Greene Bancorp, Inc 10-Q for FY2025 Q3

Greene Bancorp, Inc. (GCBC)

10-Q 2025-05-09 For: 2025-03-31

Added on April 06, 2026

About this 10-Q

Greene Bancorp, Inc filed this 10-Q on May 9, 2025, covering the quarter ended March 31, 2025 (FY2025 Q3).

Headline figures

Quarter ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net income: $8.05M; up 37.4% from net income of $5.86M a year earlier
Diluted EPS: $0.47; up 38.2% from $0.34 a year earlier

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United States		14-1809721
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)


302 Main Street, Catskill, New York		12414
(Address of principal executive office)		(Zip code)


Title of class	Trading symbol	Name of exchange on which registered
Common Stock, $0.10 par value	GCBC	The Nasdaq Stock Market


Large accelerated filer ☐	Accelerated filer ☐	Emerging Growth Company ☐
Non-accelerated filer ☒	Smaller reporting company ☒


	GREENE COUNTY BANCORP, INC.

	INDEX

PART I.	FINANCIAL INFORMATION
		Page
Item 1.	Financial Statements (unaudited)
	* Consolidated Statements of Financial Condition	3
	* Consolidated Statements of Income	4
	* Consolidated Statements of Comprehensive Income	5
	* Consolidated Statements of Changes in Shareholders’ Equity	6
	* Consolidated Statements of Cash Flows	7
	* Notes to Consolidated Financial Statements	8-30

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31-48

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	48

Item 4.	Controls and Procedures	48

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	49

Item 1A.	Risk Factors	49

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49

Item 3.	Defaults Upon Senior Securities	49

Item 4.	Mine Safety Disclosures	49

Item 5.	Other Information	49

Item 6.	Exhibits	49

	Signatures	50


ASSETS		March 31, 2025			June 30, 2024
Cash and due from banks	$	12,717		$	13,897
Interest-bearing deposits		142,766			176,498
Total cash and cash equivalents		155,483			190,395

Long-term certificates of deposit		1,640			2,831
Securities available-for-sale, at fair value		355,432			350,001
Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $422 and $483 at March 31, 2025 and June 30, 2024		781,338			690,354
Equity securities, at fair value		400			328
Federal Home Loan Bank stock, at cost		3,834			7,296

Loans receivable		1,619,378			1,499,473
Allowance for credit losses on loans		(21,196	)		(19,244	)
Net loans receivable		1,598,182			1,480,229

Premises and equipment, net		15,202			15,606
Bank-owned life insurance		59,160			57,249
Accrued interest receivable		18,433			14,269
Prepaid expenses and other assets		18,852			17,230
Total assets	$	3,007,956		$	2,825,788

LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits	$	116,195		$	125,442
Interest-bearing deposits		2,538,522			2,263,780
Total deposits		2,654,717			2,389,222

Borrowings, short-term		42,000			115,300
Borrowings, long-term		2,195			34,156
Subordinated notes payable, net		49,820			49,681
Accrued expenses and other liabilities		30,181			31,429
Total liabilities		2,778,913			2,619,788

SHAREHOLDERS' EQUITY
Preferred stock, Authorized - 1,000,000 shares; Issued - None		-			-
Common stock, par value $0.10 per share; Authorized - 36,000,000 shares; Issued – 17,222,680 shares at March 31, 2025 and June 30, 2024; Outstanding – 17,026,828 shares at March 31, 2025, and June 30, 2024		1,722			1,722
Additional paid-in capital		10,156			10,156
Retained earnings		232,773			214,740
Accumulated other comprehensive loss		(14,700	)		(19,710	)
Treasury stock, at cost 195,852 shares at March 31, 2025 and June 30, 2024		(908	)		(908	)
Total shareholders’ equity		229,043			206,000
Total liabilities and shareholders’ equity	$	3,007,956		$	2,825,788


