|
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification Number)
|
|
|
|
(Address of principal executive office)
|
(Zip code)
|
Title of class
|
Trading symbol
|
Name of exchange on which registered
|
|
|
The
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
Emerging Growth Company
|
|
Smaller reporting company
|
PART I.
|
FINANCIAL INFORMATION
|
|
Page
|
||
Item 1.
|
Financial Statements (unaudited)
|
|
3
|
||
4
|
||
5
|
||
6
|
||
7
|
||
8-30
|
||
Item 2.
|
31-46
|
|
Item 3.
|
46
|
|
Item 4.
|
46
|
|
PART II.
|
OTHER INFORMATION
|
|
Item 1.
|
47
|
|
Item 1A.
|
47
|
|
Item 2.
|
47
|
|
Item 3.
|
47
|
|
Item 4.
|
47
|
|
Item 5.
|
47
|
|
Item 6.
|
47
|
|
48
|
ASSETS
|
December 31, 2021
|
June 30, 2021
|
||||||
Cash and due from banks
|
$
|
|
$
|
|
||||
Federal funds sold
|
|
|
||||||
Total cash and cash equivalents
|
|
|
||||||
Long term certificates of deposit
|
|
|
||||||
Securities available-for-sale, at fair value
|
|
|
||||||
Securities held-to-maturity, at amortized cost (fair value $
|
|
|
||||||
Equity securities, at fair value
|
|
|
||||||
Federal Home Loan Bank stock, at cost
|
|
|
||||||
Loans
|
|
|
||||||
Allowance for loan losses
|
(
|
)
|
(
|
)
|
||||
Unearned origination fees and costs, net
|
(
|
)
|
(
|
)
|
||||
Net loans receivable
|
|
|
||||||
Premises and equipment, net
|
|
|
||||||
Bank owned life insurance
|
|
|
||||||
Accrued interest receivable
|
|
|
||||||
Foreclosed real estate
|
|
|
||||||
Prepaid expenses and other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Noninterest-bearing deposits
|
$
|
|
$
|
|
||||
Interest-bearing deposits
|
|
|
||||||
Total deposits
|
|
|
||||||
Borrowings from Federal Home Loan Bank, short-term |
||||||||
Borrowings from other banks, short-term
|
|
|
||||||
Subordinated notes payable, net
|
|
|
||||||
Accrued expenses and other liabilities
|
|
|
||||||
Total liabilities
|
|
|
||||||
SHAREHOLDERS’ EQUITY
|
||||||||
Preferred stock, Authorized -
|
|
|
||||||
Common stock, par value $
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Retained earnings
|
|
|
||||||
Accumulated other comprehensive loss
|
(
|
)
|
(
|
)
|
||||
Treasury stock, at cost
|
(
|
)
|
(
|
)
|
||||
Total shareholders’ equity
|
|
|
||||||
Total liabilities and shareholders’ equity
|
$
|
|
$
|
|
For the three months ended
December 31,
|
For the six months ended
December 31,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Interest income:
|
||||||||||||||||
Loans
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Investment securities - taxable
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
|
|
|
|
||||||||||||
Investment securities - tax exempt
|
|
|
|
|
||||||||||||
Interest-bearing deposits and federal funds sold
|
|
|
|
|
||||||||||||
Total interest income
|
|
|
|
|
||||||||||||
Interest expense:
|
||||||||||||||||
Interest on deposits
|
|
|
|
|
||||||||||||
Interest on borrowings
|
|
|
|
|
||||||||||||
Total interest expense
|
|
|
|
|
||||||||||||
Net interest income
|
|
|
|
|
||||||||||||
Provision for loan losses
|
|
|
|
|
||||||||||||
Net interest income after provision for loan losses
|
|
|
|
|
||||||||||||
Noninterest income:
|
||||||||||||||||
Service charges on deposit accounts
|
|
|
|
|
||||||||||||
Debit card fees
|
|
|
|
|
||||||||||||
Investment services
|
|
|
|
|
||||||||||||
E-commerce fees
|
|
|
|
|
||||||||||||
Bank owned life insurance
|
|
|
|
|
||||||||||||
Other operating income
|
|
|
|
|
||||||||||||
Total noninterest income
|
|
|
|
|
||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
|
|
|
|
||||||||||||
Occupancy expense
|
|
|
|
|
||||||||||||
Equipment and furniture expense
|
|
|
|
|
||||||||||||
Service and data processing fees
|
|
|
|
|
||||||||||||
Computer software, supplies and support
|
|
|
|
|
||||||||||||
Advertising and promotion
|
|
|
|
|
||||||||||||
FDIC insurance premiums
|
|
|
|
|
||||||||||||
Legal and professional fees
|
|
|
|
|
||||||||||||
Other
|
|
|
|
|
||||||||||||
Total noninterest expense
|
|
|
|
|
||||||||||||
Income before provision for income taxes
|
|
|
|
|
||||||||||||
Provision for income taxes
|
|
|
|
|
||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Basic and diluted earnings per share
|
$
|
|
$
|
|
$
|
$
|
||||||||||
Basic and diluted average shares outstanding
|
|
|
|
|
||||||||||||
Dividends per share
|
$
|
|
$
|
$
|
$
|
|
For the three months ended
December 31,
|
For the six months ended
December 31,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Net Income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Other comprehensive loss:
|
||||||||||||||||
Unrealized holding losses on available-for-sale securities, gross
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Tax effect
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Total other comprehensive loss, net of taxes
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Comprehensive income
|
$
|
|
$
|
|
$
|
|
$
|
|
Common
Stock
|
Additional
Paid-In
Capital |
Retained
Earnings
|
Accumulated
Other
Comprehensive
Loss
|
Treasury
Stock
|
Total
Shareholders'
Equity |
|||||||||||||||||||
Balance at September 30, 2020
|
$
|
|
$
|
|
$
|
|
$ | ( |
) |
$
|
(
|
)
|
$
|
|
||||||||||
Dividends declared
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Net income
|
|
|
||||||||||||||||||||||
Other comprehensive loss, net of taxes
|
(
|
)
|
( |
) | ||||||||||||||||||||
Balance at December 31, 2020
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
Common
Stock
|
Additional
Paid-In
Capital |
Retained
Earnings
|
Accumulated
Other
Comprehensive
Loss
|
Treasury
Stock
|
Total
Shareholders'
Equity |
|||||||||||||||||||
Balance at September 30, 2021
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
||||||||||
Dividends declared
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Net income
|
|
|
||||||||||||||||||||||
Other comprehensive loss, net of taxes
|
( |
) |
(
|
)
|
||||||||||||||||||||
Balance at December 31, 2021
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
Common
Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Loss
|
Treasury
Stock
|
Total
Shareholders'
Equity |
|||||||||||||||||||
Balance at June 30, 2020
|
$
|
|
$
|
|
$ |
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|||||||||||
Dividends declared
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Net income
|
|
|
||||||||||||||||||||||
Other comprehensive loss, net of taxes
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Balance at December 31, 2020
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
Common
Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Accumulated
Other
Comprehensive
Loss
|
Treasury
Stock
|
Total
Shareholders'
Equity |
|||||||||||||||||||
Balance at June 30, 2021
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
||||||||||
Dividends declared
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Net income
|
|
|
||||||||||||||||||||||
Other comprehensive loss, net of taxes
|
(
|
)
|
(
|
)
|
||||||||||||||||||||
Balance at December 31, 2021
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
2021 |
2020 |
|||||||
Cash flows from operating activities:
|
||||||||
Net Income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation
|
|
|
||||||
Deferred income tax benefit
|
|
|
||||||
Net amortization of investment premiums and discounts
|
|
|
||||||
Net accretion amortization of deferred loan costs and fees
|
(
|
)
|
(
|
)
|
||||
Amortization of subordinated debt issuance costs
|
|
|
||||||
Provision for loan losses
|
|
|
||||||
Bank owned life insurance income
|
(
|
)
|
|
|||||
Net loss (gain) on equity securities
|
|
(
|
)
|
|||||
Gain on sale of foreclosed real estate
|
( |
) | ||||||
Net decrease in accrued income taxes
|
(
|
)
|
(
|
)
|
||||
Net increase in accrued interest receivable
|
(
|
)
|
(
|
)
|
||||
Net increase in prepaid expenses and other assets
|
(
|
)
|
(
|
)
|
||||
Net decrease in other liabilities
|
(
|
)
|
(
|
)
|
||||
Net cash provided by operating activities
|
|
|
||||||
Cash flows from investing activities:
|
||||||||
Securities available-for-sale:
|
||||||||
Proceeds from maturities
|
|
|
||||||
Purchases of securities
|
(
|
)
|
(
|
)
|
||||
Principal payments on securities
|
|
|
||||||
Securities held-to-maturity:
|
||||||||
Proceeds from maturities
|
|
|
||||||
Purchases of securities
|
(
|
)
|
