 553,647
|
i 60,475
|
i 2,579
|
|||||||||||||||||||||||||||
Total securities
|
$ | i 64,260 |
$
|
i 3,205
|
|
i 483
|
$
|
i 632,591
|
$
|
i 85,960
|
|
i 2,186
|
$
|
i 696,851
|
$
|
i 89,165
|
|
i 2,669
|
Securities available-for-sale
|
Amortized Cost
|
Fair Value
|
||||||
Within one year
|
$
|
i 163,173
|
$
|
i 164,266
|
||||
After one year through five years
|
i 40,328
|
i 37,375
|
||||||
After five years through ten years
|
i 8,906
|
i 7,342
|
||||||
After ten years
|
i 1,500
|
i 1,193
|
||||||
Total securities available-for-sale
|
i 213,907
|
i 210,176
|
||||||
Mortgage-backed and asset-backed securities
|
i 118,730
|
i 97,633
|
||||||
Total securities available-for-sale
|
i 332,637
|
i 307,809
|
||||||
Securities held-to-maturity
|
||||||||
Within one year
|
i 59,515
|
i 59,094
|
||||||
After one year through five years
|
i 164,587
|
i 160,857
|
||||||
After five years through ten years
|
i 157,796
|
i 147,834
|
||||||
After ten years
|
i 138,613
|
i 122,852
|
||||||
Total securities held-to-maturity
|
i 520,511
|
i 490,637
|
||||||
Mortgage-backed securities
|
i 180,827
|
i 160,576
|
||||||
Total securities held-to-maturity
|
i 701,338
|
i 651,213
|
||||||
Total securities
|
$
|
i 1,033,975
|
$
|
i 959,022
|
(In thousands)
|
||||
Residential real estate
|
$
|
i 401,656
|
||
Commercial real estate
|
i 911,731
|
|||
Home equity
|
i 26,167
|
|||
Consumer
|
i 4,691
|
|||
Commercial
|
i 112,930
|
|||
Total gross loans(1)(2)
|
i 1,457,175
|
|||
Allowance for credit losses on loans
|
( i 20,309
|
)
|
||
Loans receivable, net
|
$
|
i 1,436,866
|
(1)
|
Loan balances include net deferred fees/cost of $ i 54,000 at December 31, 2023.
|
(2)
|
Loan balances exclude accrued interest receivable of $ i 6.4 million at December 31, 2023, which is included in accrued interest receivable in the consolidated statement of financial
condition.
|
(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
|
$
|
i 3,470
|
$
|
i 609
|
$
|
i 1,323
|
$
|
i 5,402
|
$
|
i 396,254
|
$
|
i 401,656
|
$
|
i 2,524
|
||||||||||||||
Commercial real estate
|
i 1,829
|
i 54
|
i 1,247
|
i 3,130
|
i 908,601
|
i 911,731
|
i 1,682
|
|||||||||||||||||||||
Home equity
|
i 300
|
i 35
|
i 13
|
i 348
|
i 25,819
|
i 26,167
|
i 50
|
|||||||||||||||||||||
Consumer
|
i 13
|
i -
|
i -
|
i 13
|
i 4,678
|
i 4,691
|
i -
|
|||||||||||||||||||||
Commercial loans
|
i 7
|
i -
|
i 1,392
|
i 1,399
|
i 111,531
|
i 112,930
|
i 1,392
|
|||||||||||||||||||||
Total gross loans
|
$
|
i 5,619
|
$
|
i 698
|
$
|
i 3,975
|
$
|
i 10,292
|
$
|
i 1,446,883
|
$
|
i 1,457,175
|
$
|
i 5,648
|
Activity for the three months ended December 31, 2023
|
||||||||||||||||||||||||
(In thousands)
|
Residential Real Estate
|
Commercial
Real Estate
|
Home Equity
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||
Balance at September 30, 2023
|
$
|
i 3,869
|
$
|
i 12,356
|
$
|
i 188
|
$
|
i 490
|
$
|
i 3,346
|
$
|
i 20,249
|
||||||||||||
Charge-offs
|
i -
|
i -
|
i -
|
( i 154
|
)
|
( i 6
|
)
|
( i 160
|
)
|
|||||||||||||||
Recoveries
|
i -
|
i -
|
i -
|
i 28
|
i 9
|
i 37
|
||||||||||||||||||
Provision
|
i 141
|
i 167
|
i 4
|
i 122
|
( i 251
|
)
|
i 183
|
|||||||||||||||||
Balance at December 31, 2023
|
$
|
i 4,010
|
$
|
i 12,523
|
$
|
i 192
|
$
|
i 486
|
$
|
i 3,098
|
$
|
i 20,309
|
(In thousands)
|
Residential Real Estate
|
Commercial
Real Estate
|
Home Equity
|
Consumer
|
Commercial
|
Total
|
||||||||||||||||||
Balance at June 30, 2023
|
$
|
i 2,794
|
$
|
i 14,839
|
$
|
i 46
|
$
|
i 332
|
$
|
i 3,201
|
$
|
i 21,212
|
||||||||||||
Adoption of ASU No. 2016-13
|
i 1,182
|
( i 2,889
|
)
|
i 117
|
i 137
|
i 121
|
( i 1,332
|
)
|
||||||||||||||||
Charge-offs
|
i -
|
i -
|
i -
|
( i 276
|
)
|
( i 13
|
)
|
( i 289
|
)
|
|||||||||||||||
Recoveries
|
i -
|
i 1
|
i -
|
i 54
|
i 18
|
i 73
|
||||||||||||||||||
Provision
|
i 34
|
i 572
|
i 29
|
i 239
|
( i 229
|
)
|
i 645
|
|||||||||||||||||
Balance at December 31, 2023
|
$
|
i 4,010
|
$
|
i 12,523
|
$
|
i 192
|
$
|
i 486
|
$
|
i 3,098
|
$
|
i 20,309
|
|
At December 31, 2023 | |||||||||||||||||||||||||||||||||||
(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
|
$
|
i 25,674
|
$
|
i 60,830
|
$
|
i 96,270
|
$
|
i 83,565
|
$
|
i 33,900
|
$
|
i 98,868
|
$
|
i -
|
$
|
i 25
|
$
|
i 399,132
|
||||||||||||||||||
Non-performing
|
i -
|
i -
|
i -
|
i 185
|
i 173
|
i 2,166
|
i -
|
i -
|
i 2,524
|
|||||||||||||||||||||||||||
Total residential real estate
|
i 25,674
|
i 60,830
|
i 96,270
|
i 83,750
|
i 34,073
|
i 101,034
|
i -
|
i 25
|
i 401,656
|
|||||||||||||||||||||||||||
Current period gross charge-offs
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
|||||||||||||||||||||||||||
Commercial real estate
|
||||||||||||||||||||||||||||||||||||
By internally assigned grade:
|
||||||||||||||||||||||||||||||||||||
Pass
|
i 50,679
|
i 212,331
|
i 248,273
|
i 129,556
|
i 78,840
|
i 150,593
|
i 4,563
|
i 246
|
i 875,081
|
|||||||||||||||||||||||||||
Special mention
|
i -
|
i 1,120
|
i 5,602
|
i 311
|
i 442
|
i 6,448
|
i 652
|
i -
|
i 14,575
|
|||||||||||||||||||||||||||
Substandard
|
i 332
|
i 1,114
|
i -
|
i 598
|
i 4,655
|
i 15,303
|
i 73
|
i -
|
i 22,075
|
|||||||||||||||||||||||||||
Total commercial real estate
|
i 51,011
|
i 214,565
|
i 253,875
|
i 130,465
|
i 83,937
|
i 172,344
|
i 5,288
|
i 246
|
i 911,731
|
|||||||||||||||||||||||||||
Current period gross charge-offs
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
|||||||||||||||||||||||||||
Home equity
|
||||||||||||||||||||||||||||||||||||
By payment activity status:
|
||||||||||||||||||||||||||||||||||||
Performing
|
i 3,298
|
i 3,088
|
i 362
|
i 498
|
i 327
|
i 1,558
|
i 16,932
|
i 54
|
i 26,117
|
|||||||||||||||||||||||||||
Non-performing
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 2
|
i 48
|
i -
|
i 50
|
|||||||||||||||||||||||||||
Total home equity
|
i 3,298
|
i 3,088
|
i 362
|
i 498
|
i 327
|
i 1,560
|
i 16,980