	For the three months ended March 31,					For the nine months ended March 31,
		2025			2024		2025			2024
Interest income:
Loans	$	20,185		$	18,063	$	58,908		$	53,044
Investment securities - tax exempt		5,053			4,426		14,464			13,050
Investment securities - taxable		3,810			2,741		10,777			7,380
Interest-bearing deposits and federal funds sold		731			841		2,817			2,862
Total interest income		29,779			26,071		86,966			76,336

Interest expense:
Interest on deposits		12,999			12,944		41,543			36,109
Interest on borrowings		569			832		2,008			2,105
Total interest expense		13,568			13,776		43,551			38,214

Net interest income		16,211			12,295		43,415			38,122
Provision for credit losses		1,084			290		2,196			917
Net interest income after provision for credit losses		15,127			12,005		41,219			37,205

Noninterest income:
Service charges on deposit accounts		1,191			1,011		3,690			3,468
Debit card fees		1,146			1,120		3,310			3,373
Investment services		297			265		797			714
E-commerce fees		16			24		87			83
Bank-owned life insurance		625			615		1,910			1,551
Net loss on sale of securities available-for-sale		(665	)		-		(665	)		-
Other operating income		1,246			377		2,339			1,000
Total noninterest income		3,856			3,412		11,468			10,189

Noninterest expense:
Salaries and employee benefits		6,195			6,102		17,726			17,247
Occupancy expense		729			688		1,980			1,818
Equipment and furniture expense		226			151		569			527
Service and data processing fees		667			661		2,207			1,866
Computer software, supplies and support		427			319		1,186			1,301
Advertising and promotion		136			122		340			321
FDIC insurance premiums		353			326		1,022			952
Legal and professional fees		394			319		1,003			1,119
Other		915			546		2,945			2,254
Total noninterest expense		10,042			9,234		28,978			27,405

Income before provision for income taxes		8,941			6,183		23,709			19,989
Provision for income taxes		887			322		1,904			1,952
Net income	$	8,054		$	5,861	$	21,805		$	18,037

Basic and diluted earnings per share	$	0.47		$	0.34	$	1.28		$	1.06
Basic and diluted average shares outstanding		17,026,828			17,026,828		17,026,828			17,026,828



	Common stock		Additional paid-in capital		Retained earnings			Accumulated other comprehensive loss			Treasury stock			Total shareholders' equity
Balance at December 31, 2024	$	1,722	$	10,156	$	225,421		$	(17,942	)	$	(908	)	$	218,449
Dividends declared						(702	)								(702	)
Net income						8,054									8,054
Other comprehensive income, net of taxes									3,242						3,242
Balance at March 31, 2025	$	1,722	$	10,156	$	232,773		$	(14,700	)	$	(908	)	$	229,043


		2025			2024
Cash flows from operating activities:
Net Income	$	21,805		$	18,037
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		790			685
Deferred income tax (benefit) expense		(1,877	)		(394	)
Net (accretion) amortization of investment premiums and discounts		(259	)		580
Net amortization of deferred loan costs and fees		274			289
Amortization of subordinated debt issuance costs		139			140
Provision for credit losses		2,196			917
Bank-owned life insurance income		(1,910	)		(1,551	)
Net loss on sale of securities available-for-sale		665			-
Net gain on equity securities		(72	)		(37	)
Net increase in accrued income taxes		384			821
Net increase in accrued interest receivable		(4,164	)		(4,513	)
Net increase in prepaid expenses and other assets		(1,958	)		(689	)
Net decrease in accrued expense and other liabilities		(1,248	)		(440	)
Net cash provided by operating activities		14,765			13,845

