GCBC

CATSKILL, N.Y., July 23, 2026 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the holding company for the Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported net income for the quarter and fiscal year ended June 30, 2026. Net income for the quarter and fiscal year ended June 30, 2026 was $11.3 million, or $0.67 per basic and diluted share, and $41.0 million, or $2.41 per basic and diluted share, respectively, as compared to $9.3 million, or $0.55 per basic and diluted share, and $31.1 million, or $1.83 per basic and diluted share, for the quarter and fiscal year ended June 30, 2025, respectively. Net income increased $9.9 million, or 31.7%, when comparing the fiscal years ended June 30, 2026 and 2025. Highlights: Net Income: $41.0 million for the fiscal year ended June 30, 2026, a new record high Total Assets: $3.2 billion at June 30, 2026, a new record high Net Loans: $1.7 billion at June 30, 2026, a new record high Total Deposits: $2.7 billion at June 30, 2026 Return on Average Assets: 1.35% for the fiscal year ended June 30, 2026 Return on Average Equity: 15.91% for the fiscal year ended June 30, 2026 Donald Gibson, President & CEO stated: “Fiscal 2026 was a truly exceptional year for Greene County Bancorp, Inc. We achieved record net income of $41.0 million, record quarterly earnings of $11.3 million, and reached all-time highs in both assets and net loans. These accomplishments reflect the strength of our relationship-based community banking model, the loyalty of our customers, and the dedication of our employees throughout the organization. We are especially honored to be recognized by Bank Director Magazine’s RankingBanking report as one of the nation’s top-performing banks under $5.0 billion in assets. This recognition is particularly meaningful because it is based on key measures of profitability, asset quality, and capital strength-areas that have long been central to our operating philosophy. As we look ahead, we remain committed to serving the individuals, businesses, municipalities, and communities that have contributed to our success. Our consistent performance, strong balance sheet, and disciplined growth strategy position us well to continue creating long-term value for our customers, shareholders, employees, and communities.” Total consolidated assets for the Company were $3.2 billion at June 30, 2026, primarily consisting of $1.7 billion of net loans and $1.2 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.7 billion at June 30, 2026, consisting of retail, business, municipal and private banking relationships. Pre-provision net income was $43.1 million for the year ended June 30, 2026 as compared to $32.5 million for the year ended June 30, 2025, an increase of $10.6 million, or 32.7%. Pre-provision net income measures the Company’s net income not including the provision for credit losses. Management believes that this non-GAAP measure assists investors in comprehending the impact of the provision for credit losses on the Company’s reported results, offering an alternative view of the Company’s performance and the Company’s ability to generate income in excess of its provision for credit losses. The Company strategically manages its balance sheet by focusing on higher-yielding loans and securities, and lowering deposit rates to align with the Federal Reserve’s interest rate cuts. This resulted in a higher net interest margin for the year ended June 30, 2026 as compared to the year ended June 30, 2025. Continued geopolitical disruptions, higher energy prices and shifting tariff policies complicate the economic outlook. With shifting global alliances and market volatility, our focus remains our commitment to building shareholder value while serving the financial needs of our communities. The Company continues to deliver strong performance and stability against an unpredictable geopolitical landscape. Selected highlights for the quarter and fiscal year ended June 30, 2026, are as follows: Net Interest Income and Margin Net interest income increased $4.4 million to $21.1 million for the three months ended June 30, 2026, from $16.7 million for the three months ended June 30, 2025. Net interest income increased $17.8 million to $77.9 million for the year ended June 30, 2026, from $60.1 million for the year ended June 30, 2025. The increase in net interest income was due to an increase in the average balance of interest-earning assets, which increased $135.6 million and $195.6 million when comparing the three months and years ended June 30, 2026 and 2025, respectively, an increase in interest rates on interest-earning assets, which increased 17 basis points for both the three months and years ended June 30, 2026 and 2025, and a decrease in rates paid on interest-bearing liabilities, which decreased 34 and 29 basis points when comparing the three months and years ended June 30, 2026 and 2025, respectively. The increase in net interest income was offset by an increase in the average balance of interest-bearing liabilities, which increased $74.9 million and $143.4 million when comparing the three months and years ended June 30, 2026 and 2025, respectively.Average loan balances increased $123.4 million and $143.5 million and the yield on loans increased 7 and 13 basis points when comparing the three months and years ended June 30, 2026 and 2025, respectively. The average balance of securities increased $36.5 million and $72.8 million and the yield on such securities increased 29 and 26 basis points when comparing the three months and years ended June 30, 2026 and 2025, respectively. The average interest-bearing bank balances and federal funds decreased $25.1 million and $21.6 million and the yield on interest-bearing bank balances and federal funds decreased 84 and 71 basis points when comparing the three months and years ended June 30, 2026 and 2025, respectively.The cost of NOW deposits decreased 38 and 36 basis points, the cost of certificates of deposits decreased 42 and 57 basis points and the cost of savings and money market deposits decreased 6 and 2 basis points when comparing the three months and years ended June 30, 2026 and 2025, respectively. The growth in interest-bearing liabilities was primarily due to an increase in average NOW deposits of $65.2 million and $124.5 million and an increase in average certificates of deposits of $21.1 million and $39.2 million when comparing the three months and years ended June 30, 2026 and 2025, respectively. This was partially offset by a decrease in average savings and money market deposits of $8.2 million and $12.6 million when comparing the three months and years ended June 30, 2026 and 2025, respectively. When comparing the three months and years ended June 30, 2026 and 2025, yields on interest-earning assets increased while the costs of interest-bearing deposits declined, reflecting continued asset repricing and the Company’s strategic reduction in deposit rates. Net interest rate spread increased 51 basis points to 2.65% for the three months ended June 30, 2026 as compared to 2.14% for the three months ended June 30, 2025. Net interest rate spread increased 46 basis points to 2.43% for the year ended June 30, 2026 as compared to 1.97% for the year ended June 30, 2025. Net interest margin increased 49 basis points to 2.86% for the three months ended June 30, 2026 as compared to 2.37% for the three months ended June 30, 2025. Net interest margin increased 46 basis points to 2.65% for the year ended June 30, 2026 as compared to 2.19% for the year ended June 30, 2025. The increase in net interest rate spread and net interest margin for the three months and year ended June 30, 2026 was driven by higher interest income on loans and securities, as earning assets repriced and new originations reflected yields above prior-period levels, combined with disciplined deposit pricing that reduced funding costs. Net interest income on a taxable-equivalent basis includes the additional amount of interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. Tax equivalent net interest margin was 3.15% and 2.67% for the three months ended June 30, 2026 and 2025, respectively, and was 2.95% and 2.47% for the years ended June 30, 2026 and 2025, respectively. Credit Quality and Provision for Credit Losses Provision for credit losses amounted to a charge of $126,000 and a benefit of $880,000 for the three months ended June 30, 2026 and 2025, respectively, and a charge of $2.0 million and $1.3 million for the years ended June 30, 2026 and 2025, respectively. The provision for the year ended June 30, 2026 was primarily attributable to an increase in loan volume. The allowance for credit losses on loans to total loans receivable was 1.25% at June 30, 2026 as compared to 1.24% at June 30, 2025. Commercial and commercial real estate loans classified as substandard and special mention totaled $40.0 million at June 30, 2026, and $39.4 million at June 30, 2025, an increase of $524,000. Of the loans classified as substandard or special mention, $38.8 million were performing at June 30, 2026. There were no loans classified as doubtful or loss at June 30, 2026 or June 30, 2025. Net charge-offs on loans amounted to $65,000 and $44,000 for the three months ended June 30, 2026 and 2025, respectively, an increase of $21,000. Net charge-offs totaled $338,000 and $349,000 for the years ended June 30, 2026 and 2025, respectively, a decrease of $11,000. There were no material charge-offs in any loan segment during the three months and year ended June 30, 2026. Nonperforming loans amounted to $3.9 million at June 30, 2026 and $3.1 million at June 30, 2025. The activity in nonperforming loans during the period included $871,000 in loan repayments, $117,000 in charge-offs, and $1.9 million of loans placed into nonperforming status. At June 30, 2026, nonperforming assets were 0.12% of total assets as compared to 0.10% at June 30, 2025. At June 30, 2026, nonperforming loans were 0.23% of net loans as compared to 0.19% at June 30, 2025. Noninterest Income and Noninterest Expense Noninterest income increased $61,000, or 1.6%, to $3.8 million for the three months ended June 30, 2026 as compared to $3.8 million for the three months ended June 30, 2025. Noninterest income decreased $566,000, or 3.7%, to $14.7 million for the year ended June 30, 2026 as compared to $15.2 million for the year ended June 30, 2025. The decrease during the year ended June 30, 2026 was primarily due to a reduction of $619,000 in fee income earned on customer interest rate swap contracts and the Company earning an Employee Retention Tax Credit (“ERTC”) of $610,000 during the year ended June 30, 2025. This was partially offset by an increase in income from bank owned life insurance of $210,000, an increase of $203,000 in service charge income, and an increase of $112,000 in debit card fees and incentives. Noninterest expense increased $1.5 million, or 14.7%, to $11.9 million for the three months ended June 30, 2026 as compared to $10.4 million for the three months ended June 30, 2025. The increase during the three months ended June 30, 2026 was primarily due to an increase of $866,000 in salaries and employee benefits, an increase of $250,000 in charitable contributions as the Bank made a charitable donation to the Bank of Greene County Charitable Foundation, and an increase of $157,000 in the allowance for credit losses unfunded commitment expense, due to an increase in the Company’s contractual obligation to extend credit. Noninterest expense increased $4.3 million, or 11.0%, to $43.7 million for the year ended June 30, 2026 as compared to $39.4 million for the year ended June 30, 2025. The increase during the year ended June 30, 2026 was primarily due to an increase of $2.3 million in salaries and employee benefits, a $905,000 non-cash settlement charge as a result of the completed termination of the Company’s defined benefit pension plan, an increase of $500,000 in charitable contributions as the Bank made a charitable donation to the Bank of Greene County Charitable Foundation, an increase of $369,000 in computer software, supplies and support fees, an increase of $265,000 in service and data processing expenses, an increase of $244,000 in occupancy expenses, and an increase of $134,000 in legal and professional fees. This was partially offset by a $864,000 decrease in the allowance for credit losses unfunded commitment expense. Income Taxes Provision for income taxes reflects the expected tax associated with the pre-tax income generated for the given period and certain regulatory requirements. The effective tax rate was 12.3% and 12.4% for the three months and year ended June 30, 2026, and 14.8% and 10.2% for the three months and year ended June 30, 2025, respectively. The statutory tax rate is impacted by the benefits derived from tax-exempt bond and loan income, the Company’s real estate investment trust subsidiary