On this page of StockholderLetter.com we present the latest annual shareholder letter from GREENE COUNTY BANCORP INC — ticker symbol GCBC. Reading current and past GCBC letters to shareholders can bring important insights into the investment thesis.

 •  9/19/2025 Letter Continued (Full PDF)
 •  9/22/2023 GCBC Stockholder Letter
 •  9/20/2024 GCBC Stockholder Letter
 •  More "Banking & Savings" Category Stockholder Letters
 •  GCBC Benford's Law Stock Score = 74

GCBC Shareholder/Stockholder Letter Transcript:

G R E E N E C O U N T Y BA N C O R P, I N C .
2025 ANNUAL REPORT
WORKING TOGETHER
WINNING TOGETHER

FIVE-YEAR FINANCIAL HIGHLIGHTS
At or for the Years Ended June 30,
(In thousands)
2025
Total assets
$2,825,788
$2,698,283
$2,571,740
$2,200,335
1,607,260
1,480,229
1,387,654
1,229,355
1,085,947
356,062
350,001
281,133
408,062
390,890
Securities held-to-maturity
776,147
690,354
726,363
761,852
496,914
402
328
306
273
307
2,639,835
2,389,222
2,437,161
2,212,604
2,005,108
Shareholders    equity
238,837
206,000
183,283
157,714
149,584
Net interest income
53,145
Deposits
60,121
50,979
61,218
58,005
Provision for credit losses
1,316
766
(1,071)
3,278
3,974
Total noninterest income
15,233
13,908
12,146
12,137
9,667
Total noninterest expense
39,372
37,302
38,608
33,959
31,223
Provision for income taxes
3,528
2,050
5,042
4,919
3,673
31,138
24,769
30,785
27,986
23,942
Net income
KEY PERFORMANCE TRENDS
NET INCOME
TOTAL ASSETS
(dollars in thousands)
$8,963
$11,187
$14,408
$17,484
$18,727
$23,942
$27,986
$30,785
$24,769
$31,138
$868,781
$982,291
$1,151,478
$1,269,462
$1,676,803
$2,200,335
$2,571,740
$2,698,283
$2,825,788
$3,040,609
(dollars in thousands)
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
BASIC EARNINGS
PER SHARE
NET LOANS
$0.85
$1.02
$1.10
$1.41
$1.64
$1.81
$1.45
$1.83
$522,764
$624,187
$704,431
$785,738
$993,522
$1,085,947
$1,229,355
$1,387,654
$1,480,229
$1,607,260
(dollars in thousands)
$0.66
'                     4       5      
6                 7 +       0 % 1    
2        +  ()           (*       
        #"#$      8  9      -          
                          4        4       
       %       4                 
    4                         +  
 ;                   :      4        

               %     4  
2021
$0.53
   (**)              4             




2022
$3,040,609
Equity securities


         +        0 % 1    2  3
    4  +              
                     2 4  +       
2023
Securities available-for-sale
Loans receivable, net





2024
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Community banks play a vital role in the
functioning of the U.S.    nancial system
and the broader economy...
    Federal Deposit Insurance Corporation

WORKING TOGETHER.
WINNING TOGETHER.
Fellow Shareholders,
I   m happy to report that your company posted record-high earnings in    scal
2025 for the 16th time in 17 years. Greene County Bancorp, Inc. reported net
income of $31.1 million for the year ended June 30, 2025, compared to
$24.8 million for the    scal year ended June 30, 2024.
President and CEO Don Gibson visits the site of the bank   s new Clifton Park branch during renovations.
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W
e also ended    scal 2025 with record
highs in total assets ($3 billion) and
net loans ($1.6 billion).
So, was 2025 a bounce-back year, after 2024 fell
short of record-high earnings? Not necessarily.
Even though 2024 snapped a string of 15
consecutive record years, it was still our thirdmost pro   table year ever, despite historically
unfavorable market conditions.
I would say both years re   ected our company   s
resiliency, its sound business strategies and
the exceptional efforts of our team. The
only difference between the two years was a
dramatically inverted yield curve that challenged
all    nancial institutions.
We know that if we act solely in the best interests
of our bank, we cannot sustain success.
Our customers need to win as well.
Working together, we win together.
    When we provide grants to senior citizens
for emergency home repairs, we all win.
    When we help families purchase their
   rst home and put down local roots,
we all win.
    When we offer small businesses lowinterest loans to help revive our
Main Streets, we all win.
    When we help larger corporations
relocate to our area and bring jobs
with them, we all win.
    When we provide grants to local
nonpro   ts that help enrich our lives,
we all win.
    And,    nally, when we bring our
brand of banking to new communities,
we all win.
You   ll    nd examples of these mutually bene   cial
relationships later in this report. But the common
thread is this: We design products, pricing and
service standards that enable our customers to
win, and our bank to earn a fair pro   t. This
approach has led to sustained, record-level
success for nearly two decades.
BOARD CHANGES
I   m pleased to welcome Chris Cannucciari to our
Board of Directors. Chris is a partner at Lutz,
Selig & Zeronda, CPAs, LLP. He   s a Certi   ed
Public Accountant and Accredited in Business
Valuation and has been a member of our
Advisory Board since 2013.
Mr. Cannucciari succeeds Stephen Nelson, who
announced his intention to retire from the Board
of Directors earlier this    scal year. Steve joined the
board in 2021 after retiring as the bank   s Chief
Lending Officer in 2020.
We will also bid farewell to board member
David Jenkins at our annual meeting in
November. David, who served admirably
on the Board of Directors for 29 years,
has reached the mandatory retirement age.
We thank him for his service and wish him
all the best!
EXPANDING NORTHWARD
With renovations well underway, we will be
opening a new branch on Route 146 in Clifton
Park by the end of October 2025. The branch   
our 19th overall   will be our    rst in Saratoga
County, bolstering the bank   s presence in the
Capital Region and giving us easier access to
some of the area   s largest growth markets.
Read more about our plans for Clifton Park
later in this report.
2

Don Gibson, President and CEO, and Mike Danforth, Vice President and Director of Capital Region Lending,
review the progress of renovations at the bank   s new Clifton Park branch, set to open in October 2025.
STAYING THE COURSE, TOGETHER
We need to continue our steady growth, which
customers, communities, employees and
will likely involve adding offices to our north
shareholders first. So we all win!
and south along the Hudson River. We need to
be large enough to keep up with government
mandates and new technologies. But we don   t
need to change who we are   
A bank whose structure and financial
strength safeguards its independence. A
bank that has never closed a branch. A bank
I can recall a time, not so long ago, when locally
based community banks were commonplace.
Now there are only about half a dozen. One
day, we may be the only locally run bank left
standing. Wouldn   t that be something?
Take care,
that in 136 years has never had a layoff.
A bank that in 21 years has never lost a
municipal customer. A bank that has grown
100% organically, without any mergers or
Donald E. Gibson
President & Chief Executive Officer
acquisitions. Finally, a bank that puts its
PS: Our Annual Shareholder Meeting and Brunch will be held at 10am on Saturday,
November 1, 2025, at Columbia-Greene Community College in Hudson, NY. It   s a great
opportunity to learn more about our results and participate in our planning process.
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 9/19/2025 Letter Continued (Full PDF)