G R E E N E C O U N T Y B A N C O R P, I N C .
2 0 2 1 A N N U A L R E P O R T
Growing the
Right Way
LOOKING BEYOND THE BANK’S
RAPID RISE FROM $1 BILLION TO
$2 BILLION IN ASSETS
PAGE 1
STORMING
THE PORT
THE PORT
HELPING THE CARVER
COMPANIES STIR UP
COMMERCE IN COEYMANS
PAGE 4
How Can
We Help
?
BANK OPENING NEW
CUSTOMER SERVICE CENTER
IN CATSKILL
PAGE 15
MISSION:
RESTORATION
RESTORATION
SAVING NEIGHBORHOODS
WITH DEVELOPER
PATRICK CHIOU
PAGE 8
IN SIDE
1 GROWING THE RIGHT WAY
PRESIDENT & CE O DO N GI B S ON O N RECORD
EARNINGS FOR 2 02 1 A ND TH E P ATH FO RWA RD
PARTNERING WITH CUSTOMERS
4
STORMING THE PORT
HELPING THE CAR V ER COM PAN IES ST I R U P
COM MERCE IN COEYMA NS
8 MISSION: RESTORATION
RESTORING FORGOTTEN ALBANY BUILDINGS—
AND TENANTS’ DIGNITY—WITH DEVELOPER
PATRICK CHIOU
12 BOUNDARIES?
NOT WHEN IT COMES TO ASSISTING LOCAL
BUS INESSES AND TH E UL ST ER COUN TY R EG IO NAL
CH AMBER OF CO MME RCE
15
HOW CAN WE HELP?
BANK OF GREENE COUN T Y O PEN I N G NEW
CUSTOMER SERV I CE CEN T ER I N C AT SK I L L
18-19
CONSOLIDATED FINANCIAL STATEMENTS
20-21
CORPORATE & BANK LEADERS
back cover
BRANCH & OFFICE LOCATIONS
FIVE-YEAR FINANCIAL HIGHLIGHTS
At or for the Years Ended June 30,
Greene County Bancorp, Inc.
(GCBC) is the parent company
of the Bank of Greene County and its
subsidiary, Greene County Commercial Bank. GCBC’s
consolidated assets as of June 30, 2021, were $2.2 billion.
The Bank of Greene County was founded in 1889 as The Building and
Loan Association of Catskill. In 1974, the bank changed to a New York
State-chartered mutual savings bank, under the name Greene County
Savings Bank. In 1998, the bank converted to the mutual holding
company form of ownership, changing its name to The Bank of Greene
County. A commercial bank subsidiary, Greene County Commercial
Bank, was formed in June 2004.
The bank primarily serves Greene, Albany, Columbia and Ulster counties
in New York State through administrative, lending, customer service
and operations centers in Catskill, and 17 banking offices in Albany,
Catskill (Main Street and Catskill Commons), Cairo, Chatham, Copake,
Coxsackie, Germantown, Greenport, Greenville, Hudson, Kinderhook-
Valatie, Kingston, Ravena-Coeymans, Tannersville, Westerlo and
Woodstock. As part of its mission, the bank tries to foster a sense of
community through personal service, local decision-making and
participation with customers in community activities.
(In thousands)
Total assets
2021
2020
2019
2018
2017
$2,200,335
$1,676,803
$1,269,462
$1,151,478
$982,291
Loans receivable, net
1,085,947
Securities available-for-sale
Securities held-to-maturity
Equity securities
Deposits
Shareholders’ equity
Net interest income
Provision for loan losses
Total noninterest income
Total noninterest expense
Provision for income taxes
Net income
390,890
496,914
307
993,522
226,709
383,657
267
785,738
122,728
304,208
253
704,431
120,806
274,550
217
624,187
91,299
223,830
184
2,005,108
1,501,075
1,120,569
1,025,234
859,535
149,584
53,145
3,974
9,667
31,223
3,673
23,942
128,805
44,833
3,905
8,650
27,822
3,029
18,727
112,369
40,000
1,659
8,361
25,676
3,542
17,484
96,191
34,914
1,530
7,481
22,362
4,095
14,408
83,521
30,382
1,911
6,424
19,967
3,741
11,187
GROWING
THE RIGHT WAY
THE RIGHT WAY
BANK ACHIEVES RECOR D
NET I NCO ME FOR 13 TH
CONSECUTI VE YEAR
Fellow Shareholders,
I could not be more pleased to report that your
company continued on its remarkable upward
trajectory in fiscal year 2021.