|
i 54
|
i 26,167
|
|||||||||||||||||||||||||||
Current period gross charge-offs
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
|||||||||||||||||||||||||||
Consumer
|
||||||||||||||||||||||||||||||||||||
By payment activity status:
|
||||||||||||||||||||||||||||||||||||
Performing
|
i 1,445
|
i 1,586
|
i 923
|
i 401
|
i 159
|
i 92
|
i 85
|
i -
|
i 4,691
|
|||||||||||||||||||||||||||
Non-performing
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
|||||||||||||||||||||||||||
Total Consumer
|
i 1,445
|
i 1,586
|
i 923
|
i 401
|
i 159
|
i 92
|
i 85
|
i -
|
i 4,691
|
|||||||||||||||||||||||||||
Current period gross charge-offs
|
i 204
|
i 13
|
i 47
|
i 4
|
i -
|
i -
|
i 8
|
i -
|
i 276
|
|||||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||||||||||||||
By internally assigned grade:
|
||||||||||||||||||||||||||||||||||||
Pass
|
i 6,653
|
i 11,536
|
i 15,134
|
i 15,786
|
i 5,970
|
i 19,435
|
i 26,468
|
i -
|
i 100,982
|
|||||||||||||||||||||||||||
Special mention
|
i -
|
i -
|
i 55
|
i -
|
i -
|
i 456
|
i 4,352
|
i -
|
i 4,863
|
|||||||||||||||||||||||||||
Substandard
|
i -
|
i -
|
i 1,794
|
i 1,273
|
i 93
|
i 1,283
|
i 2,642
|
i -
|
i 7,085
|
|||||||||||||||||||||||||||
Total Commercial
|
$
|
i 6,653
|
$
|
i 11,536
|
$
|
i 16,983
|
$
|
i 17,059
|
$
|
i 6,063
|
$
|
i 21,174
|
$
|
i 33,462
|
$
|
i -
|
$
|
i 112,930
|
||||||||||||||||||
Current period gross charge-offs
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i 13
|
$
|
i -
|
$
|
i 13
|
(In thousands)
|
||||
Residential real estate:
|
||||
Residential real estate
|
$
|
i 372,443
|
||
Residential construction and land
|
i 19,072
|
|||
Multi-family
|
i 66,496
|
|||
Commercial real estate:
|
||||
Commercial real estate
|
i 693,436
|
|||
Commercial construction
|
i 121,958
|
|||
Consumer loan:
|
||||
Home equity
|
i 22,752
|
|||
Consumer installment
|
i 4,612
|
|||
Commercial loans
|
i 108,022
|
|||
Total gross loans(1)
|
i 1,408,791
|
|||
Allowance for loan losses
|
( i 21,212
|
)
|
||
Deferred fees and cost, net
|
i 75
|
|||
Loans receivable, net
|
$
|
i 1,387,654
|
(1)
|
Loan balances exclude accrued interest receivable of $ i 5.5 million at June 30, 2023, which is included in accrued interest receivable in the consolidated statement of financial condition.
|
(In thousands)
|
Performing
|
Special Mention
|
Substandard
|
Total
|
||||||||||||
Residential real estate
|
$
|
i 366,403
|
$
|
i 2,305
|
$
|
i 3,735
|
$
|
i 372,443
|
||||||||
Residential construction and land
|
i 19,072
|
i -
|
i -
|
i 19,072
|
||||||||||||
Multi-family
|
i 66,410
|
i 86
|
i -
|
i 66,496
|
||||||||||||
Commercial real estate
|
i 665,548
|
i 11,671
|
i 16,217
|
i 693,436
|
||||||||||||
Commercial construction
|
i 121,958
|
i -
|
i -
|
i 121,958
|
||||||||||||
Home equity
|
i 22,698
|
i -
|
i 54
|
i 22,752
|
||||||||||||
Consumer installment
|
i 4,530
|
i -
|
i 82
|
i 4,612
|
||||||||||||
Commercial loans
|
i 100,225
|
i 2,352
|
i 5,445
|
i 108,022
|
||||||||||||
Total gross loans
|
$
|
i 1,366,844
|
$
|
i 16,414
|
$
|
i 25,533
|
$
|
i 1,408,791
|
(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
|
$
|
i -
|
$
|
i 504
|
$
|
i 1,604
|
$
|
i 2,108
|
$
|
i 370,335
|
$
|
i 372,443
|
$
|
i 2,747
|
||||||||||||||
Residential construction and land
|
i -
|
i -
|
i -
|
i -
|
i 19,072
|
i 19,072
|
i -
|
|||||||||||||||||||||
Multi-family
|
i -
|
i -
|
i -
|
i -
|
i 66,496
|
i 66,496
|
i -
|
|||||||||||||||||||||
Commercial real estate
|
i -
|
i 235
|
i 652
|
i 887
|
i 692,549
|
i 693,436
|
i 1,318
|
|||||||||||||||||||||
Commercial construction
|
i -
|
i -
|
i -
|
i -
|
i 121,958
|
i 121,958
|
i -
|
|||||||||||||||||||||
Home equity
|
i 48
|
i -
|
i 13
|
i 61
|
i 22,691
|
i 22,752
|
i 54
|
|||||||||||||||||||||
Consumer installment
|
i 63
|
i 1
|
i 63
|
i 127
|
i 4,485
|
i 4,612
|
i 63
|
|||||||||||||||||||||
Commercial loans
|
i -
|
i -
|
i 19
|
i 19
|
i 108,003
|
i 108,022
|
i 1,276
|
|||||||||||||||||||||
Total gross loans
|
$
|
i 111
|
$
|
i 740
|
$
|
i 2,351
|
$
|
i 3,202
|
$
|
i 1,405,589
|
$
|
i 1,408,791
|
$
|
i 5,458
|
For the three months ended
|
For the six months ended
|
|||||||||||||||||||||||||||
(In thousands)
|
Recorded
Investment
|
Unpaid
Principal
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||||||
Residential real estate
|
$
|
i 1,020
|
$
|
i 1,020
|
$
|
-
|
$
|
i 923
|
$
|
i 2
|
$
|
i 954
|
$
|
i 2
|
||||||||||||||
Commercial real estate
|
i 1,518
|
i 1,518
|
-
|
i 372
|
i 6
|
i 218
|
i 8
|
|||||||||||||||||||||
Home equity
|
i -
|
i -
|
-
|
i 128
|
i -
|
i 128
|
i -
|
|||||||||||||||||||||
Consumer Installment |
i - | i - | - | i 4 | i - | i 5 | i 1 | |||||||||||||||||||||
Commercial loans
|
i 334
|
i 334
|
-
|
i 341
|
i 4
|
i 343
|
i 8
|
|||||||||||||||||||||
Impaired loans with no allowance
|
i 2,872
|
i 2,872
|
-
|
i 1,768
|
i 12
|
i 1,648
|
i 19
|
|||||||||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||||||
Residential real estate
|
i 2,086
|
i 2,086
|
i 597
|
i 2,301
|
i 5
|
i 2,120
|
i 7
|
|||||||||||||||||||||
Commercial real estate
|
i 3,777
|
i 3,777
|
i 245
|
i 3,805
|
i 41
|
i 3,517
|
i 73
|
|||||||||||||||||||||
Commercial construction
|
i -
|
i -
|
i -
|
i 102
|
i -
|
i 102
|
i -
|
|||||||||||||||||||||
Home equity
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 160
|
i 4
|
|||||||||||||||||||||
Commercial loans
|
i 1,572
|
i 1,572
|
i 1,171
|
i 2,591
|
i 11
|
i 2,799
|
i 27
|
|||||||||||||||||||||
Impaired loans with allowance
|
i 7,435
|
i 7,435
|
i 2,013
|
i 8,799
|
i 57
|
i 8,698
|
i 111
|
|||||||||||||||||||||
Total impaired:
|
||||||||||||||||||||||||||||
Residential real estate
|
i 3,106
|
i 3,106
|
i 597
|
i 3,224
|
i 7
|
i 3,074
|
i 9
|
|||||||||||||||||||||
Commercial real estate
|
i 5,295
|
i 5,295
|
i 245
|
i 4,177
|
i 47
|
i 3,735
|
i 81
|
|||||||||||||||||||||
Commercial construction
|
i -
|
i -
|
i -
|
i 102
|
i -
|
i 102
|
i -
|
