Quarterly ResultOct 22, 2026, 10:21 AM
Greene County Bancorp Reports Record Q1 Net Income of $12.5M, Up 41% YoY
AI Summary
Greene County Bancorp, Inc. announced record-breaking financial results for the first quarter of fiscal year 2027, ending September 30, 2026. Net income surged by 41% year-over-year to $12.5 million, or $0.73 per share, driven by strong performance in net interest income and a significant decrease in the provision for credit losses. The company also achieved record highs in total assets, net loans, and total deposits. Alongside these financial achievements, the company's banking subsidiary rebranded to Bank of Greene, and a proposal to change the parent company's name to Greene Bancorp, Inc. will be presented to shareholders.
Key Highlights
- Greene County Bancorp reported record net income of $12.5 million for Q1 FY27, a 41% increase YoY.
- Total assets reached a record high of $3.2 billion at September 30, 2026.
- Net loans also hit a record high of $1.8 billion, and total deposits reached $2.8 billion.
- Return on Average Assets was 1.61% and Return on Average Equity was 17.73%.
- Net interest income increased 25% to $21.9 million, driven by higher asset yields and lower liability costs.
- Provision for credit losses was a benefit of $432,000, compared to a charge of $1.3 million in the prior year.
- Noninterest income decreased 27% to $2.9 million, primarily due to a loss on securities sales.
- The company's banking subsidiary rebranded to Bank of Greene, and a corporate name change to Greene Bancorp is proposed.
Price Impact
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