income, income received on the bank owned life insurance and tax credits to arrive at the effective tax rate. The decrease during the three months ended June 30, 2026 and 2025 is primarily due to the mix of permanent tax differences. The increase during the years ended June 30, 2026 and 2025 is primarily due to higher mix of pre-tax income and reflects a lower mix of tax-exempt income from municipal bonds, tax advantage loans, and bank owned life insurance in proportion to pre-tax income. Balance Sheet Summary Total assets of the Company were $3.2 billion at June 30, 2026 and $3.0 billion at June 30, 2025, an increase of $142.8 million, or 4.7%.During the year ended June 30, 2026, the Company terminated its defined benefit pension plan, with all remaining obligations settled using plan assets for approximately $3.5 million. Total cash and cash equivalents for the Company were $144.9 million at June 30, 2026 and $183.1 million at June 30, 2025. The Company has continued to maintain strong capital and liquidity positions as of June 30, 2026. Securities available-for-sale and held-to-maturity increased $45.1 million, or 4.0%, to $1.2 billion at June 30, 2026 as compared to $1.1 billion at June 30, 2025. Securities purchased totaled $694.2 million during the year ended June 30, 2026, primarily consisting of $340.5 million of state and political subdivision securities, $254.2 million of U.S. Treasuries, $78.0 million of mortgage-backed securities, $12.5 million of collateralized mortgage obligations, and $9.0 million of corporate debt securities. Principal pay-downs and maturities during the year ended June 30, 2026, amounted to $644.8 million, primarily consisting of $320.1 million of state and political subdivision securities, $261.0 million of U.S. Treasuries, $44.5 million of mortgage-backed securities, $15.3 million of corporate debt securities, and $3.9 million of collateralized mortgage obligations. Net loans receivable increased $124.2 million, or 7.7%, to $1.7 billion at June 30, 2026 as compared to $1.6 billion at June 30, 2025. Loan growth experienced during the year ended June 30, 2026, consisted primarily of $92.3 million in commercial real estate loans, $24.7 million in commercial loans, and $11.3 million in home equity loans. The allowance for credit losses on loans increased $1.7 million, or 8.5%, to $21.9 million at June 30, 2026 as compared to $20.1 million at June 30, 2025. The increase in the allowance for credit losses was primarily attributable to an increase in loan volume. Deposits totaled $2.7 billion at June 30, 2026 as compared to $2.6 billion at June 30, 2025, an increase of $73.6 million, or 2.8%. The Company had $52.4 million and $51.6 million of brokered deposits at June 30, 2026 and June 30, 2025, respectively. NOW deposits increased $30.2 million, or 1.5%, noninterest bearing deposits increased $30.1 million, or 27.3%, and certificates of deposits increased $20.6 million, or 9.0%, when comparing June 30, 2026 and June 30, 2025. Savings deposits decreased $3.7 million, or 1.5%, and money market deposits decreased $3.6 million, or 3.5%, when comparing June 30, 2026 and June 30, 2025. Borrowings amounted to $155.1 million at June 30, 2026 as compared to $128.1 million at June 30, 2025, an increase of $27.0 million. At June 30, 2026, borrowings included $119.0 million of overnight borrowings with the Federal Home Loan Bank of New York (“FHLB”), $29.9 million of Fixed-to-Floating Rate Subordinated Notes and $6.2 million of long-term borrowings with the FHLB. On October 1, 2025, the entire outstanding principal amount of the $20.0 million 4.75% Fixed-to-Floating Rate Subordinated Notes, due September 17, 2030, was redeemed. The redemption was funded by cash on hand. Shareholders’ equity increased to $277.8 million at June 30, 2026 as compared to $238.8 million at June 30, 2025, resulting primarily from net income of $41.0 million and a decrease in accumulated other comprehensive loss of $2.0 million, partially offset by dividends declared and paid of $4.0 million. Under the stock repurchase program, the Company repurchased 1,343 shares of common stock during the three months ended June 30, 2026, at an average price of $23.50, for an aggregate purchase price of $31,558. As of the year ended June 30, 2026, 398,657 shares remain in the current stock repurchase program. There were no repurchases during the fiscal year ended June 30, 2025. Corporate Overview Greene County Bancorp, Inc. is the holding company for the Bank of Greene County, and its subsidiary Greene County Commercial Bank. The Company is the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State. Its customers include individuals, businesses, municipalities and other institutions. Greene County Bancorp, Inc. (GCBC) is publicly traded on the Nasdaq Capital Market and is dedicated to promoting economic development and a high quality of life in the communities it serves. For more information on Greene County Bancorp, Inc., visit www.tbogc.com. Forward-Looking Statements In addition to historical information, this earnings release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which describes the future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “contemplate,” “continue,” “target” and words of similar meaning. Forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Accordingly, you should not place undue reliance on such statements. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this report. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in general economic conditions, interest rates and inflation; changes in asset quality; our ability to access cost-effective funding; fluctuations in real estate values; changes in laws or regulations; the effects of any federal government shutdown; changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; changes in technology; failures or breaches of our IT security systems; our ability to introduce new products and services and capitalize on growth opportunities; changes in accounting policies and practices; our ability to retain key employees; and the effects of natural disasters and geopolitical events, including terrorism, conflict and acts of war. For more information, please see our reports filed with the United States Securities and Exchange Commission (“SEC”), including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. Non-GAAP Measures In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission ("SEC") and may constitute "non-GAAP financial measures" within the meaning of the SEC's rules. The Company has provided in this news release supplemental disclosures for the calculation of net interest margin utilizing a fully taxable-equivalent adjustment and pre-provision net income. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company's performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Our non-GAAP financial measures may differ from similar measures presented by other companies. Refer to the tables on page 9 for Non-GAAP to GAAP reconciliations. Greene County Bancorp, Inc.Consolidated Statements of Income and Selected Financial Ratios (Unaudited) Greene County Bancorp, Inc.Consolidated Statements of Financial Condition (Unaudited) The above information is preliminary and based on the Company’s data available at the time of presentation. Non-GAAP to GAAP Reconciliations The following table summarizes the adjustments made to arrive at the fully taxable-equivalent net interest margins. (1) Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. The rate used for this adjustment was 21% for federal income taxes for the three and twelve months ended June 30, 2026 and 2025, 4.44% for New York State income taxes for the three and twelve months ended June 30, 2026 and 2025. The following table summarizes the adjustments made to arrive at pre-provision net income. The above information is preliminary and based on the Company’s data available at the time of presentation. For Further Information Contact:Donald E. GibsonPresident & CEO(518) [email protected] Nick BarzeeSVP & CFO(518) [email protected]

CATSKILL, N.Y., April 22, 2026 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the holding company for the Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported net income for the three and nine months ended March 31, 2026, which is the third quarter of the Company’s fiscal year ending June 30, 2026. Net income for the three and nine months ended March 31, 2026 was $10.5 million, or $0.62 per basic and diluted share, and $29.7 million, or $1.74 per basic and diluted share, respectively, as compared to $8.1 million, or $0.47 per basic and diluted share, and $21.8 million, or $1.28 per basic and diluted share, for the three and nine months ended March 31, 2025, respectively. Net income increased $7.9 million, or 36.1%, when comparing the nine months ended March 31, 2026 and 2025. Highlights: Net Income: $29.7 million for the nine months ended March 31, 2026, a new record high Total Assets: $3.2 billion at March 31, 2026, a new record high Net Loans: $1.7 billion at March 31, 2026, a new record high Total Deposits: $2.8 billion at March 31, 2026, a new record high Return on Average Assets: 1.31% for the nine months ended March 31, 2026 Return on Average Equity: 15.65% for the nine months ended March 31, 2026 Company adopts a stock repurchase program of 400,000 shares Donald Gibson, President & CEO stated: “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 remain a community bank. Every loan we make, every dollar we gather, and every relationship we build is rooted in the communities we serve. We are grateful to our customers, our communities, and employees for their continued support and commitment. 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.” Total consolidated assets for the Company were $3.2 billion at March 31, 2026, primarily consisting of $1.7 billion of net loans and $1.2 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.8 billion at March 31, 2026, consisting of retail, business, municipal and private banking relationships. Pre-provision net income was $31.6 million for the nine months ended March 31, 2026 as compared to $24.0 million for the nine months ended March 31, 2025, an increase of $7.6 million, or 31.6%. Pre-provision net income measures the Company’s net income not including the provision for credit losses. Management believes that this non-GAAP measure assists investors in comprehending the impact of the provision for credit losses on the Company’s reported results, offering an alternative view of the Company’s performance and the Company’s ability to generate income in excess of its provision for credit losses. The Company strategically managed its balance sheet by focusing on higher-yielding loans and securities and lowering deposit rates to align with the Federal Reserve’s recent interest rate cuts. This resulted in a higher net interest margin for the three and nine months ended March 31, 2026 as compared to the three and nine months ended March 31, 2025. The recent global conflicts, higher energy prices and shifting tariff policies have complicated the economic outlook. With shifting global alliances and market volatility our focus remains our commitment to building shareholder value while serving the financial needs of our communities. The Company continues to deliver strong performance and stability against an unpredictable geopolitical landscape. Selected highlights for the three and nine months ended March 31, 2026, are as follows: Net Interest Income and Margin Net interest income increased $4.0 million to $20.2 million for the three months ended March 31, 2026, from $16.2 million for the three months ended March 31, 2025. Net interest income increased $13.4 million to $56.8 million for the nine months ended March 31, 2026, from $43.4 million for the nine months ended March 31, 2025. The increase in net interest income was due to an increase in the average balance of interest-earning assets, which increased $164.7 million and $215.6 million when comparing the three and nine months ended March 31, 2026 and 2025, respectively, an increase in interest rates on interest-earning assets, which increased 14 and 17 basis points when comparing the three and nine months ended March 31, 2026 and 2025, respectively, and a decrease in rates paid on interest-bearing liabilities, which decreased 29 and 31 basis points when comparing the three and nine months ended March 31, 2026 and 2025, respectively. The increase in net interest income was offset by an increase in the average balance of interest-bearing liabilities, which increased $144.1 million and $196.2 million when comparing the three and nine months ended March 31, 2026 and 2025, respectively. Average loan balances increased $129.9 million and $150.2 million and the yield on loans increased 6 and 14 basis points when comparing the three and nine months ended March 31, 2026 and 2025, respectively. The