Cash flows from investing activities:
Securities available-for-sale:
Proceeds from maturities		132,556			104,739
Proceeds from sale of securities		6,676			-
Purchases of securities		(193,953	)		(170,192	)
Proceeds from principal payments on securities		55,971			2,498
Securities held-to-maturity:
Proceeds from maturities		32,223			36,394
Purchases of securities		(136,916	)		(24,341	)
Proceeds from principal payments on securities		13,527			12,796
Net redemption (purchase) of Federal Home Loan Bank Stock		3,462			(537	)
Maturity of long-term certificates of deposit		1,185			1,480
Surrender of bank owned life insurance		-			23,100
Purchase of bank owned life insurance		-			(23,104	)
Net increase in loans receivable		(120,484	)		(69,478	)
Purchases of premises and equipment		(386	)		(1,308	)
Net cash used in investing activities		(206,139	)		(107,953	)

Cash flows from financing activities:
Net (decrease) increase in short-term advances		(73,300	)		2,000
Proceeds from term advances		-			34,156
Repayment of long-term advances		(31,961	)		-
Payment of cash dividends		(3,772	)		(2,616	)
Net increase in deposits		265,495			119,946
Net cash provided by financing activities		156,462			153,486

Net (decrease) increase in cash and cash equivalents		(34,912	)		59,378
Cash and cash equivalents at beginning of period		190,395			196,445
Cash and cash equivalents at end of period	$	155,483		$	255,823

Cash paid during period for:
Interest	$	44,490		$	38,357
Income taxes	$	825		$	1,525


		At March 31, 2025
(In thousands)		Amortized cost (1)		Unrealized gains		Unrealized losses		Fair value
U.S. Treasury securities	$	10,819	$	-	$	444	$	10,375
U.S. government sponsored enterprises		13,032		-		1,556		11,476
State and political subdivisions		207,811		1,355		-		209,166
Mortgage-backed securities-residential		35,740		139		3,253		32,626
Mortgage-backed securities-multi-family		88,970		-		14,985		73,985
Corporate debt securities		18,401		73		670		17,804
Total securities available-for-sale	$	374,773	$	1,567	$	20,908	$	355,432


		At June 30, 2024
(In thousands)		Amortized cost (1)		Unrealized gains		Unrealized losses		Fair value
U.S. Treasury securities	$	43,024	$	-	$	1,829	$	41,195
U.S. government sponsored enterprises		13,042		-		2,068		10,974
State and political subdivisions		169,842		828		1		170,669
Mortgage-backed securities-residential		40,402		67		3,894		36,575
Mortgage-backed securities-multi-family		90,261		-		17,961		72,300
Corporate debt securities		19,608		15		1,335		18,288
Total securities available-for-sale	$	376,179	$	910	$	27,088	$	350,001


(In thousands)		Three months ended March 31, 2025			Nine months ended March 31, 2025
Balance at beginning of period	$	439		$	483
Benefit for credit losses		(17	)		(61	)
Balance at end of period	$	422		$	422


(In thousands)		Three months ended March 31, 2024		Nine months ended March 31, 2024
Balance at beginning of period	$	485	$	-
Adoption of ASU 2016-13 (CECL) on July 1, 2023		-		503
Provision (benefit) for credit losses		13		(5	)
Balance at end of period	$	498	$	498


	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. Treasury securities	$	239	$	1	1	$	10,136	$	443	5	$	10,375	$	444	6
U.S. government sponsored enterprises		-		-	-		11,476		1,556	5		11,476		1,556	5
State and political subdivisions		-		-	-		42		-	1		42		-	1
Mortgage-backed securities-residential		11		-	2		21,305		3,253	21		21,316		3,253	23
Mortgage-backed securities-multi-family		-		-	-		73,985		14,985	30		73,985		14,985	30
Corporate debt securities		-		-	-		15,801		670	11		15,801		670	11
Total securities available-for-sale		250		1	3		132,745		20,907	73		132,995		20,908	76
Securities held-to-maturity:
U.S. Treasury securities		-		-	-		19,800		1,036	6		19,800		1,036	6
State and political subdivisions		32,802		612	240		239,101		34,802	1,600		271,903		35,414	1,840
Mortgage-backed securities-residential		31,424		209	7		27,314		2,461	27		58,738		2,670	34
Mortgage-backed securities-multi-family		-		-	-		126,603		13,242	49		126,603		13,242	49
Corporate debt securities		489		11	1		21,869		1,699	18		22,358		1,710	19
Total securities held-to-maturity		64,715		832	248		434,687		53,240	1,700		499,402		54,072	1,948
Total securities	$	64,965	$	833	251	$	567,432	$	74,147	1,773	$	632,397	$	74,980	2,024