(
|
)
|
||||
Principal payments on securities
|
|
|
||||||
Net (purchase) redemption of Federal Home Loan Bank Stock
|
(
|
)
|
|
|||||
Maturity of long term certificates of deposit
|
|
|
||||||
Purchase of long term certificates of deposit
|
|
(
|
)
|
|||||
Purchase of bank owned life insurance
|
(
|
)
|
|
|||||
Net increase in loans receivable
|
(
|
)
|
(
|
)
|
||||
Proceeds from sale of foreclosed real estate
|
||||||||
Purchases of premises and equipment
|
(
|
)
|
(
|
)
|
||||
Net cash used by investing activities
|
(
|
)
|
(
|
)
|
||||
Cash flows from financing activities
|
||||||||
Net increase in short-term FHLB advances
|
||||||||
Net decrease in short-term advances other banks
|
(
|
)
|
(
|
)
|
||||
Repayment of long-term FHLB advances
|
|
(
|
)
|
|||||
Net proceeds from subordinated notes payable
|
|
|
||||||
Payment of cash dividends
|
(
|
)
|
(
|
)
|
||||
Net increase in deposits
|
|
|
||||||
Net cash provided by financing activities
|
|
|
||||||
Net (decrease) increase in cash and cash equivalents
|
(
|
)
|
|
|||||
Cash and cash equivalents at beginning of period
|
|
|
||||||
Cash and cash equivalents at end of period
|
$
|
|
$
|
|
||||
Non-cash investing activities: |
||||||||
Foreclosed loans transferred to foreclosed real estate
|
$ |
$ |
||||||
Cash paid during period for:
|
||||||||
Interest
|
$
|
|
$
|
|
||||
Income taxes
|
$
|
|
$
|
|
(In thousands)
|
Amortized Cost
|
Gross Unrealized
Gains
|
Gross Unrealized
Losses
|
Estimated
Fair Value
|
||||||||||||
Securities available-for-sale:
|
||||||||||||||||
U.S. government sponsored enterprises
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
U.S. treasury securities
|
|
|
|
|
||||||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
||||||||||||
Corporate debt securities
|
|
|
|
|
||||||||||||
Total securities available-for-sale
|
|
|
|
|
||||||||||||
Securities held-to-maturity:
|
||||||||||||||||
U.S. treasury securities
|
||||||||||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
||||||||||||
Corporate debt securities
|
|
|
|
|
||||||||||||
Other securities
|
|
|
|
|
||||||||||||
Total securities held-to-maturity
|
|
|
|
|
||||||||||||
Total securities
|
$
|
|
$
|
|
$
|
|
$
|
|
(In thousands)
|
Amortized Cost
|
Gross Unrealized
Gains |
Gross Unrealized
Losses |
Estimated
Fair Value
|
||||||||||||
Securities available-for-sale:
|
||||||||||||||||
U.S. government sponsored enterprises
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
U.S. treasury securities | ||||||||||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
||||||||||||
Corporate debt securities
|
|
|
|
|
||||||||||||
Total securities available-for-sale
|
|
|
|
|
||||||||||||
Securities held-to-maturity:
|
||||||||||||||||
U.S. treasury securities
|
|
|
|
|
||||||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
||||||||||||
Corporate debt securities
|
|
|
|
|
||||||||||||
Other securities
|
|
|
|
|
||||||||||||
Total securities held-to-maturity
|
|
|
|
|
||||||||||||
Total securities
|
$
|
|
$
|
|
$
|
|
$
|
|
Less Than 12 Months
|
More Than 12 Months
|
Total
|
||||||||||||||||||||||||||||||||||
(In thousands, except number of securities)
|
Fair
Value
|
Unrealized
Losses
|
Number
of
Securities
|
Fair
Value
|
Unrealized
Losses
|
Number
of
Securities
|
Fair
Value
|
Unrealized
Losses |
Number
of
Securities |
|||||||||||||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises
|
$
|
|
$
|
|
|
$
|
|
$
|
|
|
$
|
|
$
|
|
|
|||||||||||||||||||||
U.S. treasury securities
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
State and political subdivisions
|
||||||||||||||||||||||||||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Corporate debt securities
|
||||||||||||||||||||||||||||||||||||
Total securities available-for-sale
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Securities held-to-maturity:
|
||||||||||||||||||||||||||||||||||||
U.S. treasury securities
|
||||||||||||||||||||||||||||||||||||
State and political subdivisions
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Corporate debt securities
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total securities held-to-maturity
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total securities
|
$
|
|
$
|
|
|
$
|
|
$
|
|
|
$
|
|
$
|
|
|
Less Than 12 Months
|
More Than 12 Months
|
Total
|
||||||||||||||||||||||||||||||||||
(In thousands, except number of securities)
|
Fair
Value
|
Unrealized
Losses
|
Number
of
Securities
|
Fair
Value
|
Unrealized
Losses
|
Number
of
Securities
|
Fair
Value
|
Unrealized
Losses
|
Number
of
Securities
|
|||||||||||||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprises
|
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
U.S. treasury securities
|
||||||||||||||||||||||||||||||||||||
Mortgage-backed securities-residential
|
||||||||||||||||||||||||||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Corporate debt securities
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total securities available-for-sale
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Securities held-to-maturity:
|
||||||||||||||||||||||||||||||||||||
U.S. treasury securities
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
State and political subdivisions
|
||||||||||||||||||||||||||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Corporate debt securities
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total securities held-to-maturity
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Total securities
|
$ |
$
|
|
|
|
$
|
|
$
|
|
|
|
$
|
|
$
|
|
|
|
Available-for-sale debt securities
|
Amortized Cost
|
Fair Value
|
||||||
Within one year
|
$
|
|
$
|
|
||||
After one year through five years
|
|
|
||||||
After five years through ten years
|
|
|
||||||
After ten years
|
|
|
||||||
Total available-for-sale debt securities
|
|
|
||||||
Mortgage-backed securities
|
|
|
||||||
Total available-for-sale securities
|
|
|
||||||
Held-to-maturity debt securities
|
||||||||
Within one year
|
|
|
||||||
After one year through five years
|
|
|
||||||
After five years through ten years
|
|
|
||||||
After ten years
|
|
|
||||||
Total held-to-maturity debt securities
|
|
|
||||||
Mortgage-backed securities
|
|
|
||||||
Total held-to-maturity securities
|
|
|
||||||
Total debt securities
|
$
|
|
$
|
|
(In thousands)
|
December 31, 2021
|
June 30, 2021
|
||||||
Residential real estate:
|
||||||||
Residential real estate
|
$
|
|
$
|
|
||||
Residential construction and land
|
|
|
||||||
Multi-family
|
|
|
||||||
Commercial real estate:
|
||||||||
Commercial real estate
|
|
|
||||||
Commercial construction
|
|
|
||||||
Consumer loan:
|
||||||||
Home equity
|
|
|
||||||
Consumer installment
|
|
|
||||||
Commercial loans
|
|
|
||||||
Total gross loans
|
|
|
||||||
Allowance for loan losses
|
(
|
)
|
(
|
)
|
||||
Unearned origination fees and costs, net
|
(
|
)
|
(
|
)
|
||||
Loans receivable, net
|
$
|
|
$
|
|
(In thousands)
|
Performing
|
Special Mention
|
Substandard
|
Total
|
||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Residential construction and land
|
|
|
|
|
||||||||||||
Multi-family
|
|
|
|
|
||||||||||||
Commercial real estate
|
|
|
|
|
||||||||||||
Commercial construction
|
|
|
|
|
||||||||||||
Home equity
|
|
|
|
|
||||||||||||
Consumer installment
|
|
|
|
|
||||||||||||
Commercial loans
|
|
|
|
|
||||||||||||
Total gross loans
|
$
|
|
$
|
|
$
|
|
$
|
|
(In thousands)
|
Performing
|
Special Mention
|
Substandard
|
Total
|
||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Residential construction and land
|
|
|
|
|
||||||||||||
Multi-family
|
|
|
|
|
||||||||||||
Commercial real estate
|
|
|
|
|
||||||||||||
Commercial construction
|
|
|
|
|
||||||||||||
Home equity
|
|
|
|
|
||||||||||||
Consumer installment
|
|
|
|
|
||||||||||||
Commercial loans
|
|
|
|
|
||||||||||||
Total gross loans
|
$
|
|
$
|
|
$
|
|
$
|
|
(In thousands)
|
30-59
days
past due
|
60-89
days past
due
|
90 days or
more past
due
|
Total past
due
|
Current
|
Total Loans
|
Loans on
Non-accrual
|
|||||||||||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Residential construction and land
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Multi-family
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial construction
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Home equity
