Record earnings at Greene County Bancorp (NASDAQ: GCBC) and new buyback
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Greene County Bancorp, Inc. reported record quarterly results and announced a stock repurchase program for the quarter ended March 31, 2026. Net income reached $10.5 million, or $0.62 per share, compared with $8.1 million, or $0.47 per share, a year earlier. For the nine months, net income was $29.7 million, or $1.74 per share, up from $21.8 million, or $1.28 per share, an increase of 36.1% in net income.
Total assets grew to $3.18 billion, with $1.73 billion in net loans and $2.77 billion in deposits. Net interest margin improved to 2.73% for the quarter and 2.59% for the nine months, reflecting higher yields on loans and securities and lower deposit costs. Asset quality remained strong, with non-performing assets at 0.10% of total assets and allowance for credit losses on loans at 1.25% of total loans.
Positive
- None.
Negative
- None.
Insights
Record earnings, stronger margins, and solid credit quality support a positive outlook.
Greene County Bancorp delivered record quarterly net income of $10.5M and nine‑month net income of $29.7M, up 36.1% year over year. Net interest margin expanded to 2.73% for the quarter as loan and securities yields rose while deposit costs fell.
Balance sheet growth was steady, with total assets at $3.18B and deposits at $2.77B. Credit quality indicators were strong, including non‑performing assets at 0.10% of total assets and an allowance for credit losses on loans at 1.25% of total loans.
Return metrics remained attractive, with quarterly return on average assets of 1.37% and return on average equity of 16.02%. The announcement of a stock repurchase program, alongside a growing dividend, signals confidence in capital strength, though specific repurchase amounts were not detailed in the excerpt.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Quarterly net income: $10.5M
Nine-month net income: $29.7M
Quarterly EPS: $0.62 per share
+5 more
8 metrics
Quarterly net income
$10.5M
Three months ended March 31, 2026 vs $8.1M in 2025
Nine-month net income
$29.7M
Nine months ended March 31, 2026; up 36.1% vs 2025
Quarterly EPS
$0.62 per share
Three months ended March 31, 2026 vs $0.47 in 2025
Net interest margin (quarter)
2.73%
Three months ended March 31, 2026 vs 2.32% in 2025
Total assets
$3.18B
Total assets at March 31, 2026
Total deposits
$2.77B
Total deposits at March 31, 2026
Return on average equity
16.02%
Three months ended March 31, 2026
Dividend per share (quarter)
$0.10
Dividends declared per share for quarter ended March 31, 2026
Key Terms
pre-provision net income, fully taxable-equivalent net interest margin, efficiency ratio, allowance for credit losses, +2 more
6 terms
pre-provision net income financial
"Pre-provision net income was $31.6 million for the nine months ended March 31, 2026..."
Pre-provision net income is a bank’s core earnings measure before it sets aside money for potential loan losses. Think of it as the profit a lender generates from its normal business—interest, fees and operating costs—before creating a rainy-day reserve for bad loans; it matters to investors because it shows the bank’s underlying earning power and its capacity to absorb future losses without needing extra capital.
fully taxable-equivalent net interest margin financial
"Fully taxable-equivalent net interest margin (2) ... 3.03% ... 2.60%..."
efficiency ratio financial
"The efficiency ratio (3) ... 47.21% ... 50.04%..."
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
allowance for credit losses financial
"Allowance for credit losses on loans to total loans ... 1.25% ... 1.31%..."
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
non-performing assets financial
"Non-performing assets to total assets ... 0.10% ... 0.10%..."
Loans or other credit exposures that are not producing expected income because borrowers have stopped making scheduled payments for a significant period (commonly around 90 days). Think of it like a business lending money that has gone quiet — the cash flow stops while the lender still carries the debt on its books. High levels of non-performing assets matter to investors because they reduce a lender’s earnings, tie up capital that could be used for growth, and signal higher risk of future losses.
stock repurchase program financial
"the Highest Quarterly Earnings in the Bank’s 137-Year History and Announces a Stock Repurchase Program"
A stock repurchase program is when a company buys back its own shares from the market. This can make each remaining share more valuable and shows that the company believes its stock is a good investment. It’s like a business treating its shares like a limited resource, hoping to boost confidence and share prices.
