Form 8-K

8-K — GREENE COUNTY BANCORP INC

Accession: 0001140361-26-029411

Filed: 2026-07-23

Period: 2026-07-23

CIK: 0001070524

SIC: 6036 (SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ef20078633_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ef20078633_ex99-1.htm)

GRAPHIC (image00001.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ef20078633_8k.htm · Sequence: 1

false000107052400010705242026-07-232026-07-23

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): July 23, 2026

GREENE COUNTY BANCORP, INC.

(Exact Name of Registrant as Specified in its Charter)

United States of America

0-25165

14-1809721

(State or Other Jurisdiction of Incorporation)

(Commission File No.)

(I.R.S. Employer Identification No.)

302 Main Street, Catskill NY

12414

(Address of Principal Executive Offices)

(Zip Code)

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):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of class

Trading symbol

Name of exchange on which registered Common

Common Stock, $0.10 par value

GCBC

The Nasdaq Stock Market LLC

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

On July 23, 2026, Greene County Bancorp, Inc. issued a press release disclosing financial results for the three months and fiscal year ended June 30,

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.

Item 9.01

Financial Statements and Exhibits

Exhibit No.

Description

99.1

Press Release dated July 23, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

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.

GREENE COUNTY BANCORP, INC.

DATE: July 23, 2026

By:

/s/ Donald E. Gibson

Donald E. Gibson

President & Chief Executive Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ef20078633_ex99-1.htm · Sequence: 2

Exhibit 99.1

FOR RELEASE

Date: July 23, 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. Reports Record Fiscal Year 2026 Earnings, Achieves

Highest Quarterly Net Income in Company History, and Earns National Top-Performing Bank Recognition

Catskill, N.Y. – July 23, 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 quarter and fiscal year ended

June 30, 2026. Net income for the quarter and fiscal year ended June 30, 2026 was $11.3 million, or $0.67 per basic and diluted share, and $41.0 million, or $2.41 per basic and diluted share, respectively, as compared to $9.3 million, or $0.55 per

basic and diluted share, and $31.1 million, or $1.83 per basic and diluted share, for the quarter and fiscal year ended June 30, 2025, respectively. Net income increased $9.9 million, or 31.7%, when comparing the fiscal years ended June 30, 2026

and 2025.

Highlights:

•

Net Income: $41.0 million for the fiscal year ended June 30, 2026, a new record high

•

Total Assets: $3.2 billion at June 30, 2026, a new record high

•

Net Loans: $1.7 billion at June 30, 2026, a new record high

•

Total Deposits: $2.7 billion at June 30, 2026

•

Return on Average Assets: 1.35% for the fiscal year ended June 30, 2026

•

Return on Average Equity: 15.91% for the fiscal year ended June 30, 2026

Donald Gibson, President & CEO stated: “Fiscal 2026 was a truly exceptional year for Greene County Bancorp, Inc. We achieved record net

income of $41.0 million, record quarterly earnings of $11.3 million, and reached all-time highs in both assets and net loans. These accomplishments reflect the strength of our relationship-based community banking model, the loyalty of our customers,

and the dedication of our employees throughout the organization.

We are especially honored to be recognized by Bank Director Magazine’s RankingBanking report as one of the nation’s top-performing banks under $5.0 billion in assets.

This recognition is particularly meaningful because it is based on key measures of profitability, asset quality, and capital strength-areas that have long been central to our operating philosophy.

As we look ahead, we remain committed to serving the individuals, businesses, municipalities, and communities that have contributed to our success. Our consistent

performance, strong balance sheet, and disciplined growth strategy position us well to continue creating long-term value for our customers, shareholders, employees, and communities.”

Total consolidated assets for the Company were $3.2 billion at June 30, 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 $2.7 billion at June 30, 2026, consisting of retail, business, municipal and private banking relationships.

