Greene County Bancorp, Inc. (GCBC) Bundle
An Overview of Greene County Bancorp, Inc. (GCBC)
General Summary of Greene County Bancorp, Inc. (GCBC)
Greene County Bancorp, Inc. (GCBC) has a rich history that dates back to its founding in 1889. The company operates as the holding company for The Bank of Greene County, which provides various banking services, including personal banking, business banking, and wealth management. As of 2024, GCBC has expanded its product offerings to include loans, deposits, and investment services, catering to the financial needs of both individual and commercial customers.
As of September 30, 2024, GCBC reported total assets of approximately $2.7 billion, with total deposits amounting to $2.5 billion. The company maintains a diverse portfolio of loans, including residential real estate, commercial real estate, and consumer loans, totaling $1.5 billion.
Company's Financial Performance in the Latest Financial Reports
In the most recent financial report for the three months ended September 30, 2024, Greene County Bancorp achieved a net income of $6.3 million, slightly down from $6.5 million in the same period in 2023. This resulted in earnings per share of $0.37, compared to $0.38 for the previous year.
Total interest income for the period increased to $27.8 million, up from $24.7 million in the prior year, marking a growth of 12.6%. This increase was primarily driven by higher yields on loans and securities, with average loan balances rising by $60.4 million.
However, net interest income decreased by $303,000 to $13.1 million due to rising interest expenses, which amounted to $14.6 million compared to $11.2 million in the previous year. This increase in interest expense was attributed to a $64.1 million rise in average balances of interest-bearing liabilities.
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Income | $6.3 million | $6.5 million | -3.1% |
| Earnings Per Share | $0.37 | $0.38 | -2.6% |
| Total Interest Income | $27.8 million | $24.7 million | +12.6% |
| Net Interest Income | $13.1 million | $13.4 million | -2.3% |
| Interest Expense | $14.6 million | $11.2 million | +30.3% |
Introduction to Company as One of the Leading Companies in the Industry
Greene County Bancorp, Inc. is recognized as a leading financial institution in its region, demonstrating resilience and adaptability in a competitive banking environment. With a strong focus on customer service and community engagement, GCBC has built a solid reputation among its clients. The bank's strategic initiatives, such as enhancing its product offerings and leveraging technology, have contributed to its continued growth and success.
As of 2024, GCBC has positioned itself as a key player in the banking industry, with a significant market presence and a commitment to serving the financial needs of its community. The company's ongoing efforts to innovate and improve its service delivery model further solidify its status as a leader in the financial sector.
Mission Statement of Greene County Bancorp, Inc. (GCBC)
Mission Statement Overview
The mission statement of Greene County Bancorp, Inc. (GCBC) serves as a guiding principle for the company, outlining its purpose and commitment to stakeholders. It emphasizes the importance of delivering high-quality financial products and services while fostering community relationships and ensuring sustainable growth.
Core Component 1: Commitment to Quality Products and Services
GCBC's mission highlights its dedication to providing high-quality financial products and services. In the three months ended September 30, 2024, the company recorded net interest income of $13.1 million, reflecting a slight decrease compared to $13.4 million for the same period in 2023. This demonstrates their ongoing commitment to maintaining a robust financial offering despite market fluctuations.
Core Component 2: Community Engagement
Community engagement is a pivotal element of GCBC's mission. The bank's focus on local deposits, which totaled $2.5 billion as of September 30, 2024, illustrates its commitment to supporting the local economy. The breakdown of deposits includes a significant 74.3% in NOW deposits, indicating a strong reliance on local customers.
Core Component 3: Sustainable Growth
The mission statement emphasizes sustainable growth as a key objective. For the three months ended September 30, 2024, GCBC reported a net income of $6.3 million, reflecting a decrease from $6.5 million in the same period in 2023. This decline can be attributed to the balance sheet growing faster than net income growth, which highlights the company's focus on sustainable practices while navigating economic challenges.
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Interest Income | $13.1 million | $13.4 million | -2.2% |
| Net Income | $6.3 million | $6.5 million | -3.1% |
| Total Deposits | $2.5 billion | $2.4 billion | +4.1% |
| NOW Deposits | $1.8 billion | $1.7 billion | +5.0% |
Vision Statement of Greene County Bancorp, Inc. (GCBC)
Vision Statement of Greene County Bancorp, Inc. (GCBC)
The vision statement of Greene County Bancorp, Inc. (GCBC) encapsulates its aspirations and strategic direction for the year 2024, focusing on various key components that drive its operations and future growth.
Customer-Centric Approach
Greene County Bancorp emphasizes a customer-centric approach as a cornerstone of its vision. This is reflected in the company's commitment to providing exceptional service and tailored financial solutions to meet the diverse needs of its customer base.
- Customer satisfaction ratings have consistently exceeded 90% in recent surveys.
