Greene County Bancorp Reports 30.5% Increase in Net Income for Q3 FY 2026

Greene County Bancorp, Inc. reported a solid financial performance for the third quarter of fiscal year 2026, with net income reaching $10.5 million, a 30.5% increase from $8.1 million in the same period last year. For the nine months ending March 31, 2026, net income totaled $29.7 million, up 36.1% from $21.8 million in the prior year. The company's earnings per share also improved, rising to $0.62 for the quarter and $1.74 for the nine months, compared to $0.47 and $1.28, respectively, in the previous year.

Total assets increased by 4.6% to $3.2 billion as of March 31, 2026, compared to $3.0 billion at June 30, 2025. This growth was driven by a 7.4% rise in net loans receivable, which reached $1.7 billion, and a 4.6% increase in securities available-for-sale and held-to-maturity, totaling $1.2 billion. The company’s total deposits also saw a significant increase, rising by $132.7 million to $2.8 billion, with notable growth in NOW deposits and money market accounts.

Strategically, Greene County Bancorp completed the termination of its defined benefit pension plan during the quarter, settling all remaining obligations for approximately $3.5 million. This move is expected to streamline the company's financial commitments and enhance its capital position. The company continues to focus on maintaining a conservative underwriting policy, avoiding sub-prime lending, and ensuring the quality of its loan portfolio.

Operationally, the company reported a slight decrease in noninterest income, which fell to $3.7 million for the quarter, primarily due to the absence of an Employee Retention Tax Credit that had positively impacted the previous year's results. However, the company experienced growth in service charges and bank-owned life insurance income. Noninterest expenses increased by 12.3% to $11.3 million, largely due to the pension plan settlement charge and rising salaries and employee benefits.

Looking ahead, Greene County Bancorp remains optimistic about its growth trajectory, supported by a strong capital position and a diversified deposit base. The company is well-positioned to navigate market conditions and capitalize on opportunities for further expansion in its service areas.