Greene County Bancorp, Inc. Reports 15th Consecutive Year of Record Net Income for Fiscal Year Ended June 30, 2023 and Opens Branch in Rensselaer County, NY.

CATSKILL, N.Y: Greene County Bancorp, Inc. (the "Company") (NASDAQ: GCBC), the holding company for The Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported net income for the quarter and fiscal year ended June 30, 2023. Net income for the quarter and fiscal year ended June 30, 2023 was $6.5 million, or $0.38 per basic and diluted share, and $30.8 million, or $1.81 per basic and diluted share, respectively, as compared to $6.8 million, or $0.40 per basic and diluted share, and $28.0 million, or $1.64 per basic and diluted share, for the quarter and fiscal year ended June 30, 2022, respectively. All share and per share information throughout this release has been retroactively adjusted to reflect the 2-for-1 stock split effected on March 23, 2023. Net income decreased $347,000, or 5.1%, when comparing the quarters ended June 30, 2023 and 2022, and increased $2.8 million, or 10.0%, when comparing the fiscal years ended June 30, 2023 and 2022.

Highlights:

Net Income: New high of $30.8 million for the fiscal year ended June 30, 2023

Total Assets: $2.7 billion at June 30, 2023

Total Deposits: $2.4 billion at June 30, 2023

Return on Average Assets: 1.19% for the year ended June 30, 2023

Return on Average Equity: 18.13% for the year ended June 30, 2023

Donald Gibson, President & CEO stated: "I am proud to report our 15th consecutive year of record net income. I believe our long term consistent record demonstrates the success of our strategy, and reflects upon the outstanding work of our team. Net income increased by 10% when comparing the years ended June 30, 2023 and June 30, 2022 and deposits increased by $224.6 million during the fiscal year, despite a challenging economic environment and volatility in the banking industry. I am also pleased to report we successfully opened our 18th branch during the quarter, located at 602 Columbia Turnpike, in East Greenbush, NY. The branch opening expands the Bank's geographic footprint into Rensselaer County as the Bank continues to be one of the fastest growing Banks in the Capital Region. The new branch opening is our first in Rensselaer County, NY, and compliments our long-term growth strategy in the Capital Region of New York State."

Total consolidated assets for the Company were $2.7 billion at June 30, 2023, primarily consisting of $1.4 billion of net loans and $1.0 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.4 billion at June 30, 2023, consisting of retail, business and municipal banking relationships.

Selected highlights for the quarter and fiscal year ended June 30, 2023 are as follows:

Net Interest Income and Margin

Net interest income decreased $831,000 to $14.2 million for the three months ended June 30, 2023 from $15.1 million for the three months ended June 30, 2022. Net interest income increased $3.2 million to $61.2 million for the year ended June 30, 2023 from $58.0 million for the year ended June 30, 2022. The change in net interest income was positively impacted by the growth in the average balance of interest-earning assets, which increased $135.5 million and $204.2 million when comparing the three months and years ended June 30, 2023 and 2022, respectively, and increases in interest rates on interest-earning...