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Consumer installment
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial loans
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total gross loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
(In thousands)
|
30-59
days
past due
|
60-89
days past
due
|
90 days or
more past
due |
Total past
due
|
Current
|
Total Loans
|
Loans on
Non-accrual
|
|||||||||||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Residential construction and land
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Multi-family
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial construction
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Home equity
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Consumer installment
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial loans
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total gross loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
At December 31, 2021
|
For the three months ended
December 31, 2021
|
For the six months ended
December 31, 2021
|
||||||||||||||||||||||||||
(In thousands)
|
Recorded
Investment
|
Unpaid
Principal
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment |
Interest
Income
Recognized
|
|||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
-
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Commercial real estate
|
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Home equity
|
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Commercial loans
|
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Impaired loans with no allowance
|
|
|
-
|
|
|
|
|
|||||||||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||||||
Residential real estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial construction
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Home equity
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial loans
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Impaired loans with allowance
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total impaired:
|
||||||||||||||||||||||||||||
Residential real estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial construction
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Home equity
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial loans
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total impaired loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
At June 30, 2021
|
For the three months ended
December 31, 2020
|
For the six months ended
December 31, 2020
|
||||||||||||||||||||||||||
(In thousands)
|
Recorded
Investment
|
Unpaid
Principal
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
-
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Multi-family
|
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Commercial real estate
|
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Home equity
|
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Commercial loans
|
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Impaired loans with no allowance
|
|
|
-
|
|
|
|
|
|||||||||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||||||
Residential real estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial construction
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Home equity
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial loans
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Impaired loans with allowance
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total impaired:
|
||||||||||||||||||||||||||||
Residential real estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Multi-family
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial construction
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Home equity
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Commercial loans
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total impaired loans
|
$
|
|
|
|
$
|
|
|
|
|
(Dollars in thousands)
|
Number of
Contracts
|
Pre-Modification
Outstanding
Recorded
Investment
|
Post-
Modification
Outstanding
Recorded
Investment
|
Current
Outstanding
Recorded
Investment
|
|||||||||||
For the year ended June 30,2021
|
|||||||||||||||
Commercial loans
|
|
$
|
|
$
|
|
$ | |||||||||
Commercial real estate
|
|
|
|
||||||||||||
Residential
|
|
|
|
Full Payment Deferral
|
Principal Payment Deferral
|
Total Deferral
|
||||||||||||||||||||||
(Dollars in thousands)
|
Balance
|
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
Number
of Loans
|
||||||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
||||||||||||||||||
Residential
|
|
|
|
|
|
|
||||||||||||||||||
Total
|
$
|
|
|
$
|
|
|
$
|
|
|
Full Payment Deferral
|
Principal Payment Deferral
|
Total Deferral
|
||||||||||||||||||||||
(Dollars in thousands)
|
Balance
|
Number
of Loans
|
Balance
|
Number
of Loans
|
Balance
|
Number
of Loans
|
||||||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
||||||||||||||||||
Commercial loans
|
|
|
|
|
|
|
||||||||||||||||||
Total
|
$
|
|
|
$
|
|
|
$
|
|
|
Activity for the three months ended December 31, 2021
|
||||||||||||||||||||
(In thousands)
|
Balance at
September 30,
2021
|
Charge-offs
|
Recoveries
|
Provision
|
Balance at
December 31, 2021
|
|||||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||||
Residential construction and land
|
|
|
|
(
|
)
|
|
||||||||||||||
Multi-family
|
|
|
|
(
|
)
|
|
||||||||||||||
Commercial real estate
|
|
|
|
|
|
|||||||||||||||
Commercial construction
|
|
|
|
|
|
|||||||||||||||
Home equity
|
|
|
|
(
|
)
|
|
||||||||||||||
Consumer installment
|
|
|
|
|
|
|||||||||||||||
Commercial loans
|
|
|
|
(
|
)
|
|
||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Activity for the six months ended December 31, 2021
|
||||||||||||||||||||
(In thousands)
|
Balance at
June 30, 2021
|
Charge-offs
|
Recoveries
|
Provision
|
Balance at
December 31, 2021
|
|||||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||||
Residential construction and land
|
|
|
|
|
|
|||||||||||||||
Multi-family
|
|
|
|
(
|
)
|
|
||||||||||||||
Commercial real estate
|
|
|
|
|
|
|||||||||||||||
Commercial construction
|
|
|
|
(
|
)
|
|
||||||||||||||
Home equity
|
|
|
|
(
|
)
|
|
||||||||||||||
Consumer installment
|
|
|
|
|
|
|||||||||||||||
Commercial loans
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Allowance for Loan Losses
|
Loans Receivable
|
|||||||||||||||
Ending Balance At December 31, 2021
Impairment Analysis
|
Ending Balance At December 31, 2021
Impairment Analysis
|
|||||||||||||||
(In thousands)
|
Individually
Evaluated
|
Collectively
Evaluated
|
Individually
Evaluated
|
Collectively
Evaluated
|
||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Residential construction and land
|
|
|
|
|
||||||||||||
Multi-family
|
|
|
|
|
||||||||||||
Commercial real estate
|
|
|
|
|
||||||||||||
Commercial construction
|
|
|
|
|
||||||||||||
Home equity
|
|
|
|
|
||||||||||||
Consumer installment
|
|
|
|
|
||||||||||||
Commercial loans
|
|
|
|
|
||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
Activity for the three months ended December 31, 2020
|
||||||||||||||||||||
(In thousands)
|
Balance at September 30,
2020
|
Charge-offs
|
Recoveries
|
Provision
|
Balance at
December 31, 2020
|
|||||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Residential construction and land
|
|
|
|
(
|
)
|
|
||||||||||||||
Multi-family
|
|
|
|
|
|
|||||||||||||||
Commercial real estate
|
|
|
|
|
|
|||||||||||||||
Commercial construction
|
|
|
|
(
|
)
|
|
||||||||||||||
Home equity
|
|
|
|
(
|
)
|
|
||||||||||||||
Consumer installment
|
|
|
|
(
|
)
|
|
||||||||||||||
Commercial loans
|
|
|
|
(
|
)
|
|
||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Activity for the six months ended December 31, 2020
|
||||||||||||||||||||
(In thousands)
|
Balance at
June 30, 2020
|
Charge-offs
|
Recoveries
|
Provision
|
Balance at
December 31, 2020
|
|||||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||||
Residential construction and land
|
|
|
|
(
|
)
|
|
||||||||||||||
Multi-family
|
|
|
|
|
|
|||||||||||||||
Commercial real estate
|
|
|
|
|
|
|||||||||||||||
Commercial construction
|
|
|
|
(
|
)
|
|
||||||||||||||
Home equity
|
|
|
|
(
|
)
|
|
||||||||||||||
Consumer installment
|
|
|
|
|
|
|||||||||||||||