Earnings Snapshot
Net income (nine months): $29.7M
Quarter and nine months ended March 31, 2026
Net income (nine months)
$29.7M
+36.1% YoY
Net income (quarter)
$10.5M
EPS (quarter, basic and diluted)
$0.62
Net interest margin (quarter)
2.73%
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 22, 2026
(Exact Name of Registrant as Specified in its Charter)
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(State or Other Jurisdiction of Incorporation)
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(Commission File No.)
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(I.R.S. Employer Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (518 ) 943-2600
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of class
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Trading symbol
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Name of exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 |
Results of Operations and Financial Condition
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On April 22, 2026, Greene County Bancorp, Inc. issued a press release disclosing financial results for the three and nine months ended March 31, 2026.
A copy of the press release is included as exhibit 99.1 to this report.
The information in the preceding paragraph, as well as Exhibit 99.1 referenced therein, shall not be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
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Financial Statements and Exhibits
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Exhibit No.
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Description
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99.1
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Press release dated April 22, 2026
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Description | ||
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
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GREENE COUNTY BANCORP, INC.
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DATE: April 22, 2026
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By:
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/s/ Donald E. Gibson | ||
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Donald E. Gibson
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President and Chief Executive Officer
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Exhibit 99.1
FOR RELEASE
Date: April 22, 2026
For Further Information Contact:
Donald E. Gibson
President & CEO
(518) 943-2600
donaldg@tbogc.com
Nick Barzee
SVP & CFO
(518) 943-2600
nickb@tbogc.com
Greene County Bancorp, Inc. Delivers Net Income of $10.5 Million for the Quarter Ended
March 31, 2026, the Highest Quarterly Earnings in the Bank’s 137-Year History and
Announces a Stock Repurchase Program
Catskill, N.Y. – April 22, 2026 - Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the holding company for the Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported net income for the three and nine months
ended March 31, 2026, which is the third quarter of the Company’s fiscal year ending June 30, 2026. Net income for the three and nine months ended March 31, 2026 was $10.5 million, or $0.62 per basic and diluted share, and $29.7 million, or $1.74
per basic and diluted share, respectively, as compared to $8.1 million, or $0.47 per basic and diluted share, and $21.8 million, or $1.28 per basic and diluted share, for the three and nine months ended March 31, 2025, respectively. Net income
increased $7.9 million, or 36.1%, when comparing the nine months ended March 31, 2026 and 2025.
Highlights:
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Net Income: $29.7 million for the nine months ended March 31, 2026, a new record high
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Total Assets: $3.2 billion at March 31, 2026, a new record high
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Net Loans: $1.7 billion at March 31, 2026, a new record high
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Total Deposits: $2.8 billion at March 31, 2026, a new record high
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Return on Average Assets: 1.31% for the nine months ended March 31, 2026
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Return on Average Equity: 15.65% for the nine months ended March 31, 2026
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Company adopts a stock repurchase program of 400,000 shares
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Donald Gibson, President & CEO stated: “We are proud to report another quarter of record performance, with all-time highs in net income, total assets, net loans and
total deposits. These results are not achieved in isolation, they reflect the trust our customers place in us and the dedication of our team.
At our core, we remain a community bank. Every loan we make, every dollar we gather, and every relationship we build is rooted in the communities we serve. We are
grateful to our customers, our communities, and employees for their continued support and commitment.
Our success is not defined by a single quarter, but by consistent performance over time. That consistency is driven by our people, our employee-owners and positions us
to deliver long-term value for our shareholders while remaining true to our mission as a relationship-focused community bank.”
Total consolidated assets for the Company were $3.2 billion at March 31, 2026, primarily consisting of $1.7 billion of net loans and $1.2 billion of
total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.8 billion at March 31, 2026, consisting of retail, business, municipal and private banking relationships.
Pre-provision net income was $31.6 million for the nine months ended March 31, 2026 as compared to $24.0 million for the nine months ended March 31,
2025, an increase of $7.6 million, or 31.6%. Pre-provision net income measures the Company’s net income not including the provision for credit losses. Management believes that this non-GAAP measure assists investors in comprehending the impact of the
provision for credit losses on the Company’s reported results, offering an alternative view of the Company’s performance and the Company’s ability to generate income in excess of its provision for credit losses.
The Company strategically managed its balance sheet by focusing on higher-yielding loans and securities and lowering deposit rates to align with the
Federal Reserve’s recent interest rate cuts. This resulted in a higher net interest margin for the three and nine months ended March 31, 2026 as compared to the three and nine months ended March 31, 2025. The recent global conflicts, higher energy
prices and shifting tariff policies have complicated the economic outlook. With shifting global alliances and market volatility our focus remains our commitment to building shareholder value while serving the financial needs of our communities. The
Company continues to deliver strong performance and stability against an unpredictable geopolitical landscape.
