Greene County Bancorp reported record earnings for the third quarter ended March 31, 2026, with net income of $10.5 million and earnings per share of $0.62, a 36.1% increase from the $8.1 million earned in the same period a year earlier. The quarter’s results represent the highest quarterly earnings in the bank’s 137‑year history.
The bank’s balance sheet reached new highs, with consolidated assets of $3.2 billion, net loans of $1.7 billion, securities of $1.2 billion, and deposits of $2.8 billion. These figures underscore a strong, low‑cost funding base and a robust municipal‑deposit moat that supports continued growth.
Net interest income rose $4.0 million to $20.2 million, while the net interest margin expanded 41 basis points to 2.73%. The margin improvement reflects higher loan growth and a favorable interest‑rate environment, offsetting modest increases in operating expenses. The bank’s cost‑control program helped maintain profitability as it expanded its loan portfolio.
Comparing sequentially, Q2 2026 net income was $10.3 million, indicating steady quarterly momentum. Net interest income in Q2 was $16.2 million, so the $4.0 million jump in Q3 demonstrates accelerating interest‑earning activity. The bank’s earnings growth is therefore both year‑over‑year and quarter‑over‑quarter.
"We are proud to report another quarter of record performance, with all‑time highs in net income, total assets, net loans and total deposits. These results are not achieved in isolation, they reflect the trust our customers place in us and the dedication of our team. At our core, we… Our success is not defined by a single quarter, but by consistent performance over time. That consistency is driven by our people, our employee‑owners and positions us to deliver long‑term value for our shareholders while remaining true to our mission as a relationship‑focused community bank," said President & CEO Donald Gibson.
The bank also announced a stock repurchase program for up to 400,000 shares, representing about 5% of outstanding common stock held by non‑parent shareholders, and confirmed a quarterly cash dividend of $0.10 per share, payable to shareholders of record on May 29, 2026. In addition, the company completed the termination of its defined‑benefit pension plan, settling all remaining obligations for approximately $3.5 million. Expansion efforts continued with the opening of the first Saratoga County office, and the bank was recognized as the ninth‑ranked institution in Piper Sandler’s 2025 Small‑Cap All Stars list.
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