|||||||||||||||||||||
Home equity
|
i -
|
i -
|
i -
|
i 128
|
i -
|
i 288
|
i 4
|
|||||||||||||||||||||
Consumer Installment | i - | i - | i - | i 4 | i - | i 5 | i 1 | |||||||||||||||||||||
Commercial loans
|
i 1,906
|
i 1,906
|
i 1,171
|
i 2,932
|
i 15
|
i 3,142
|
i 35
|
|||||||||||||||||||||
Total impaired loans
|
$
|
i 10,307
|
$
|
i 10,307
|
$
|
i 2,013
|
$
|
i 10,567
|
$
|
i 69
|
$
|
i 10,346
|
$
|
i 130
|
(Dollars in thousands)
|
Number of
|
Pre-Modification
Outstanding
Recorded
Investment
|
Post-
Modification
Outstanding
Recorded
Investment
|
Current
Outstanding
Recorded
Investment
|
||||||||||||
For the year ended June 30, 2023
|
||||||||||||||||
Residential real estate
|
i 2
|
$
|
i 778
|
$
|
i 778
|
$ | i 778 | |||||||||
Commercial real estate
|
i 3
|
$ |
i 1,428
|
$ |
i 1,480
|
$ | i 1,470 | |||||||||
Commercial loans
|
i 1
|
$ |
i 379
|
$ |
i 379
|
$ | i - |
Activity for the three months ended December 31, 2022
|
||||||||||||||||||||
(In thousands)
|
Balance at
|
Charge-offs
|
Recoveries
|
Provision
|
Balance at
|
|||||||||||||||
Residential real estate
|
$
|
i 2,471
|
$
|
i -
|
$
|
i 2
|
$
|
i 19
|
$
|
i 2,492
|
||||||||||
Residential construction and land
|
i 177
|
i -
|
i -
|
i 16
|
i 193
|
|||||||||||||||
Multi-family
|
i 159
|
i -
|
i -
|
i 8
|
i 167
|
|||||||||||||||
Commercial real estate
|
i 15,392
|
i -
|
i -
|
i 58
|
i 15,450
|
|||||||||||||||
Commercial construction
|
i 1,044
|
i -
|
i -
|
i 56
|
i 1,100
|
|||||||||||||||
Home equity
|
i 44
|
i -
|
i -
|
( i 6
|
)
|
i 38
|
||||||||||||||
Consumer installment
|
i 274
|
i 137
|
i 29
|
i 118
|
i 284
|
|||||||||||||||
Commercial loans
|
i 2,586
|
i 7
|
i 11
|
( i 25
|
)
|
i 2,565
|
||||||||||||||
Total
|
$
|
i 22,147
|
$
|
i 144
|
$
|
i 42
|
$
|
i 244
|
$
|
i 22,289
|
Activity for the six months ended December 31, 2022
|
||||||||||||||||||||
(In thousands)
|
Balance at
|
Charge-offs
|
Recoveries
|
Provision
|
Balance at
|
|||||||||||||||
Residential real estate
|
$
|
i 2,373
|
$
|
i -
|
$
|
i 5
|
$
|
i 114
|
$
|
i 2,492
|
||||||||||
Residential construction and land
|
i 141
|
i -
|
i -
|
i 52
|
i 193
|
|||||||||||||||
Multi-family
|
i 119
|
i -
|
i -
|
i 48
|
i 167
|
|||||||||||||||
Commercial real estate
|
i 16,221
|
i -
|
i -
|
( i 771
|
)
|
i 15,450
|
||||||||||||||
Commercial construction
|
i 1,114
|
i -
|
i -
|
( i 14
|
)
|
i 1,100
|
||||||||||||||
Home equity
|
i 89
|
i -
|
i -
|
( i 51
|
)
|
i 38
|
||||||||||||||
Consumer installment
|
i 349
|
i 304
|
i 75
|
i 164
|
i 284
|
|||||||||||||||
Commercial loans
|
i 2,355
|
i 11
|
i 18
|
i 203
|
i 2,565
|
|||||||||||||||
Total
|
$
|
i 22,761
|
$
|
i 315
|
$
|
i 98
|
$
|
( i 255
|
)
|
$
|
i 22,289
|
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
|
$
|
i 597
|
$
|
i 2,016
|
$
|
i 3,106
|
$
|
i 369,337
|
||||||||
Residential construction and land
|
i -
|
i 181
|
i -
|
i 19,072
|
||||||||||||
Multi-family
|
i -
|
i 197
|
i -
|
i 66,496
|
||||||||||||
Commercial real estate
|
i 245
|
i 12,775
|
i 5,295
|
i 688,141
|
||||||||||||
Commercial construction
|
i -
|
i 1,622
|
i -
|
i 121,958
|
||||||||||||
Home equity
|
i -
|
i 46
|
i -
|
i 22,752
|
||||||||||||
Consumer installment
|
i -
|
i 332
|
i -
|
i 4,612
|
||||||||||||
Commercial loans
|
i 1,171
|
i 2,030
|
i 1,906
|
i 106,116
|
||||||||||||
Total
|
$
|
i 2,013
|
$
|
i 19,199
|
$
|
i 10,307
|
$
|
i 1,398,484
|
(In thousands)
|
||||||||
Commercial loans | $ |
i 302 | $ |
i 302 | ||||
Total foreclosed real estate
|
$
|
i 302
|
$
|
i 302
|
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices
In Active
Markets For
Identical Assets
|
Significant
Other Observable
Inputs
|
Significant
Unobservable
Inputs
|
||||||||||||||
(In thousands)
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Assets:
|
||||||||||||||||
U.S. Government sponsored enterprises
|
$
|
i 11,059
|
$
|
i -
|
$
|
i 11,059
|
$
|
i -
|
||||||||
U.S. Treasury securities
|
i 16,717
|
i -
|
i 16,717
|
i -
|
||||||||||||
State and political subdivisions
|
i 163,834
|
i -
|
i 163,834
|
i -
|
||||||||||||
Mortgage-backed securities-residential
|
i 24,385
|
i -
|
i 24,385
|
i -
|
||||||||||||
Mortgage-backed securities-multi-family
|
i 73,248
|
i -
|
i 73,248
|
i -
|
||||||||||||
Corporate debt securities
|
i 18,566
|
i -
|
i 18,566
|
i -
|
||||||||||||
Securities available-for-sale
|
i 307,809
|
|
i -
|
i 307,809
|
i -
|
|||||||||||
Equity securities
|
i 325
|
i 325
|
i -
|
i -
|
||||||||||||
Total securities measured at fair value
|
$
|
i 308,134
|
$
|
i 325
|
$
|
i 307,809
|
$
|
i -
|
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices
In Active
Markets For
Identical Assets
|
Significant
Other Observable
Inputs
|
Significant
Unobservable
Inputs
|
||||||||||||||
(In thousands)
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Assets:
|
||||||||||||||||
U.S. Government sponsored enterprises
|
$
|
i 10,823
|
$
|
i -
|
$
|
i 10,823
|
$
|
i -
|
||||||||
U.S. Treasury securities | i 16,500 | i - | i 16,500 | i - | ||||||||||||
State and political subdivisions
|
i 138,011
|
i -
|
i 138,011
|
i -
|
||||||||||||
Mortgage-backed securities-residential
|
i 25,601
|
i -
|
i 25,601
|
i -
|
||||||||||||
Mortgage-backed securities-multi-family
|
i 72,086
|
i -
|
i 72,086
|
i -
|
||||||||||||
Corporate debt securities
|
i 18,112
|
i -
|
i 18,112
|
i -
|
||||||||||||
Securities available-for-sale
|
i 281,133
|
i -
|
i 281,133
|
i -
|
||||||||||||
Equity securities
|
i 306
|
i 306
|
i -
|
i -
|
||||||||||||
Total securities measured at fair value
|
$
|
i 281,439
|
$
|
i 306
|
$
|
i 281,133
|
$
|
i -
|
(In thousands)
|
Fair Value
Hierarchy
|
Carrying
Amount
|
Estimated
Fair Value
|
Carrying
Amount
|
Estimated
Fair Value
|
|||||||||||||||
|
||||||||||||||||||||
Collateral dependent evaluated loans
|
3
|
$
|
i 5,772
|
$
|
i 3,774
|
$
|
i 7,578
|
$
|
i 5,565
|
|||||||||||
Foreclosed real estate
|
3
|
$
|
i 302
|
$
|