Selected highlights for the three and nine months ended March 31, 2026, are as follows:
Net Interest Income and Margin
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Net interest income increased
$4.0 million to $20.2 million for the three months ended March 31, 2026, from $16.2 million for the three months ended March 31, 2025. Net interest income increased $13.4 million to $56.8 million for the nine months ended March 31, 2026,
from $43.4 million for the nine months ended March 31, 2025. The increase in net interest income was due to an increase in the average balance of interest-earning assets, which increased $164.7 million and $215.6 million when comparing the
three and nine months ended March 31, 2026 and 2025, respectively, an increase in interest rates on interest-earning assets, which increased 14 and 17 basis points when comparing the three and nine months ended March 31, 2026 and 2025,
respectively, and a decrease in rates paid on interest-bearing liabilities, which decreased 29 and 31 basis points when comparing the three and nine months ended March 31, 2026 and 2025, respectively. The increase in net interest income was
offset by an increase in the average balance of interest-bearing liabilities, which increased $144.1 million and $196.2 million when comparing the three and nine months ended March 31, 2026 and 2025, respectively.
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Average loan balances increased $129.9 million and $150.2 million and the yield on loans increased 6 and 14 basis points when comparing the three and
nine months ended March 31, 2026 and 2025, respectively. The average balance of securities increased $58.9 million and $84.9 million and the yield on such securities increased 26 basis points for both the three and nine months ended March 31, 2026
and 2025, respectively. The average interest-bearing bank balances and federal funds decreased $24.7 million and $20.5 million and the yield on interest-bearing bank balances and federal funds decreased 77 and 72 basis points when comparing the three
and nine months ended March 31, 2026 and 2025, respectively.
The cost of NOW deposits decreased 35 and 39 basis points, and the cost of certificates of deposits decreased 50 and 64 basis points when comparing
the three and nine months ended March 31, 2026 and 2025, respectively. The growth in interest-bearing liabilities was primarily due to an increase in average NOW deposits of $129.6 million and $174.2 million and an increase in average certificates of
deposits of $34.4 million and $45.2 million when comparing the three and nine months ended March 31, 2026 and 2025, respectively. This was partially offset by a decrease in average savings and money market deposits of $9.8 million and $14.0 million
when comparing the three and nine months ended March 31, 2026 and 2025, respectively. When comparing the three and nine months ended March 31, 2026 and 2025, yields on interest-earning assets increased while the costs of interest-bearing deposits
declined, reflecting continued asset repricing and the Company’s strategic reduction in deposit rates.
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Net interest rate spread increased 43 basis points to 2.55% for the three months ended March 31, 2026 as compared to 2.12% for the three months ended March 31, 2025. Net interest rate spread increased 48 basis points to 2.38% for the nine months ended March
31, 2026 as compared to 1.90% for the nine months ended March 31, 2025.
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Net interest margin increased 41 basis points to 2.73% for the three months ended March 31, 2026 as compared to 2.32% for the three months ended March 31, 2025. Net interest margin increased 45 basis points to 2.59% for the nine months
ended March 31, 2026 as compared to 2.14% for the nine months ended March 31, 2025. The increase in net interest rate spread and net interest margin for the three and nine months ended March 31, 2026 was driven by higher interest income on loans
and securities, as earning assets repriced and new originations reflected yields above prior-period levels, combined with disciplined deposit pricing that reduced funding costs.
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Net interest income on a taxable-equivalent basis includes the additional amount of interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same
after-tax income. Tax equivalent net interest margin was 3.03% and 2.60% for the three months ended March 31, 2026 and 2025, respectively, and was 2.88% and 2.41% for the nine months ended March 31, 2026 and 2025, respectively.
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Credit Quality and Provision for Credit Losses
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Provision for credit losses amounted to $451,000 and $1.1 million for the three months ended March 31, 2026 and 2025, respectively, and $1.9 million and $2.2 million for the nine months ended March 31, 2026 and 2025, respectively. The provision for the nine
months ended March 31, 2026, was primarily attributable to an increase in loan volume offset by improvements in the economic forecasts used in the Current Expected Credit Loss (“CECL”) model. The allowance for credit losses on loans to
total loans receivable was 1.25% at March 31, 2026 as compared to 1.24% at June 30, 2025.