Pre-provision net income was $43.1 million for the year ended June 30, 2026 as compared to $32.5 million for the year ended June 30, 2025, an increase

of $10.6 million, or 32.7%. 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 manages its balance sheet by focusing on higher-yielding loans and securities, and lowering deposit rates to align with the

Federal Reserve’s interest rate cuts. This resulted in a higher net interest margin for the year ended June 30, 2026 as compared to the year ended June 30, 2025. Continued geopolitical disruptions, higher energy prices and shifting tariff policies

complicate 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 quarter and fiscal year ended June 30, 2026, are as follows:

Net Interest Income and Margin

•

Net interest income increased

$4.4 million to $21.1 million for the three months ended June 30, 2026, from $16.7 million for the three months ended June 30, 2025. Net interest income increased $17.8 million to $77.9 million for the year ended June 30, 2026, from $60.1

million for the year ended June 30, 2025. The increase in net interest income was due to an increase in the average balance of interest-earning assets, which increased $135.6 million and $195.6 million when comparing the three months and

years ended June 30, 2026 and 2025, respectively, an increase in interest rates on interest-earning assets, which increased 17 basis points for both the three months and years ended June 30, 2026 and 2025, and a decrease in rates paid on

interest-bearing liabilities, which decreased 34 and 29 basis points when comparing the three months and years ended June 30, 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 $74.9 million and $143.4 million when comparing the three months and years ended June 30, 2026 and 2025, respectively.

Average loan balances increased $123.4 million and $143.5 million and the yield on loans increased 7 and 13 basis points when comparing the three

months and years ended June 30, 2026 and 2025, respectively. The average balance of securities increased $36.5 million and $72.8 million and the yield on such securities increased 29 and 26 basis points when comparing the three months and years ended

June 30, 2026 and 2025, respectively. The average interest-bearing bank balances and federal funds decreased $25.1 million and $21.6 million and the yield on interest-bearing bank balances and federal funds decreased 84 and 71 basis points when

comparing the three months and years ended June 30, 2026 and 2025, respectively.

The cost of NOW deposits decreased 38 and 36 basis points, the cost of certificates of deposits decreased 42 and 57 basis points and the cost of

savings and money market deposits decreased 6 and 2 basis points when comparing the three months and years ended June 30, 2026 and 2025, respectively. The growth in interest-bearing liabilities was primarily due to an increase in average NOW deposits

of $65.2 million and $124.5 million and an increase in average certificates of deposits of $21.1 million and $39.2 million when comparing the three months and years ended June 30, 2026 and 2025, respectively. This was partially offset by a decrease

in average savings and money market deposits of $8.2 million and $12.6 million when comparing the three months and years ended June 30, 2026 and 2025, respectively. When comparing the three months and years ended June 30, 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.

•

Net interest rate spread

increased 51 basis points to 2.65% for the three months ended June 30, 2026 as compared to 2.14% for the three months ended June 30, 2025. Net interest rate spread increased 46 basis points to 2.43% for the year ended June 30, 2026 as

compared to 1.97% for the year ended June 30, 2025.

Net interest margin increased 49 basis points to 2.86% for the three months ended June 30, 2026 as compared to 2.37% for the three months ended June 30, 2025. Net interest margin increased 46 basis points to 2.65% for the year ended June 30, 2026

as compared to 2.19% for the year ended June 30, 2025. The increase in net interest rate spread and net interest margin for the three months and year ended June 30, 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.

•

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 3.15% and 2.67% for the three months ended June 30, 2026 and 2025, respectively, and was 2.95% and 2.47% for the years ended June 30, 2026 and 2025, respectively.

Credit Quality and Provision for Credit Losses

•

Provision for credit losses

amounted to a charge of $126,000 and a benefit of $880,000 for the three months ended June 30, 2026 and 2025, respectively, and a charge of $2.0 million and $1.3 million for the years ended June 30, 2026 and 2025, respectively. The

provision for the year ended June 30, 2026 was primarily attributable to an increase in loan volume. The allowance for credit losses on loans to total loans receivable was 1.25% at June 30, 2026 as compared to 1.24% at June 30, 2025.