Greene County Bancorp, Inc. (GCBC) posted record
net income of $23.9 million for the year ended June
30, 2021, the 13th year in a row the company has
set a record for net income. Those earnings represent
an increase of $5.2 million, or 27.9%, over the prior
fiscal year.
We passed another significant milestone by ending the
year with a new high of $2.2 billion in assets at June 30,
2021. Looking back at the company’s arc, it’s eye opening
that it took us 129 years to reach the $1 billion mark, and
only three years to more than double that number.
At the risk of sounding repetitive—because this has
been the case for many years—we continued to build
momentum in all three of our core businesses: retail,
commercial and municipal. Their robust performance
fueled new highs in deposits, loans and capital, as well as
achieving record assets.
Of particular note is the opening of our first branch in
Albany on Wolf Road in September 2020. To date the
Wolf Road office has outperformed all of our previous
branch openings.
President & CEO Don Gibson on Main Street in Catskill, NY
1
\ As word spread among Albany area businesses that
the Bank of Greene County was uniquely proficient
at securing Paycheck Protection Program loans for
COVID relief, applications poured in and we were
able to help hundreds of companies. Where we
really shined was in converting 90% of those loan
transactions into full-blown banking relationships,
a feat made possible by our physical presence in
Albany, the Corporate Cash Management group
and the entire bank team.
The company is also experiencing a big lift in
Columbia County, where the opening of our
Kinderhook-Valatie branch two years ago has
stimulated growth across our markets east
of the Hudson River.
We are continuing to grow for a number of
reasons, but two rise above the others: the quality
of our people and our investments in technology.
We have brought in powerful software to help
save customers time and money and solve
problems on the spot. We are opening a new
Customer Service Center in October that will
support customers and employees alike, all to
enhance the customer experience (see story in
this report). Finally, we continue to encourage
teamwork through a bank-wide profit-sharing
plan and a range of ongoing team-building
activities.
We are mindful that rapid growth can be a
slippery slope, especially for a community bank
that prides itself on personal service and close ties
to its customers. It’s easy to lose some of what
makes you stand out when you grow too fast.
We will try to moderate our growth, build up our
KEY PERFORMANCE TRENDS
NET INCOME (DOLLARS IN THOUSANDS)
TOTAL ASSETS (DOLLARS IN THOUSANDS)
0
3
8
,
5
$
1
7
3
,
6
$
8
2
5
,
6
$
9
8
1
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7
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3
6
9
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8
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7
8
1
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1
1
$
8
0
4
,
4
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8
4
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1
$
7
2
7
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8
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$
2
4
9
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3
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$
,
6
5
6
0
9
5
$
,
5
0
6
3
3
6
$
,
1
6
1
4
7
6
$
,
7
4
6
8
3
7
$
,
1
8
7
8
6
8
$
,
1
9
2
2
8
9
$
8
7
4
,
1
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1
,
1
$
2
6
4
,
9
6
2
,
1
$
3
0
8
,
6
7
6
,
1
$
5
3
3
,
0
0
2
,
2
$
2012 2013 2014 2015 2016 2017 2018 2019 2020
2021
2012 2013 2014 2015 2016 2017 2018 2019 2020
2021
BASIC EARNINGS PER SHARE
NET LOANS (DOLLARS IN THOUSANDS)
0
7
.
0
$
6
7
.
0
$
8
7
.
0
$
5
8
.
0
$
6
0
.
1
$
2
3
.
1
$
9
6
.
1
$
5
0
.
2
$
0
2
.
2
$
1
8
.
2
$
1
5
7
,
6
2
3
$
6
2
4
,
9
5
3
$
9
0
3
,
9
9
3
$
6
9
4
,
3
4
4
$
4
6
7
,
2
2
5
$
7
8
1
,
4
2
6
$
1
3
4
,
4
0
7
$
8
3
7
,
5
8
7
$
2
2
5
,
3
9
9
$
7
4
9
,
5
8
0
,
1
$
2012 2013 2014 2015 2016 2017 2018 2019 2020
2021
2012 2013 2014 2015 2016 2017 2018 2019 2020
2021
Earnings per share have been restated for prior periods as a result
of a 2-for-1 stock split which was paid on March 15, 2016.
2
back office and infrastructure, and then hit the
accelerator again—once we’re confident we can
do so the right way. Bigger must translate into
better—for customers, communities, employees
and shareholders. We are confident our strategies
will get us there.
