Greene County Bancorp reported record quarterly net income of $12.5 million for the three months ended Sept. 30, 2026, up 40.9% from $8.9 million a year earlier. Earnings per share rose to $0.73 from $0.52.
The company also posted record highs in several balance-sheet categories. Total assets reached $3.2 billion at Sept. 30, 2026, compared with $3.2 billion at June 30, 2026. Net loans increased to $1.8 billion, up $23.1 million, or 1.3%, from June 30. Total deposits climbed to $2.8 billion, up $134.4 million, or 5.0%, from $2.7 billion at the end of the prior quarter.
Net interest income rose to $21.9 million from $17.5 million a year earlier, an increase of $4.4 million, or 25.1%. The net interest rate spread widened to 2.71% from 2.25%, while net interest margin improved to 2.93% from 2.48%. On a taxable-equivalent basis, net interest margin increased to 3.24% from 2.78%.
Pre-provision net income increased to $12.1 million from $10.1 million, up $1.9 million, or 19.2%.
Credit costs shifted sharply. The provision for credit losses was a benefit of $432,000, compared with a charge of $1.3 million in the year-earlier quarter. The allowance for credit losses on loans fell to 1.21% of total loans from 1.25% at June 30, 2026.
Asset quality improved. Commercial and commercial real estate loans classified as substandard or special mention declined to $30.8 million from $40.0 million at June 30, 2026. Nonperforming loans fell to $3.2 million from $3.9 million, while nonperforming assets dropped to 0.10% of total assets from 0.12%.
Noninterest income declined to $2.9 million from $4.0 million a year earlier, a decrease of $1.1 million, or 27.0%. Noninterest expense rose to $10.8 million from $10.1 million, up $740,000, or 7.4%.
Total securities available-for-sale and held-to-maturity increased to $1.23 billion from $1.18 billion at June 30, 2026, up $48.6 million, or 4.1%. Cash and cash equivalents declined to $135.0 million from $144.9 million.
Deposits grew across several categories from June 30, 2026: NOW deposits rose $111.3 million, certificates of deposit increased $19.1 million, and noninterest-bearing deposits increased $13.9 million. Savings deposits fell $5.5 million and money market deposits declined $4.4 million. Brokered deposits decreased to $41.6 million from $52.4 million. The market has reacted to these announcements by moving the company's shares -1.03% to a price of $34.57. If you want to know more, read the company's complete 8-K report here.