Securities available-for-sale	Amortized cost		Fair value
Within one year	$	209,706	$	210,996
After one year through five years		29,934		28,850
After five years through ten years		10,423		8,975
After ten years		-		-
Total securities available-for-sale		250,063		248,821
Mortgage-backed securities		124,710		106,611
Total securities available-for-sale		374,773		355,432

Securities held-to-maturity
Within one year		57,162		56,926
After one year through five years		164,448		162,784
After five years through ten years		184,614		167,486
After ten years		99,817		87,773
Total securities held-to-maturity		506,041		474,969
Mortgage-backed securities		275,719		260,723
Total securities held-to-maturity		781,760		735,692
Total securities	$	1,156,533	$	1,091,124


(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	$	2,995	$	505	$	1,093	$	4,593	$	415,016	$	419,609	$	2,169
Commercial real estate		4,086		-		315		4,401		1,044,171		1,048,572		584
Home equity		224		-		-		224		32,156		32,380		31
Consumer		20		5		-		25		4,471		4,496		-
Commercial loans		110		13		77		200		114,121		114,321		141
Total gross loans	$	7,435	$	523	$	1,485	$	9,443	$	1,609,935	$	1,619,378	$	2,925


(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	$	-	$	838	$	1,414	$	2,252	$	415,337	$	417,589	$	2,518
Commercial real estate		-		-		806		806		935,834		936,640		1,163
Home equity		14		-		47		61		29,105		29,166		47
Consumer		47		6		-		53		4,718		4,771		-
Commercial		-		-		-		-		111,307		111,307		-
Total gross loans	$	61	$	844	$	2,267	$	3,172	$	1,496,301	$	1,499,473	$	3,728


		Activity for the three months ended March 31, 2025
(In thousands)		Residential real estate		Commercial real estate		Home equity		Consumer			Commercial			Total
Balance at December 31, 2024	$	4,531	$	12,933	$	234	$	414		$	2,079		$	20,191
Charge-offs		-		-		-		(93	)		(44	)		(137	)
Recoveries		-		1		-		31			9			41
Provision		65		865		6		53			112			1,101
Balance at March 31, 2025	$	4,596	$	13,799	$	240	$	405		$	2,156		$	21,196


	Activity for the three months ended March 31, 2024
(In thousands)		Residential real estate		Commercial real estate			Home equity		Consumer			Commercial			Total
Balance at December 31, 2023	$	4,010	$	12,523		$	192	$	486		$	3,098		$	20,309
Charge-offs		-		-			-		(117	)		(143	)		(260	)
Recoveries		-		1			-		46			9			56
Provision		128		(28	)		7		87			83			277
Balance at March 31, 2024	$	4,138	$	12,496		$	199	$	502		$	3,047		$	20,382


	Activity for the nine months ended March 31, 2025
(In thousands)		Residential Real Estate			Commercial Real Estate			Home Equity			Consumer			Commercial			Total
Balance at June 30, 2024	$	4,237		$	12,218		$	212		$	500		$	2,077		$	19,244
Charge-offs		(44	)		(5	)		(13	)		(293	)		(57	)		(412	)
Recoveries		2			3			-			75			27			107
Provision		401			1,583			41			123			109			2,257
Balance at March 31, 2025	$	4,596		$	13,799		$	240		$	405		$	2,156		$	21,196