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Commercial and commercial real estate loans classified as substandard and special mention totaled $34.9 million at March 31, 2026, and $39.4 million at June 30, 2025, a decrease of $4.5 million. The decrease in the loans classified during the period ended
March 31, 2026, was primarily due to upgrades of commercial real estate loans that were considered to be performing and paying in accordance with the terms of their loan agreements and commercial real estate loans that were paid off during
the period. Of the loans classified as substandard or special mention, $31.5 million were performing at March 31, 2026. There were no loans classified as doubtful or loss at March 31, 2026 or June 30, 2025.
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Net charge-offs on loans amounted to $73,000 and $96,000 for the three months ended March 31, 2026 and 2025, respectively, a decrease of $23,000. Net charge-offs totaled $273,000 and $305,000 for the nine months ended March 31, 2026 and 2025, respectively.
There were no material charge-offs in any loan segment during the three and nine months ended March 31, 2026.
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Nonperforming loans amounted
to $3.1 million at March 31, 2026 and June 30, 2025, respectively. The activity in nonperforming loans during the period included $763,000 in loan repayments, $84,000 in charge-offs, and $860,000 of loans placed into nonperforming status.
At March 31, 2026 and June 30, 2025, nonperforming assets were 0.10% of total assets, respectively. At March 31, 2026, nonperforming loans were 0.18% of net loans as compared to 0.19% at June 30, 2025.
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Noninterest Income and Noninterest Expense
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Noninterest income
decreased $157,000, or 4.1%, to $3.7 million for the three months ended March 31, 2026 compared to $3.9 million for the three months ended March 31, 2025. The decrease during the three months ended March 31, 2026 was primarily due to the
Company earning an Employee Retention Tax Credit (“ERTC”) of $610,000 during the three months ended March 31, 2025 and a $279,000 decrease in fee income earned on customer interest rate swap contracts. This was partially offset by a
$665,000 loss on sales of securities available-for sale during the three months ended March 31, 2025. Noninterest income decreased $627,000, or 5.5%, to $10.8 million for the nine months ended March 31, 2026 as compared to $11.5 million for
the nine months ended March 31, 2025. The decrease during the nine months ended March 31, 2026 was primarily due to the Company earning an ERTC of $610,000 during the nine months ended March 31, 2025 and a decrease of $317,000 in fee income
earned on customer interest rate swap contracts. This was partially offset by an increase in income from bank owned life insurance of $124,000, and an increase of $99,000 in service charge income.
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Noninterest expense
increased $1.2 million, or 12.3%, to $11.3 million for the three months ended March 31, 2026 compared to $10.0 million for the three months ended March 31, 2025. The increase during the three months ended March 31, 2026 was primarily due to
a $706,000 non-cash settlement charge as a result of the completed termination of the Company’s defined benefit pension plan, an increase of $588,000 in salaries and employee benefits, and an increase of $166,000 in service and data
processing expenses. This was partially offset by a decrease of $277,000 in the allowance for credit losses unfunded commitment expense, due to a decrease in the Company’s contractual obligation to extend credit. Noninterest expense
increased $2.8 million, or 9.7%, to $31.8 million for the nine months ended March 31, 2026 as compared to $29.0 million for the nine months ended March 31, 2025. The increase during the nine months ended March 31, 2026 was primarily due to
an increase of $1.4 million in salaries and employee benefits, a $895,000 non-cash settlement charge as a result of the completed termination of the Company’s defined benefit pension plan, an increase of $355,000 in computer software,
supplies and support fees, an increase of $252,000 in charitable contributions as the Bank made a $250,000 charitable donation to the Bank of Greene County Charitable Foundation, an increase of $194,000 in service and data processing
expenses, an increase of $162,000 in legal and professional fees, and an increase of $152,000 in occupancy expenses. This was partially offset by a $1.0 million decrease in the allowance for credit losses unfunded commitment expense.
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Income Taxes
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Provision for income taxes reflects the expected tax associated with the pre-tax income generated for the given period and certain regulatory requirements. The effective tax rate was 13.5% and 12.4% for the three and nine months ended March 31, 2026, and 9.9%
and 8.0% for the three and nine months ended March 31, 2025, respectively. The statutory tax rate is impacted by the benefits derived from tax-exempt bond and loan income, the Company’s real estate investment trust subsidiary income, income
received on the bank owned life insurance and tax credits to arrive at the effective tax rate. The increase during the three and nine months ended March 31, 2026, is primarily due to higher pre-tax income and reflects a lower mix of tax-exempt income from municipal bonds, tax advantage loans, and bank owned life insurance in proportion to pre-tax income.
