Greene County Bancorp Inc (NASDAQ: GCBC) is a community banking holding company that attracts deposits and deploys those funds primarily into loans and securities. Revenue comes from net interest income, the spread between interest earned on loans and securities and interest paid on deposits and borrowings. The Bank of Greene County, a federally chartered savings bank and the primary subsidiary, operated 18 full-service branches plus an administration office, lending centers, an operations center, a customer call center, and a wealth management center across New York's Hudson Valley and Capital District Regions as of June 30, 2025. Total assets reached $3.04 billion at June 30, 2025. A second subsidiary, Greene County Commercial Bank, is a New York State-chartered commercial bank opened in June 2004 for the limited purpose of accepting municipal deposits and acquiring municipal and other securities. Greene County Bancorp, MHC, a mutual holding company, owned 54.1% of the Company's outstanding common stock as of the filing date.

Revenue model

Net interest income from the spread between yields on loans and securities and costs of deposits and borrowings. Interest expense on interest-bearing liabilities was $57.6 million for the year ended June 30, 2025, up from $52.7 million for the year ended June 30, 2024. The average rate paid on interest-bearing liabilities was 2.33% for the year ended June 30, 2025. Noninterest income is a secondary revenue stream. The Bank also offers interest rate swap agreements to commercial customers, with offsetting agreements to counterparties, generating fair-value changes recorded in other operating income.

Products and services

Deposit accounts including NOW accounts, savings accounts, money market accounts, and certificates of deposit. Loans receivable of $1.61 billion net of allowance as of June 30, 2025. Securities portfolio including state and political subdivision securities (59.2% of the portfolio at June 30, 2025), U.S. Treasury securities, U.S. government sponsored enterprise securities, mortgage-backed securities (agency-issued, no private label or sub-prime exposure), collateralized mortgage obligations, and asset-backed securities. Municipal deposit services through Greene County Commercial Bank. Wealth management services. Interest rate swap agreements for commercial customers.

Customers and end markets

Retail depositors and borrowers in rural and suburban communities. Municipal and government entities served through Greene County Commercial Bank. Commercial customers in the Hudson Valley and Capital District Regions. Local industries served include tourism (Catskill Mountains ski facilities and festivals), state government, health care services, higher education, and micro- and nanotechnology in the Albany area.

Value-chain role

Community bank deposit gatherer and loan originator. Invests excess deposits in a securities portfolio weighted toward state and municipal securities. Acts as intermediary providing fixed-rate commercial loans via interest rate swaps while transferring interest rate risk to third-party counterparties. Subsidiary Greene Property Holdings, Ltd. is a New York corporation that has elected REIT status under the Internal Revenue Code.

Geographic exposure

Operates exclusively in New York State. Branch network and lending centers in the Hudson Valley and Capital District Regions, covering Greene County, Albany County, Columbia County, Rensselaer County, and Ulster County as of June 30, 2025.

Source: SEC 10-K, filed 2025-09-05

Industry: Savings Institutions, Not Federally Chartered Peers: Bridgewater Bancshares Inc Federal National Mortgage Association Guild Holdings Co loanDepot Inc Luther Burbank Corp Rocket Companies Inc Southern Missouri Bancorp Inc TrustCo Bank Corp NY