Commercial loans
|
|
|
|
|
|
|||||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
Allowance for Loan Losses
|
Loans Receivable
|
|||||||||||||||
Ending Balance June 30, 2021
Impairment Analysis
|
Ending Balance June 30, 2021
Impairment Analysis
|
|||||||||||||||
(In thousands)
|
Individually
Evaluated
|
Collectively
Evaluated
|
Individually
Evaluated
|
Collectively
Evaluated
|
||||||||||||
Residential real estate
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Residential construction and land
|
|
|
|
|
||||||||||||
Multi-family
|
|
|
|
|
||||||||||||
Commercial real estate
|
|
|
|
|
||||||||||||
Commercial construction
|
|
|
|
|
||||||||||||
Home equity
|
|
|
|
|
||||||||||||
Consumer installment
|
|
|
|
|
||||||||||||
Commercial loans
|
|
|
|
|
||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
(in thousands)
|
December 31, 2021
|
June 30, 2021
|
||||||
Residential real estate
|
$
|
|
$
|
|
||||
Total foreclosed real estate
|
$
|
|
$
|
|
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices
In Active
Markets For
Identical Assets
|
Significant
Other
Observable
Inputs
|
Significant
Unobservable
Inputs
|
||||||||||||||
(In thousands)
|
December 31, 2021
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets:
|
||||||||||||||||
U.S. Government sponsored enterprises
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
U.S. Treasury securities
|
|
|
|
|
||||||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
||||||||||||
Corporate debt securities
|
|
|
|
|
||||||||||||
Securities available-for-sale
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Equity securities
|
|
|
|
|
||||||||||||
Total securities measured at fair value
|
$
|
|
$
|
|
$
|
|
$
|
|
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices
In Active
Markets For
Identical Assets
|
Significant
Other Observable
Inputs
|
Significant
Unobservable
Inputs
|
||||||||||||||
(In thousands)
|
June 30, 2021
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets:
|
||||||||||||||||
U.S. Government sponsored enterprises
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
U.S. Treasury securities | ||||||||||||||||
State and political subdivisions
|
|
|
|
|
||||||||||||
Mortgage-backed securities-residential
|
|
|
|
|
||||||||||||
Mortgage-backed securities-multi-family
|
|
|
|
|
||||||||||||
Corporate debt securities
|
|
|
|
|
||||||||||||
Securities available-for-sale
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Equity securities
|
|
|
|
|
||||||||||||
Total securities measured at fair value
|
$
|
|
$
|
|
$
|
|
$
|
|
Fair Value Measurements Using
|
||||||||||||||||||||||||
(In thousands)
|
Recorded
Investment
|
Related
Allowance
|
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||||||||
December 31, 2021
|
||||||||||||||||||||||||
Impaired loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||
June 30, 2021
|
||||||||||||||||||||||||
Impaired loans
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||||
Foreclosed real estate |
(Dollars in thousands)
|
Fair Value
|
Valuation Technique
|
Unobservable Input
|
Range
|
Weighted
Average
|
|||||||||
December 31, 2021
|
||||||||||||||
Impaired Loans
|
$
|
|
Appraisal of collateral(1)
|
Appraisal adjustments(2)
|
|
%
|
|
%
|
||||||
Liquidation expenses(3)
|
|
%
|
|
%
|
||||||||||
|
Discounted cash flow
|
Discount rate
|
|
%
|
|
%
|
||||||||
June 30, 2021
|
||||||||||||||
Impaired loans
|
$
|
|
Appraisal of collateral(1)
|
Appraisal adjustments(2)
|
|
%
|
|
%
|
||||||
Liquidation expenses(3)
|
|
%
|
|
%
|
||||||||||
|
Discounted cash flow
|
Discount rate
|
|
%
|
|
%
|
||||||||
Foreclosed real estate | Appraisal of collateral(1) | Appraisal adjustments(2) | % | % | ||||||||||
Liquidation expenses(3) | % | % |
(1) |
|
(2) |
|
(3) |
|
(In thousands)
|
December 31, 2021
|
Fair Value Measurements Using
|
||||||||||||||||||
Carrying
Amount |
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Long term certificate of deposit
|
|
|
|
|
|
|||||||||||||||
Securities available-for-sale
|
|
|
|
|
|
|||||||||||||||
Securities held-to-maturity
|
|
|
|
|
|
|||||||||||||||
Equity securities
|
|
|
|
|
|
|||||||||||||||
Federal Home Loan Bank stock
|
|
|
|
|
|
|||||||||||||||
Net loans receivable
|
|
|
|
|
|
|||||||||||||||
Accrued interest receivable
|
|
|
|
|
|
|||||||||||||||
Deposits
|
|
|
|
|
|
|||||||||||||||
Borrowings |
||||||||||||||||||||
Subordinated notes payable, net
|
|
|
|
|
|
|||||||||||||||
Accrued interest payable
|
|
|
|
|
|
(In thousands)
|
June 30, 2021
|
Fair Value Measurements Using
|
||||||||||||||||||
Carrying
Amount |
Fair Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||||
Long term certificate of deposit
|
|
|
|
|
|
|||||||||||||||
Securities available-for-sale
|
|
|
|
|
|
|||||||||||||||
Securities held-to-maturity
|
|
|
|
|
|
|||||||||||||||
Equity securities
|
|
|
|
|
|
|||||||||||||||
Federal Home Loan Bank stock
|
|
|
|
|
|
|||||||||||||||
Net loans receivable
|
|
|
|
|
|
|||||||||||||||
Accrued interest receivable
|
|
|
|
|
|
|||||||||||||||
Deposits
|
|
|
|
|
|
|||||||||||||||
Borrowings
|
|
|
|
|
|
|||||||||||||||
Subordinated notes payable, net | ||||||||||||||||||||
Accrued interest payable
|
|
|
|
|
|
For the three months
ended December 31,
|
For the six months
ended December 31,
|
|||||||||||||||
2021
|
2020
|
2021 | 2020 | |||||||||||||
Net Income
|
$
|
|
$
|
|
$ |
$ |
||||||||||
Weighted Average Shares – Basic
|
|
|
||||||||||||||
Weighted Average Shares - Diluted
|
|
|
||||||||||||||
Earnings per share - Basic
|
$
|
|
$
|
|
$ | $ | ||||||||||
Earnings per share - Diluted
|
$
|
|
$
|
|
$ | $ |
Three months ended
December 31,
|
Six months ended
December 31,
|
|||||||||||||||
(In thousands)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Interest cost
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Expected return on plan assets
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Amortization of net loss
|
|
|
|
|
||||||||||||
Net periodic pension cost
|
$
|
|
$
|
|
$
|
|
$
|
|
Three months ended December 31,
|
Six months ended December 31,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Number of options outstanding, beginning of period
|
|
|
|
|
||||||||||||
Options Granted
|
|
|
|
|
||||||||||||
Options Forfeited
|
|
|
|
|
||||||||||||
Options Paid in Cash
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Number of options outstanding, end of period
|
|
|
|
|
Three months ended
December 31,
|
Six months ended
December 31,
|
|||||||||||||||
(In thousands)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Cash paid out on options vested
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Compensation costs recognized
|
|
|
|
|
(In thousands)
|
Unrealized
gain (losses)
on securities
available-for-
sale
|
Pension
benefits |
Total
|
|||||||||
Balance - September 30, 2020
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Other comprehensive loss before reclassification
|
(
|
)
|
|
(
|
)
|
|||||||
Other comprehensive loss for the three months ended December 31, 2020
|
(
|
)
|
|
(
|
)
|
|||||||
Balance - December 31, 2020
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Balance - September 30, 2021
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Other comprehensive loss before reclassification
|
(
|
)
|
|
(
|
)
|
|||||||
Other comprehensive loss for the three months ended December 31, 2021
|
(
|
)
|
|
(
|
)
|
|||||||
Balance - December 31, 2021
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
(In thousands)
|
Unrealized
gain (losses)
on securities
available-for-
sale
|
Pension
benefits |
Total
|
|||||||||
Balance at June 30, 2020
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Other comprehensive loss before reclassification
|
(
|
)
|
|
(
|
)
|
|||||||
Other comprehensive loss for the six months ended December 31, 2020
|
(
|
)
|
|
(
|
)
|
|||||||
Balance at December 31, 2020
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Balance at June 30, 2021
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||
Other comprehensive loss before reclassification
|
(
|
)
|
|
(
|
)
|
|||||||
Other comprehensive loss for the six months ended December 31, 2021
|
(
|
)
|
|
(
|
)
|
|||||||
Balance at December 31, 2021
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
(In thousands, except weighted-average information).
