Greene County Bancorp FY24 net income down 19.5% to $24.8M; NIM compresses 47 bps

GREENE COUNTY BANCORP INC

2024-FY EPS reported $1.45

Net income for FY2024 $24.8M ($1.45 EPS) down 19.5% from $30.8M ($1.81 EPS) in FY2023.
Net interest margin fell 47 bps to 1.98% due to deposit cost increases outpacing asset repricing.
Total assets hit record $2.8B; net loans grew 6.7% to $1.5B.
Deposits decreased 2.0% to $2.39B; borrowings rose to $199.1M from $49.5M.
Selected for KBW Bank Honor Roll for 13th consecutive year; effective tax rate fell to 7.6%.

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