Greene County Bancorp reported record net income of $12.5 million for its first quarter of fiscal year 2027, a 40.9% increase compared to the same period last year. The results were characterized by significant expansion in net interest income and strong credit performance, which more than offset a 27% decline in noninterest income caused by losses on securities sales.
Key Highlights
- Net interest income increased $4.4 million to $21.9 million, driven by a 16 basis point increase in asset yields and a 30 basis point reduction in rates paid on interest-bearing liabilities.
- Net interest margin expanded 45 basis points year-over-year to 2.93%, benefiting from disciplined deposit pricing and continued asset repricing.
- Credit quality remained exceptionally high with nonperforming assets at 0.10% of total assets and a provision for credit losses that resulted in a $432,000 benefit due to loan repayments and improved economic forecasts.
- Total assets reached a record $3.2 billion, supported by 5.0% deposit growth since the end of the previous fiscal year.