Q1 net income falls 28.4% to $6.5M; net interest margin narrows 46 bps

GREENE COUNTY BANCORP INC

2024-Q1 EPS reported $0.38

Net income $6.5M ($0.38 EPS) vs $9.0M ($0.53 EPS) prior year, down 28.4%.
Net loans reached record $1.43B, up 2.9% from June 30; total assets $2.7B.
Net interest margin compressed to 2.12% from 2.58% YoY due to rising deposit costs.
CECL adoption day-one reduced retained earnings by $510k; provision for credit losses $457k.
Named to Piper Sandler Sm-All Stars Class of 2023 for seventh consecutive year.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

GREENE COUNTY BANCORP INC reported the three months ended September 30, 2023 results: net income $6.5 million, EPS $0.38 per basic and diluted share.

Period: the three months ended September 30, 2023
Net income: $6.5 million
EPS: $0.38 per basic and diluted share
Result: reported results

Exact text from the filing

Greene County Bancorp, Inc. Reports Net Income of $6.5 million for the Three Months Ended September 30, 2023

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Source: SEC EDGAR

accession 0001140361-23-049286

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