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Balance Sheet Summary
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Total assets of the
Company were $3.2 billion at March 31, 2026 and $3.0 billion at June 30, 2025, an increase of $140.5 million, or 4.6%.
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During the quarter ended March 31, 2026, the Company completed the termination of its defined benefit pension plan, with all remaining obligations
settled using plan assets for approximately $3.5 million.
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Total cash and cash equivalents for the Company were $139.5 million at March 31, 2026 and $183.1 million at June 30, 2025. The Company has continued to maintain strong capital and liquidity positions as of March 31, 2026.
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Securities available-for-sale and held-to-maturity increased $52.3 million, or 4.6%, to $1.2 billion at March 31, 2026 as compared to $1.1 billion at June 30, 2025. Securities purchased totaled $569.3 million during the nine months ended March 31, 2026,
primarily consisting of $254.2 million of U.S. Treasuries, $229.9 million of state and political subdivision securities, $68.1 million of mortgage-backed securities, $9.0 million of corporate debt securities, and $8.1 million of
collateralized mortgage obligations. Principal pay-downs and maturities during the nine months ended March 31, 2026, amounted to $512.4 million, primarily consisting of $259.0 million of U.S. Treasuries, $205.0 million of state and
political subdivision securities, $31.3 million of mortgage-backed securities, $14.4 million of corporate debt securities, and $2.7 million of collateralized mortgage obligations.
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Net loans receivable
increased $118.7 million, or 7.4%, to $1.7 billion at March 31, 2026 as compared to $1.6 billion at June 30, 2025. Loan growth experienced during the nine months ended March 31, 2026, consisted primarily of $96.8 million in commercial real
estate loans, $18.2 million in commercial loans, and $7.7 million in home equity loans. The allowance for credit losses on loans increased $1.6 million, or 8.1%, to $21.8 million at March 31, 2026 as compared to $20.1 million at June 30,
2025. The increase in the allowance for credit losses was primarily attributable to an increase in loan volume.
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Deposits totaled
$2.8 billion at March 31, 2026 as compared to $2.6 billion at June 30, 2025, an increase of $132.7 million. The Company had $31.6 million and $51.6 million of brokered deposits at March 31, 2026 and June
30, 2025, respectively. NOW deposits increased $141.3 million, or 7.2%, and money market deposits increased $2.3 million, or 2.3% when comparing March 31, 2026 and June 30, 2025. Savings deposits decreased $7.5 million, or 3.0%,
certificates of deposits decreased $2.3 million, or 1.0%, and noninterest bearing deposits decreased $1.1 million, or 1.0%, when comparing March 31, 2026 and June 30, 2025.
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Borrowings amounted to $107.3 million at March 31, 2026 as compared to $128.1 million at June 30, 2025, a decrease of $20.8 million. At March 31, 2026, borrowings included $73.2 million of overnight borrowings with the
Federal Home Loan Bank of New York (“FHLB”), $29.9 million of Fixed-to-Floating Rate Subordinated Notes and $4.2 million of long-term borrowings with the FHLB. On October 1, 2025, the entire outstanding principal amount of the
$20.0 million 4.75% Fixed-to-Floating Rate Subordinated Notes, due September 17, 2030, were redeemed. The redemption was funded by cash on hand.
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Shareholders’ equity
increased to $267.6 million at March 31, 2026 as compared to $238.8 million at June 30, 2025, resulting primarily from net income of $29.7 million and a decrease in accumulated other comprehensive loss of $2.3 million, partially offset by
dividends declared and paid of $3.3 million. As previously announced on April 15, 2026, the Board of Directors of the Company adopted a stock repurchase program. Under the repurchase program, the Company may repurchase up to 400,000 shares
of its common stock, at management’s discretion, at prices management considers to be attractive, and in the best interests of both the Company and its stockholders.
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Corporate Overview
Greene County Bancorp, Inc. is the holding company for the Bank of Greene County, and its subsidiary Greene County
Commercial Bank. The Company is the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State. Its customers include individuals, businesses, municipalities and other institutions. Greene
County Bancorp, Inc. (GCBC) is publicly traded on the Nasdaq Capital Market and is dedicated to promoting economic development and a high quality of life in the communities it serves. For more information on Greene County Bancorp, Inc., visit www.tbogc.com.
