GCBC · Greene County Bancorp, Inc.

Greene County Bancorp delivered its highest quarterly earnings in the company's 137-year history, with net income reaching $10.5 million for the quarter ended March 31, 2026. This strong performance was primarily driven by a $4.0 million increase in net interest income to $20.2 million, resulting from higher yields on loans and securities combined with disciplined deposit pricing that reduced funding costs. The net interest margin expanded 41 basis points to 2.73% for the quarter, while the net interest rate spread increased 43 basis points to 2.55%. Credit quality remained solid with provision for credit losses decreasing to $451,000 from $1.1 million in the prior year quarter, and nonperforming assets representing only 0.10% of total assets. Noninterest expense increased $1.2 million primarily due to a $706,000 non-cash settlement charge from terminating the defined benefit pension plan and higher salaries and benefits. Management highlighted the company's strategic focus on higher-yielding loans and securities while lowering deposit rates to align with Federal Reserve interest rate cuts. The company also announced a stock repurchase program authorizing the buyback of 400,000 shares, signaling confidence in future performance and commitment to returning capital to shareholders. President & CEO Donald Gibson emphasized that these record results reflect customer trust and employee dedication while maintaining the company's community banking mission.