Greene County Bancorp公佈第四季及全年業績 全年淨收入創新高達4100萬美元

EX-99.1
2
ef20078633_ex99-1.htm
EXHIBIT 99.1

 
 
 
 

 
 Exhibit 99.1
 

 
 

 
 

 
 

 FOR RELEASE

 
 

 Date: July 23, 2026

 
 

 For Further Information Contact:

 Donald E. Gibson

 President & CEO

 (518) 943-2600

 [email protected]

 
 

 Nick Barzee

 SVP & CFO

 (518) 943-2600

 [email protected]

 
 

 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,

 
  
  
 
 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)

 

 
  
  
 
 At

 June 30, 2026

 
  
  
 
 At

 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.