	At March 31, 2025
	Term loans amortized cost basis by origination year													Revolving loans amortized cost basis		Revolving loans converted to term		Total
(In thousands)		2025		2024		2023		2022		2021		Prior		Revolving loans amortized cost basis		Revolving loans converted to term		Total
Residential real estate
By payment activity status:
Performing	$	31,481	$	57,075	$	60,544	$	86,760	$	73,429	$	108,151	$	-	$	-	$	417,440
Non-performing		-		-		-		58		-		2,111		-		-		2,169
Total residential real estate		31,481		57,075		60,544		86,818		73,429		110,262		-		-		419,609
Current period gross charge-offs		-		-		-		-		44		-		-		-		44

Commercial real estate
By internally assigned grade:
Pass		164,656		118,404		184,471		231,874		120,144		189,181		3,709		5,060		1,017,499
Special mention		-		-		507		662		271		4,517		-		-		5,957
Substandard		-		323		9,147		-		369		15,066		-		211		25,116
Total commercial real estate		164,656		118,727		194,125		232,536		120,784		208,764		3,709		5,271		1,048,572
Current period gross charge-offs		-		-		-		-		-		5		-		-		5

Home equity
By payment activity status:
Performing		1,924		4,998		2,501		269		350		872		21,340		95		32,349
Non-performing		-		-		-		-		-		-		31		-		31
Total home equity		1,924		4,998		2,501		269		350		872		21,371		95		32,380
Current period gross charge-offs		-		-		-		-		-		-		13		-		13

Consumer
By payment activity status:
Performing		1,435		1,514		824		422		173		60		68		-		4,496
Non-performing		-		-		-		-		-		-		-		-		-
Total Consumer		1,435		1,514		824		422		173		60		68		-		4,496
Current period gross charge-offs		242		41		-		9		1		-		-		-		293

Commercial
By internally assigned grade:
Pass		9,051		11,458		8,838		5,606		13,175		16,252		41,532		116		106,028
Special mention		-		-		-		59		-		119		145		188		511
Substandard		-		-		-		6,498		31		617		636		-		7,782
Total Commercial	$	9,051	$	11,458	$	8,838	$	12,163	$	13,206	$	16,988	$	42,313	$	304	$	114,321
Current period gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	38	$	19	$	-	$	57


	At June 30, 2024
	Term loans amortized cost basis by origination year													Revolving loans amortized cost basis		Revolving loans converted to term		Total
(In thousands)		2024		2023		2022		2021		2020		Prior		Revolving loans amortized cost basis		Revolving loans converted to term		Total
Residential real estate
By payment activity status:
Performing	$	55,070	$	62,643	$	92,995	$	79,815	$	32,588	$	91,936	$	-	$	24	$	415,071
Non-performing		-		-		-		185		169		2,164		-		-		2,518
Total residential real estate		55,070		62,643		92,995		80,000		32,757		94,100		-		24		417,589
Current period gross charge-offs		-		-		-		-		-		-		-		-		-

Commercial real estate
By internally assigned grade:
Pass		103,537		210,652		242,917		126,135		79,431		135,928		4,716		363		903,679
Special mention		-		1,188		2,468		295		430		4,102		-		-		8,483
Substandard		329		1,680		3,493		158		4,046		14,772		-		-		24,478
Total commercial real estate		103,866		213,520		248,878		126,588		83,907		154,802		4,716		363		936,640
Current period gross charge-offs		-		-		-		-		-		-		-		-		-

Home equity
By payment activity status:
Performing		5,929		2,888		336		429		266		1,128		18,143		-		29,119
Non-performing		-		-		-		-		-		-		47		-		47
Total home equity		5,929		2,888		336		429		266		1,128		18,190		-		29,166
Current period gross charge-offs		-		-		-		-		-		-		-		-		-