i 302
|
$
|
i 302
|
$
|
i 302
|
|
Fair Value Measurements Using
|
|||||||||||||||||||
(In thousands) |
Carrying
Amount |
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||||
Cash and cash equivalents
|
$
|
i 176,080
|
$
|
i 176,080
|
$
|
i 176,080
|
$
|
i -
|
$
|
i -
|
||||||||||
Long term certificates of deposit
|
i 3,822
|
i 3,713
|
i -
|
i 3,713
|
i -
|
|||||||||||||||
Securities available-for-sale
|
i 307,809
|
i 307,809
|
i -
|
i 307,809
|
i -
|
|||||||||||||||
Securities held-to-maturity
|
i 700,853
|
i 651,213
|
i -
|
i 651,213
|
i -
|
|||||||||||||||
Equity securities
|
i 325
|
i 325
|
i 325
|
i -
|
i -
|
|||||||||||||||
Federal Home Loan Bank stock
|
i 7,654
|
i 7,654
|
i -
|
i 7,654
|
i -
|
|||||||||||||||
Net loans receivable
|
i 1,436,866
|
i 1,337,650
|
i -
|
i -
|
i 1,337,650
|
|||||||||||||||
Accrued interest receivable
|
i 14,499
|
i 14,499
|
i -
|
i 14,499
|
i -
|
|||||||||||||||
Interest rate swaps asset |
i 1,156 | i 1,156 | i - | i 1,156 | i - | |||||||||||||||
Deposits
|
i 2,334,837
|
i 2,334,088
|
i -
|
i 2,334,088
|
i -
|
|||||||||||||||
Borrowings |
i 129,374 | i 129,697 | i - | i 129,697 | i - | |||||||||||||||
Subordinated notes payable, net
|
i 49,588
|
i 46,982
|
i -
|
i 46,982
|
i -
|
|||||||||||||||
Accrued interest payable
|
i 1,020
|
i 1,020
|
i -
|
i 1,020
|
i -
|
|||||||||||||||
Interest rate swaps liability |
i 1,156 | i 1,156 | i - | i 1,156 | i - |
|
Fair Value Measurements Using
|
|||||||||||||||||||
(In thousands) |
Carrying
Amount |
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||||
Cash and cash equivalents
|
$
|
i 196,445
|
$
|
i 196,445
|
$
|
i 196,445
|
$
|
i -
|
$
|
i -
|
||||||||||
Long term certificate of deposit
|
i 4,576
|
i 4,383
|
i -
|
i 4,383
|
i -
|
|||||||||||||||
Securities available-for-sale
|
i 281,133
|
i 281,133
|
i -
|
i 281,133
|
i -
|
|||||||||||||||
Securities held-to-maturity
|
i 726,363
|
i 671,066
|
i -
|
i 671,066
|
i -
|
|||||||||||||||
Equity securities
|
i 306
|
i 306
|
i 306
|
i -
|
i -
|
|||||||||||||||
Federal Home Loan Bank stock
|
i 1,682
|
i 1,682
|
i -
|
i 1,682
|
i -
|
|||||||||||||||
Net loans receivable
|
i 1,387,654
|
i 1,272,361
|
i -
|
i -
|
i 1,272,361
|
|||||||||||||||
Accrued interest receivable
|
i 12,249
|
i 12,249
|
i -
|
i 12,249
|
i -
|
|||||||||||||||
Deposits
|
i 2,437,161
|
i 2,437,357
|
i -
|
i 2,437,357
|
i -
|
|||||||||||||||
Subordinated notes payable, net | i 49,495 | i 47,669 | i - | i 47,669 | i - | |||||||||||||||
Accrued interest payable
|
i 936
|
i 936
|
i -
|
i 936
|
i -
|
At December 31, 2023 | |||||||||||||||||||||
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 |
$
|
i 25,680
|
$
|
i 1,156
|
Other Liabilities |
$
|
i 25,680
|
$
|
i 1,156
|
|||||||||||
Less cash collateral
|
i -
|
Other Liabilities |
( i 1,160
|
)
|
|||||||||||||||||
Total after netting
|
$
|
i 1,156
|
$
|
( i 4
|
)
|
For the three months
ended December 31,
|
For the six months
ended December 31,
|
|||||||||||||||
2022
|
2023 | 2022 | ||||||||||||||
Net Income
|
$
|
i 5,707,000
|
$
|
i 7,198,000
|
$ | i 12,176,000 |
$ | i 16,234,000 |
||||||||
Weighted Average Shares – Basic
|
i 17,026,828
|
i 17,026,828
|
i 17,026,828 | i 17,026,828 | ||||||||||||
Weighted Average Shares - Diluted
|
i 17,026,828
|
i 17,026,828
|
i 17,026,828 | i 17,026,828 | ||||||||||||
Earnings per share - Basic
|
$
|
i 0.34
|
$
|
i 0.42
|
$ | i 0.72 | $ | i 0.95 | ||||||||
Earnings per share - Diluted
|
$
|
i 0.34
|
$
|
i 0.42
|
$ | i 0.72 | $ | i 0.95 |
Three months ended
December 31,
|
Six months ended
December 31,
|
|||||||||||||||
(In thousands)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Interest cost
|
$
|
i 52
|
$
|
i 50
|
$
|
i 104
|
$
|
i 100
|
||||||||
Expected return on plan assets
|
( i 55
|
)
|
( i 55
|
)
|
( i 110
|
)
|
( i 110
|
)
|
||||||||
Amortization of net loss
|
i 19
|
i 27
|
i 38
|
i 54
|
||||||||||||
Net periodic pension cost
|
$
|
i 16
|
$
|
i 22
|
$
|
i 32
|
$
|
i 44
|
Three months ended
December 31,
|
Six months ended
|
|||||||||||||||
2022
|
2023
|
2022
|
||||||||||||||
Number of options outstanding, beginning of period
|
i 3,207,935
|
i 3,572,240
|
i 2,535,840
|
i 2,959,040
|
||||||||||||
Options Granted
|
i -
|
i -
|
i 672,095
|
i 807,200
|
||||||||||||
Options Paid in Cash
|
( i 890,400
|
)
|
( i 957,400
|
)
|
( i 890,400
|
)
|
( i 1,151,400
|
)
|
||||||||
Number of options outstanding, end of period
|
i 2,317,535
|
i 2,614,840
|
i 2,317,535
|
i 2,614,840
|
Three months ended
December 31, |
Six months ended
December 31,
|
|||||||||||||||
(In thousands)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Cash paid out on options vested
|
$
|
i 4,051
|
$
|
i 3,594
|
$
|
i 4,051
|
$
|
i 4,104
|
||||||||
Compensation costs recognized
|
$ |
i 762
|
$ |
i 1,026
|
$ |
i 1,394
|
$ |
i 1,994
|
(In thousands)
|
Unrealized
losses on
securities
available-for-
sale
|
Pension
benefits |
Total
|
|||||||||
Balance – September 30, 2022
|
$
|
( i 23,886
|
)
|
$
|
( i 1,115
|
)
|
$
|
( i 25,001
|
)
|
|||
Other comprehensive income before reclassification
|
i 1,791
|
i -
|
i 1,791
|
|||||||||
Amounts reclassified to net loss on sale of available-for-sale securities
non-interest income
|
i 251 | i - | i 251 | |||||||||
Tax expense effect
|
i 67 | i - | i 67 | |||||||||
Net of tax
|
i 184 | i - | i 184 | |||||||||
Other comprehensive income for the three months ended December 31, 2022
|
i 1,975
|
i -
|
i 1,975
|
|||||||||
Balance – December 31, 2022
|
$
|
( i 21,911
|
)
|
$
|
( i 1,115
|
)
|
$
|
( i 23,026
|
)
|
|||
|
||||||||||||
Balance – September 30, 2023
|
$
|
( i 24,243
|
)
|
$
|
( i 877
|
)
|
$
|
( i 25,120
|
)
|
|||
Other comprehensive income before reclassification
|
i 6,050
|
i -
|
i 6,050
|
|||||||||
Other comprehensive income for the three months ended December 31, 2023
|
i 6,050
|
i -
|
i 6,050
|
|||||||||
Balance – December 31, 2023
|
$
|
( i 18,193
|