average balance of securities increased $58.9 million and $84.9 million and the yield on such securities increased 26 basis points for both the three and nine months ended March 31, 2026 and 2025, respectively. The average interest-bearing bank balances and federal funds decreased $24.7 million and $20.5 million and the yield on interest-bearing bank balances and federal funds decreased 77 and 72 basis points when comparing the three and nine months ended March 31, 2026 and 2025, respectively. The cost of NOW deposits decreased 35 and 39 basis points, and the cost of certificates of deposits decreased 50 and 64 basis points when comparing the three and nine months ended March 31, 2026 and 2025, respectively. The growth in interest-bearing liabilities was primarily due to an increase in average NOW deposits of $129.6 million and $174.2 million and an increase in average certificates of deposits of $34.4 million and $45.2 million when comparing the three and nine months ended March 31, 2026 and 2025, respectively. This was partially offset by a decrease in average savings and money market deposits of $9.8 million and $14.0 million when comparing the three and nine months ended March 31, 2026 and 2025, respectively. When comparing the three and nine months ended March 31, 2026 and 2025, yields on interest-earning assets increased while the costs of interest-bearing deposits declined, reflecting continued asset repricing and the Company’s strategic reduction in deposit rates. Net interest rate spread increased 43 basis points to 2.55% for the three months ended March 31, 2026 as compared to 2.12% for the three months ended March 31, 2025. Net interest rate spread increased 48 basis points to 2.38% for the nine months ended March 31, 2026 as compared to 1.90% for the nine months ended March 31, 2025. Net interest margin increased 41 basis points to 2.73% for the three months ended March 31, 2026 as compared to 2.32% for the three months ended March 31, 2025. Net interest margin increased 45 basis points to 2.59% for the nine months ended March 31, 2026 as compared to 2.14% for the nine months ended March 31, 2025. The increase in net interest rate spread and net interest margin for the three and nine months ended March 31, 2026 was driven by higher interest income on loans and securities, as earning assets repriced and new originations reflected yields above prior-period levels, combined with disciplined deposit pricing that reduced funding costs. Net interest income on a taxable-equivalent basis includes the additional amount of interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. Tax equivalent net interest margin was 3.03% and 2.60% for the three months ended March 31, 2026 and 2025, respectively, and was 2.88% and 2.41% for the nine months ended March 31, 2026 and 2025, respectively. Credit Quality and Provision for Credit Losses Provision for credit losses amounted to $451,000 and $1.1 million for the three months ended March 31, 2026 and 2025, respectively, and $1.9 million and $2.2 million for the nine months ended March 31, 2026 and 2025, respectively. The provision for the nine months ended March 31, 2026, was primarily attributable to an increase in loan volume offset by improvements in the economic forecasts used in the Current Expected Credit Loss (“CECL”) model. The allowance for credit losses on loans to total loans receivable was 1.25% at March 31, 2026 as compared to 1.24% at June 30, 2025. Commercial and commercial real estate loans classified as substandard and special mention totaled $34.9 million at March 31, 2026, and $39.4 million at June 30, 2025, a decrease of $4.5 million. The decrease in the loans classified during the period ended March 31, 2026, was primarily due to upgrades of commercial real estate loans that were considered to be performing and paying in accordance with the terms of their loan agreements and commercial real estate loans that were paid off during the period. Of the loans classified as substandard or special mention, $31.5 million were performing at March 31, 2026. There were no loans classified as doubtful or loss at March 31, 2026 or June 30, 2025. Net charge-offs on loans amounted to $73,000 and $96,000 for the three months ended March 31, 2026 and 2025, respectively, a decrease of $23,000. Net charge-offs totaled $273,000 and $305,000 for the nine months ended March 31, 2026 and 2025, respectively. There were no material charge-offs in any loan segment during the three and nine months ended March 31, 2026. Nonperforming loans amounted to $3.1 million at March 31, 2026 and June 30, 2025, respectively. The activity in nonperforming loans during the period included $763,000 in loan repayments, $84,000 in charge-offs, and $860,000 of loans placed into nonperforming status. At March 31, 2026 and June 30, 2025, nonperforming assets were 0.10% of total assets, respectively. At March 31, 2026, nonperforming loans were 0.18% of net loans as compared to 0.19% at June 30, 2025. Noninterest Income and Noninterest Expense Noninterest income decreased $157,000, or 4.1%, to $3.7 million for the three months ended March 31, 2026 compared to $3.9 million for the three months ended March 31, 2025. The decrease during the three months ended March 31, 2026 was primarily due to the Company earning an Employee Retention Tax Credit (“ERTC”) of $610,000 during the three months ended March 31, 2025 and a $279,000 decrease in fee income earned on customer interest rate swap contracts. This was partially offset by a $665,000 loss on sales of securities available-for sale during the three months ended March 31, 2025. Noninterest income decreased $627,000, or 5.5%, to $10.8 million for the nine months ended March 31, 2026 as compared to $11.5 million for the nine months ended March 31, 2025. The decrease during the nine months ended March 31, 2026 was primarily due to the Company earning an ERTC of $610,000 during the nine months ended March 31, 2025 and a decrease of $317,000 in fee income earned on customer interest rate swap contracts. This was partially offset by an increase in income from bank owned life insurance of $124,000, and an increase of $99,000 in service charge income. Noninterest expense increased $1.2 million, or 12.3%, to $11.3 million for the three months ended March 31, 2026 compared to $10.0 million for the three months ended March 31, 2025. The increase during the three months ended March 31, 2026 was primarily due to a $706,000 non-cash settlement charge as a result of the completed termination of the Company’s defined benefit pension plan, an increase of $588,000 in salaries and employee benefits, and an increase of $166,000 in service and data processing expenses. This was partially offset by a decrease of $277,000 in the allowance for credit losses unfunded commitment expense, due to a decrease in the Company’s contractual obligation to extend credit. Noninterest expense increased $2.8 million, or 9.7%, to $31.8 million for the nine months ended March 31, 2026 as compared to $29.0 million for the nine months ended March 31, 2025. The increase during the nine months ended March 31, 2026 was primarily due to an increase of $1.4 million in salaries and employee benefits, a $895,000 non-cash settlement charge as a result of the completed termination of the Company’s defined benefit pension plan, an increase of $355,000 in computer software, supplies and support fees, an increase of $252,000 in charitable contributions as the Bank made a $250,000 charitable donation to the Bank of Greene County Charitable Foundation, an increase of $194,000 in service and data processing expenses, an increase of $162,000 in legal and professional fees, and an increase of $152,000 in occupancy expenses. This was partially offset by a $1.0 million decrease in the allowance for credit losses unfunded commitment expense. Income Taxes Provision for income taxes reflects the expected tax associated with the pre-tax income generated for the given period and certain regulatory requirements. The effective tax rate was 13.5% and 12.4% for the three and nine months ended March 31, 2026, and 9.9% and 8.0% for the three and nine months ended March 31, 2025, respectively. The statutory tax rate is impacted by the benefits derived from tax-exempt bond and loan income, the Company’s real estate investment trust subsidiary income, income received on the bank owned life insurance and tax credits to arrive at the effective tax rate. The increase during the three and nine months ended March 31, 2026, is primarily due to higher pre-tax income and reflects a lower mix of tax-exempt income from municipal bonds, tax advantage loans, and bank owned life insurance in proportion to pre-tax income. Balance Sheet Summary Total assets of the Company were $3.2 billion at March 31, 2026 and $3.0 billion at June 30, 2025, an increase of $140.5 million, or 4.6%. During the quarter ended March 31, 2026, the Company completed the termination of its defined benefit pension plan, with all remaining obligations settled using plan assets for approximately $3.5 million. Total cash and cash equivalents for the Company were $139.5 million at March 31, 2026 and $183.1 million at June 30, 2025. The Company has continued to maintain strong capital and liquidity positions as of March 31, 2026. Securities available-for-sale and held-to-maturity increased $52.3 million, or 4.6%, to $1.2 billion at March 31, 2026 as compared to $1.1 billion at June 30, 2025. Securities purchased totaled $569.3 million during the nine months ended March 31, 2026, primarily consisting of $254.2 million of U.S. Treasuries, $229.9 million of state and political subdivision securities, $68.1 million of mortgage-backed securities, $9.0 million of corporate debt securities, and $8.1 million of collateralized mortgage obligations. Principal pay-downs and maturities during the nine months ended March 31, 2026, amounted to $512.4 million, primarily consisting of $259.0 million of U.S. Treasuries, $205.0 million of state and political subdivision securities, $31.3 million of mortgage-backed securities, $14.4 million of corporate debt securities, and $2.7 million of collateralized mortgage obligations. Net loans receivable increased $118.7 million, or 7.4%, to $1.7 billion at March 31, 2026 as compared to $1.6 billion at June 30, 2025. Loan growth experienced during the nine months ended March 31, 2026, consisted primarily of $96.8 million in commercial real estate loans, $18.2 million in commercial loans, and $7.7 million in home equity loans. The allowance for credit losses on loans increased $1.6 million, or 8.1%, to $21.8 million at March 31, 2026 as compared to $20.1 million at June 30, 2025. The increase in the allowance for credit losses was primarily attributable to an increase in loan volume. Deposits totaled $2.8 billion at March 31, 2026 as compared to $2.6 billion at June 30, 2025, an increase of $132.7 million. The Company had $31.6 million and $51.6 million of brokered deposits at March 31, 2026 and June 30, 2025, respectively. NOW deposits increased $141.3 million, or 7.2%, and money market deposits increased $2.3 million, or 2.3% when comparing March 31, 2026 and June 30, 2025. Savings deposits decreased $7.5 million, or 3.0%, certificates of deposits decreased $2.3 million, or 1.0%, and noninterest bearing deposits decreased $1.1 million, or 1.0%, when comparing March 31, 2026 and June 30, 2025. Borrowings amounted to $107.3 million at March 31, 2026 as compared to $128.1 million at June 30, 2025, a decrease of $20.8 million. At March 31, 2026, borrowings included $73.2 million of overnight borrowings with the Federal Home Loan Bank of New York (“FHLB”), $29.9 million of Fixed-to-Floating Rate Subordinated Notes and $4.2 million of long-term borrowings with the FHLB. On October 1, 2025, the entire outstanding principal amount of the $20.0 million 4.75% Fixed-to-Floating Rate Subordinated Notes, due September 17, 2030, were redeemed. The redemption was funded by cash on hand. Shareholders’ equity increased to $267.6 million at March 31, 2026 as compared to $238.8 million at June 30, 2025, resulting primarily from net income of $29.7 million and a decrease in accumulated other comprehensive loss of $2.3 million, partially offset by dividends declared and paid of $3.3 million. As previously announced on April 15, 2026, the Board of Directors of the Company adopted a stock repurchase program. Under the repurchase program, the Company may repurchase up to 400,000 shares of its common stock, at management’s discretion, at prices management considers to be attractive, and in the best interests of both the Company and its stockholders. Corporate Overview Greene County Bancorp, Inc. is the holding company for the Bank of Greene County, and its subsidiary Greene County Commercial Bank. The Company is the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State. Its customers include individuals, businesses, municipalities and other institutions. Greene County Bancorp, Inc. (GCBC) is publicly traded on the Nasdaq Capital Market and is dedicated to promoting economic development and a high quality of life in the communities it serves. For more information on Greene County Bancorp, Inc., visit www.tbogc.com. Forward-Looking Statements In addition to historical information, this earnings release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which describes the future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “contemplate,” “continue,” “target” and words of similar meaning. Forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Accordingly, you should not place undue reliance on such statements. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this report. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in general economic conditions, interest rates and inflation; changes in asset quality; our ability to access cost-effective funding; fluctuations in real estate values; changes in laws or regulations; the effects of any federal government shutdown; changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; changes in technology; failures or breaches of our IT security systems; our ability to introduce new products and services and capitalize on growth opportunities; changes in accounting policies and practices; our ability to retain key employees; and the effects of natural disasters and geopolitical events, including terrorism, conflict and acts of war. For more information, please see our reports filed with the United States Securities and Exchange Commission (“SEC”), including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. Non-GAAP Measures In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission ("SEC") and may constitute "non-GAAP financial measures" within the meaning of the SEC's rules. The Company has provided in this news release supplemental disclosures for the calculation of net interest margin utilizing a fully taxable-equivalent adjustment and pre-provision net income. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company's performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Our non-GAAP financial measures may differ from similar measures presented by other companies. Refer to the tables on page 9 for Non-GAAP to GAAP reconciliations. Greene County Bancorp, Inc. Consolidated Statements of Income and Selected Financial Ratios (Unaudited) Greene County Bancorp, Inc. Consolidated Statements of Financial Condition (Unaudited) The above information is preliminary and based on the Company’s data available at the time of presentation. Non-GAAP to GAAP Reconciliations The following table summarizes the adjustments made to arrive at the fully taxable-equivalent net interest margins. (1) Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. The rate used for this adjustment was 21% for federal income taxes for the three and nine months ended March 31, 2026 and 2025, 4.44% for New York State income taxes for the three and nine months ended March 31, 2026 and 2025. The following table summarizes the adjustments made to arrive at pre-provision net income. The above information is preliminary and based on the Company’s data available at the time of presentation. For Further Information Contact: Donald E. Gibson President & CEO (518) 943-2600 [email protected] Nick Barzee SVP & CFO (518) 943-2600 [email protected]

CATSKILL, N.Y., Jan. 21, 2026 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the holding company for the Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported net income for the three and six months ended December 31, 2025, which is the second quarter of the Company’s fiscal year ending June 30, 2026. Net income for the three and six months ended December 31, 2025, was $10.3 million, or $0.60 per basic and diluted share, and $19.2 million, or $1.13 per basic and diluted share, respectively, as compared to $7.5 million, or $0.44 per basic and diluted share, and $13.8 million, or $0.81 per basic and diluted share, for the three and six months ended December 31, 2024, respectively. Net income increased $5.4 million, or 39.3%, when comparing the six months ended December 31, 2025 and 2024. Highlights: Net Income: $19.2 million for the six months ended December 31, 2025, a new record high Total Assets: $3.1 billion at December 31, 2025, a new record high Net Loans: $1.7 billion at December 31, 2025, a new record high Return on Average Assets: 1.27% for the six months ended December 31, 2025 Return on Average Equity: 15.45% for the six months ended December 31, 2025 Recognized as Top-Performing Bank in Piper Sandler’s Class of 2025 Sm-All Stars Donald Gibson, President & CEO stated: “This quarter represents a defining milestone for our organization, achieving the highest earnings in our 137-year history while successfully launching our first Saratoga County office, on time and under budget. This demonstrates the strength of our strategy, the discipline of our execution and the dedication of our entire team. Our expansion positions us in a high-growth market and aligns with our strategy of disciplined capital deployment to enhance long-term shareholder value.” Mr. Gibson added: “The Company continues to see strong momentum across its core business lines, supported by conservative risk management and a focus on operating fundamentals. Our performance underscores our long-standing commitment to building shareholder value while serving the financial needs of our communities. We are proud of our legacy and even more excited about the opportunities ahead.” Greene County Bancorp, Inc. was recognized as a top-performing bank in Piper Sandler’s Class of 2025 Bank & Thrift Small-Cap All Stars, an honor recognizing top-performing banks in the small cap segment. The Company ranked 9th out of 24 recognized banks and thrifts and has been included on the list a total of nine times since its inception in 2004, which is more than any other bank in the 2025 class. Total consolidated assets for the Company were $3.1 billion at December 31, 2025, primarily consisting of $1.7 billion of net loans and $1.2 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.6 billion at December 31, 2025, consisting of retail, business, municipal and private banking relationships. Pre-provision net income was $20.6 million for the six months ended December 31, 2025 as compared to $14.9 million for the six months ended December 31, 2024, an increase of $5.7 million, or 38.7%. Pre-provision net income measures the Company’s net income not including the provision for credit losses. Management believes that this non-GAAP measure assists investors in comprehending the impact of the provision for credit losses on the Company’s reported results, offering an alternative view of the Company’s performance and the Company’s ability to generate income in excess of its provision for credit losses. The Company strategically managed its balance sheet by focusing on higher-yielding loans and securities and lowering deposit rates to align with the Federal Reserve’s recent interest rate cuts. This resulted in a higher net interest margin for the three and six months ended December 31, 2025 as compared to the three and six months ended December 31, 2024. The Company will continue to monitor the Federal Reserve and interest rates paid on deposits, while maintaining our long-term customer relationships. Selected highlights for the three and six months ended December 31, 2025, are as follows: Net Interest Income and Margin Net interest income increased $5.0 million to $19.1 million for the three months ended December 31, 2025, from $14.1 million for the three months ended December 31, 2024. Net interest income increased $9.4 million to $36.6 million for the six months ended December 31, 2025, from $27.2 million for the six months ended December 31, 2024. The increase in net interest income for the three and six months ended December 31, 2025, was due to an increase in the average balance of interest-earning assets, which increased $241.1 million and $240.4 million when comparing the three and six months ended December 31, 2025 and 2024, respectively, an increase in interest rates earned on interest-earning assets, which increased 20 and 19 basis points when comparing the three and six months ended December 31, 2025 and 2024, respectively, and a . The increase in net interest income was offset by an increase in the average balance of interest-bearing liabilities, which increased $220.1 million and $221.6 million when comparing the three and six months ended December 31, 2025 and 2024, respectively. Average loan balances increased $162.6 million and $160.2 million and the yield on loans increased 21 and 19 basis points when comparing the three and six months ended December 31, 2025 and 2024, respectively. The average balance of securities increased $107.4 million and $97.6 million and the yield on such securities increased 27 and 26 basis points when comparing the three and six months ended December 31, 2025 and 2024, respectively. Average interest-bearing bank balances and federal funds decreased $29.9 million and $18.4 million and the yield on interest-bearing bank balances and federal funds decreased 56 and 72 basis points when comparing the three and six months ended December 31, 2025 and 2024, respectively. The cost of NOW deposits decreased 41 basis points for both the three and six months ended December 31, 2025 and 2024, respectively, and the cost of certificates of deposit decreased 63 and 74 basis points when comparing the three and six months ended December 31, 2025 and 2024, respectively. The growth in interest-bearing liabilities was primarily due to an increase in average NOW deposits of $202.3 million and $196.0 million and an increase in average certificates of deposits of $39.3 million and $50.5 million when comparing the three and six months ended December 31, 2025 and 2024, respectively. This was partially offset by a decrease in average savings and money market deposits of $16.4 million and $16.1 million, and a decrease in borrowings of $5.2 million and $8.8 million when comparing the three and six months ended December 31, 2025 and 2024. Yields on interest-earning assets increased and costs of interest-bearing deposits decreased when comparing the three and six months ended December 31, 2025 and 2024, as the Company continued to reprice assets into the higher interest rate environment, and continued a strategic reduction in deposit rates that aligns with the Federal Reserve’s rate cuts. Net interest rate spread increased 54 basis points to 2.34% for the three months ended December 31, 2025 as compared to 1.80% for the three months ended December 31, 2024. Net interest rate spread increased 51 basis points to 2.29% for the six months ended December 31, 2025 as compared to 1.78% for the six months ended December 31, 2024. Net interest margin increased 50 basis points to 2.54% for the three months ended December 31, 2025 as compared to 2.04% for the three months ended December 31, 2024. Net interest margin increased 47 basis points to 2.51% for the six months ended December 31, 2025 as compared to 2.04% for the six months ended December 31, 2024. The increase in net interest rate spread and margin during the three and six months ended December 31, 2025, was due to increases in interest income on loans and securities, as they continue to reprice at higher yields and the interest rates earned on new balances were higher than the historic low levels from the prior periods, and the reduction in deposit rates. Net interest income on a taxable-equivalent basis includes the additional amount of interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. Tax equivalent net interest margin was 2.83% and 2.31% for the three months ended December 31, 2025 and 2024, respectively, and was 2.81% and 2.30% for the six months ended December 31, 2025 and 2024, respectively. Credit Quality and Provision for Credit Losses Provision for credit losses amounted to $199,000 and $478,000 for the three months ended December 31, 2025 and 2024, respectively, and $1.5 million and $1.1 million for the six months ended December 31, 2025 and 2024, respectively. The provision for the six months ended December 31, 2025, was primarily attributable to an increase in loan volume and growth in securities held-to-maturity that require an allowance. The allowance for credit losses on loans to total loans receivable was 1.26% at December 31, 2025 as compared to 1.24% at June 30, 2025. Commercial and commercial real estate loans classified as substandard and special mention totaled $36.8 million at December 31, 2025, and $39.4 million at June 30, 2025, a decrease of $2.6 million. The decrease in the loans classified during the period ended December 31, 2025, was primarily due to upgrades of commercial real estate loans that