There isn’t enough room here to name all of the
people who are helping to move this company
forward. I would like to thank James Campion,
President Emeritus of Columbia-Greene
Community College, for his service on our
Advisory Board of Directors. He recently retired
and was replaced by Tejraj Hada, owner of a
regional group of Five Guys burger restaurants
and a bank customer.
Steve retired as Chief Lending Officer at the end of
2020 after 30-plus years with the bank. He was elected
to the board in April and brings a deep understanding
of the company to our planning process.
We believe the company is well positioned to
withstand any additional financial fallout from
the pandemic. With your continued support and
counsel, we can grow bigger—and better—for a
very long time.
Thank you, stay safe and take care of your neighbors.
Sincerely,
I would also like to welcome back Steve Nelson
as the newest member of our Board of Directors.
Donald E. Gibson
President & Chief Executive Officer
PS: Our annual shareholder brunch will not be held this year to ensure the safety of our owners, staff and other
stakeholders. We encourage shareholders to vote by proxy. The Board of Directors will meet to conduct all
necessary business at 2pm Tuesday, November 16, 2021, at our operations center in Catskill, NY.
AWARDS AND HONORS
2021 KBW BANK
HONOR ROLL
10th Consecutive
Year
Investment
banking firm
Keefe, Bruyette &
Woods, Inc. again
named GCBC one
of the nation’s top-
performing banks.
KBW determined that only 16 institutions—
just 4% of the banks screened—qualified for
inclusion on the 2021 honor roll. Honor roll
candidates are publicly traded banks with
more than $500 million in total assets that
consistently reported increases in earnings per
share over the last ten years.
2021 NYS SENATE EMPIRE
AWARD RECIPIENT
State Senator Michelle Hinchey (from the
46th District) presented the award to the
Bank of Greene County in recognition
of its outstanding contributions to the
growth, prosperity and betterment of local
communities and New York State.
BAUERFINANCIAL, INC.
5-STAR SUPERIOR RATING
12th Consecutive Year
The Bank of Greene County
and Greene County Commercial
Bank again earned “5-Star
Superior” ratings for financial strength
and safety from BauerFinancial, Inc., a leading
independent bank research firm.
3
A STORM
AT THE PORT
STIRRING UP A WHIRLWIND
OF COMMERCE IN COEYMANS
In front of a new barge maintenance facility (L to R): Carver Laraway, President of the
Carver Companies; John Antalek, Commercial Chief Lending Officer for the bank;
and Nick Laraway, Chief Operating Officer of the Carver Companies.
4
\ “
A STORM
PARTNERING WITH CUSTOMERS
CARVER COMP ANIES
It was a harebrained idea that went well,” says
Carver Laraway of his master plan to turn an
abandoned brick factory into a full-service
cargo port on the Hudson River.
Carver, president of the Carver Companies, also
planned to build an industrial park across the
street that would lease exclusively to tenants who
would require the services of such a port.
“I called it my 30/30 club,” says Carver. “Thirty
companies each with 30 employees. They would
put 900 people in the community to work in
industries that are mostly recession proof.”
There must have been something to his mad-
scientist swagger, because today the port and
industrial park rumble like heavy-equipment
beehives on either side of River Road in the
otherwise quiet little town of Coeymans, just
10 miles south of Albany.
Carver and his now deceased partner purchased
the shuttered Powell & Minnock Brick Works
back in 2003. The plant, which in its heyday
produced 67 million bricks per year and sold to
high-profile customers like Donald Trump Sr.,
had closed about four months earlier putting
150 people out of work. It was the last brick
manufacturer operating in New York State.
Carver considered reopening the brick plant
but scrapped the idea due to a bleak economic
outlook and competition from Canada and Puerto
Rico. So, he asked himself, what does one do with
125 acres of open land alongside the Hudson
River? “We’re looking at it and thought, why
don’t we just make it a port?”
Carver was already running a construction
company and a sand and gravel business, both
good fits for the port. It took him four years to
obtain permits, complete the necessary dredging
and fix up the buildings. Finally, the Port of
Coeymans received its first vessel in 2008.
In 2012, Carver bought an old mushroom
farm on the opposite side of River Road and
construction commenced on the 300-acre
Coeymans Industrial Park. The park welcomed
its first tenant in 2014.
Today, Carver’s vision is well on its way to being
fully realized. The industrial park is home to 18
companies employing about 500 people—scrap
metal recyclers, a company that reclaims oil and
other components from industrial transformers,
a tenant that supplies road salt to municipalities
throughout the northeast, even a medical
marijuana grower.