)
|
$
|
( i 877
|
)
|
$
|
( i 19,070
|
)
|
(In thousands)
|
Unrealized
losses on
securities
available-for-
sale
|
Pension
benefits |
Total
|
|||||||||
Balance – June 30, 2022
|
$
|
( i 17,268
|
)
|
$
|
( i 1,115
|
)
|
$
|
( i 18,383
|
)
|
|||
Other comprehensive loss before reclassification
|
( i 4,827
|
)
|
i -
|
( i 4,827
|
)
|
|||||||
Amounts reclassified to net loss on sale of available-for-sale securities
non-interest income
|
i 251 | i - | i 251 | |||||||||
Tax expense effect
|
i 67 | i - | i 67 | |||||||||
Net of tax
|
i 184 | i - | i 184 | |||||||||
Other comprehensive loss for the six months ended December 31, 2022
|
( i 4,643
|
)
|
i -
|
( i 4,643
|
)
|
|||||||
Balance – December 31, 2022
|
$
|
( i 21,911
|
)
|
$
|
( i 1,115
|
)
|
$
|
( i 23,026
|
)
|
|||
|
||||||||||||
Balance – June 30, 2023
|
$
|
( i 20,531
|
)
|
$
|
( i 877
|
)
|
$
|
( i 21,408
|
)
|
|||
Other comprehensive income before reclassification
|
i 2,338
|
i -
|
i 2,338
|
|||||||||
Other comprehensive income for the six months ended December 31, 2023
|
i 2,338
|
i -
|
i 2,338
|
|||||||||
Balance – December 31, 2023
|
$
|
( i 18,193
|
)
|
$
|
( i 877
|
)
|
$
|
( i 19,070
|
)
|
(In thousands, except weighted-average information)
|
||||||||
Operating lease amounts:
|
||||||||
Right-of-use assets
|
$
|
i 2,014
|
$
|
i 2,188
|
||||
Lease liabilities
|
$
|
i 2,105
|
$
|
i 2,277
|
For the three months ended
|
||||||||
2022
|
||||||||
(In thousands)
|
||||||||
Other information:
|
||||||||
Operating outgoing cash flows from operating leases
|
$
|
i 115
|
$
|
i 90
|
||||
Right-of-use assets obtained in exchange for new operating lease liabilities |
$ |
i - | $ |
i - | ||||
Lease costs:
|
||||||||
Operating lease cost
|
$
|
i 106
|
$
|
i 82
|
||||
Variable lease cost
|
$
|
i 11
|
$
|
i 10
|
For the six months ended
|
||||||||
2022
|
||||||||
(In thousands)
|
||||||||
Other information:
|
||||||||
Operating outgoing cash flows from operating leases
|
$
|
i 228
|
$
|
i 179
|
||||
Right-of-use assets obtained in exchange for new operating lease liabilities
|
$
|
i 561
|
$
|
i -
|
||||
Lease costs:
|
||||||||
Operating lease cost
|
$
|
i 208
|
$
|
i 163
|
||||
Variable lease cost
|
$
|
i 22
|
$
|
i 20
|
(in thousands)
|
||||
Within the twelve months ended December 31,
|
||||
$
|
i 458
|
|||
2025
|
i 453
|
|||
2026
|
i 441
|
|||
2027
|
i 349
|
|||
2028
|
i 266
|
|||
Thereafter
|
i 297
|
|||
Total undiscounted cash flow
|
i 2,264
|
|||
Less net present value adjustment
|
( i 159
|
)
|
||
Lease Liability
|
$
|
i 2,105
|
||
Weighted-average remaining lease term (Years)
|
i 5.39
|
|||
Weighted-average discount rate
|
i 2.77
|
%
|
(In thousands)
|
||||||||
Unfunded loan commitments
|
$
|
i 127,098
|
$
|
i 124,498
|
||||
Unused lines of credit
|
i 93,738
|
i 94,898
|
||||||
Standby letters of credit
|
i 179
|
i 179
|
||||||
Total credit-related financial
instruments with off-balance sheet risk
|
$
|
i 221,015
|
$
|
i 219,575
|
(a) |
changes in general market interest rates,
|
(b) |
general economic conditions,
|
(c) |
legislative and regulatory changes,
|
(d) |
monetary and fiscal policies of the U.S. Treasury and the Federal Reserve,
|
(e) |
changes in the quality or composition of Greene County Bancorp, Inc.’s loan and investment portfolios,
|
(f) |
deposit flows,
|
(g) |
competition, and
|
(h) |
demand for financial services in Greene County Bancorp, Inc.’s market area.
|
(Dollars in thousands)
|
Balance
|
Percentage
of portfolio
|
Balance
|
Percentage
of portfolio
|
||||||||||||
Securities available-for-sale (at fair value):
|
||||||||||||||||
U.S. Government sponsored enterprises
|
$
|
11,059
|
1.1
|
%
|
$
|
10,823
|
1.1
|
%
|
||||||||
U.S. Treasury securities
|
16,717
|
1.7
|
16,500
|
1.6
|
||||||||||||
State and political subdivisions
|
163,834
|
16.2
|
138,011
|
13.7
|
||||||||||||
Mortgage-backed securities-residential
|
24,385
|
2.4
|
25,601
|
2.5
|
||||||||||||
Mortgage-backed securities-multifamily
|
73,248
|
7.3
|
72,086
|
7.2
|
||||||||||||
Corporate debt securities
|
18,566
|
1.8
|
18,112
|
1.8
|
||||||||||||
Total securities available-for-sale
|
307,809
|
30.5
|
281,133
|
27.9
|
||||||||||||
Securities held-to-maturity (at amortized cost):
|
||||||||||||||||
U.S. treasury securities
|
33,747
|
3.3
|
33,705
|
3.4
|
||||||||||||
State and political subdivisions
|
463,469
|
45.9
|
478,756
|
47.5
|
||||||||||||
Mortgage-backed securities-residential
|
34,912
|
3.5
|
37,186
|
3.7
|
||||||||||||
Mortgage-backed securities-multifamily
|
145,915
|
14.5
|
155,046
|
15.4
|
||||||||||||
Corporate debt securities
|
22,774
|
2.3
|
21,632
|
2.1
|
||||||||||||
Other securities
|
36
|
0.0
|
38
|
0.0
|
||||||||||||
Total securities held-to-maturity
|
700,853
|
69.5
|
726,363
|
72.1
|
||||||||||||
Total securities
|
$
|
1,008,662
|
100.0
|
%
|
$
|
1,007,496
|
100.0
|
%
|
(Dollars in thousands)
|
Balance
|
Percentage of
Portfolio
|
Balance
|
Percentage of
Portfolio
|
||||||||||||
Residential real estate
|
$
|
401,656
|
27.6
|
%
|
$
|
390,944
|
27.8
|
%
|
||||||||
Commercial real estate
|
911,731
|
62.6
|
882,388
|
62.6
|
||||||||||||
Home equity
|
26,167
|
1.8
|
22,887
|
1.6
|
||||||||||||
Consumer
|
4,691
|
0.3
|
4,646
|
0.3
|
||||||||||||
Commercial loans
|
112,930
|
7.7
|
108,001
|
7.7
|
||||||||||||
Total gross loans(1)(2)
|
1,457,175
|
100.0
|
%
|
1,408,866
|
100.0
|
%
|
||||||||||
Allowance for credit losses on loans
|
(20,309
|
)
|
(21,212
|
)
|
||||||||||||
Total net loans
|
$
|
1,436,866
|
$
|
1,387,654
|
(1) |
Loan balances include net deferred fees/cost of $54,000 and $75,000 at December 31, 2023 and at June 30, 2023, respectively.
|
(2) |
Loan balances exclude accrued interest receivable of $6.4 million and $5.5 million at December 31, 2023 and at June 30, 2023, respectively, which is included in accrued interest receivable in the consolidated statement of financial
condition.