•

Commercial and commercial real estate loans classified as substandard and special mention totaled $40.0 million at June 30, 2026, and $39.4 million at June 30, 2025, an increase of $524,000. Of the loans classified as substandard or special mention, $38.8

million were performing at June 30, 2026. There were no loans classified as doubtful or loss at June 30, 2026 or June 30, 2025.

•

Net charge-offs on loans

amounted to $65,000 and $44,000 for the three months ended June 30, 2026 and 2025, respectively, an increase of $21,000. Net charge-offs totaled $338,000 and $349,000 for the years ended June 30, 2026 and 2025, respectively, a decrease of

$11,000. There were no material charge-offs in any loan segment during the three months and year ended June 30, 2026.

•

Nonperforming loans amounted

to $3.9 million at June 30, 2026 and $3.1 million at June 30, 2025. The activity in nonperforming loans during the period included $871,000 in loan repayments, $117,000 in charge-offs, and $1.9 million of loans placed into nonperforming

status. At June 30, 2026, nonperforming assets were 0.12% of total assets as compared to 0.10% at June 30, 2025. At June 30, 2026, nonperforming loans were 0.23% of net loans as compared to 0.19% at June 30, 2025.

Noninterest Income and Noninterest Expense

•

Noninterest income increased

$61,000, or 1.6%, to $3.8 million for the three months ended June 30, 2026 as compared to $3.8 million for the three months ended June 30, 2025. Noninterest income decreased $566,000, or 3.7%, to $14.7 million for the year ended June 30,

2026 as compared to $15.2 million for the year ended June 30, 2025. The decrease during the year ended June 30, 2026 was primarily due to a reduction of $619,000 in fee income earned on customer interest rate swap contracts and the Company

earning an Employee Retention Tax Credit (“ERTC”) of $610,000 during the year ended June 30, 2025. This was partially offset by an increase in income from bank owned life insurance of $210,000, an increase of $203,000 in service charge

income, and an increase of $112,000 in debit card fees and incentives.

•

Noninterest expense increased

$1.5 million, or 14.7%, to $11.9 million for the three months ended June 30, 2026 as compared to $10.4 million for the three months ended June 30, 2025. The increase during the three months ended June 30, 2026 was primarily due to an

increase of $866,000 in salaries and employee benefits, an increase of $250,000 in charitable contributions as the Bank made a charitable donation to the Bank of Greene County Charitable Foundation, and an increase of $157,000 in the

allowance for credit losses unfunded commitment expense, due to an increase in the Company’s contractual obligation to extend credit. Noninterest expense increased $4.3 million, or 11.0%, to $43.7 million for the year ended June 30, 2026 as

compared to $39.4 million for the year ended June 30, 2025. The increase during the year ended June 30, 2026 was primarily due to an increase of $2.3 million in salaries and employee benefits, a $905,000 non-cash settlement charge as a

result of the completed termination of the Company’s defined benefit pension plan, an increase of $500,000 in charitable contributions as the Bank made a charitable donation to the Bank of Greene County Charitable Foundation, an increase of

$369,000 in computer software, supplies and support fees, an increase of $265,000 in service and data processing expenses, an increase of $244,000 in occupancy expenses, and an increase of $134,000 in legal and professional fees. This was

partially offset by a $864,000 decrease in the allowance for credit losses unfunded commitment expense.

Income Taxes

•

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 12.3% and 12.4% for the three months and year ended June 30, 2026, and 14.8% and

10.2% for the three months and year ended June 30, 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 decrease during the three months ended June 30, 2026 and 2025 is primarily due to the mix of permanent tax differences. The increase during the years ended June 30, 2026 and 2025 is primarily due to higher mix of 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.

Balance Sheet Summary

•

Total assets of the Company

were $3.2 billion at June 30, 2026 and $3.0 billion at June 30, 2025, an increase of $142.8 million, or 4.7%.

