Greene County Bancorp posts record $12.5 million profit, up 40.9%
Key Facts
Greene County Bancorp announced on October 22 that net income reached a record $12.5 million for the three months ended September 30, 2026, up 40.9% from the same period a year earlier. The year-over-year increase was $3.6 million, compared with net income of $8.9 million for the three months ended September 30, 2025. Basic and diluted earnings per share rose to $0.73 from $0.52. The period was the first quarter of the company’s fiscal year ending June 30, 2027. Chief Executive Donald Gibson said the company “introduced the Bank of Greene name and achieved record quarterly earnings” during the quarter.
Profit growth coincided with a wider net interest margin, which reached 2.93%, up 45 basis points from 2.48% a year earlier. The company attributed the improvement to higher yields on loans and securities and lower deposit costs. Net interest income also rose to $21.9 million from $17.5 million in the year-earlier period. It said the increase reflected a higher average yield on interest-earning assets, together with a lower average cost of interest-bearing liabilities. The comparison shows that stronger interest income accompanied the wider margin during the quarter, as the company benefited from both yields and funding costs.
On the balance sheet, assets totaled $3.2 billion on September 30, while deposits reached $2.8 billion and net loans $1.8 billion; the company said all three were records. Net loans increased 1.3%, or $23.1 million, from the end of June 2026. Deposits rose 5.0% from the end of June to a record, while assets were unchanged from that date. The figures place loan and deposit growth in a short time frame: deposits increased in one quarter, while assets remained stable compared with the end of the previous fiscal year. Loan growth represents an increase in the lending balance, alongside total deposits reaching a new level, according to the company.
The provision for credit losses was a benefit of $432,000 for the quarter, compared with an expense of $1.3 million a year earlier. The company said the benefit was tied to the full repayment of a loan assessed individually, as well as an improved economic outlook in its expected credit loss model. Meanwhile, noninterest expense rose 7.4% to $10.8 million from $10.1 million in the year-earlier period. The company attributed the increase to higher salaries and employee benefits and a provision for unfunded credit commitments. The comparison shows different movements in the two items: the credit provision turned into a benefit, while operating expenses increased from their year-earlier level.
Gibson said the quarter saw the introduction of the Bank of Greene name and record quarterly earnings, adding that the company is focused on responsible growth, customer service and building long-term shareholder value. The board had approved a quarterly cash dividend of $0.11 per share, the same rate announced in the previous quarter. That dividend equates to an annualized rate of $0.44 per share. In trading before the announcement, the company’s shares closed at $36.01 on October 22, according to EL7 data. Available data do not include the stock’s session high or low.
Shareholders are scheduled to consider changing the holding company’s legal name to Greene Bancorp, Inc. on November 7, 2026. If approved, the company expects the change to take effect after the vote is certified on November 9. The company said the ticker GCBC will remain unchanged. The vote follows the introduction of the Bank of Greene name during the quarter, but concerns the holding company’s legal name. The meeting date is the next announced step in the name-change process, with the change taking effect subject to the shareholder vote and its certification.