|
(Dollars in thousands)
|
||||||||
Nonaccrual loans:
|
||||||||
Residential real estate
|
$
|
2,524
|
$
|
2,747
|
||||
Commercial real estate
|
1,682
|
1,318
|
||||||
Home equity
|
50
|
54
|
||||||
Consumer installment
|
-
|
63
|
||||||
Commercial
|
1,392
|
1,276
|
||||||
Total nonaccrual loans
|
$
|
5,648
|
$
|
5,458
|
||||
Foreclosed real estate:
|
||||||||
Commercial
|
302
|
302
|
||||||
Total foreclosed real estate
|
302
|
302
|
||||||
Total nonperforming assets
|
$
|
5,950
|
$
|
5,760
|
||||
Total nonperforming assets of total assets
|
0.22
|
%
|
0.21
|
%
|
||||
Total nonperforming loans to net loans
|
0.39
|
%
|
0.39
|
%
|
||||
Allowance for credit losses on loans to nonperforming loans
|
359.58
|
%
|
388.64
|
%
|
||||
Allowance for credit losses on loans to total loans receivable
|
1.39
|
%
|
1.51
|
%
|
(In thousands)
|
Percentage
of Portfolio
|
Percentage
of Portfolio
|
||||||||||||||
Noninterest-bearing deposits
|
$
|
137,424
|
6.0
|
%
|
$
|
159,039
|
6.5
|
%
|
||||||||
Certificates of deposit
|
145,792
|
6.2
|
128,077
|
5.3
|
||||||||||||
Savings deposits
|
266,477
|
11.4
|
299,038
|
12.3
|
||||||||||||
Money market deposits
|
91,744
|
3.9
|
115,029
|
4.7
|
||||||||||||
NOW deposits
|
1,693,400
|
72.5
|
1,735,978
|
71.2
|
||||||||||||
Total deposits
|
$
|
2,334,837
|
100.0
|
%
|
$
|
2,437,161
|
100.0
|
%
|
Selected Equity Data:
|
||||||||
Shareholders’ equity to total assets, at end of period
|
7.14
|
%
|
6.79
|
%
|
||||
Book value per share1
|
$
|
11.47
|
$
|
10.76
|
||||
Closing market price of common stock
|
$
|
28.20
|
$
|
29.80
|
For the six months ended December 31,
|
||||||||
2022
|
||||||||
Average shareholders’ equity to average assets
|
7.07
|
%
|
6.35
|
%
|
||||
Dividend payout ratio1
|
22.22
|
%
|
14.74
|
%
|
||||
Actual dividends paid to net income2
|
16.35
|
%
|
6.76
|
%
|
Three months ended December 31,
|
||||||||||||||||||||
2022
|
||||||||||||||||||||
(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, net1
|
$
|
1,449,353
|
$
|
17,776
|
4.91
|
%
|
$
|
1,367,759
|
$
|
14,801
|
4.33
|
%
|
||||||||
Securities non-taxable
|
625,264
|
4,334
|
2.77
|
683,294
|
3,504
|
2.05
|
||||||||||||||
Securities taxable
|
387,111
|
2,329
|
2.41
|
407,916
|
1,999
|
1.96
|
||||||||||||||
Interest-bearing bank balances and federal funds
|
87,307
|
1,105
|
5.06
|
21,195
|
169
|
3.19
|
||||||||||||||
FHLB stock
|
2,392
|
49
|
8.19
|
2,812
|
55
|
7.82
|
||||||||||||||
Total interest-earning assets
|
2,551,427
|
25,593
|
4.01
|
%
|
2,482,976
|
20,528
|
3.31
|
%
|
||||||||||||
Cash and due from banks
|
11,417
|
11,790
|
||||||||||||||||||
Allowance for credit losses on loans
|
(20,229
|
)
|
(22,369
|
)
|
||||||||||||||||
Allowance for credit losses on securities held-to-maturity
|
(498
|
)
|
-
|
|||||||||||||||||
Other noninterest-earning assets
|
100,785
|
95,110
|
||||||||||||||||||
Total assets
|
$
|
2,642,902
|
$
|
2,567,507
|
||||||||||||||||
Interest-Bearing Liabilities:
|
||||||||||||||||||||
Savings and money market deposits
|
$
|
366,236
|
$
|
296
|
0.32
|
%
|
$
|
477,179
|
$
|
207
|
0.17
|
%
|
||||||||
NOW deposits
|
1,767,214
|
11,476
|
2.60
|
1,583,966
|
3,200
|
0.81
|
||||||||||||||
Certificates of deposit
|
85,874
|
786
|
3.66
|
62,273
|
331
|
2.13
|
||||||||||||||
Borrowings
|
63,601
|
647
|
4.07
|
82,058
|
867
|
4.23
|
||||||||||||||
Total interest-bearing liabilities
|
2,282,925
|
13,205
|
2.31
|
%
|
2,205,476
|
4,605
|
0.84
|
%
|
||||||||||||
Noninterest-bearing deposits
|
144,396
|
175,391
|
||||||||||||||||||
Other noninterest-bearing liabilities
|
27,197
|
23,393
|
||||||||||||||||||
Shareholders' equity
|
188,384
|
163,247
|
||||||||||||||||||
Total liabilities and equity
|
$
|
2,642,902
|
$
|
2,567,507
|
||||||||||||||||
Net interest income
|
$
|
12,388
|
$
|
15,923
|
||||||||||||||||
Net interest rate spread
|
1.70
|
%
|
2.47
|
%
|
||||||||||||||||
Net earnings assets
|
$
|
268,502
|
$
|
277,500
|
||||||||||||||||
Net interest margin
|
1.94
|
%
|
2.57
|
%
|
||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
111.76
|
% |
112.58
|
% |
Taxable-equivalent net interest income and net interest margin
|
For the three months ended
December 31,
|
|||||||
(Dollars in thousands)
|
2023
|
2022
|
||||||
Net interest income (GAAP)
|
$
|
12,388
|
$
|
15,923
|
||||
Tax-equivalent adjustment(1)
|
1,591
|
1,283
|
||||||
Net interest income (fully taxable-equivalent)
|
$
|
13,979
|
$
|
17,206
|
||||
Average interest-earning assets
|
$
|
2,551,427
|
$
|
2,482,976
|
||||
Net interest margin (fully taxable-equivalent)
|
2.19
|
%
|
2.77
|
%
|
Six months ended December 31,
|
||||||||||||||||||||||||
2022
|
||||||||||||||||||||||||
(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, net1
|
$
|
1,439,505
|
$
|
34,981
|
4.86
|
%
|
$
|
1,340,927
|
$
|
28,183
|
4.20
|
%
|
||||||||||||
Securities non-taxable
|
631,871
|
8,624
|
2.73
|
690,716
|
6,581
|
1.91
|
||||||||||||||||||
Securities taxable
|
393,567
|
4,553
|
2.31
|
420,718
|
4,118
|
1.96
|
||||||||||||||||||
Interest-bearing bank balances and federal funds
|
76,013
|
2,021
|
5.32
|
13,333
|
196
|
2.94
|
||||||||||||||||||
FHLB stock
|
2,216
|
86
|
7.76
|
3,033
|
90
|
5.93
|
||||||||||||||||||
Total interest-earning assets
|
2,543,172
|
50,265
|
3.95
|
%
|
2,468,727
|
39,168
|
3.17
|
%
|
||||||||||||||||
Cash and due from banks
|
11,868
|
12,348
|
||||||||||||||||||||||
Allowance for credit losses on loans
|
(20,115
|
)
|
(22,707
|
)
|
||||||||||||||||||||
Allowance for credit losses on securities held-to-maturity
|
(495
|
)
|
-
|
|||||||||||||||||||||
Other noninterest-earning assets
|
99,286
|
92,906
|
||||||||||||||||||||||
Total assets
|
$
|
2,633,716
|
$
|
2,551,274
|
||||||||||||||||||||
Interest-Bearing Liabilities:
|
||||||||||||||||||||||||
Savings and money market deposits
|
$
|
382,933
|
$
|
582
|
0.30
|
%
|
$
|
488,173
|
$
|
410
|
0.17
|
%
|
||||||||||||
NOW deposits
|
1,721,391
|
20,651
|
2.40
|
1,541,588
|
4,787
|
0.62
|
||||||||||||||||||
Certificates of deposit
|
101,812
|
1,932
|
3.80
|
66,030
|
551
|
1.67
|
||||||||||||||||||
Borrowings
|
61,299
|
1,273
|
4.15
|
88,094
|
1,663
|
3.78
|
||||||||||||||||||
Total interest-bearing liabilities
|
2,267,435
|
24,438
|
2.16
|
%
|
2,183,885
|
7,411
|
0.68
|
%
|
||||||||||||||||
Noninterest-bearing deposits
|
151,337
|
179,803
|
||||||||||||||||||||||
Other noninterest-bearing liabilities
|
28,660
|
25,489
|
||||||||||||||||||||||
Shareholders' equity
|
186,284
|
162,097
|
||||||||||||||||||||||
Total liabilities and equity
|
$
|
2,633,716
|
$
|
2,551,274
|
||||||||||||||||||||
Net interest income
|
$
|
25,827
|
$
|
31,757
|
||||||||||||||||||||
Net interest rate spread
|
1.79
|
%
|
2.49
|
%
|
||||||||||||||||||||
Net earnings assets
|
$
|
275,737
|
$
|
284,842
|
||||||||||||||||||||
Net interest margin
|
2.03
|
%
|
2.57
|
%
|
||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
112.16
|
% |
113.04
|
% |
Taxable-equivalent net interest income and net interest margin
|
For the six months ended
December 31,
|
|||||||
(Dollars in thousands)
|
2023
|
2022
|
||||||
Net interest income (GAAP)
|
$
|
25,827
|
$
|
31,757
|
||||
Tax-equivalent adjustment(1)
|
3,154
|
2,407
|
||||||
Net interest income (fully taxable-equivalent)
|
$
|
28,981
|
$
|
34,164
|
||||
Average interest-earning assets
|
$
|
2,543,172
|
$
|
2,468,727
|
||||
Net interest margin (fully taxable-equivalent)
|
2.28
|
%
|
2.77
|
%
|
(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.