Forward-Looking Statements
In addition to historical information, this earnings release may contain forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, which describes the future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,”
“plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “contemplate,” “continue,” “target” and words of similar meaning. Forward-looking statements are based on our current beliefs and expectations and are inherently subject to
significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions
that are subject to change. Accordingly, you should not place undue reliance on such statements. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this report. Factors which could have a
material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in general economic conditions, interest rates and inflation; changes in asset quality; our ability to access cost-effective
funding; fluctuations in real estate values; changes in laws or regulations; the effects of any federal government shutdown; changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in
the portfolio; changes in technology; failures or breaches of our IT security systems; our ability to introduce new products and services and capitalize on growth opportunities; changes in accounting policies and practices; our ability to retain key
employees; and the effects of natural disasters and geopolitical events, including terrorism, conflict and acts of war.
For more information, please see our reports filed with the United States Securities and Exchange Commission (“SEC”), including our most recent annual
report on Form 10-K and quarterly reports on Form 10-Q.
Non-GAAP Measures
In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news
release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and
Exchange Commission ("SEC") and may constitute "non-GAAP financial measures" within the meaning of the SEC's rules.
The Company has provided in this news release supplemental disclosures for the calculation of net interest margin utilizing a fully taxable-equivalent
adjustment and pre-provision net income. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company's performance and that such information should be considered as
supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Our non-GAAP financial measures may differ from similar measures presented by other companies. Refer to the tables
on page 9 for Non-GAAP to GAAP reconciliations.
(END)
Greene County Bancorp, Inc.
Consolidated Statements of Income and Selected Financial Ratios (Unaudited)
|
At or for the Three Months
|
At or for the Nine Months
|
|||||||||||||||
|
Ended March 31,
|
Ended March 31,
|
|||||||||||||||
|
Dollars in thousands, except share and per share data
|
2026
|
2025
|
2026
|
2025
|
||||||||||||
|
Interest income
|
$
|
32,578
|
$
|
29,779
|
$
|
97,698
|
$
|
86,966
|
||||||||
|
Interest expense
|
12,392
|
13,568
|
40,933
|
43,551
|
||||||||||||
|
Net interest income
|
20,186
|
16,211
|
56,765
|
43,415
|
||||||||||||
|
Provision for credit losses
|
451
|
1,084
|
1,907
|
2,196
|
||||||||||||
|
Noninterest income
|
3,699
|
3,856
|
10,841
|
11,468
|
||||||||||||
|
Noninterest expense
|
11,275
|
10,042
|
31,795
|
28,978
|
||||||||||||
|
Income before taxes
|
12,159
|
8,941
|
33,904
|
23,709
|
||||||||||||
|
Tax provision
|
1,637
|
887
|
4,220
|
1,904
|
||||||||||||
|
Net income
|
$
|
10,522
|
$
|
8,054
|
$
|
29,684
|
$
|
21,805
|
||||||||
|
Basic and diluted EPS
|
$
|
0.62
|
$
|
0.47
|
$
|
1.74
|
$
|
1.28
|
||||||||
|
Weighted average shares outstanding
|
17,026,828
|
17,026,828
|
17,026,828
|
17,026,828
|
||||||||||||
|
Dividends declared per share (4)
|
$
|
0.10
|
$
|
0.09
|
$
|
0.30
|
$
|
0.27
|
||||||||
|
Selected Financial Ratios
|
||||||||||||||||
|
Return on average assets(1)
|
1.37
|
%
|
1.12
|
%
|
1.31
|
%
|
1.04
|
%
|
||||||||
|
Return on average equity(1)
|
16.02
|
%
|
14.41
|
%
|
15.65
|
%
|
13.40
|
%
|
||||||||
|
Net interest rate spread(1)
|
2.55
|
%
|
2.12
|
%
|
2.38
|
%
|
1.90
|
%
|
||||||||
|
Net interest margin(1)
|
2.73
|
%
|
2.32
|
%
|
2.59
|
%
|
2.14
|
%
|
||||||||
|
Fully taxable-equivalent net interest margin(2)
|
3.03
|
%
|
2.60
|
%
|
2.88
|
%
|
2.41
|
%
|
||||||||
|
Efficiency ratio(3)
|
47.21
|
%
|
50.04
|
%
|
47.03
|
%
|
52.80
|
%
|
||||||||
|
Non-performing assets to total assets
|
0.10
|
%
|
0.10
|
%
|
||||||||||||
|
Non-performing loans to net loans
|
0.18
|
%
|
0.18
|
%
|
||||||||||||
|
Allowance for credit losses on loans to non-performing loans
|
708.69
|
%
|
724.65
|
%
|
||||||||||||
|
Allowance for credit losses on loans to total loans
|
1.25
|
%
|
1.31
|
%
|
||||||||||||
|
Shareholders’ equity to total assets
|
8.41
|
%
|
7.61
|
%
|
||||||||||||
|
Dividend payout ratio(4)
|
17.24
|
%
|
21.09
|
%
|
||||||||||||
|
Actual dividends paid to net income(5)
|
11.01
|
%
|
17.30
|
%
|
||||||||||||
|
Book value per share
|
$
|
15.72
|
$
|
13.45
|
||||||||||||
(1) Ratios are annualized when necessary.