were considered to be performing and paying in accordance with the terms of their loan agreements and commercial real estate loans that were paid off during the period. Of the loans classified as substandard or special mention, $36.1 million were performing at December 31, 2025. There were no loans classified as doubtful or loss at December 31, 2025 or June 30, 2025. Net charge-offs on loans amounted to $140,000 and $95,000 for the three months ended December 31, 2025 and 2024, respectively, an increase of $45,000. Net charge-offs totaled $200,000 and $209,000 for the six months ended December 31, 2025 and 2024, respectively. There were no material charge-offs in any loan segment during the three and six months ended December 31, 2025. Nonperforming loans amounted to $3.3 million at December 31, 2025, and $3.1 million at June 30, 2025. The activity in nonperforming loans during the period included $586,000 in loan repayments, $73,000 in charge-offs or transfers to foreclosure, and $860,000 of loans placed into nonperforming status. At December 31, 2025 and June 30, 2025, nonperforming assets were 0.10% of total assets, respectively. At December 31, 2025, nonperforming loans were 0.20% of net loans as compared to 0.19% at June 30, 2025. Noninterest Income and Noninterest Expense Noninterest income decreased $719,000, or 18.6%, to $3.2 million for the three months ended December 31, 2025 compared to $3.9 million for the three months ended December 31, 2024. The decrease during the three months ended December 31, 2025 was primarily due to a $576,000 loss on sales of securities available-for-sale, a decrease in income earned on customer interest rate swap contracts of $209,000 and a $99,000 decrease in loan fees. Noninterest income decreased $470,000, or 6.2%, to $7.1 million for the six months ended December 31, 2025 as compared to $7.6 million for the six months ended December 31, 2024. The decrease during the six months ended December 31, 2025, was primarily due to a $576,000 loss on sales of securities available-for-sale and a decrease in loan fees of $103,000. Noninterest expense increased $1.1 million, or 11.4%, to $10.5 million for the three months ended December 31, 2025 compared to $9.4 million for the three months ended December 31, 2024. The increase during the three months ended December 31, 2025, was primarily due to an increase of $570,000 in salaries and employee benefits, an increase of $234,000 in legal and professional fees, an increase of $193,000 of defined benefit pension expense due to the Board approved termination of the Pension Plan, and an increase of $154,000 in computer software, supplies and support expenses. This was partially offset by a $197,000 decrease in the unfunded commitment expense, due to a decrease in the Company’s contractual obligation to extend credit. Noninterest expense increased $1.6 million, or 8.4% to $20.5 million for the six months ended December 31, 2025 compared to $18.9 million for the six months ended December 31, 2024. The increase during the six months ended December 31, 2025, was primarily due to an increase of $848,000 in salaries and employee benefits costs, an increase of $276,000 in legal and professional fees, an increase of $252,000 in charitable contributions as the Bank made a $250,000 charitable donation to the Bank of Greene County Charitable Foundation, an increase of $239,000 in computer software, supplies and support fees, and an increase of $188,000 of defined benefit pension expense. This was partially offset by a $744,000 decrease in the unfunded commitment expense. Income Taxes Provision for income taxes reflects the expected tax associated with the pre-tax income generated for the given period and certain regulatory requirements. The effective tax rate was 10.9% and 11.9% for the three and six months ended December 31, 2025, and 7.3% and 6.9% for the three and six months ended December 31, 2024, respectively. The statutory tax rate is impacted by the benefits derived from tax-exempt bond and loan income, the Company’s real estate investment trust subsidiary income, income received on the bank owned life insurance and tax credits, to arrive at the effective tax rate. The increase during the three and six months ended December 31, 2025, is primarily due to higher pre-tax income and reflects a lower mix of tax-exempt income from municipal bonds, tax advantage loans, and bank owned life insurance in proportion to pre-tax income. Balance Sheet Summary Total assets of the Company were $3.1 billion at December 31, 2025 and $3.0 billion at June 30, 2025, an increase of $106.4 million, or 3.5%. Total cash and cash equivalents for the Company were $124.1 million at December 31, 2025 and $183.1 million at June 30, 2025. The Company has continued to maintain strong capital and liquidity positions as of December 31, 2025. Securities available-for-sale and held-to-maturity increased $89.7 million, or 7.9%, to $1.2 billion at December 31, 2025 as compared to $1.1 billion at June 30, 2025. Securities purchases totaled $459.6 million during the six months ended December 31, 2025, and consisted primarily of $219.3 million of U.S. Treasuries, $189.5 million of state and political subdivision securities, $37.9 million of mortgage-backed securities, $9.0 million of corporate debt securities, and $3.9 million of collateralized mortgage obligations. Principal pay-downs and maturities during the six months ended December 31, 2025 amounted to $364.9 million, primarily consisting of $180.0 million of U.S. Treasuries, $153.4 million of state and political subdivision securities, $21.3 million of mortgage-backed securities, $8.3 million of corporate debt securities, and $1.9 million of collateralized mortgage obligations. Net loans receivable increased $58.6 million, or 3.6%, to $1.7 billion at December 31, 2025 as compared to $1.6 billion at June 30, 2025. Loan growth experienced during the six months ended December 31, 2025, consisted primarily of $43.5 million in commercial real estate loans, $12.9 million in commercial loans, and $6.5 million in home equity loans. The allowance for credit losses on loans increased $1.2 million, or 5.9%, to $21.3 million at December 31, 2025 as compared to $20.1 million at June 30, 2025. The increase in the allowance for credit losses was primarily attributable to an increase in loan volume. Deposits totaled $2.6 billion at December 31, 2025 and June 30, 2025, respectively. The Company had $31.6 million and $51.6 million brokered deposits at December 31, 2025 and June 30, 2025, respectively. NOW deposits increased $48.1 million, or 2.5%, when comparing December 31, 2025 and June 30, 2025. Certificates of deposits decreased $22.2 million, or 9.7%, money market deposits decreased $16.1 million, or 15.7%, noninterest bearing deposits decreased $5.0 million, or 4.5%, and savings deposits decreased $3.6 million, or 1.4%, when comparing December 31, 2025 and June 30, 2025. Borrowings amounted to $214.1 million at December 31, 2025 as compared to $128.1 million at June 30, 2025, an increase of $86.0 million. At December 31, 2025, borrowings included $180.0 million of overnight borrowings with the Federal Home Loan Bank of New York (“FHLB”), $29.9 million of Fixed-to-Floating Rate Subordinated Notes and $4.2 million of long-term borrowings with the FHLB. On October 1, 2025, the entire outstanding principal amount of the $20.0 million 4.75% Fixed-to-Floating Rate Subordinated Notes, due September 17, 2030 were redeemed. The redemption was funded by cash on hand. Shareholders’ equity increased to $258.3 million at December 31, 2025 as compared to $238.8 million at June 30, 2025, resulting primarily from net income of $19.2 million and a decrease in accumulated other comprehensive loss of $1.8 million, partially offset by dividends declared and paid of $1.6 million. Corporate Overview Greene County Bancorp, Inc. is the holding company for the Bank of Greene County, and its subsidiary Greene County Commercial Bank. The Company is the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State. Its customers include individuals, businesses, municipalities and other institutions. Greene County Bancorp, Inc. (GCBC) is publicly traded on the Nasdaq Capital Market and is dedicated to promoting economic development and a high quality of life in the communities it serves. For more information on Greene County Bancorp, Inc., visit www.tbogc.com. Forward-Looking Statements This earnings release contains statements about future events that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “will,” “should,” “could,” “plan,” and other similar terms of expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. These risks, uncertainties and other factors may cause the actual results, performance or achievements expressed in, or implied by, the forward-looking statements to differ materially from those contemplated by the forward-looking statements. Factors that may cause such a difference include, but are not limited to, local, regional, national and international general economic conditions, including actual or potential stress in the banking industry, financial and regulatory changes, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, changes in customer deposit behavior, and market acceptance of the Company’s pricing, products and services. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the Securities and Exchange Commission, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected. Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. For more information, please see our reports filed with the United States Securities and Exchange Commission (“SEC”), including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. Non-GAAP Measures In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission ("SEC") and may constitute "non-GAAP financial measures" within the meaning of the SEC's rules. The Company has provided in this news release supplemental disclosures for the calculation of net interest margin utilizing a fully taxable-equivalent adjustment and pre-provision net income. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company's performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Our non-GAAP financial measures may differ from similar measures presented by other companies. Refer to the tables on page 9 for Non-GAAP to GAAP reconciliations. Greene County Bancorp, Inc. Consolidated Statements of Income, and Selected Financial Ratios (Unaudited) Greene County Bancorp, Inc. Consolidated Statements of Financial Condition (Unaudited) Non-GAAP to GAAP Reconciliations The following table summarizes the adjustments made to arrive at the fully taxable-equivalent net interest margins. The following table summarizes the adjustments made to arrive at pre-provision net income. For Further Information Contact: Donald E. Gibson President & CEO (518) 943-2600 [email protected] Nick Barzee SVP & CFO (518) 943-2600 [email protected]

CATSKILL, N.Y., July 23, 2025 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the holding company for the Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported net income for the quarter and fiscal year ended June 30, 2025. Net income for the quarter and fiscal year ended June 30, 2025 was $9.3 million, or $0.55 per basic and diluted share, and $31.1 million, or $1.83 per basic and diluted share, respectively, as compared to $6.7 million, or $0.40 per basic and diluted share, and $24.8 million, or $1.45 per basic and diluted share, for the quarter and fiscal year ended June 30, 2024, respectively. Net income increased $2.6 million, or 38.6%, when comparing the quarters ended June 30, 2025 and 2024, and increased $6.3 million, or 25.7%, when comparing the fiscal years ended June 30, 2025 and 2024. Highlights: Net Income: $31.1 million for the fiscal year ended June 30, 2025, a new record high Total Assets: $3.0 billion at June 30, 2025, a new record high Net Loans: $1.6 billion at June 30, 2025, a new record high Total Deposits: $2.6 billion at June 30, 2025 Return on Average Assets: 1.10% for the fiscal year ended June 30, 2025 Return on Average Equity: 14.08% for the fiscal year ended June 30, 2025 Donald Gibson, President & CEO, stated: “I am pleased to report record high net income for the fiscal year ended June 30, 2025, marking 16 years of the past 17 years that our Company has achieved record earnings. This sustained performance is a testament to our disciplined business model, strong community partnerships and exceptional execution of our team. As we look ahead, we are excited to announce plans to expand into Saratoga County with our first branch in that market area, expanding our geographic footprint from five to six counties within New York State, and further strengthening our position as the leading economic engine of the communities we serve. Additionally, we are honored to be recognized by the Albany Business Review, first as