|
Three Months Ended December 31,
|
Six Months Ended December 31,
|
|||||||||||||||||||||||
2023 versus 2022
|
2023 versus 2022
|
|||||||||||||||||||||||
Increase/(Decrease)
|
Total |
Increase/(Decrease)
|
Total
|
|||||||||||||||||||||
Due To
|
Increase/ |
Due To
|
Increase/
|
|||||||||||||||||||||
(Dollars in thousands)
|
Volume
|
Rate
|
(Decrease)
|
Volume
|
Rate
|
(Decrease)
|
||||||||||||||||||
Interest Earning Assets:
|
||||||||||||||||||||||||
Loans receivable, net1
|
$
|
917
|
$
|
2,058
|
$
|
2,975
|
$
|
2,167
|
$
|
4,631
|
$
|
6,798
|
||||||||||||
Securities non-taxable
|
(317
|
)
|
1,147
|
830
|
(600
|
)
|
2,643
|
2,043
|
||||||||||||||||
Securities taxable
|
(107
|
)
|
437
|
330
|
(275
|
)
|
710
|
435
|
||||||||||||||||
Interest-bearing bank balances and federal funds
|
788
|
148
|
936
|
1,557
|
268
|
1,825
|
||||||||||||||||||
FHLB stock
|
(9
|
)
|
3
|
(6
|
)
|
(28
|
)
|
24
|
(4
|
)
|
||||||||||||||
Total interest-earning assets
|
1,272
|
3,793
|
5,065
|
2,821
|
8,276
|
11,097
|
||||||||||||||||||
Interest-Bearing Liabilities:
|
||||||||||||||||||||||||
Savings and money market deposits
|
(56
|
)
|
145
|
89
|
(102
|
)
|
274
|
172
|
||||||||||||||||
NOW deposits
|
412
|
7,864
|
8,276
|
619
|
15,245
|
15,864
|
||||||||||||||||||
Certificates of deposit
|
157
|
298
|
455
|
412
|
969
|
1,381
|
||||||||||||||||||
Borrowings
|
(188
|
)
|
(32
|
)
|
(220
|
)
|
(542
|
)
|
152
|
(390
|
)
|
|||||||||||||
Total interest-bearing liabilities
|
325
|
8,275
|
8,600
|
387
|
16,640
|
17,027
|
||||||||||||||||||
Net change in net interest income
|
$
|
947
|
$
|
(4,482
|
)
|
$
|
(3,535
|
)
|
$
|
2,434
|
$
|
(8,364
|
)
|
$
|
(5,930
|
)
|
(In thousands)
|
For the three months
ended December 31,
|
Change from Prior Year
|
For the six months
ended December 31,
|
Change from Prior Year
|
||||||||||||||||||||||||||||
Noninterest income:
|
2023
|
2022
|
Amount
|
Percent
|
2023
|
2022
|
Amount
|
Percent
|
||||||||||||||||||||||||
Service charges on deposit accounts
|
$
|
1,227
|
$
|
1,234
|
$
|
(7
|
)
|
(0.57
|
)%
|
$
|
2,457
|
$
|
2,451
|
$
|
6
|
0.24
|
%
|
|||||||||||||||
Debit card fees
|
1,120
|
1,138
|
(18
|
)
|
(1.58
|
)
|
2,253
|
2,280
|
(27
|
)
|
(1.18
|
)
|
||||||||||||||||||||
Investment services
|
206
|
198
|
8
|
4.04
|
449
|
378
|
71
|
18.78
|
||||||||||||||||||||||||
E-commerce fees
|
30
|
29
|
1
|
3.45
|
59
|
55
|
4
|
7.27
|
||||||||||||||||||||||||
Bank-owned life insurance
|
574
|
340
|
234
|
68.82
|
936
|
680
|
256
|
37.65
|
||||||||||||||||||||||||
Net loss on available-for-sale securities
|
-
|
(251
|
)
|
251
|
(100.00
|
)
|
-
|
(251
|
)
|
251
|
(100.00
|
)
|
||||||||||||||||||||
Other operating income
|
321
|
207
|
114
|
55.07
|
623
|
400
|
223
|
55.75
|
||||||||||||||||||||||||
Total noninterest income
|
$
|
3,478
|
$
|
2,895
|
$
|
583
|
20.14
|
%
|
$
|
6,777
|
$
|
5,993
|
$
|
784
|
13.08
|
%
|
(In thousands)
|
For the three months
ended December 31,
|
Change from Prior Year
|
For the six months
ended December 31,
|
Change from Prior Year
|
||||||||||||||||||||||||||||
Noninterest expense:
|
2023
|
2022
|
Amount
|
Percent
|
2023
|
2022
|
Amount
|
Percent
|
||||||||||||||||||||||||
Salaries and employee benefits
|
$
|
5,654
|
$
|
5,449
|
$
|
205
|
3.76
|
%
|
$
|
11,145
|
$
|
10,877
|
$
|
268
|
2.46
|
%
|
||||||||||||||||
Occupancy expense
|
593
|
513
|
80
|
15.59
|
1,130
|
1,037
|
93
|
8.97
|
||||||||||||||||||||||||
Equipment and furniture expense
|
238
|
221
|
17
|
7.69
|
376
|
379
|
(3
|
)
|
(0.79
|
)
|
||||||||||||||||||||||
Service and data processing fees
|
614
|
664
|
(50
|
)
|
(7.53
|
)
|
1,205
|
1,366
|
(161
|
)
|
(11.79
|
)
|
||||||||||||||||||||
Computer software, supplies and support
|
471
|
369
|
102
|
27.64
|
982
|
750
|
232
|
30.93
|
||||||||||||||||||||||||
Advertising and promotion
|
102
|
145
|
(43
|
)
|
(29.66
|
)
|
199
|
221
|
(22
|
)
|
(9.95
|
)
|
||||||||||||||||||||
FDIC insurance premiums
|
314
|
205
|
109
|
53.17
|
626
|
447
|
179
|
40.04
|
||||||||||||||||||||||||
Legal and professional fees
|
417
|
1,697
|
(1,280
|
)
|
(75.43
|
)
|
800
|
2,148
|
(1,348
|
)
|
(62.76
|
)
|
||||||||||||||||||||
Other
|
923
|
688
|
235
|
34.16
|
1,708
|
1,523
|
185
|
12.15
|
||||||||||||||||||||||||
Total noninterest expense
|
$
|
9,326
|
$
|
9,951
|
$
|
(625
|
)
|
(6.28
|
)%
|
$
|
18,171
|
$
|
18,748
|
$
|
(577
|
)
|
(3.08
|
)%
|
Cash equivalents/(deposits plus short term borrowings)
|
6.21
|
%
|
||
(Cash equivalents plus unpledged securities)/(deposits plus short term borrowings)
|
10.63
|
%
|
||
(Cash equivalents plus unpledged securities plus additional borrowing capacity)/(deposits plus short term borrowings)
|
17.82
|
%
|
(In thousands)
|
||||
Unfunded loan commitments
|
$
|
127,098
|
||
Unused lines of credit
|
93,738
|
|||
Standby letters of credit
|
179
|
|||
Total commitments
|
$
|
221,015
|
To Be Well
|
||||||||||||||||||||||||||||||||
For Capital
|
Capitalized Under
|
|||||||||||||||||||||||||||||||
Adequacy
|
Prompt Corrective
|
Capital Conservation
|
||||||||||||||||||||||||||||||
(Dollars in thousands)
|
Actual
|
Purposes
|
Action Provisions
|
Buffer
|
||||||||||||||||||||||||||||
The Bank of Greene County
