Greene County Bancorp, Inc. Reports Record High Net Income and Expansion Plans
Greene County Bancorp, Inc., the holding company for the Bank of Greene County and its subsidiary Greene County Commercial Bank, has released its financial results for the fiscal year ended June 30, 2025. The company reported record high net income and announced plans to expand its operations into Saratoga County.
Financial Highlights
For the fiscal year ended June 30, 2025, Greene County Bancorp, Inc. reported a net income of $31.1 million, or $1.83 per basic and diluted share, marking a significant increase from the previous year's net income of $24.8 million, or $1.45 per basic and diluted share. The company's total assets reached a new record high of $3.0 billion, with net loans also hitting a record high of $1.6 billion.
Net interest income for the year increased to $60.1 million from $51.0 million in the previous year, driven by higher average balances of interest-earning assets and increased interest rates on these assets. The net interest margin improved to 2.19% from 1.98% in the prior year.
Business and Operational Highlights
Donald Gibson, President & CEO, highlighted the company's sustained performance and disciplined business model. He announced plans to expand into Saratoga County, which will increase the company's geographic footprint from five to six counties within New York State. Additionally, Greene County Bancorp was recognized by the Albany Business Review as one of the Capital Region's fastest-growing large companies and the number one commercial mortgage lender in New York’s Capital Region for 2024.
Strategic Initiatives and Corporate Developments
The company strategically managed its balance sheet by focusing on higher-yielding loans and securities while lowering deposit rates to align with the Federal Reserve’s recent interest rate cuts. This strategy resulted in a higher net interest margin for the year. The company also reported a decrease in borrowings to $128.1 million from $199.1 million in the previous year.
Shareholders’ equity increased to $238.8 million, primarily due to net income and a decrease in accumulated other comprehensive loss, partially offset by dividends declared and paid.
Management's Perspective
Donald Gibson, President & CEO, expressed satisfaction with the record high net income and the company's sustained performance over the years. He attributed this success to the company's disciplined business model, strong community partnerships, and exceptional team execution. Gibson also emphasized the company's commitment to organic growth that benefits customers, communities, and shareholders alike.
Future Outlook
The company plans to continue monitoring the Federal Reserve and interest rates paid on deposits while maintaining long-term customer relationships. The expansion into Saratoga County is expected to further strengthen the company's position as a leading economic engine in the communities it serves.
SEC Filing: GREENE COUNTY BANCORP INC [ GCBC ] - 8-K - Jul. 23, 2025