one of the Capital Regions 11 fastest growing large companies, defined as those with revenue exceeding $100.0 million, and second, on July 17, 2025, we ranked as the number one commercial mortgage lender in New York’s Capital Region for commercial loan volume in 2024. I believe the distinction reflects our financial strength and our long-term commitment to organic growth that benefits customers, communities and shareholders alike.” Total consolidated assets for the Company were $3.0 billion at June 30, 2025, primarily consisting of $1.6 billion of net loans and $1.1 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.6 billion at June 30, 2025, consisting of retail, business, municipal and private banking relationships. Pre-provision net income was $32.5 million for the year ended June 30, 2025 as compared to $25.5 million for the year ended June 30, 2024, an increase of $7.0 million, or 27.1%. Pre-provision net income measures the Company’s net income less the provision for credit losses. Management believes that this non-GAAP measure assists investors in comprehending the impact of the provision for credit losses on the Company’s reported results, offering an alternative view of the Company’s performance and the Company’s ability to generate income in excess of its provision for credit losses. The Company strategically managed its balance sheet by focusing on higher-yielding loans and securities, and lowering deposit rates to align with the Federal Reserve’s recent interest rate cuts. This resulted in a higher net interest margin for the year ended June 30, 2025 as compared to the year ended June 30, 2024. The Company will continue to monitor the Federal Reserve and interest rates paid on deposits, while maintaining our long-term customer relationships. Selected highlights for the quarter and fiscal year ended June 30, 2025 are as follows: Net Interest Income and Margin Net interest income increased $3.8 million to $16.7 million for the three months ended June 30, 2025 from $12.9 million for the three months ended June 30, 2024. Net interest income increased $9.1 million to $60.1 million for the year ended June 30, 2025 from $51.0 million for the year ended June 30, 2024. The increase in net interest income was due to an increase in the average balance of interest-earning assets which increased $219.0 million and $170.7 million when comparing the three months and years ended June 30, 2025 and 2024, respectively, an increase in interest rates on interest-earning assets, which increased 16 basis points and 26 basis points when comparing the three months and years ended June 30, 2025 and 2024, respectively, and a decrease of 26 basis points in rates paid on interest-bearing liabilities when comparing the three months ended June 30, 2025 and 2024. The increase in net interest income was offset by increases in the average balance of interest-bearing liabilities, which increased $203.4 million and $168.3 million when comparing the three months and years ended June 30, 2025 and 2024, respectively, and an increase of 4 basis points in rates paid on interest-bearing liabilities when comparing the years ended June 30, 2025 and 2024. Average loan balances increased $145.9 million and $96.6 million and the yield on loans increased 18 basis points and 23 basis points when comparing the three months and years ended June 30, 2025 and 2024, respectively. The average balance of securities increased $87.0 million and $79.1 million and the yield on such securities increased 24 basis points and 36 basis points when comparing the three months and years ended June 30, 2025 and 2024, respectively. Average interest-bearing bank balances and federal funds decreased $13.8 million and $5.0 million and the yield on interest-bearing bank balances and federal funds decreased 172 basis points and 36 basis points when comparing the three months and years ended June 30, 2025 and 2024, respectively. The cost of NOW deposits decreased 34 basis points and 2 basis points, the cost of certificates of deposit decreased 81 basis points and 21 basis points, and the cost of savings and money market deposits decreased 1 basis point and increased 7 basis points when comparing the three months and years ended June 30, 2025 and 2024, respectively. The growth in interest-bearing liabilities was primarily due to an increase in average NOW deposits of $178.0 million and $135.1 million and an increase in average certificates of deposits of $75.0 million and $62.7 million when comparing the three months and years ended June 30, 2025 and 2024, respectively. This was partially offset by a decrease in average savings and money market deposits of $15.0 million and $22.8 million when comparing the three months and years ended June 30, 2025 and 2024, respectively. Yields on interest-earning assets increased when comparing the three months and years ended June 30, 2025 and 2024 as the Company continued to reprice assets into the higher interest rate environment. During the year ended June 30, 2025, the Company implemented a strategic reduction in deposit rates that aligns with the Federal Reserve’s rate cuts, while providing competitive financial solutions to the Company’s customers that reflect the prevailing economic conditions, while growing new relationships. Net interest rate spread increased 42 basis points to 2.14% for the three months ended June 30, 2025, compared to 1.72% for the three months ended June 30, 2024. Net interest rate spread increased 22 basis points to 1.97% for the year ended June 30, 2025, compared to 1.75% for the year ended June 30, 2024. Net interest margin increased 40 basis points to 2.37% for the three months ended June 30, 2025, compared to 1.97% for the three months ended June 30, 2024. Net interest margin increased 21 basis points to 2.19% for the year ended June 30, 2025, compared to 1.98% for the year ended June 30, 2024. The increase in net interest rate spread and margin during the three months and year ended June 30, 2025, was due to increases in interest income on loans and securities, as they continue to reprice at higher yields and the interest rates earned on new balances were higher than the historic low levels from the prior periods. Net interest income on a taxable-equivalent basis includes the additional amount of interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. Tax equivalent net interest margin was 2.67% and 2.24% for the three months ended June 30, 2025 and 2024, respectively, and was 2.47% and 2.25% for the years ended June 30, 2025 and 2024, respectively. Credit Quality and Provision for Credit Losses Provision for credit losses amounted to a benefit of $880,000 and $151,000 for the three months ended June 30, 2025 and 2024, respectively. The benefit for the three months ended June 30, 2025 was primarily attributable to an improvement in the qualitative factors assessments on loans, partially offset by a modest deterioration in the economic forecasts used in the Current Expected Credit Loss models on loans as of June 30, 2025, and growth in securities held-to-maturity that require an allowance. Provision for credit losses amounted to a charge of $1.3 million and $766,000 for the years ended June 30, 2025 and 2024, respectively. The provision for the year ended June 30, 2025, was primarily attributable to growth in gross loans, a modest deterioration in the economic forecasts used in the Current Expected Credit Loss models on loans as of June 30, 2025 and growth in securities held-to-maturity that require an allowance, partially offset by an improvement in the qualitative factors assessments on loans. The allowance for credit losses on loans to total loans receivable was 1.24% at June 30, 2025 compared to 1.28% at June 30, 2024. Loans classified as substandard and special mention totaled $45.4 million at June 30, 2025 and $48.6 million at June 30, 2024, a decrease of $3.2 million. Of the loans classified as substandard or special mention, $42.1 million were performing at June 30, 2025. There were no loans classified as doubtful or loss at June 30, 2025 or June 30, 2024. Net charge-offs on loans amounted to $44,000 and $1.0 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of $956,000. Net charge-offs totaled $349,000 and $1.4 million for years ended June 30, 2025 and 2024, respectively. There were no material charge-offs in any loan segment during the three months and year ended June 30, 2025. Nonperforming loans amounted to $3.1 million at June 30, 2025 and $3.7 million at June 30, 2024. The activity in nonperforming loans during the period included $2.6 million in loan repayments, $128,000 in charge-offs or transfers to foreclosure, $67,000 in loans returning to performing status, and $2.1 million of loans placed into nonperforming status. At June 30, 2025, nonperforming assets were 0.10% of total assets compared to 0.13% at June 30, 2024. At June 30, 2025, nonperforming loans were 0.19% of net loans compared to 0.25% at June 30, 2024. Noninterest Income and Noninterest Expense Noninterest income increased $46,000, or 1.2%, to $3.8 million for the three months ended June 30, 2025 compared to $3.7 million for the three months ended June 30, 2024. The increase during the three months ended June 30, 2025 was primarily due to a $128,000 increase in fee income earned on customer interest rate swap contracts. This was partially offset by a $152,000 decrease of investment services income. Noninterest income increased $1.3 million, or 9.5%, to $15.2 million for the year ended June 30, 2025 compared to $13.9 million for the year ended June 30, 2024. The increase during the year ended June 30, 2025 was primarily due to a $610,000 Employee Retention Tax Credit, an increase in fee income earned on customer interest rate swap contracts of $528,000, loan fees of $242,000, service charge account fees of $235,000, and income from bank owned life insurance of $363,000. This was partially offset by a $665,000 loss on sales of securities available-for-sale. Noninterest expense increased $497,000, or 5.0%, to $10.4 million for the three months ended June 30, 2025 compared to $9.9 million for the three months ended June 30, 2024. The increase during the three months ended June 30, 2025 was primarily due to a $204,000 increase in service and data processing fees and a $170,000 increase in computer and software supplies. Noninterest expense increased $2.1 million, or 5.6%, to $39.4 million for the year ended June 30, 2025 as compared to $37.3 million for the year ended June 30, 2024. The increase during the year ended June 30, 2025 was primarily due to an increase of $579,000 in salaries and employee benefit costs, as new positions were created during the period to support the Company’s continued growth, an increase of $544,000 in service and data processing fees, an increase of $796,000 in the allowance for credit losses on unfunded commitments, due to the Company’s increased contractual obligations to extend credit, and an increase of $183,000 in occupancy expenses mostly due to repairs and maintenance on the Company’s buildings. This was partially offset by a decrease of $164,000 in legal and professional fees during the year ended June 30, 2025. Income Taxes Provision for income taxes reflects the expected tax associated with the pre-tax income generated for the given period and certain regulatory requirements. The effective tax rate was 14.8% and 10.2% for the three months and year ended June 30, 2025, and 1.4% and 7.6% for the three months and year ended June 30, 2024, respectively. The statutory tax rate is impacted by the benefits derived from tax-exempt bond and loan income, the Company’s real estate investment trust subsidiary income, income received on the bank owned life insurance and tax credits, to arrive at the effective tax rate. The increase during the three months and year ended June 30, 2025 is primarily due to higher pre-tax income and reflects a lower mix of tax-exempt income from municipal bonds, tax advantage loans, and bank owned life insurance in proportion to pre-tax income. Additionally, the Company was able to recognize historic preservation tax credits on the Company’s wealth management center, located at 345 Main Street, in Catskill New York for the year ended June 30, 2024. Balance Sheet Summary Total assets of the Company were $3.0 billion at June 30, 2025 and $2.8 billion at June 30, 2024, an increase of $214.8 million, or 7.6%. Total cash and cash equivalents for the Company were $183.1 million at June 30, 2025 and $190.4 million at June 30, 2024. The Company has continued to maintain strong capital and liquidity positions as of June 30, 2025. Securities available-for-sale and held-to-maturity increased $91.9 million, or 8.8%, to $1.1 billion at June 30, 2025 as compared to $1.0 billion at June 30, 2024. Securities purchases totaled $444.2 million during the year ended June 30, 2025, and consisted primarily of $308.5 million of state and political subdivision securities, $88.4 million of mortgage-backed securities, $24.7 million of U.S. Treasury securities, $16.7 million of collateralized mortgage obligations, and $5.9 million of corporate debt securities. Principal pay-downs and maturities during the year ended June 30, 2025 amounted to $353.5 million, primarily consisting of $258.7 million of state and political subdivision securities, $58.0 million of U.S. Treasury securities, $32.7 million of mortgage-backed securities, $2.8 million of collateralized mortgage obligations and $1.3 million of corporate debt securities. Sales during the year ended June 30, 2025 amounted to $6.7 million of U.S. Treasury securities. Net loans receivable increased $127.0 million, or 8.6%, to $1.6 billion at June 30, 2025 as compared to $1.5 billion at June 30, 2024. Loan growth experienced during the year ended June 30, 2025 consisted primarily of $117.9 million in commercial real estate loans, $5.5 million in commercial loans, and $4.9 million in home equity loans. Deposits totaled $2.6 billion at June 30, 2025 and $2.4 billion at June 30, 2024, an increase of $250.6 million, or 10.5%. The Company had $51.6 million and zero brokered deposits at June 30, 2025 and June 30, 2024, respectively. NOW deposits increased $192.6 million, or 10.9%, and certificates of deposits increased $89.7 million, or 64.8%, when comparing June 30, 2025 and June 30, 2024. Noninterest bearing deposits decreased $15.3 million, or 12.2%, money market deposits decreased $10.5 million, or 9.3%, and savings deposits decreased $5.9 million, or 2.3%, when comparing June 30, 2025 and June 30, 2024. Borrowings amounted to $128.1 million at June 30, 2025 compared to $199.1 million at June 30, 2024, a decrease of $71.0 million. At June 30, 2025, borrowings included $74.0 million of overnight borrowings with the Federal Home Loan Bank of New York (“FHLB”), $49.9 million of Fixed-to-Floating Rate Subordinated Notes, and $4.2 million of long-term borrowings with the FHLB. Shareholders’ equity increased to $238.8 million at June 30, 2025 compared to $206.0 million at June 30, 2024, resulting primarily from net income of $31.1 million and a decrease in accumulated other comprehensive loss of $6.2 million, partially offset by dividends declared and paid of $4.5 million. Corporate Overview Greene County Bancorp, Inc. is the holding company for the Bank of Greene County, and its subsidiary Greene County Commercial Bank. The Company is the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State. Its customers include individuals, businesses, municipalities and other institutions. Greene County Bancorp, Inc. (GCBC) is publicly traded on the Nasdaq Capital Market and is dedicated to promoting economic development and a high quality of life in the communities it serves. For more information on Greene County Bancorp, Inc., visit www.tbogc.com. Forward-Looking Statements This earnings release contains statements about future events that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “will,” “should,” “could,” “plan,” and other similar terms of expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. These risks, uncertainties and other factors may cause the actual results, performance or achievements expressed in, or implied by, the forward-looking statements to differ materially from those contemplated by the forward-looking statements. Factors that may cause such a difference include, but are not limited to, local, regional, national and international general economic conditions, including actual or potential stress in the banking industry, financial and regulatory changes, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, changes in customer deposit behavior, and market acceptance of the Company’s pricing, products and services. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the Securities and Exchange Commission, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected. Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. For more information, please see our reports filed with the United States Securities and Exchange Commission (“SEC”), including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. Non-GAAP Measures In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission ("SEC") and may constitute "non-GAAP financial measures" within the meaning of the SEC's rules. The Company has provided in this news release supplemental disclosures for the calculation of net interest margin utilizing a fully taxable-equivalent adjustment and pre-provision net income. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company's performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Our non-GAAP financial measures may differ from similar measures presented by other companies. Refer to the tables on page 9 for Non-GAAP to GAAP reconciliations. The above information is preliminary and based on the Company’s data available at the time of presentation. Non-GAAP to GAAP Reconciliations The following table summarizes the adjustments made to arrive at the fully taxable-equivalent net interest margins. (1) Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. The rate used for this adjustment was 21% for federal income taxes for the three and twelve months ended June 30, 2025 and 2024, 4.44% for New York State income taxes for the three and twelve months ended June 30, 2025 and 2024. The following table summarizes the adjustments made to arrive at pre-provision net income. The above information is preliminary and based on the Company’s data available at the time of presentation. For Further Information Contact: Donald E. Gibson President & CEO (518) 943-2600 [email protected] Nick Barzee SVP & CFO (518) 943-2600 [email protected]

CATSKILL, N.Y., April 22, 2025 (GLOBE NEWSWIRE) -- Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the holding company for the Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported net income for the three and nine months ended March 31, 2025, which is the third quarter of the Company’s fiscal year ending June 30, 2025. Net income for the three and nine months ended March 31, 2025 was $8.1 million, or $0.47 per basic and diluted share, and $21.8 million, or $1.28 per basic and diluted share, respectively, as compared to $5.9 million, or $0.34 per basic and diluted share, and $18.0 million, or $1.06 per basic and diluted share, for the three and nine months ended March 31, 2024, respectively. Net income increased $3.8 million, or 20.9%, when comparing the nine months ended March 31, 2025 and 2024. Highlights: Net Income: $21.8 million for the nine months ended March 31, 2025 Total Assets: $3.0 billion at March 31, 2025, a new record high Net Loans: $1.6 billion at March 31, 2025, a new record high Total Deposits $2.7 billion at March 31, 2025, a new record high Return on Average Assets: 1.04% for the nine months ended March 31, 2025 Return on Average Equity: 13.40% for the nine months ended March 31, 2025 Donald Gibson, President & CEO stated: “I am pleased to report we reached a new milestone exceeding $3.0 billion in consolidated assets for the quarter ended March 31, 2025. This milestone in asset growth is a true testament to our Bank’s unique long-term culture to grow organically. The primary driver of our growth has been our team’s ability to provide innovative solutions and world-class customer service. When reviewing our company’s 136 year history, it took us approximately 128 years to reach $1.0 billion in assets, and only seven more years to reach $3.0 billion in assets. I am also proud to report solid quarterly income for the quarter ended March 31, 2025 of $8.1 million, an increase of 37.4% when compared to the quarterly net income of $5.9 million for the quarter ended March 31, 2024.” Total consolidated assets for the Company were $3.0 billion at March 31, 2025, primarily consisting of $1.6 billion of net loans and $1.1 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.7 billion at March 31, 2025, consisting of retail, business, municipal and private banking relationships. Pre-provision net income was $24.0 million for the nine months ended March 31, 2025 as compared to $19.0 million for the nine months ended March 31, 2024, an increase of $5.0 million, or 26.6%. Pre-provision net income measures the Company’s net income less the provision for credit losses. Management believes that this non-GAAP measure assists investors in comprehending the impact of the provision for credit losses on the Company’s reported results, offering an alternative view of the Company’s performance and the Company’s ability to generate income in excess of its provision for credit losses. The Company strategically managed its balance sheet by focusing on higher-yielding loans and securities, and lowering deposit rates to align with the Federal Reserve’s recent interest rate cuts. This resulted in a higher net interest margin for the three and nine months ended March 31, 2025 as compared to the three and nine months ended March 31, 2024. The Company will continue to monitor the Federal Reserve and interest rates paid on deposits, while maintaining our long-term customer relationships. Selected highlights for the three and nine months ended March 31, 2025 are as follows: Net Interest Income and Margin Net interest income increased $3.9 million to $16.2 million for the three months ended March 31, 2025 from $12.3 million for the three months ended March 31, 2024. Net interest income increased $5.3 million to $43.4 million for the nine months ended March 31, 2025 from $38.1 million for the nine months ended March 31, 2024. The increase in net interest income was due to an increase in the average balance of interest-earning assets which increased $205.8 million and $154.6 million when comparing the three and nine months ended March 31, 2025 and 2024, respectively, increases in interest rates on interest-earning assets, which increased 23 basis points and 30 basis points when comparing the three and nine months ended March 31, 2025 and 2024, respectively, and a decrease of 23 basis points in rates paid on interest-bearing liabilities when comparing the three months ended March 31, 2025 and 2024, respectively. The increase in net interest income was offset by increases in the average balance of interest-bearing liabilities, which increased $204.2 million and $156.6 million when comparing the three and nine months ended March 31, 2025 and 2024, respectively, and an increase of 15 basis points in rates paid on interest-bearing liabilities when comparing the nine months ended March 31, 2025 and 2024, respectively.Average loan balances increased $113.1 million and $80.3 million and the yield on loans increased 19 basis points and 26 basis points when comparing the three and nine months ended March 31, 2025 and 2024, respectively. The average balance of securities increased $104.5 million and $76.4 million and the yield on such securities increased 11 basis points and 40 basis points when comparing the three and nine months ended March 31, 2025 and 2024, respectively. Average interest-bearing bank balances and federal funds decreased $11.9 million and $2.1 million and the yield on interest-bearing bank balances and federal funds increased 22 basis points and 6 basis points when comparing the three and nine months ended March 31, 2025 and 2024, respectively.The cost of NOW deposits decreased 29 basis points, the cost of certificates of deposit decreased 56 basis points, and the cost of savings and money market deposits decreased 5 basis points when comparing the three months ended March 31, 2025 and 2024, respectively. The cost of NOW deposits increased 9 basis points, the cost of certificates of deposit increased 4 basis points, and the cost of savings and money market deposits increased 8 basis points when comparing the nine months ended March 31, 2025 and 2024, respectively. The growth in interest-bearing liabilities was primarily due to an increase in average NOW deposits of $179.5 million and $120.8 million and an increase in average certificates of deposits of $58.9 million and $58.7 million when comparing the three and nine months ended March 31, 2025 and 2024, respectively. This was partially offset by a decrease in average savings and money market deposits of $14.9 million and $25.4 million when comparing the three and nine months ended March 31, 2025 and 2024, respectively. Yields on interest-earning assets increased when comparing the three and nine months ended March 31, 2025 and 2024 as the Company continued to reprice assets into the higher interest rate environment. During the nine months ended March 31, 2025, the Company implemented a strategic reduction in deposit rates that aligns with the Federal Reserve’s rate cuts, while providing competitive financial solutions to the Company’s customers that reflect the prevailing economic conditions, while growing new relationships. Net