Greene County Bancorp, Inc. (NASDAQ: GCBC) reported record financial results for the three months ended September 30, 2026. The company, which operates Bank of Greene and Greene County Commercial Bank, disclosed net income of $12.5 million for the quarter. This figure represents a 40.9% increase compared to the same period in the prior year, when net income was $8.9 million. Earnings per share were $0.73 for both basic and diluted shares.
Key balance sheet metrics also reached record highs. Total assets stood at $3.2 billion, up from $3.1 billion at the end of the previous quarter. Net loans increased to $1.8 billion, and total deposits were reported at $2.8 billion. The company’s return on average assets was 1.61%, while return on average equity was 17.73%.
Net interest income rose to $21.9 million, an increase of $4.4 million from the prior year. This growth was driven by higher average balances of interest-earning assets and increased yields on those assets, partially offset by higher average balances of interest-bearing liabilities. The net interest rate spread widened to 2.71%, and the net interest margin increased to 2.93%.
Credit quality metrics improved. The provision for credit losses was a benefit of $432,000 for the quarter, compared to a charge of $1.3 million in the prior year. Nonperforming loans decreased to $3.2 million, representing 0.18% of net loans. The allowance for credit losses on loans was 1.21% of total loans receivable.
Noninterest income decreased by $1.1 million to $2.9 million, primarily due to a $1.2 million loss on sales of securities available-for-sale. Noninterest expense increased by $740,000 to $10.8 million, driven largely by higher salaries and employee benefits.
On October 22, 2026, the company announced a name change for its primary banking subsidiary from the Bank of Greene County to Bank of Greene, effective September 14, 2026. Shareholders will consider a proposal at the Annual Meeting on November 7, 2026, to change the parent company’s name to Greene Bancorp, Inc.