(2) Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the
Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income.
(3) The efficiency ratio has been calculated as noninterest expense divided by the sum of net interest income and noninterest income.
(4) The dividend payout ratio has been calculated based on the dividends declared per share divided by basic earnings per share. No
adjustments have been made to account for dividends waived by Greene County Bancorp, MHC (“MHC”), the Company’s majority shareholder, owning 54.1% of the shares outstanding.
(5) Dividends declared divided by net income. The MHC waived its right to receive dividends declared during the three months March 31, 2025, June 30,
2025, September 30, 2025, and December 31, 2025. Dividends declared during the three months ended September 30, 2024, December 31, 2024, and March 31, 2026 were paid to the MHC.
Greene County Bancorp, Inc.
Consolidated Statements of Financial Condition (Unaudited)
|
At
March 31, 2026
|
At
June 30, 2025
|
|||||||
|
Dollars In thousands, except share data
|
||||||||
|
Assets
|
||||||||
|
Cash and due from banks
|
$
|
10,509
|
$
|
12,788
|
||||
|
Interest-bearing deposits
|
128,941
|
170,290
|
||||||
|
Total cash and cash equivalents
|
139,450
|
183,078
|
||||||
|
Long term certificate of deposit
|
1,225
|
1,425
|
||||||
|
Securities available-for-sale, at fair value
|
370,201
|
356,062
|
||||||
|
Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $550 and $548 at March 31,
2026 and June 30, 2025
|
814,314
|
776,147
|
||||||
|
Equity securities, at fair value
|
355
|
402
|
||||||
|
Federal Home Loan Bank stock, at cost
|
5,549
|
5,504
|
||||||
|
Loans receivable
|
1,747,703
|
1,627,406
|
||||||
|
Less: Allowance for credit losses on loans
|
(21,778
|
)
|
(20,146
|
)
|
||||
|
Net loans receivable
|
1,725,925
|
1,607,260
|
||||||
|
Premises and equipment, net
|
15,018
|
15,232
|
||||||
|
Bank owned life insurance
|
68,174
|
59,795
|
||||||
|
Accrued interest receivable
|
20,070
|
16,381
|
||||||
|
Prepaid expenses and other assets
|
20,874
|
19,323
|
||||||
|
Total assets
|
$
|
3,181,155
|
$
|
3,040,609
|
||||
|
Liabilities and shareholders’ equity
|
||||||||
|
Noninterest bearing deposits
|
$
|
109,085
|
$
|
110,163
|
||||
|
Interest bearing deposits
|
2,663,469
|
2,529,672
|
||||||
|
Total deposits
|
2,772,554
|
2,639,835
|
||||||
|
Borrowings, short-term
|
73,200
|
74,000
|
||||||
|
Borrowings, long-term
|
4,189
|
4,189
|
||||||
|
Subordinated notes payable, net
|
29,954
|
49,867
|
||||||
|
Accrued expenses and other liabilities
|
33,665
|
33,881
|
||||||
|
Total liabilities
|
2,913,562
|
2,801,772
|
||||||
|
Total shareholders’ equity
|
267,593
|
238,837
|
||||||
|
Total liabilities and shareholders’ equity
|
$
|
3,181,155
|
$
|
3,040,609
|
||||
|
Common shares outstanding
|
17,026,828
|
17,026,828
|
||||||
|
Treasury shares
|
195,852
|
195,852
|
||||||
The above information is preliminary and based on the Company’s data available at the time of presentation.