|
||||||||
Operating lease amounts:
|
December 31, 2021
|
June 30, 2021
|
||||||
Right-of-use assets
|
$
|
|
$
|
|
||||
Lease liabilities
|
$
|
|
$
|
|
For the three months ended
December 31,
|
||||||||
2021
|
2020
|
|||||||
(In thousands)
|
||||||||
Other information:
|
||||||||
Operating outgoing cash flows from operating leases
|
$
|
|
$
|
|
||||
Right-of-use assets obtained in exchange for new operating lease liabilities
|
$
|
|
$
|
|
||||
Lease costs:
|
||||||||
Operating lease cost
|
$
|
|
$
|
|
||||
Variable lease cost
|
$
|
|
$
|
|
For the six months ended
December 31,
|
||||||||
2021
|
2020
|
|||||||
(In thousands)
|
||||||||
Other information:
|
||||||||
Operating outgoing cash flows from operating leases
|
$
|
|
$
|
|
||||
Right-of-use assets obtained in exchange for new operating lease liabilities
|
$
|
|
$
|
|
||||
Lease costs:
|
||||||||
Operating lease cost
|
$
|
|
$
|
|
||||
Variable lease cost
|
$
|
|
$
|
|
(in thousands)
|
||||
Within the twelve months ended December 31,
|
||||
2022
|
$
|
|
||
2023
|
|
|||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
Thereafter
|
|
|||
Total undiscounted cash flow
|
|
|||
Less net present value adjustment
|
(
|
)
|
||
Lease Liability
|
$
|
|
||
Weighted-average remaining lease term (Years)
|
|
|||
Weighted-average discount rate
|
|
%
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operation
|
(a) |
changes in general market interest rates,
|
(b) |
general economic conditions,
|
(c) |
economic or policy changes related to the COVID-19 pandemic,
|
(d) |
legislative and regulatory changes,
|
(e) |
monetary and fiscal policies of the U.S. Treasury and the Federal Reserve,
|
(f) |
changes in the quality or composition of Greene County Bancorp, Inc.’s loan and investment portfolios,
|
(g) |
deposit flows,
|
(h) |
competition, and
|
(i) |
demand for financial services in Greene County Bancorp, Inc.’s market area.
|
December 31, 2021
|
June 30, 2021
|
|||||||||||||||
(Dollars in thousands)
|
Balance
|
Percentage of
portfolio
|
Balance
|
Percentage of
portfolio
|
||||||||||||
Securities available-for-sale:
|
||||||||||||||||
U.S. Government sponsored enterprises
|
$
|
12,770
|
1.2
|
%
|
$
|
12,903
|
1.5
|
%
|
||||||||
U.S. Treasury securities
|
19,533
|
1.8
|
19,836
|
2.2
|
||||||||||||
State and political subdivisions
|
219,843
|
20.6
|
200,656
|
22.6
|
||||||||||||
Mortgage-backed securities-residential
|
33,407
|
3.1
|
34,981
|
3.9
|
||||||||||||
Mortgage-backed securities-multifamily
|
112,986
|
10.6
|
119,407
|
13.4
|
||||||||||||
Corporate debt securities
|
3,085
|
0.3
|
3,107
|
0.4
|
||||||||||||
Total securities available-for-sale
|
401,624
|
37.6
|
390,890
|
44.0
|
||||||||||||
Securities held-to-maturity:
|
||||||||||||||||
U.S. treasury securities
|
10,943
|
1.0
|
10,938
|
1.2
|
||||||||||||
State and political subdivisions
|
446,852
|
41.8
|
341,364
|
38.5
|
||||||||||||
Mortgage-backed securities-residential
|
22,945
|
2.2
|
28,450
|
3.2
|
||||||||||||
Mortgage-backed securities-multifamily
|
169,615
|
15.9
|
100,330
|
11.3
|
||||||||||||
Corporate debt securities
|
15,884
|
1.5
|
9,892
|
1.1
|
||||||||||||
Other securities
|
55
|
0.0
|
5,940
|
0.7
|
||||||||||||
Total securities held-to-maturity
|
666,294
|
62.4
|
496,914
|
56.0
|
||||||||||||
Total securities
|
$
|
1,067,918
|
100.0
|
%
|
$
|
887,804
|
100.0
|
%
|
December 31, 2021
|
June 30, 2021
|
|||||||||||||||
(Dollars in thousands)
|
Balance
|
Percentage of
Portfolio
|
Balance
|
Percentage of
Portfolio
|
||||||||||||
Residential real estate
|
$
|
334,385
|
29.2
|
%
|
$
|
325,167
|
29.3
|
%
|
||||||||
Residential construction and land
|
13,884
|
1.2
|
10,185
|
0.9
|
||||||||||||
Multi-family
|
44,450
|
3.9
|
41,951
|
3.8
|
||||||||||||
Commercial real estate
|
534,244
|
46.7
|
472,887
|
42.7
|
||||||||||||
Commercial construction
|
75,417
|
6.6
|
62,763
|
5.7
|
||||||||||||
Home equity
|
18,803
|
1.6
|
18,285
|
1.7
|
||||||||||||
Consumer installment
|
4,669
|
0.4
|
4,942
|
0.4
|
||||||||||||
Commercial loans
|
119,344
|
10.4
|
172,228
|
15.5
|
||||||||||||
Total gross loans
|
1,145,196
|
100.0
|
%
|
1,108,408
|
100.0
|
%
|
||||||||||
Allowance for loan losses
|
(21,684
|
)
|
(19,668
|
)
|
||||||||||||
Deferred fees and costs
|
(547
|
)
|
(2,793
|
)
|
||||||||||||
Total net loans
|
$
|
1,122,965
|
$
|
1,085,947
|
At or for the six months ended
December 31,
|
||||||||
(Dollars in thousands)
|
2021
|
2020
|
||||||
Balance at the beginning of the period
|
$
|
19,668
|
$
|
16,391
|
||||
Charge-offs:
|
||||||||
Residential real estate
|
-
|
26
|
||||||
Consumer installment
|
211
|
146
|
||||||
Commercial loans
|
107
|
500
|
||||||
Total loans charged off
|
318
|
672
|
||||||
Recoveries:
|
||||||||
Residential real estate
|
7
|
7
|
||||||
Consumer installment
|
57
|
39
|
||||||
Commercial loans
|
2
|
-
|
||||||
Total recoveries
|
66
|
46
|
||||||
Net charge-offs
|
252
|
626
|
||||||
Provisions charged to operations
|
2,268
|
2,505
|
||||||
Balance at the end of the period
|
$
|
21,684
|
$
|
18,270
|
||||
Net charge-offs to average loans outstanding (annualized)
|
0.05
|
%
|
0.12
|
%
|
||||
Net charge-offs to nonperforming assets (annualized)
|
13.01
|
%
|
39.87
|
%
|
||||
Allowance for loan losses to nonperforming loans
|
559.59
|
%
|
663.16
|
%
|
||||
Allowance for loan losses to total loans receivable
|
1.89
|
%
|
1.74
|
%
|
||||
Allowance for loan losses to total loans receivable (excluding PPP loans)
|
1.92
|
%
|
1.85
|
%
|
(Dollars in thousands)
|
December 31,
2021
|
June 30,
2021
|
|||||||
Nonaccruing loans:
|
|||||||||
Residential real estate
|
$
|
2,916
|
|
$
|
1,324
|
||||
Commercial real estate
|
257
|
444
|
|||||||
Home equity
|
191
|
237
|
|||||||
Commercial
|
511
|
296
|
|||||||
Total nonaccruing loans