Consumer
By payment activity status:
Performing		2,363		1,217		689		277		83		65		77		-		4,771
Non-performing		-		-		-		-		-		-		-		-		-
Total Consumer		2,363		1,217		689		277		83		65		77		-		4,771
Current period gross charge-offs		393		22		49		7		1		-		9		-		481

Commercial
By internally assigned grade:
Pass		12,761		8,919		12,845		14,587		4,934		15,280		32,001		636		101,963
Special mention		-		-		78		-		35		834		3,893		-		4,840
Substandard		-		-		1,765		34		165		265		2,275		-		4,504
Total Commercial	$	12,761	$	8,919	$	14,688	$	14,621	$	5,134	$	16,379	$	38,169	$	636	$	111,307
Current period gross charge-offs	$	-	$	-	$	-	$	989	$	-	$	137	$	26	$	-	$	1,152


	For the three months ended March 31, 2025
	Term extension				Term extension and interest rate reduction
(Dollars in thousands)		Amortized cost	Percentage of total class			Amortized cost	Percentage of total class
Commercial real estate	$	299	0.03	%	$	-	-	%
Total	$	299			$	-


	For the nine months ended March 31, 2025
	Term extension				Interest rate reduction
(Dollars in thousands)		Amortized cost	Percentage of total class			Amortized cost	Percentage of total class
Commercial real estate	$	299	0.03	%	$	2,545	0.24	%
Total	$	299			$	2,545


	For the nine months ended March 31, 2024
	Term extension				Term extension and interest rate reduction
(Dollars in thousands)		Amortized cost	Percentage of total class			Amortized cost	Percentage of total class
Commercial real estate	$	3,948	0.43	%	$	130	0.01	%
Total	$	3,948			$	130


	For the three months ended March 31, 2025
Loan type	Term extension	Interest rate reduction
Commercial real estate	12 month term extension	-


				Fair Value Measurements Using
				Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs
(In thousands)	March 31, 2025		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Treasury securities	$	10,375	$	-	$	10,375	$	-
U.S. government sponsored enterprises		11,476		-		11,476		-
State and political subdivisions		209,166		-		209,166		-
Mortgage-backed securities-residential		32,626		-		32,626		-
Mortgage-backed securities-multi-family		73,985		-		73,985		-
Corporate debt securities		17,804		-		17,804		-
Securities available-for-sale		355,432		-		355,432		-
Equity securities		400		400		-		-
Interest rate swaps		2,865		-		2,865		-
Total	$	358,697	$	400	$	358,297	$	-

Liabilities:
Interest rate swaps	$	2,865	$	-	$	2,865	$	-
Total	$	2,865	$	-	$	2,865	$	-


				Fair Value Measurements Using
				Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs
(In thousands)	June 30, 2024		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Treasury securities	$	41,195	$	-	$	41,195	$	-
U.S. government sponsored enterprises		10,974		-		10,974		-
State and political subdivisions		170,669		-		170,669		-
Mortgage-backed securities-residential		36,575		-		36,575		-
Mortgage-backed securities-multi-family		72,300		-		72,300		-
Corporate debt securities		18,288		-		18,288		-
Securities available-for-sale		350,001		-		350,001		-
Equity securities		328		328		-		-
Interest rate swaps		585		-		585		-
Total	$	350,914	$	328	$	350,586	$	-

Liabilities:
Interest rate swaps	$	585	$	-	$	585	$	-
Total	$	585	$	-	$	585	$	-


	At March 31, 2025
	Asset derivatives					Liability derivatives
(In thousands)	Statement of financial condition location		Notional amount		Fair value	Statement of financial condition location		Notional amount		Fair value
Interest rate derivatives	Other Assets	$	125,081	$	2,865	Other Liabilities	$	125,081	$	2,865
Less cash collateral					-	Other Liabilities				(2,670	)
Total after netting				$	2,865				$	195