Meanwhile, the Port of Coeymans has developed
the capacity to better support park tenants
and other customers by adding a barge and
tugboat fleet, cranes and marine lifts, docks,
and open space for the modular construction of
infrastructure like bridges, power plants and
wind turbines.
“We want customers affiliated with shipping, with
cargoes inbound and outbound,” says Carver.
“We’re a timeshare if you will. You don’t need
that crane, don’t rent it. You only pay when you
use something. Whether our trucks, warehouses,
tugboats, barges, or our cranes…we’re basically
a one-stop shop.”
“We call it an industrial park on the water,”
says Nick Laraway, Chief Operating Officer of
the Carver Companies and Carver’s nephew.
“That’s the concept.”
5
Recently, Nick has been overseeing the construction of a new
74,000-square-foot barge maintenance facility at the port. The hanger-
like structure will be able accommodate up to four 900-ton barges in a
climate-controlled environment.
Nick called on the Bank of Greene County to help finance the new
barge facility and two road salt warehouses in the industrial park with
430,000 square feet of space. Nick had already secured a loan from the
bank to convert some residential buildings into apartments. During that
process, he developed a close relationship with John Antalek, the bank’s
Commercial Chief Lending Officer.
“Every time we needed anything we called him and he said I’ll get it done
and I’ll get it done faster than anyone else,” says Nick. “When we find
someone like that we tend to gravitate toward them because speed is
critical for us.
“When the opportunity came about to do these two salt buildings and the
barge building, we threw it out there and John said the Bank of Greene
County could do it,” adds Nick. “I think he had approval turned around
in less than a month.”
And that was no small feat. The $19 million in financing for all three
buildings was one of the largest transactions the bank had ever done.
It was important for the bank to understand how the supply chain
works—from ship, to barge, to warehouse, to customer. “For many of
our tenants we provide logistics all the way from when the cargo arrives
to when it gets to the customer,” says Nick. “So they’re not relying on
other third parties to handle their trucking or their deliveries.”
“We wanted to understand their entire business,” says John. “For
instance learning where the salt comes from. It was amazing to me that a
lot of it actually comes from Egypt. They flood a section of the desert, dry
it out, float it up on a barge and ship it here.”
To make the deal work, John put together a group of finance partners
with the Bank of Greene County as the lead. “I was able to get all of the
bankers onsite and make it tangible for them,” adds John. “We got on a
bus and Carver took us around and explained everything. That makes it
real for people. It’s one thing to sit in a boardroom and talk about it. But
to show them, I think that helped a lot.”
The financing package closed in August 2020. “We had salt going into the
first building by September and into the second building by October. So
we got them built very quickly,” says Nick. The barge facility is scheduled
Cranes, tugboats and
barges are available
for rent at the Port of
Coeymans.
6
The new 74,000-square-foot
barge maintenance facility
will feature heated floors and
roll-up doors across the front.
The concrete bases for the
building were salvaged from the
recently demolished Tappan Zee
Bridge. The Carver Companies
had a contract to haul away
and recycle 100,000 tons of
concrete from the old bridge.
to begin operations in the Fall of 2021.
“When you’re working on a barge, you’re down
in big steel tanks that can either be too cold, too
hot, too snowy, or too slippery,” says Carver.
“Soon we’ll be able to just pick up the barge and
bring it inside where it’s climate controlled.” He
expects the efficiency of welding and other repair
operations to increase dramatically.
In addition to road salt, the port handles a lot
of stone, gypsum and bauxite—materials used
by the neighboring LaFarge Ravena plant to
make cement.
The port played a pivotal role in the construction
of the new Tappan Zee Bridge (renamed the
Mario M. Cuomo Bridge) and a number of other
New York bridges. The availability of flat open
space facilitates the assembly of large bridge
components that can be loaded on to barges and
floated down the river.
Use of the port for the assembly of wind
turbines, or parts of them, is also in the works.
These will be used at wind farms off the coast of
New York State.
“We’re pretty serious about moving cargo,” says
One of two massive road salt warehouses
financed by the Bank of Greene County. About
850,000 tons of salt passed through the
Coeymans terminal in 2020, arriving by ship
and going out by truck.
Carver. The Carver Companies include seven
tugboats, 40 barges, 100 trucks, eight quarries,
plus marine facilities in South Carolina, Florida
and Massachusetts. They employ about 550
people in all, with 65 of them in Coeymans.
“The Bank of Greene County helped us make a
tremendous amount of progress and we’re looking
to do a lot more,” says Nick.
