Greene County Bancorp Reports 31.7% Increase in Net Income for Fiscal Year Ending June 30, 2026

Greene County Bancorp, Inc. reported a significant increase in its financial performance for the fiscal year ending June 30, 2026, with net income rising to $41.0 million, or $2.41 per share, compared to $31.1 million, or $1.83 per share, in the previous year. This represents a 31.7% increase in net income, primarily driven by a $13.4 million increase in interest income and a $4.4 million decrease in interest expense. The provision for credit losses also increased to $2.0 million from $1.3 million in the prior year, reflecting the growth in the loan portfolio.

Total assets for Greene County Bancorp increased by $142.8 million, or 4.7%, reaching $3.2 billion as of June 30, 2026. The growth in assets was largely attributed to a $124.2 million increase in net loans, which rose to $1.7 billion, and a $45.1 million increase in securities, totaling $1.2 billion. Deposits also saw a rise of $73.6 million, or 2.8%, to $2.7 billion. The company’s total shareholders’ equity increased to $277.8 million, up from $238.8 million, primarily due to retained earnings from the current year’s net income.

Operationally, Greene County Bancorp expanded its customer base and enhanced its loan offerings, particularly in commercial real estate, which accounted for a significant portion of the loan growth. The company maintained a conservative approach to underwriting, avoiding sub-prime lending. As of June 30, 2026, the company operated 19 full-service banking offices across New York's Hudson Valley and Capital District regions, with a focus on community-based banking services.

The company’s net interest income increased by $17.8 million, resulting in a net interest margin of 2.65%, up from 2.19% in the previous year. This improvement was attributed to higher interest rates on loans and securities, as well as a disciplined approach to deposit pricing that reduced funding costs. The net interest rate spread also improved, increasing by 46 basis points to 2.43%.

Looking ahead, Greene County Bancorp expressed optimism about its growth trajectory, supported by a strong liquidity position and a diversified deposit base. The company plans to continue focusing on expanding its loan portfolio while managing credit risk effectively. The outlook remains positive, with expectations for continued growth in net interest income and overall profitability, contingent on favorable economic conditions and effective management of interest rate risks.