interest rate spread increased 46 basis points to 2.12% for the three months ended March 31, 2025 compared to 1.66% for the three months ended March 31, 2024. Net interest rate spread increased 15 basis points to 1.90% for the nine months ended March 31, 2025, compared to 1.75% for the nine months ended March 31, 2024. Net interest margin increased 42 basis points to 2.32% for the three months ended March 31, 2025, compared to 1.90% for the three months ended March 31, 2024. Net interest margin increased 15 basis points to 2.14% for the nine months ended March 31, 2025, compared to 1.99% for the nine months ended March 31, 2024. The increase in net interest rate spread and margin during the three and nine months ended March 31, 2025, was due to increases in interest income on loans and securities, as they continue to reprice at higher yields and the interest rates earned on new balances were higher than the historic low levels from the prior periods. This was partially offset by the increase in rates paid on deposits as compared to the nine months ended March 31, 2025. Net interest income on a taxable-equivalent basis includes the additional amount of interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. Tax equivalent net interest margin was 2.60% and 2.20% for the three months ended March 31, 2025 and 2024, respectively, and was 2.41% and 2.25% for the nine months ended March 31, 2025 and 2024, respectively. Credit Quality and Provision for Credit Losses on Loans Provision for credit losses on loans amounted to $1.1 million and $277,000 for the three months ended March 31, 2025 and 2024, respectively, and $2.3 million and $922,000 for the nine months ended March 31, 2025 and 2024, respectively. The loan provision for the nine months ended March 31, 2025 was primarily attributable to growth in gross loans and a modest deterioration in the economic forecasts used in the Current Expected Credit Loss (“CECL”) model as of March 31, 2025. The allowance for credit losses on loans to total loans receivable was 1.31% at March 31, 2025 compared to 1.28% at June 30, 2024. Loans classified as substandard and special mention totaled $44.8 million at March 31, 2025 and $48.6 million at June 30, 2024, a decrease of $3.8 million. Of the loans classified as substandard or special mention, $41.6 million were performing at March 31, 2025. There were no loans classified as doubtful or loss at March 31, 2025 or June 30, 2024. Net charge-offs on loans amounted to $96,000 and $204,000 for the three months ended March 31, 2025 and 2024, respectively, a decrease of $108,000. Net charge-offs totaled $305,000 and $420,000 for the nine months ended March 31, 2025 and 2024, respectively. There were no material charge-offs in any loan segment during the three and nine months ended March 31, 2025. Nonperforming loans amounted to $2.9 million at March 31, 2025 and $3.7 million at June 30, 2024. The activity in nonperforming loans during the period included $2.3 million in loan repayments, $128,000 in charge-offs or transfers to foreclosure, $67,000 in loans returning to performing status, and $1.7 million of loans placed into nonperforming status. At March 31, 2025, nonperforming assets were 0.10% of total assets compared to 0.13% at June 30, 2024. At March 31, 2025, nonperforming loans were 0.18% of net loans compared to 0.25% at June 30, 2024. Noninterest Income and Noninterest Expense Noninterest income increased $444,000, or 13.0%, to $3.9 million for the three months ended March 31, 2025 compared to $3.4 million for the three months ended March 31, 2024. The increase during the three months ended March 31, 2025 was primarily due to a $610,000 Employee Retention Tax Credit (“ERTC”) and an increase in fee income earned on customer interest rate swap contracts of $190,000. This was partially offset by a $665,000 loss on sales of securities available-for-sale. Noninterest income increased $1.3 million, or 12.6%, to $11.5 million for the nine months ended March 31, 2025 compared to $10.2 million for the nine months ended March 31, 2024. The increase during the nine months ended March 31, 2025 was primarily due to a $610,000 Employee Retention Tax Credit (“ERTC”), an increase in fee income earned on customer interest rate swap contracts of $400,000, service charge account fees of $222,000, loan fees of $174,000 and income from bank owned life insurance (“BOLI”) of $359,000. This was partially offset by a $665,000 loss on sales of securities available-for-sale. Noninterest expense increased $808,000, or 8.8%, to $10.0 million for the three months ended March 31, 2025 compared to $9.2 million for the three months ended March 31, 2024. Noninterest expense increased $1.6 million, or 5.7%, to $29.0 million for the nine months ended March 31, 2025 as compared to $27.4 million for the nine months ended March 31, 2024. The increase during the nine months ended March 31, 2025 was primarily due to an increase of $479,000 in salaries and employee benefit costs, as new positions were created during the period to support the Company’s continued growth, an increase of $341,000 in service and data processing fees and an increase of $749,000 in the allowance for credit losses on unfunded commitments, due to the Company’s increased contractual obligations to extend credit. This was partially offset by a decrease of $116,000 in legal and professional fees during the nine months ended March 31, 2025. Income Taxes Provision for income taxes reflects the expected tax associated with the pre-tax income generated for the given period and certain regulatory requirements. The effective tax rate was 9.9% and 8.0% for the three and nine months ended March 31, 2025, and 5.2% and 9.8% for the three and nine months ended March 31, 2024, respectively. The statutory tax rate is impacted by the benefits derived from tax-exempt bond and loan income, the Company’s real estate investment trust subsidiary income, and income received on the bank owned life insurance, to arrive at the effective tax rate. The increase during the three months ended March 31, 2025 is due to higher pre-tax income. The decrease in the effective tax rate during the nine months ended March 31, 2025 primarily reflects a higher mix of tax-exempt income from municipal bonds, tax advantage loans, and bank owned life insurance in proportion to pre-tax income, and solar investment tax credits earned. Balance Sheet Summary Total assets of the Company were $3.0 billion at March 31, 2025 and $2.8 billion at June 30, 2024, an increase of $182.2 million, or 6.5%. Total cash and cash equivalents for the Company were $155.5 million at March 31, 2025 and $190.4 million at June 30, 2024. The Company has continued to maintain strong capital and liquidity positions as of March 31, 2025. Securities available-for-sale and held-to-maturity increased $96.4 million, or 9.3%, to $1.1 billion at March 31, 2025 as compared to $1.0 billion at June 30, 2024. Securities purchases totaled $330.9 million during the nine months ended March 31, 2025, and consisted primarily of $207.7 million of state and political subdivision securities, $86.4 million of mortgage-backed securities, $24.7 million of U.S. Treasury securities, and $11.4 million of collateralized mortgage obligations. Principal pay-downs and maturities during the nine months ended March 31, 2025 amounted to $234.3 million, primarily consisting of $160.5 million of state and political subdivision securities, $53.0 million of U.S. Treasury securities, $17.5 million of mortgage-backed securities, $2.0 million of collateralized mortgage obligations and $1.3 million of corporate debt securities. Net loans receivable increased $118.0 million, or 8.0%, to $1.6 billion at March 31, 2025 as compared to $1.5 billion at June 30, 2024. Loan growth experienced during the nine months ended March 31, 2025 consisted primarily of $111.9 million in commercial real estate loans, $3.2 million in home equity loans, $3.0 million in commercial loans, and $2.0 million in residential real estate loans. Deposits totaled $2.7 billion at March 31, 2025 and $2.4 billion at June 30, 2024, an increase of $265.5 million, or 11.1%. The Company had $11.6 million and zero brokered deposits at March 31, 2025 and June 30, 2024, respectively. NOW deposits increased $232.6 million, or 13.2%, and certificates of deposits increased $53.6 million, or 38.7%, when comparing March 31, 2025 and June 30, 2024. Noninterest bearing deposits decreased $9.2 million, or 7.4%, savings deposits decreased $7.8 million, or 3.1%, and money market deposits decreased $3.7 million, or 3.3%, when comparing March 31, 2025 and June 30, 2024. Borrowings amounted to $94.0 million at March 31, 2025 compared to $199.1 million at June 30, 2024, a decrease of $105.1 million. At March 31, 2025, borrowings included $42.0 million of overnight borrowings with the Federal Home Loan Bank of New York (“FHLB”), $49.8 million of Fixed-to-Floating Rate Subordinated Notes, and $2.2 million of long-term borrowings with the FHLB. Shareholders’ equity increased to $229.0 million at March 31, 2025 compared to $206.0 million at June 30, 2024, resulting primarily from net income of $21.8 million and a decrease in accumulated other comprehensive loss of $5.0 million, partially offset by dividends declared and paid of $3.8 million. Corporate Overview Greene County Bancorp, Inc. is the holding company for the Bank of Greene County, and its subsidiary Greene County Commercial Bank. The Company is the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State. Its customers include individuals, businesses, municipalities and other institutions. Greene County Bancorp, Inc. (GCBC) is publicly traded on the Nasdaq Capital Market and is dedicated to promoting economic development and a high quality of life in the communities it serves. For more information on Greene County Bancorp, Inc., visit www.tbogc.com. Forward-Looking Statements This earnings release contains statements about future events that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “will,” “should,” “could,” “plan,” and other similar terms of expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. These risks, uncertainties and other factors may cause the actual results, performance or achievements expressed in, or implied by, the forward-looking statements to differ materially from those contemplated by the forward-looking statements. Factors that may cause such a difference include, but are not limited to, local, regional, national and international general economic conditions, including actual or potential stress in the banking industry, financial and regulatory changes, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, changes in customer deposit behavior, and market acceptance of the Company’s pricing, products and services. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the Securities and Exchange Commission, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected. Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. For more information, please see our reports filed with the United States Securities and Exchange Commission (“SEC”), including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q. Non-GAAP Measures In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission ("SEC") and may constitute "non-GAAP financial measures" within the meaning of the SEC's rules. The Company has provided in this news release supplemental disclosures for the calculation of net interest margin utilizing a fully taxable-equivalent adjustment and pre-provision net income. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company's performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP.  Our non-GAAP financial measures may differ from similar measures presented by other companies. Refer to the tables on page 9 for Non-GAAP to GAAP reconciliations. (END) Greene County Bancorp, Inc.Consolidated Statements of Income, and Selected Financial Ratios (Unaudited) Greene County Bancorp, Inc.Consolidated Statements of Financial Condition (Unaudited) The above information is preliminary and based on the Company’s data available at the time of presentation. Non-GAAP to GAAP Reconciliations The following table summarizes the adjustments made to arrive at the fully taxable-equivalent net interest margins. (1) Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. The rate used for this adjustment was 21% for federal income taxes for the three and nine months ended March 31, 2025 and 2024, 4.44% for New York State income taxes for the three and nine months ended March 31, 2025 and 2024. The following table summarizes the adjustments made to arrive at pre-provision net income. The above information is preliminary and based on the Company’s data available at the time of presentation. For Further Information Contact:Donald E. GibsonPresident & CEO(518) [email protected] Nick BarzeeSVP & CFO(518) [email protected]