|
$
|
3,875
|
|
$
|
2,301
|
||||
Foreclosed real estate:
|
|||||||||
Residential real estate
|
-
|
64
|
|||||||
Total foreclosed real estate
|
-
|
64
|
|||||||
Total nonperforming assets
|
$
|
3,875
|
|
$
|
2,365
|
||||
Troubled debt restructuring:
|
|||||||||
Nonperforming (included above)
|
$
|
328
|
|
$
|
354
|
||||
Performing (accruing and excluded above)
|
4,825
|
5,050
|
|||||||
Total nonperforming assets as a percentage of total assets
|
0.17
|
%
|
0.11
|
%
|
|||||
Total nonperforming loans to net loans
|
0.35
|
%
|
0.21
|
%
|
(In thousands)
|
December 31, 2021
|
June 30, 2021
|
||||||
Balance of impaired loans, with a valuation allowance
|
$
|
6,850
|
$
|
5,325
|
||||
Allowances relating to impaired loans included in allowance for loan losses
|
1,102
|
391
|
||||||
Balance of impaired loans, without a valuation allowance
|
1,433
|
970
|
||||||
Total impaired loans
|
8,283
|
6,295
|
For the three months
ended December 31,
|
|
For the six months
ended December 31,
|
||||||||||||||
(In thousands)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Average balance of impaired loans for the periods ended
|
$
|
7,988
|
$
|
2,559
|
$
|
7,014
|
$
|
2,870
|
||||||||
Interest income recorded on impaired loans during the periods ended
|
103
|
29
|
164
|
44
|
(In thousands)
|
December 31, 2021
|
Percentage
of Portfolio
|
June 30, 2021
|
Percentage
of Portfolio
|
||||||||||||
Noninterest-bearing deposits
|
$
|
179,777
|
8.7
|
%
|
$
|
174,114
|
8.7
|
%
|
||||||||
Certificates of deposit
|
34,962
|
1.7
|
34,791
|
1.7
|
||||||||||||
Savings deposits
|
321,477
|
15.5
|
301,050
|
15.0
|
||||||||||||
Money market deposits
|
139,010
|
6.7
|
145,832
|
7.3
|
||||||||||||
NOW deposits
|
1,398,131
|
67.4
|
1,349,321
|
67.3
|
||||||||||||
Total deposits
|
$
|
2,073,357
|
100.0
|
%
|
$
|
2,005,108
|
100.0
|
%
|
Selected Equity Data:
|
||||||||
December 31, 2021
|
June 30, 2021
|
|||||||
Shareholders’ equity to total assets, at end of period
|
6.82
|
%
|
6.80
|
%
|
||||
Book value per share
|
$
|
18.79
|
$
|
17.57
|
||||
Closing market price of common stock
|
$
|
36.75
|
$
|
28.12
|
||||
For the six months ended December 31,
|
||||||||
2021
|
2020
|
|||||||
Average shareholders’ equity to average assets
|
6.80
|
%
|
7.45
|
%
|
||||
Dividend payout ratio1
|
15.85
|
%
|
18.46
|
%
|
||||
Actual dividends paid to net income2
|
7.29
|
%
|
8.50
|
%
|
Three months ended December 31,
|
||||||||||||||||||||||||
2021
|
2020
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Average
Outstanding
Balance
|
Interest
Earned /
Paid
|
Average
Yield /
Rate
|
Average
Outstanding
Balance
|
Interest
Earned /
Paid
|
Average
Yield /
Rate
|
||||||||||||||||||
Interest-earning Assets:
|
||||||||||||||||||||||||
Loans receivable, net1
|
$
|
1,126,568
|
$
|
11,990
|
4.26
|
%
|
$
|
1,045,144
|
$
|
11,766
|
4.50
|
%
|
||||||||||||
Securities2
|
1,043,255
|
3,770
|
1.45
|
720,994
|
3,145
|
1.74
|
||||||||||||||||||
Interest-bearing bank balances and federal funds
|
97,611
|
39
|
0.16
|
71,051
|
21
|
0.12
|
||||||||||||||||||
FHLB stock
|
1,114
|
12
|
4.31
|
1,187
|
17
|
5.73
|
||||||||||||||||||
Total interest-earning assets
|
2,268,548
|
15,811
|
2.79
|
%
|
1,838,376
|
14,949
|
3.25
|
%
|
||||||||||||||||
Cash and due from banks
|
12,495
|
11,820
|
||||||||||||||||||||||
Allowance for loan losses
|
(20,952
|
)
|
(17,579
|
)
|
||||||||||||||||||||
Other noninterest-earning assets
|
80,126
|
27,797
|
||||||||||||||||||||||
Total assets
|
$
|
2,340,217
|
$
|
1,860,414
|
||||||||||||||||||||
Interest-Bearing Liabilities:
|
||||||||||||||||||||||||
Savings and money market deposits
|
$
|
446,953
|
$
|
200
|
0.18
|
%
|
$
|
378,566
|
$
|
226
|
0.24
|
%
|
||||||||||||
NOW deposits
|
1,440,348
|
575
|
0.16
|
1,113,352
|
729
|
0.26
|
||||||||||||||||||
Certificates of deposit
|
34,811
|
74
|
0.85
|
35,132
|
98
|
1.12
|
||||||||||||||||||
Borrowings
|
49,699
|
509
|
4.10
|
26,350
|
287
|
4.36
|
||||||||||||||||||
Total interest-bearing liabilities
|
1,971,811
|
1,358
|
0.28
|
%
|
1,553,400
|
1,340
|
0.34
|
%
|
||||||||||||||||
Noninterest-bearing deposits
|
189,830
|
151,075
|
||||||||||||||||||||||
Other noninterest-bearing liabilities
|
21,393
|
20,355
|
||||||||||||||||||||||
Shareholders' equity
|
157,183
|
135,584
|
||||||||||||||||||||||
Total liabilities and equity
|
$
|
2,340,217
|
$
|
1,860,414
|
||||||||||||||||||||
Net interest income
|
$
|
14,453
|
$
|
13,609
|
||||||||||||||||||||
Net interest rate spread
|
2.51
|
%
|
2.91
|
%
|
||||||||||||||||||||
Net earnings assets
|
$
|
296,737
|
$
|
287,976
|
||||||||||||||||||||
Net interest margin
|
2.55
|
%
|
2.96
|
%
|
||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
115.05
|
% |
118.35
|
% |
Taxable-equivalent net interest income and net interest margin
|
For the three months ended
December 31,
|
|||||||
(Dollars in thousands)
|
2021
|
2020
|
||||||
Net interest income (GAAP)
|
$
|
14,453
|
$
|
13,609
|
||||
Tax-equivalent adjustment(1)
|
816
|
705
|
||||||
Net interest income (fully taxable-equivalent)
|
$
|
15,269
|
$
|
14,314
|
||||
Average interest-earning assets
|
$
|
2,268,548
|
$
|
1,838,376
|
||||
Net interest margin (fully taxable-equivalent)
|
2.69
|
%
|
3.11
|
%
|
Six months ended December 31,
|
||||||||||||||||||||||||
2021
|
2020
|
|||||||||||||||||||||||
(Dollars in thousands)
|
Average
Outstanding
Balance
|
Interest
Earned /
Paid
|
Average
Yield /
Rate
|
Average
Outstanding
Balance
|
Interest
Earned /
Paid
|
Average
Yield /
Rate
|
||||||||||||||||||
Interest-earning Assets:
|
||||||||||||||||||||||||
Loans receivable, net1
|
$
|
1,115,578
|
$
|
24,057
|
4.31
|
%
|
$
|
1,037,476
|
$
|
21,958
|
4.23
|
%
|
||||||||||||
Securities2
|
995,170
|
7,261
|
1.46
|
681,761
|
6,267
|
1.84
|
||||||||||||||||||
