Greene County Bancorp's Q1 net income rises 41%
Overview
US community bank's preliminary fiscal Q1 net income rose 41% yr/yr, EPS up to $0.73 from $0.52
Net interest income increased by $4.4 mln, driven by higher balances and yields, and lower deposit costs
Noninterest income declined by 27% due to losses on securities sales and lower swap income
Outlook
Company says inflation, interest rates and geopolitics continue to influence economic outlook
Company remains focused on risk management and maintaining financial strength
Result Drivers
HIGHER ASSET YIELDS AND BALANCES - Co said increased average balances and yields on loans and securities, along with lower deposit costs, drove net interest income growth
CREDIT LOSS PROVISION BENEFIT - Release of allowance for credit losses after a loan repayment and improved economic forecasts resulted in credit loss provision amounting to a benefit
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 EPS | $0.73 | ||
Q1 Net Income | $12.50 mln | ||
Q1 Net Interest Income | $21.89 mln | ||
Q1 Loan Loss Provision | -$432,000 |
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)