Greene County Bancorp (GCBC) Q1 2026 earnings summary

Executive summary

• Net income for the quarter ended September 30, 2025, was $8.9 million, up 41.7% year-over-year, with EPS of $0.52 per share compared to $0.37 last year, driven by higher net interest income and loan growth.

• Total assets reached a record $3.1 billion, a 0.6% increase from June 30, 2025, with net loans receivable up 2.6% to $1.65 billion and total deposits at $2.7 billion.

• Shareholders' equity rose to $248.2 million, reflecting strong earnings and a reduction in accumulated other comprehensive loss.

• Finalized expansion into Saratoga County, with a new Clifton Park office opening in October 2025.

Financial highlights

• Net interest income increased to $17.5 million from $13.1 million year-over-year, with net interest margin rising to 2.48% from 2.03%.

• Pre-provision net income rose 46.9% to $10.1 million from $6.9 million year-over-year.

• Provision for credit losses was $1.3 million, up from $634,000, mainly due to loan growth and higher reserves for commercial real estate.

• Noninterest income grew 6.7% to $4.0 million, mainly from customer interest rate swap contracts and service fees, while noninterest expense rose 5.4% to $10.1 million, primarily from higher salaries, benefits, and charitable contributions.

• Efficiency ratio improved to 46.78% from 56.60%.

Outlook and guidance

• Management expects continued loan and deposit growth, with a focus on conservative underwriting, liquidity management, and prudent expansion into Saratoga County.

• The company anticipates sufficient liquidity and capital to meet future commitments, supported by strong on-balance sheet and off-balance sheet resources.

• Management will continue to monitor Federal Reserve actions and adjust deposit rates accordingly, focusing on prudent growth and customer relationship expansion.