Interest-bearing bank balances and federal funds
|
100,411
|
81
|
0.16
|
46,445
|
28
|
0.12
|
||||||||||||||||||
FHLB stock
|
1,103
|
25
|
4.53
|
1,247
|
34
|
5.45
|
||||||||||||||||||
Total interest-earning assets
|
2,212,262
|
31,424
|
2.84
|
%
|
1,766,929
|
28,287
|
3.20
|
%
|
||||||||||||||||
Cash and due from banks
|
12,327
|
11,675
|
||||||||||||||||||||||
Allowance for loan losses
|
(20,338
|
)
|
(17,064
|
)
|
||||||||||||||||||||
Other noninterest-earning assets
|
77,511
|
26,931
|
||||||||||||||||||||||
Total assets
|
$
|
2,281,762
|
$
|
1,788,471
|
||||||||||||||||||||
Interest-Bearing Liabilities:
|
||||||||||||||||||||||||
Savings and money market deposits
|
$
|
447,248
|
$
|
406
|
0.18
|
%
|
$
|
378,467
|
$
|
525
|
0.28
|
%
|
||||||||||||
NOW deposits
|
1,397,923
|
1,140
|
0.16
|
1,049,088
|
1,710
|
0.33
|
||||||||||||||||||
Certificates of deposit
|
34,775
|
151
|
0.87
|
35,216
|
207
|
1.18
|
||||||||||||||||||
Borrowings
|
38,612
|
875
|
4.53
|
23,122
|
420
|
3.63
|
||||||||||||||||||
Total interest-bearing liabilities
|
1,918,558
|
2,572
|
0.27
|
%
|
1,485,893
|
2,862
|
0.39
|
%
|
||||||||||||||||
Noninterest-bearing deposits
|
185,911
|
148,049
|
||||||||||||||||||||||
Other noninterest-bearing liabilities
|
22,174
|
21,204
|
||||||||||||||||||||||
Shareholders' equity
|
155,119
|
133,325
|
||||||||||||||||||||||
Total liabilities and equity
|
$
|
2,281,762
|
$
|
1,788,471
|
||||||||||||||||||||
Net interest income
|
$
|
28,852
|
$
|
25,425
|
||||||||||||||||||||
Net interest rate spread
|
2.57
|
%
|
2.81
|
%
|
||||||||||||||||||||
Net earnings assets
|
$
|
293,704
|
$
|
281,036
|
||||||||||||||||||||
Net interest margin
|
2.61
|
%
|
2.88
|
%
|
||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
115.31
|
% |
118.91
|
% |
Taxable-equivalent net interest income and net interest margin
|
For the six months ended
December 31,
|
|||||||
(Dollars in thousands)
|
2021
|
2020
|
||||||
Net interest income (GAAP)
|
$
|
28,852
|
$
|
25,425
|
||||
Tax-equivalent adjustment(1)
|
1,582
|
1,407
|
||||||
Net interest income (fully taxable-equivalent)
|
$
|
30,434
|
$
|
26,832
|
||||
Average interest-earning assets
|
$
|
2,212,262
|
$
|
1,766,929
|
||||
Net interest margin (fully taxable-equivalent)
|
2.75
|
%
|
3.04
|
%
|
(i) |
Change attributable to changes in volume (changes in volume multiplied by prior rate);
|
(ii) |
Change attributable to changes in rate (changes in rate multiplied by prior volume); and
|
(iii) |
The net change.
|
Three Months Ended December 31,
2021 versus 2020
|
Six Months Ended December 31,
2021 versus 2020
|
|||||||||||||||||||||||
Increase/(Decrease)
Due To
|
Total
Increase/
|
Increase/(Decrease)
Due To
|
Total
Increase/
|
|||||||||||||||||||||
(Dollars in thousands)
|
Volume
|
Rate
|
(Decrease)
|
Volume
|
Rate |
(Decrease)
|
||||||||||||||||||
Interest Earning Assets:
|
||||||||||||||||||||||||
Loans receivable, net1
|
$
|
877
|
$
|
(653
|
)
|
$
|
224
|
$
|
1,678
|
$
|
421
|
$
|
2,099
|
|||||||||||
Securities2
|
1,217
|
(592
|
)
|
625
|
2,473
|
(1,479
|
)
|
994
|
||||||||||||||||
Interest-bearing bank balances and federal funds
|
10
|
8
|
18
|
41
|
12
|
53
|
||||||||||||||||||
FHLB stock
|
(1
|
)
|
(4
|
)
|
(5
|
)
|
(4
|
)
|
(5
|
)
|
(9
|
)
|
||||||||||||
Total interest-earning assets
|
2,103
|
(1,241
|
)
|
862
|
4,188
|
(1,051
|
)
|
3,137
|
||||||||||||||||
Interest-Bearing Liabilities:
|
||||||||||||||||||||||||
Savings and money market deposits
|
37
|
(63
|
)
|
(26
|
)
|
88
|
(207
|
)
|
(119
|
)
|
||||||||||||||
NOW deposits
|
174
|
(328
|
)
|
(154
|
)
|
476
|
(1,046
|
)
|
(570
|
)
|
||||||||||||||
Certificates of deposit
|
(1
|
)
|
(23
|
)
|
(24
|
)
|
(3
|
)
|
(53
|
)
|
(56
|
)
|
||||||||||||
Borrowings
|
240
|
(18
|
)
|
222
|
332
|
123
|
455
|
|||||||||||||||||
Total interest-bearing liabilities
|
450
|
(432
|
)
|
18
|
893
|
(1,183
|
)
|
(290
|
)
|
|||||||||||||||
Net change in net interest income
|
$
|
1,653
|
$
|
(809
|
)
|
$
|
844
|
$
|
3,295
|
$
|
132
|
$
|
3,427
|
(In thousands)
|
For the three months
ended December 31,
|
Change from Prior
Year
|
For the six months
ended December 31,
|
Change from Prior Year
|
||||||||||||||||||||||||||||
Noninterest income:
|
2021
|
2020
|
Amount
|
Percent
|
2021
|
2020
|
Amount
|
Percent
|
||||||||||||||||||||||||
Service charges on deposit accounts
|
$
|
1,158
|
$
|
934
|
$
|
224
|
23.98
|
%
|
$
|
2,227
|
$
|
1,740
|
$
|
487
|
27.99
|
%
|
||||||||||||||||
Debit card fees
|
1,107
|
917
|
190
|
20.72
|
2,190
|
1,810
|
380
|
20.99
|
||||||||||||||||||||||||
Investment services
|
278
|
216
|
62
|
28.70
|
491
|
377
|
114
|
30.24
|
||||||||||||||||||||||||
E-commerce fees
|
27
|
28
|
(1
|
)
|
(3.57
|
)
|
60
|
57
|
3
|
5.26
|
||||||||||||||||||||||
Bank owned life insurance
|
315
|
-
|
315
|
100.00
|
616
|
-
|
616
|
100.00
|
||||||||||||||||||||||||
Other operating income
|
353
|
299
|
54
|
18.06
|
583
|
488
|
95
|
19.47
|
||||||||||||||||||||||||
Total noninterest income
|
$
|
3,238
|
$
|
2,394
|
$
|
844
|
35.25
|
%
|
$
|
6,167
|
$
|
4,472
|
$
|
1,695
|
37.90
|
%
|
(In thousands)
|
For the three months
ended December 31,
|
Change from Prior Year
|
For the six months
ended December 31,
|
Change from Prior Year
|
||||||||||||||||||||||||||||
Noninterest expense:
|
2021
|
2020
|
Amount
|
Percent
|
2021
|
2020
|
Amount
|
Percent
|
||||||||||||||||||||||||
Salaries and employee benefits
|
$
|
5,034
|
$
|
4,771
|
$
|
263
|
5.51
|
%
|
$
|
9,771
|
$
|
9,178
|
$
|
593
|
6.46
|
%
|
||||||||||||||||
Occupancy expense
|
573
|
464
|
109
|
23.49
|
1,078
|
979
|
99
|
10.11
|
||||||||||||||||||||||||
Equipment and furniture expense
|
231
|
164
|
67
|
40.85
|
387
|
315
|
72
|
22.86
|
||||||||||||||||||||||||
Service and data processing fees
|
650
|
671
|
(21
|
)
|
(3.13
|
)
|
1,288