7
Developer Patrick Chiou and Perry Lasher,
Chief Lending Officer for the Bank of
Greene County, outside of a recently
renovated apartment building at 80-82
North Allen Street in Albany.
RESTORING
RESTORING
FORGOTTEN
FORGOTTEN
BUILDINGS…
BUILDINGS…
and People’s Dignity
and People’s Dignity
ON A MI SSI ON TO PROVIDE
QUA L I TY H OU SI NG FOR ALL
8
PARTNERING WITH CUSTOMERS
DEVELOPER P ATRICK CHI OU
Patrick Chiou is right at home tromping
through the dust and debris of a hollowed-
out rowhouse in Albany’s Arbor Hill
neighborhood. This has become his calling in life,
and it’s a far cry from the glitzy one he once knew
as a New York City party promoter.
mistakes,” says Patrick. Letting tenants slide on
the rent because a relative had passed away (for
the “tenth” time), falling behind on maintenance
because no money was coming in, trying to save
old building components rather than replacing
them. He learned a lot.
The son of Taiwanese immigrants, Patrick
graduated from the University at Albany in
2006 with a bachelor’s in East Asian Studies.
He had also soaked up some of the university’s
considerable party culture. “I learned to be a
professional beer pong player, a professional
drinker,” he admits. So after graduation, he
returned to his home on Long Island to leverage
those particular skill sets.
“I became a New York City nightlife promoter. I
was a big party guy, and I did that for four or five
years after college,” says Patrick. “My parents got
seriously mad at me…they said do something with
your life that’s real.”
They actually did a little more than pass out
parental advice. They got him a job learning
construction in the city—and it doesn’t get a
whole lot more “real” than that. “Watching
construction was my catalyst for getting into
development,” says Patrick. “I’ve always seen
myself as more of a construction guy versus a
developer…I’m usually in my jeans and boots
getting dirty.”
After working downstate as a project manager
for a few years, Patrick and his associates decided
they wanted to buy a building, but property in
the city was just too expensive. He immediately
thought of Albany—where he had first broken
away from his strict upbringing filled with piano
and viola lessons.
Patrick also found a niche rehabbing abandoned,
boarded-up buildings. “The scarier it looks, the
more work involved, the better,” he says. “That’s
what I want to do…buildings where the roof is
literally caving in…full development projects.”
Where there are crumbling walls and decaying
floors, Patrick sees control. “My model is to
do complete gut jobs,” he says. “These are
hundred-year-old buildings, and the only way to
know I won’t have a problem is to rip it all out
and do it myself.”
And rising from the rubble is a surprisingly
diverse portfolio of restored buildings that have
added over 100 apartments to the Albany housing
market, all managed by his own rental agency.
“There’s more to development for me than just
making money,” says Patrick. “Going into an
area where there are dilapidated buildings and
leaving something brand new…it’s a feel-good
thing. I feel like I’m making a difference.”
Along for the journey, almost from the start, has
been Perry Lasher, Business & Retail Chief Lending
Officer for the Bank of Greene County. “I began
working with Patrick’s former partner back in
2011,” says Perry. “Then we reconnected five or so
years ago through Patrick’s mortgage broker.”
“The Bank of Greene County has been great to
us,” says Patrick. “We love the relationship with
them, and we love doing projects with them.
“We bought our first building on Washington
Avenue about nine years ago and made all of our
“I have different buildings that appeal to different
types of tenants, depending on the geographic
9
Turning urban blight into “affordable luxury” for low-income
tenants. Developer Patrick Chiou has been working on restoring
these row houses at 525-541 Clinton Avenue in Albany for over
half a decade.
area. We want to respect the neighborhood when
planning a project.”
In 2018, he completed the renovation of several
boarded-up residences at 800-806 Broadway,
located adjacent to Albany’s warehouse district
and Arbor Hill neighborhood. A $2 million
investment financed by government and private
sources turned the all-but-condemned structures
into 15 new one- and two-bedroom apartments.
Albany Mayor Kathy Sheehan and other
community leaders lauded Patrick for the effort.
Last year, he completed the $750,000 rehab of
an abandoned building at 80-82 North Allen
Street in Albany. Another developer had turned
the building into a boarding house with as many
as 27 micro units at one time. The neighborhood
hated it and eventually compelled the owner to
The Bank of Greene County financed the project
with a construction loan and then converted it
into a term loan once the work was finished.