Greene Bancorp, Inc 10-Q for FY2025 Q3

About this 10-Q

Headline figures

Part II. Other Information

	For the three months ended March 31,				For the nine months ended March 31,
		2025		2024		2025		2024

Net Income	$	8,054,000	$	5,861,000	$	21,805,000	$	18,037,000
Weighted average shares - basic		17,026,828		17,026,828		17,026,828		17,026,828
Weighted average shares - diluted		17,026,828		17,026,828		17,026,828		17,026,828

Earnings per share - basic	$	0.47	$	0.34	$	1.28	$	1.06
Earnings per share - diluted	$	0.47	$	0.34	$	1.28	$	1.06


	Three months ended March 31,						Nine months ended March 31,
(In thousands)		2025			2024			2025			2024
Interest cost	$	53		$	52		$	159		$	156
Expected return on plan assets		(57	)		(55	)		(171	)		(165	)
Amortization of net loss		8			19			24			57
Net periodic pension expense	$	4		$	16		$	12		$	48


	Three months ended March 31,			Nine months ended March 31,
		2025	2024		2025		2024
Number of options outstanding, beginning of period		1,873,590	2,317,535		2,253,535		2,535,840
Options granted		-	-		651,595		672,095
Options forfeited		-	-		(12,000	)	-
Options paid in cash upon vesting		-	-		(1,019,540	)	(890,400	)
Number of options outstanding, end of period		1,873,590	2,317,535		1,873,590		2,317,535


		Three months ended March 31,				Nine months ended March 31,
(In thousands)		2025		2024		2025		2024
Cash paid out on options vested	$	-	$	-	$	4,249	$	4,051
Compensation expense recognized	$	809	$	908	$	2,053	$	2,302


(In thousands)	Unrealized losses on securities available-for- sale			Pension benefits			Total
Balance – December 31, 2024	$	(17,414	)	$	(528	)	$	(17,942	)
Other comprehensive income before reclassification		2,755			-			2,755
Amounts reclassified to net loss on sale of securities available-for-sale		487			-			487
Other comprehensive income for the three months ended March 31, 2025		3,242			-			3,242
Balance – March 31, 2025	$	(14,172	)	$	(528	)	$	(14,700	)

Balance – December 31, 2023	$	(18,193	)	$	(877	)	$	(19,070	)
Other comprehensive loss before reclassification		(1,347	)		-			(1,347	)
Other comprehensive loss for the three months ended March 31, 2024		(1,347	)		-			(1,347	)
Balance – March 31, 2024	$	(19,540	)	$	(877	)	$	(20,417	)

(In thousands)
Operating lease amounts:	March 31, 2025		June 30, 2024
Right-of-use assets	$	1,863	$	2,071
Lease liabilities	$	1,946	$	2,159

	For the three months ended March 31,
(In thousands)	2025		2024
Other information:
Operating outgoing cash flows from operating leases	$	126	$	118
Right-of-use assets obtained in exchange for new operating lease liabilities		-		251

Lease costs:
Operating lease cost	$	113	$	105
Variable lease cost	$	11	$	11


	For the nine months ended March 31,
(In thousands)	2025			2024
Other information:
Operating outgoing cash flows from operating leases	$	376	$	346
Right-of-use assets obtained in exchange for new operating lease liabilities	$	117	$	251

Lease costs:
Operating lease cost	$	340	$	313
Variable lease cost	$	33	$	33


(In thousands, except weighted-average information)
Within the twelve months ended March 31,
2025	$	510
2026		492
2027		409
2028		292
2029		232
Thereafter		167
Total undiscounted cash flow		2,102
Less net present value adjustment		(156)
Lease liability	$	1,946

Weighted-average remaining lease term (years)		4.66
Weighted-average discount rate		3.18	%


(In thousands)		March 31, 2025
Gross investment in solar tax credit investments	$	2,586
Accumulated amortization		(2,572	)
Net investment in solar tax credit investments	$	14

Unfunded commitments for solar tax credit investments	$	381