|
1,284
|
4
|
0.31
|
||||||||||||||||||||||
Computer software, supplies and
support
|
394
|
327
|
67
|
20.49
|
772
|
633
|
139
|
21.96
|
||||||||||||||||||||||||
Advertising and promotion
|
98
|
109
|
(11
|
)
|
(10.09
|
)
|
199
|
220
|
(21
|
)
|
(9.55
|
)
|
||||||||||||||||||||
FDIC insurance premiums
|
201
|
174
|
27
|
15.52
|
421
|
348
|
73
|
20.98
|
||||||||||||||||||||||||
Legal and professional fees
|
421
|
319
|
102
|
31.97
|
817
|
595
|
222
|
37.31
|
||||||||||||||||||||||||
Other
|
735
|
541
|
194
|
35.86
|
1,565
|
1,121
|
444
|
39.61
|
||||||||||||||||||||||||
Total noninterest expense
|
$
|
8,337
|
$
|
7,540
|
$
|
797
|
10.57
|
%
|
$
|
16,298
|
$
|
14,673
|
$
|
1,625
|
11.07
|
%
|
Cash equivalents/(deposits plus short term borrowings)
|
2.98
|
%
|
||
(Cash equivalents plus unpledged securities)/(deposits plus short term borrowings)
|
13.42
|
%
|
||
(Cash equivalents plus unpledged securities plus additional borrowing capacity)/(deposits plus short term borrowings)
|
30.24
|
%
|
(In thousands)
|
||||
Unfunded loan commitments
|
$
|
128,488
|
||
Unused lines of credit
|
91,894
|
|||
Standby letters of credit
|
229
|
|||
Total commitments
|
$
|
220,611
|
(Dollars in thousands)
|
Actual
|
For Capital
Adequacy Purposes
|
To Be Well
Capitalized Under
Prompt Corrective
Action Provisions
|
Capital Conservation
Buffer
|
||||||||||||||||||||||||||||
The Bank of Greene County
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Actual
|
Required
|
||||||||||||||||||||||||
As of December 31, 2021:
|
||||||||||||||||||||||||||||||||
Total risk-based capital
|
$
|
206,980
|
16.9
|
%
|
$
|
98,234
|
8.0
|
%
|
$
|
122,792
|
10.0
|
%
|
8.86
|
%
|
2.50
|
%
|
||||||||||||||||
Tier 1 risk-based capital
|
191,553
|
15.6
|
73,675
|
6.0
|
98,234
|
8.0
|
9.60
|
2.50
|
||||||||||||||||||||||||
Common equity tier 1 capital
|
191,553
|
15.6
|
55,256
|
4.5
|
79,815
|
6.5
|
11.10
|
2.50
|
||||||||||||||||||||||||
Tier 1 leverage ratio
|
191,553
|
8.2
|
93,507
|
4.0
|
116,884
|
5.0
|
4.19
|
2.50
|
||||||||||||||||||||||||
As of June 30, 2021:
|
||||||||||||||||||||||||||||||||
Total risk-based capital
|
$
|
184,063
|
16.9
|
%
|
$
|
87,384
|
8.0
|
%
|
$
|
109,230
|
10.0
|
%
|
8.85
|
%
|
2.50
|
%
|
||||||||||||||||
Tier 1 risk-based capital
|
170,335
|
15.6
|
65,538
|
6.0
|
87,384
|
8.0
|
9.59
|
2.50
|
||||||||||||||||||||||||
Common equity tier 1 capital
|
170,335
|
15.6
|
49,154
|
4.5
|
71,000
|
6.5
|
11.09
|
2.50
|
||||||||||||||||||||||||
Tier 1 leverage ratio(1)
|
170,335
|
8.0
|
85,382
|
4.0
|
106,728
|
5.0
|
3.98
|
2.50
|
||||||||||||||||||||||||
Greene County Commercial Bank
|
||||||||||||||||||||||||||||||||
As of December 31, 2021:
|
||||||||||||||||||||||||||||||||
Total risk-based capital
|
$
|
84,209
|
41.0
|
%
|
$
|
16,436
|
8.0
|
%
|
$
|
20,545
|
10.0
|
%
|
32.99
|
%
|
2.50
|
%
|
||||||||||||||||
Tier 1 risk-based capital
|
84,209
|
41.0
|
12,327
|
6.0
|
16,436
|
8.0
|
34.99
|
2.50
|
||||||||||||||||||||||||
Common equity tier 1 capital
|
84,209
|
41.0
|
9,245
|
4.5
|
13,354
|
6.5
|
36.49
|
2.50
|
||||||||||||||||||||||||
Tier 1 leverage ratio
|
84,209
|
8.2
|
41,006
|
4.0
|
51,257
|
5.0
|
4.21
|
2.50
|
||||||||||||||||||||||||
As of June 30, 2021:
|
||||||||||||||||||||||||||||||||
Total risk-based capital
|
$
|
68,116
|
40.2
|
%
|
$
|
13,566
|
8.0
|
%
|
$
|
16,958
|
10.0
|
%
|
32.17
|
%
|
2.50
|
%
|
||||||||||||||||
Tier 1 risk-based capital
|
68,116
|
40.2
|
10,175
|
6.0
|
13,566
|
8.0
|
34.17
|
2.50
|
||||||||||||||||||||||||
Common equity tier 1 capital
|
68,116
|
40.2
|
7,631
|
4.5
|
11,023
|
6.5
|
35.67
|
2.50
|
||||||||||||||||||||||||
Tier 1 leverage ratio
|
68,116
|
7.9
|
34,412
|
4.0
|
43,015
|
5.0
|
3.92
|
2.50
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. |
Controls and Procedures
|
Part II. |
Other Information
|
Item 1. |
Legal Proceedings
|
a) |
Not applicable
|
b) |
Not applicable
|
c) |
On September 17, 2019, the Board of Directors of the Company adopted a stock repurchase program. Under the repurchase program, the Company is authorized to repurchase up to 200,000 shares of its common stock. Repurchases will be made
at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the
stock, alternative uses for capital, and the Company’s financial performance. There were no additional share repurchases during the quarter ended December 31, 2021.
|
a) |
Not applicable
|
b) |
There were no material changes to the procedures by which security holders may recommend nominees to the Company’s Board of Directors during the period covered by this Form 10-Q.
|
Exhibits |
|
31.1 |
Certification of Chief Executive Officer, adopted pursuant to Rule 13a-14(a)/15d-14(a)
|
31.2 |
Certification of Chief Financial Officer, adopted pursuant to Rule 13a-14(a)/15d-14(a)
|
32.1 |
Statement of Chief Executive Officer, furnished pursuant to U.S.C. Section 1350
|
32.2 |
Statement of Chief Financial Officer, furnished pursuant to U.S.C. Section 1350
|
101 |
The following materials from Greene County Bancorp, Inc. Form 10-Q for the quarter ended December 31, 2021, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated
Statements of Financial Condition, (ii) the Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Shareholders’ Equity, (v) Consolidated Statements of Cash
Flows and (iv) Notes to Consolidated Financial Statements, (detail tagged).
|
104 |
Cover Page Integrative Data File (formatted in iXBRL and included in exhibit 101).
|
Greene County Bancorp, Inc.
|
Date: February 11, 2022
|
By: /s/ Donald E. Gibson
|
Donald E. Gibson
|
President and Chief Executive Officer
|
Date: February 11, 2022
|
By: /s/ Michelle M. Plummer
|
Michelle M. Plummer, CPA, CGMA
|
Senior Executive Vice President, Chief Financial Officer, and Chief Operating Officer
|