Greene County Bancorp, Inc. Reports Record High Net Income of $12.5 Million for the Quarter Ended September 30, 2026, an Increase of 41% when Compared to the Quarter Ended September 30, 2025
CATSKILL, N.Y., Oct. 22, 2026 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the holding company for Bank of Greene (formerly the Bank of Greene County) and its subsidiary Greene County Commercial Bank, today reported net income for the three months ended September 30, 2026, which is the first quarter of the Company’s fiscal year ending June 30, 2027. Net income for the three months ended September 30, 2026 was $12.5 million, or $0.73 per basic and diluted share, as compared to $8.9 million, or $0.52 per basic and diluted share, for the three months ended September 30, 2025. Net income increased $3.6 million, or 40.9%, when comparing the three months ended September 30, 2026 and 2025.
Highlights:
“This quarter marked an important milestone as we introduced the Bank of Greene name and delivered record quarterly earnings,” said Donald Gibson, President & CEO. “Our new name reflects the broader region we serve and the relationships we continue to build across the Hudson Valley and Capital Region. Our commitment remains rooted in responsive personal service and local decision making. We are proud of our employees and remain focused on growing responsibly, supporting our customers, and delivering long-term shareholder value.”
Effective September 14, 2026, the Company’s primary banking subsidiary changed its legal name from the Bank of Greene County to Bank of Greene. The name change has no impact on the Bank’s operations and has no impact on the Company’s consolidated financial statements.
At the Company’s Annual Meeting on November 7, 2026, shareholders will consider a related proposal to amend the Company’s charter to change its legal name from Greene County Bancorp, Inc. to Greene Bancorp, Inc. If approved, the name change is expected to become effective following certification of the shareholder vote on November 9, 2026. The Company’s Nasdaq trading symbol “GCBC” and CUSIP number are not expected to change.
Total consolidated assets for the Company were $3.2 billion at September 30, 2026, primarily consisting of $1.8 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 September 30, 2026, consisting of retail, business, municipal and private banking relationships.
Pre-provision net income was $12.1 million for the three months ended September 30, 2026 as compared to $10.1 million for the three months ended September 30, 2025, an increase of $1.9 million, or 19.2%. 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 continues to manage its balance sheet with a focus on higher-yielding loans and securities, and disciplined deposit pricing. Deposit rates are actively managed in response to market interest rates and competitive conditions. These efforts contributed to a higher net interest margin for the three months ended September 30, 2026, compared with the same period in 2025.
Uncertainty surrounding inflation, the direction of interest rates, and geopolitical developments continues to influence the economic outlook. The Company remains focused on prudent risk management, maintaining financial strength and pursuing profitable growth, while delivering long-term shareholder value and serving the financial needs of its communities.
Selected highlights for the three months ended September 30, 2026, are as follows:
Net Interest Income and Margin
Credit Quality and Provision for Credit Losses
Noninterest Income and Noninterest Expense
Income Taxes
Balance Sheet Summary
Corporate Overview
Greene County Bancorp, Inc. is the holding company for Bank of Greene, 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.bankofgreene.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.
Greene County Bancorp, Inc.
Consolidated Statements of Income and Selected Financial Ratios (Unaudited)
Greene County Bancorp, Inc.
Consolidated Statements of Financial Condition (Unaudited)
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.
The following table summarizes the adjustments made to arrive at pre-provision net income.
The above information is preliminary and based on the Company’s data available at the time of presentation.
For Further Information Contact:
Donald E. Gibson
President & CEO
(518) 943-2600
donaldg@bankofgreene.com
Nick Barzee
SVP & CFO
(518) 943-2600
nickb@bankofgreene.com