Greene County Bancorp's Q1 net income rises 41%
GCBC•Greene County Bancorp's preliminary fiscal first-quarter net income rose 41% year over year to $12.50 million, with earnings per share increasing to $0.73 from $0.52.
1. Quarterly results
The company reported preliminary fiscal first-quarter net income of $12.50 million and earnings per share of $0.73, compared with $0.52 a year earlier. Net interest income increased $4.4 million to $21.89 million, driven by higher average loan and securities balances and yields, as well as lower deposit costs.
2. Income and outlook
Noninterest income declined 27%, reflecting losses on securities sales and lower swap income. A loan repayment and improved economic forecasts led to a $432,000 benefit from the credit loss provision. The company said inflation, interest rates and geopolitics continue to influence its economic outlook and that it remains focused on risk management and maintaining financial strength.