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Actual
|
Required
|
||||||||||||||||||||||||
As of December 31, 2023:
|
||||||||||||||||||||||||||||||||
Total risk-based capital
|
$
|
267,630
|
16.9
|
%
|
$
|
126,940
|
8.0
|
%
|
$
|
158,675
|
10.0
|
%
|
8.87
|
%
|
2.50
|
%
|
||||||||||||||||
Tier 1 risk-based capital
|
247,765
|
15.6
|
95,205
|
6.0
|
126,940
|
8.0
|
9.62
|
2.50
|
||||||||||||||||||||||||
Common equity tier 1 capital
|
247,765
|
15.6
|
71,404
|
4.5
|
103,139
|
6.5
|
11.12
|
2.50
|
||||||||||||||||||||||||
Tier 1 leverage ratio
|
247,765
|
9.3
|
107,023
|
4.0
|
133,779
|
5.0
|
5.26
|
2.50
|
||||||||||||||||||||||||
As of June 30, 2023:
|
||||||||||||||||||||||||||||||||
Total risk-based capital
|
$
|
249,165
|
16.5
|
%
|
$
|
121,020
|
8.0
|
%
|
$
|
151,275
|
10.0
|
%
|
8.47
|
%
|
2.50
|
%
|
||||||||||||||||
Tier 1 risk-based capital
|
230,228
|
15.2
|
90,765
|
6.0
|
121,020
|
8.0
|
9.22
|
2.50
|
||||||||||||||||||||||||
Common equity tier 1 capital
|
230,228
|
15.2
|
68,074
|
4.5
|
98,328
|
6.5
|
10.72
|
2.50
|
||||||||||||||||||||||||
Tier 1 leverage ratio
|
230,228
|
8.7
|
106,141
|
4.0
|
132,676
|
5.0
|
4.68
|
2.50
|
||||||||||||||||||||||||
Greene County Commercial Bank
|
||||||||||||||||||||||||||||||||
As of December 31, 2023:
|
||||||||||||||||||||||||||||||||
Total risk-based capital
|
$
|
106,922
|
47.2
|
%
|
$
|
18,124
|
8.0
|
%
|
$
|
22,655
|
10.0
|
%
|
39.20
|
%
|
2.50
|
%
|
||||||||||||||||
Tier 1 risk-based capital
|
106,922
|
47.2
|
13,593
|
6.0
|
18,124
|
8.0
|
41.20
|
2.50
|
||||||||||||||||||||||||
Common equity tier 1 capital
|
106,922
|
47.2
|
10,195
|
4.5
|
14,725
|
6.5
|
42.70
|
2.50
|
||||||||||||||||||||||||
Tier 1 leverage ratio
|
106,922
|
8.9
|
48,003
|
4.0
|
60,004
|
5.0
|
4.91
|
2.50
|
||||||||||||||||||||||||
As of June 30, 2023:
|
||||||||||||||||||||||||||||||||
Total risk-based capital
|
$
|
104,781
|
46.6
|
%
|
$
|
17,975
|
8.0
|
%
|
$
|
22,469
|
10.0
|
%
|
38.63
|
%
|
2.50
|
%
|
||||||||||||||||
Tier 1 risk-based capital
|
104,781
|
46.6
|
13,481
|
6.0
|
17,975
|
8.0
|
40.63
|
2.50
|
||||||||||||||||||||||||
Common equity tier 1 capital
|
104,781
|
46.6
|
10,111
|
4.5
|
14,605
|
6.5
|
42.13
|
2.50
|
||||||||||||||||||||||||
Tier 1 leverage ratio
|
104,781
|
9.1
|
45,958
|
4.0
|
57,447
|
5.0
|
5.12
|
2.50
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. |
Controls and Procedures
|
Part II.
|
Other Information
|
Item 1. |
Legal Proceedings
|
Item 1A. |
Risk Factors
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds
|
a) |
Not applicable
|
b) |
Not applicable
|
c) |
On September 17, 2019, the Board of Directors of the Company adopted a stock repurchase program. Under the repurchase program, the Company is authorized to repurchase up to 400,000 shares of its common stock. Repurchases will be made at
management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock,
alternative uses for capital, and the Company’s financial performance. There were no additional share repurchases during the quarter ended December 31, 2023.
|
Item 3. |
Defaults Upon Senior Securities
|
Item 4. |
Mine Safety Disclosures
|
Item 6. |
Exhibits
|
Greene County Bancorp, Inc. Stock Holding Company Charter as amended on January 19, 2023 (filed as Exhibit 3.1 to Registrant’s Form 10-Q, filed on February 10, 2023 and incorporated herein by reference).
|
|
Certification of Chief Executive Officer, adopted pursuant to Rule 13a-14(a)/15d-14(a)
|
|
Certification of Chief Financial Officer, adopted pursuant to Rule 13a-14(a)/15d-14(a)
|
|
Statement of Chief Executive Officer, furnished pursuant to U.S.C. Section 1350
|
|
Statement of Chief Financial Officer, furnished pursuant to U.S.C. Section 1350
|
|
101
|
The following materials from Greene County Bancorp, Inc. Form 10-Q for the quarter ended December 31, 2023, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated Statements
of Financial Condition, (ii) the Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Shareholders’ Equity, (v) Consolidated Statements of Cash Flows and (iv)
Notes to Consolidated Financial Statements, (detail tagged).
|
104
|
Cover Page Integrative Data File (formatted in iXBRL and included in exhibit 101).
|
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
9/15/31 | ||||
9/17/30 | ||||
9/15/26 | ||||
9/15/25 | ||||
12/31/24 | ||||
6/30/24 | ||||
5/13/24 | ||||
3/11/24 | ||||
2/28/24 | ||||
2/15/24 | ||||
Filed on: | 2/9/24 | |||
2/8/24 | ||||
1/18/24 | ||||
1/17/24 | 8-K | |||
For Period end: | 12/31/23 | |||
11/30/23 | ||||
11/15/23 | ||||
10/25/23 | ||||
10/18/23 | 8-K | |||
9/30/23 | 10-Q | |||
7/1/23 | ||||
6/30/23 | 10-K, ARS | |||
3/31/23 | 10-Q | |||
3/23/23 | ||||
3/12/23 | ||||
2/28/23 | 4 | |||
2/10/23 | 10-Q, 4 | |||
1/19/23 | ||||
12/31/22 | 10-Q, 11-K | |||
12/15/22 | ||||
9/30/22 | 10-Q | |||
6/30/22 | 10-K | |||
4/26/22 | ||||
3/31/22 | 10-Q | |||
9/15/21 | 8-K | |||
1/7/21 | ||||
9/17/20 | 8-K | |||
3/12/20 | 4 | |||
12/15/19 | ||||
9/17/19 | 8-K | |||
12/15/18 | ||||
7/1/11 | ||||
7/1/10 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/10/23 Greene County Bancorp Inc. 10-Q 12/31/22 77:15M Broadridge Fin’l So… Inc |