Non-GAAP to GAAP Reconciliations
The following table summarizes the adjustments made to arrive at the fully taxable-equivalent net interest margins.
|
For the three months ended
March 31,
|
For the nine months ended
March 31,
|
|||||||||||||||
|
(Dollars in thousands)
|
2026
|
2025
|
2026
|
2025
|
||||||||||||
|
Net interest income (GAAP)
|
$
|
20,186
|
$
|
16,211
|
$
|
56,765
|
$
|
43,415
|
||||||||
|
Tax-equivalent adjustment(1)
|
2,202
|
1,945
|
6,486
|
5,524
|
||||||||||||
|
Net interest income-fully taxable-equivalent basis (non-GAAP)
|
$
|
22,388
|
$
|
18,156
|
$
|
63,251
|
$
|
48,939
|
||||||||
|
Average interest-earning assets (GAAP)
|
$
|
2,953,830
|
$
|
2,789,102
|
$
|
2,926,643
|
$
|
2,711,083
|
||||||||
|
Net interest margin-fully taxable-equivalent basis (non-GAAP)
|
3.03
|
%
|
2.60
|
%
|
2.88
|
%
|
2.41
|
%
|
||||||||
(1) Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the
Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. The rate used for this adjustment was 21% for federal income taxes for the three and nine months
ended March 31, 2026 and 2025, 4.44% for New York State income taxes for the three and nine months ended March 31, 2026 and 2025.
The following table summarizes the adjustments made to arrive at pre-provision net income.
|
For the three months ended March 31,
|
||||||||
|
(Dollars in thousands)
|
2026
|
2025
|
||||||
|
Net income (GAAP)
|
$
|
10,522
|
$
|
8,054
|
||||
|
Provision for credit losses
|
451
|
1,084
|
||||||
|
Pre-provision net income (non-GAAP)
|
$
|
10,973
|
$
|
9,138
|
||||
|
For the nine months ended March 31,
|
||||||||
|
(Dollars in thousands)
|
2026
|
2025
|
||||||
|
Net income (GAAP)
|
$
|
29,684
|
$
|
21,805
|
||||
|
Provision for credit losses
|
1,907
|
2,196
|
||||||
|
Pre-provision net income (non-GAAP)
|
$
|
31,591
|
$
|
24,001
|
||||
The above information is preliminary and based on the Company’s data available at the time of presentation.
FAQ
How did Greene County Bancorp (GCBC) perform in the quarter ended March 31, 2026?
Greene County Bancorp reported net income of $10.5 million, or $0.62 per share, for the quarter ended March 31, 2026. This compares with $8.1 million, or $0.47 per share, for the same quarter in 2025, reflecting strong earnings growth.
What were Greene County Bancorp’s nine‑month results for March 31, 2026?
For the nine months ended March 31, 2026, Greene County Bancorp generated net income of $29.7 million, or $1.74 per share. This compares with $21.8 million, or $1.28 per share, for the prior‑year period, a 36.1% increase in net income.
How did Greene County Bancorp’s net interest margin change year over year?
Net interest margin improved to 2.73% for the quarter ended March 31, 2026, up from 2.32% a year earlier. For the nine months, net interest margin rose to 2.59% from 2.14%, reflecting higher yields on loans and securities and lower deposit costs.
What is the size of Greene County Bancorp’s balance sheet and deposits as of March 31, 2026?
As of March 31, 2026, Greene County Bancorp reported total assets of $3.18 billion. Total deposits were $2.77 billion, consisting of retail, business, municipal and private banking relationships, supporting the company’s community‑banking franchise in its markets.
How strong is Greene County Bancorp’s credit quality based on this filing?
Credit quality appears strong, with non-performing assets at 0.10% of total assets and non-performing loans at 0.18% of net loans. The allowance for credit losses on loans was 1.25% of total loans, providing significant coverage of non‑performing loans.
Did Greene County Bancorp announce any capital actions such as a stock repurchase program?
Yes. Greene County Bancorp announced a stock repurchase program alongside its record quarterly earnings. While the excerpt does not detail the program’s size, the combination of repurchases and rising dividends suggests confidence in the company’s financial position.
What were Greene County Bancorp’s key return ratios for the quarter ended March 31, 2026?
For the quarter ended March 31, 2026, Greene County Bancorp reported a return on average assets of 1.37% and a return on average equity of 16.02%. These ratios indicate strong profitability relative to both the company’s asset base and shareholders’ equity.