Greene County Bancorp Inc Reports Net Income of $30.8 Million for the Year Ended June 30, 2023

GREENE COUNTY BANCORP INC [GCBC] (NASDAQ: GCBC) announced its financial results today for the year ended June 30, 2023. The company reported a net income of $30.8 million, reflecting a strong performance in its core banking operations. This marks an increase of 10% compared to the previous year. The company's annual revenue stood at $84.6 million, solidifying its position as a leading financial institution in the region.

Financial Performance

Overall, Greene County Bancorp Inc had a successful year, driven by the strength of its loan portfolio and investment securities. Net interest income, a key indicator of the company's core business, increased by 6% to $61.2 million. This growth was primarily driven by higher interest income from loans and investment securities. The provision for loan losses decreased significantly from the previous year, resulting in a provision benefit of $1.1 million.