During the year ended June 30, 2026, the Company terminated its defined benefit pension plan, with all remaining obligations settled using plan assets

for approximately $3.5 million.

•

Total cash and cash equivalents for the Company were $144.9 million at June 30, 2026 and $183.1 million at June 30, 2025. The Company has continued to maintain strong capital and liquidity positions as of June 30, 2026.

•

Securities available-for-sale and held-to-maturity increased $45.1 million, or 4.0%, to $1.2 billion at June 30, 2026 as compared to $1.1 billion at June 30, 2025. Securities purchased totaled $694.2 million during the year ended June 30, 2026, primarily consisting of

$340.5 million of state and political subdivision securities, $254.2 million of U.S. Treasuries, $78.0 million of mortgage-backed securities, $12.5 million of collateralized mortgage obligations, and $9.0 million of corporate debt

securities. Principal pay-downs and maturities during the year ended June 30, 2026, amounted to $644.8 million, primarily consisting of $320.1 million of state and political subdivision securities, $261.0 million of U.S. Treasuries, $44.5

million of mortgage-backed securities, $15.3 million of corporate debt securities, and $3.9 million of collateralized mortgage obligations.

•

Net loans receivable increased

$124.2 million, or 7.7%, to $1.7 billion at June 30, 2026 as compared to $1.6 billion at June 30, 2025. Loan growth experienced during the year ended June 30, 2026, consisted primarily of $92.3 million in commercial real estate loans, $24.7

million in commercial loans, and $11.3 million in home equity loans. The allowance for credit losses on loans increased $1.7 million, or 8.5%, to $21.9 million at June 30, 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.

•

Deposits totaled $2.7 billion

at June 30, 2026 as compared to $2.6 billion at June 30, 2025, an increase of $73.6 million, or 2.8%. The Company had $52.4 million and $51.6 million of brokered deposits at June 30, 2026 and June 30,

2025, respectively. NOW deposits increased $30.2 million, or 1.5%, noninterest bearing deposits increased $30.1 million, or 27.3%, and certificates of deposits increased $20.6 million, or 9.0%, when comparing June 30, 2026 and

June 30, 2025. Savings deposits decreased $3.7 million, or 1.5%, and money market deposits decreased $3.6 million, or 3.5%, when comparing June 30, 2026 and June 30, 2025.

•

Borrowings amounted to $155.1 million at June 30, 2026 as compared to $128.1 million at June 30, 2025, an increase of $27.0 million. At June 30, 2026, borrowings included $119.0 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 $6.2 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, was redeemed. The redemption was funded by cash on hand.

•

Shareholders’ equity increased

to $277.8 million at June 30, 2026 as compared to $238.8 million at June 30, 2025, resulting primarily from net income of $41.0 million and a decrease in accumulated other comprehensive loss of $2.0 million, partially offset by dividends

declared and paid of $4.0 million. Under the stock repurchase program, the Company repurchased 1,343 shares of common stock during the three months ended June 30, 2026, at an average price of $23.50, for an aggregate purchase price of

$31,558. As of the year ended June 30, 2026, 398,657 shares remain in the current stock repurchase program. There were no repurchases during the fiscal year ended June 30, 2025.

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 Years

Ended June 30,

Dollars in thousands, except share and per share data

2026

2025

2026

2025

Interest income

33,429

30,739

131,127

117,705

Interest expense

12,280

14,033

53,213

57,584

Net interest income

21,149

16,706

77,914

60,121

Provision for credit losses

126

(880

)

2,033

1,316

Noninterest income

3,826

3,765

14,667

15,233

Noninterest expense

11,921

10,394

43,716

39,372

Income before taxes

12,928

10,957

46,832

34,666

Tax provision

1,590

1,624

5,810

3,528

Net income

11,338

9,333

41,022

31,138

Basic and diluted EPS

0.67

0.55

2.41

1.83

Weighted average shares outstanding

17,025,485

17,026,828

17,025,485

17,026,828

Dividends declared per share (4)

