Greene County Bancorp profit jumps 40.9% to record $12.5 million
Key Facts
Greene County Bancorp reported record quarterly net income of $12.5 million, according to its earnings release published on October 22, 2026, via GlobeNewswire. Profit rose 40.9% from the same quarter a year earlier as interest income improved and results benefited from the credit loss provision. The results cover the three months ended September 30, 2026, representing the company's first fiscal quarter. That fiscal year ends on June 30, 2027, while the reported earnings relate to the quarter ended in September. The record profit came despite a decline in noninterest income and an increase in noninterest expenses during the period.
Net interest income rose to $21.9 million during the reported quarter, according to the company's release. The net interest margin widened to 2.93%, alongside a decline in deposit costs that helped improve the margin. The company cited this factor in its release with the phrase "along with lower deposit costs" as part of its explanation for the improved performance of its interest-related business. Deposits increased by $134.4 million from the end of the previous quarter. The quarter's performance thus combined growth in the deposit base with lower deposit costs, while the improved margin was reflected in results from interest-related activities.
Earnings received additional support from the credit loss provision, which recorded a benefit of $432,000 during the quarter, according to the company. Noninterest income, meanwhile, fell to $2.9 million, moving in the opposite direction to net interest income growth. Noninterest expenses rose to $10.8 million as that source of income declined. Pre-provision net income was about $12.1 million during the same period, according to the measure presented by the company in its earnings release. This is a non-GAAP measure that presents the company's results before accounting for the effect of provisions that supported bottom-line profit in the reported quarter.
Basic and diluted earnings per share were $0.73 for the reported quarter, according to the earnings release. Return on average equity was 17.73% during the period, alongside record net income. As for the ownership structure, the mutual holding company owns 54.1% of the company's shares, according to a separate statement on cash dividends. That entity waived receipt of the dividend approved by the company for shareholders. The majority owner's waiver coincides with the company's decision to keep its quarterly cash dividend rate unchanged from the previous quarter.
The company announced on October 21, 2026, that it had approved a quarterly cash dividend of $0.11 per share, unchanged from the previous quarter. Shareholders will consider a proposal to change the company's name to Greene Bancorp at their annual meeting scheduled for November 7, 2026. The name change remains a proposal for the upcoming shareholder meeting. Following the meeting, November 13, 2026, is the record date for shareholders entitled to the cash dividend, according to the dividend release published via GlobeNewswire. The dividend is expected to be paid on November 27, 2026, according to the schedule announced by the company.