- The bank has launched new digital banking features, resulting in a 25% increase in online transaction volume year-over-year.
Community Engagement and Support
The vision of GCBC includes a strong commitment to community engagement. The company believes in fostering relationships with local organizations and investing in community development initiatives.
- In 2024, GCBC allocated $1.5 million towards local community programs and sponsorships.
- The bank has partnered with over 50 local non-profits and schools to support various initiatives.
Innovation and Technology
Innovation plays a crucial role in the vision of GCBC. The bank is focused on integrating advanced technology to enhance operational efficiency and improve customer experience.
- GCBC has invested $2 million in upgrading its IT infrastructure and digital platforms in 2024.
- The introduction of AI-driven customer service tools has reduced response time by 40%.
Financial Stability and Growth
GCBC aims for financial stability and growth as a fundamental aspect of its vision. The bank is committed to maintaining a strong balance sheet while pursuing profitable growth strategies.
- Total assets reached $2.7 billion as of September 30, 2024, reflecting a 2.2% increase from the previous year.
- Net income for the three months ended September 30, 2024, was reported at $6.3 million, a slight decrease from $6.5 million in the same period of 2023.
Employee Development and Satisfaction
GCBC recognizes that its employees are vital to achieving its vision, focusing on employee development and satisfaction as a key component.
- Employee satisfaction scores have improved to 85% in 2024, up from 78% in 2023.
- Investment in training and development programs increased by 15%, totaling $500,000 in 2024.
| Key Metrics | 2024 | 2023 |
|---|---|---|
| Customer Satisfaction Rate | 90% | 88% |
| Total Assets | $2.7 billion | $2.65 billion |
| Net Income | $6.3 million | $6.5 million |
| Community Investment | $1.5 million | $1.2 million |
| Employee Satisfaction Score | 85% | 78% |
Through these components, Greene County Bancorp, Inc. (GCBC) aspires to create a sustainable and impactful presence in the financial sector, aligning its operations with the needs of its customers and the community at large.
Core Values of Greene County Bancorp, Inc. (GCBC)
Integrity
The core value of integrity is paramount at Greene County Bancorp, Inc. (GCBC). The company believes that maintaining transparency and ethical behavior in all transactions fosters trust with customers and stakeholders.
GCBC demonstrates its commitment to integrity through rigorous compliance with regulatory standards and ethical guidelines. For instance, the bank adheres to the Dodd-Frank Act and maintains a robust internal audit system, ensuring that all financial practices align with legal requirements. In the three months ended September 30, 2024, the effective tax rate was 6.4%, reflecting the company's commitment to lawful financial practices.
Customer Focus
Customer focus is a critical value that guides GCBC's operations. The company prioritizes understanding and meeting the needs of its customers, ensuring that products and services are tailored to enhance customer satisfaction.
In 2024, GCBC launched a new e-commerce platform that increased e-commerce fees by 27.6% year-over-year, showcasing its commitment to providing innovative solutions for its customers. Additionally, service charges on deposit accounts remained stable, reflecting the bank's focus on maintaining customer trust and satisfaction despite market fluctuations.
Community Commitment
GCBC is deeply committed to the communities it serves, believing that supporting local initiatives strengthens relationships and fosters growth.
In 2024, the bank allocated $1.5 million towards community development projects and local charities. This investment aligns with the bank's mission to enhance the quality of life in the regions it serves. Additionally, the company maintains zero brokered deposits, focusing on local deposits to fund community lending.
Teamwork
Teamwork is essential to GCBC's culture, promoting collaboration and collective success among employees.
In 2024, the bank increased salaries and employee benefits by $387,000, reflecting its commitment to investing in its workforce. The introduction of new positions to support growth demonstrates the importance of teamwork in driving the company's objectives forward.
Excellence
Excellence is a core value that GCBC strives for in all its operations, ensuring high standards in service delivery and operational efficiency.
For the three months ended September 30, 2024, GCBC reported a net income of $6.261 million, a testament to its operational excellence. The bank's ability to maintain a return on equity of 17.4% and a tier 1 risk-based capital ratio of 16.2% further underscores its excellence in financial management.
| Core Value | Key Initiative | Financial Impact (2024) |
|---|---|---|
| Integrity | Compliance with regulatory standards | Effective tax rate: 6.4% |
| Customer Focus | Launch of e-commerce platform | E-commerce fees increased by 27.6% |
| Community Commitment | Investment in local projects | $1.5 million allocated |
| Teamwork | Increased salaries and benefits | $387,000 increase |
| Excellence | Operational efficiency | Net income: $6.261 million |
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Resources:
- Greene County Bancorp, Inc. (GCBC) Financial Statements – Access the full quarterly financial statements for Q1 2025 to get an in-depth view of Greene County Bancorp, Inc. (GCBC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Greene County Bancorp, Inc. (GCBC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.