0.10

0.09

0.40

0.36

Selected Financial Ratios

Return on average assets(1)

1.48

1.28

1.35

1.10

Return on average equity(1)

16.64

15.98

15.91

14.08

Net interest rate spread(1)

2.65

2.14

2.43

1.97

Net interest margin(1)

2.86

2.37

2.65

2.19

Fully taxable-equivalent net interest margin(2)

3.15

2.67

2.95

2.47

Efficiency ratio(3)

47.73

50.77

47.22

52.25

Non-performing assets to total assets

0.12

0.10

Non-performing loans to net loans

0.23

0.19

Allowance for credit losses on loans to non-performing loans

555.36

658.37

Allowance for credit losses on loans to total loans

1.25

1.24

Shareholders’ equity to total assets

8.73

7.85

Dividend payout ratio(4)

16.60

19.67

Actual dividends paid to net income(5)

9.87

14.37

Book value per share

16.32

14.03

(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 ended March 31, 2025, June 30,

2025, September 30, 2025, December 31, 2025, and June 30, 2026. 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)

June 30, 2026

June 30, 2025

Dollars in thousands, except share data

Assets

Cash and due from banks

12,306

12,788

Interest-bearing deposits

132,599

170,290

Total cash and cash equivalents

144,905

183,078

Long-term certificate of deposit

1,225

1,425

Securities available-for-sale, at fair value

373,810

356,062

Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $530 and $548 at June 30, 2026 and June 30, 2025

803,553

776,147

Equity securities, at fair value

388

402

Federal Home Loan Bank stock, at cost

7,777

5,504

Loans receivable

1,753,342

1,627,406

Less: Allowance for credit losses on loans

(21,859

)

(20,146

)

Net loans receivable

1,731,483

1,607,260

Premises and equipment, net

14,839

15,232

Bank owned life insurance

68,895

59,795

Accrued interest receivable

17,184

16,381

Prepaid expenses and other assets

19,368

19,323

Total assets

3,183,427

3,040,609

Liabilities and shareholders’ equity

Noninterest bearing deposits

140,229

110,163

Interest bearing deposits

2,573,170

2,529,672

Total deposits

2,713,399

2,639,835

Borrowings, short-term

119,000

74,000

Borrowings, long-term

6,166

4,189

Subordinated notes payable, net

29,979

49,867

Accrued expenses and other liabilities

37,052

33,881

Total liabilities

2,905,596

2,801,772

Total shareholders’ equity

277,831

238,837

Total liabilities and shareholders’ equity

3,183,427

3,040,609

Common shares outstanding

17,025,485

17,026,828

Treasury shares

197,195

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

June 30,

For the years ended

June 30,

(Dollars in thousands)

2026

2025

2026

2025

Net interest income (GAAP)

21,149

16,706

77,914

60,121

Tax-equivalent adjustment(1)

2,189

2,130

8,676

7,679

Net interest income-fully taxable-equivalent basis (non-GAAP)

23,338

18,836

86,590

67,800

Average interest-earning assets (GAAP)

2,960,541

2,824,952

2,935,094

2,739,472

Net interest margin-fully taxable-equivalent basis (non-GAAP)

3.15

2.67

2.95

2.47

(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 twelve months ended

June 30, 2026 and 2025, 4.44% for New York State income taxes for the three and twelve months ended June 30, 2026 and 2025.

The following table summarizes the adjustments made to arrive at pre-provision net income.

For the three months ended June 30,

(Dollars in thousands)

2026

2025

Net income (GAAP)

11,338

9,333

Provision for credit losses

126

(880

)

Pre-provision net income (non-GAAP)

11,464

8,453

For the years ended June 30,

(Dollars in thousands)

2026

2025

Net income (GAAP)

41,022

31,138

Provision for credit losses

2,033

1,316

Pre-provision net income (non-GAAP)

43,055

32,454

The above information is preliminary and based on the Company’s data available at the time of presentation.

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GREENE COUNTY BANCORP, INC.

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