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

Reuters Recommended Reads

• Oct 21 - First Bancorp Q3 net income rises 17.5%

• Oct 19 - Zions Bancorp Q3 EPS rises 20% on improved credit quality

• Oct 19 - ServisFirst Bancshares Q3 profit jumps on loan growth, wider interest margin

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(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.)