“These deals are a little more complicated than
straight mortgages,” says Perry. “You need to
share the vision and stay close to what’s going on,
and the bank does both of those things.”
shut it down, according to Patrick. “It had been
“They keep everything very streamlined with us,”
an eyesore in this neighborhood for years. We
adds Patrick. “They understand what our product
came in and gutted it out and made it into six
is and how our timelines work.”
two- and three-bedroom apartments.
Patrick needs good financial partners, because the
“The bedrooms all have ensuite bathrooms, so
process often isn’t easy. He has been working on
we’re kind of catering to people who want to have
renovating 525-541 Clinton Avenue in Albany
roommates but don’t want to share a bathroom,”
for the last six years. The numbers really didn’t
says Patrick.
10
make sense until the state came out with its Small
Building Participation Loan Program, which
offered a subsidy of up to $50,000 per unit.
“We got a $2 million low-interest loan that
made the project work. It also gave us an
opportunity to provide a really nice product.”
As a condition of the state subsidy, the Clinton
Avenue apartments must be rented to lower-
income tenants, which aligns perfectly with
Patrick’s mission. “I’m a true believer that
everybody deserves to live in a nice place. Your
home is your base, and to some degree shapes
who you are…everything starts from there.
“I’m bringing that mentality into lower-income
areas,” says Patrick. “Our model is to provide
affordable luxury units, and I know that
sounds like it doesn’t make sense. But
that’s what we’re shooting for with the
Clinton Avenue project.”
The bank has helped finance 10 of Patrick’s
projects to date, according to Perry. “We’ve also
converted a lot of his loan portfolio to our Fast
Finish Commercial Mortgage product to shorten
the terms and save him money.”
And there’s much more on the horizon for Patrick
and his partnership with the bank. Plans are in
the works to convert the old St. John’s Church in
Albany’s South End into 27 apartments and the
former Freihofer Bakery at 242 Spruce Street into
37 residential units and ground-floor commercial
space. The old bakery is located in Albany’s
Sheridan Hollow neighborhood.
FROM PARTY ANIMAL TO URBAN
PIONEER — Patrick Chiou finds
redemption in rehabbing buildings.
Perry. “He has renovated many rundown,
blighted properties in Albany and turned them
into beautiful multifamily locations.
“Patrick is also a super nice guy,” adds Perry.
“To celebrate the Chinese New Year, he rents out
an entire Chinese restaurant in Albany and invites
a large group of friends and business associates to
join the festivities.”
While Patrick has earned accolades locally as a
champion of urban renewal, what do his parents
think of his rise from beer pong to respectability?
“My parents are proud but still worry about
me. I’m the wild child between me and my little
sister,” he says, “but as every year passes I can see
“Patrick is true American success story,” says
that they get more and more relaxed.”
11
STROLLING PAST THE OLD
DUTCH CHURCH in Kingston, NY
(L to R): Sean DuBois, Southern Region
Executive and Commercial Lender for
the Bank of Greene County; Ward Todd,
President and CEO of the Ulster County
Regional Chamber of Commerce; and
Justin Goldman, Commercial Lending
and Business Development Officer for
the bank.
12
PARTNERING WITH CUSTOMERS
ULSTER COUNT Y REGIONAL CH AMBER
BOUNDARIES?
NO T WHEN IT COMES TO
HELP ING LOCAL BUSINES SES
When a bank named after one county teams
up with a chamber of commerce named
after another, you begin to understand
that community banking has no boundaries—
especially when local businesses need help
during a pandemic.
Bank of Greene County commercial loan officers
Sean DuBois and Justin Goldman never flinched
when COVID-19 threatened the well-being of the
Ulster County Regional Chamber of Commerce
and its 1,000 member businesses.
“That was a time when a lot of banks were
shutting off financing due to all of the
uncertainty,” says Justin. “But Sean and I and
the bank believed in the chamber’s vitality
and mission.”
The bank had been developing a relationship
with the chamber ever since expanding into Ulster
County in 2012, sponsoring mixers and other
events. But the depth of that relationship grew
even more in early 2020.
“During the pandemic when things were at a
low point for us, we were able to connect with
the bank,” says Ward Todd, President and CEO
of the Ulster chamber. “They helped us with a
grant and new mortgage for our building.”
Sean recognized an opportunity to save the
chamber money by refinancing its headquarters
on Fair Street in Kingston. They closed on one
of the bank’s popular Fast Finish Commercial
Mortgages in August 2020. The refinance saved
the chamber thousands of dollars per year in
interest and reduced the payback time.
“Like a lot of businesses, we didn’t know what
the future was going to bring,” says Ward. “We
felt one of our biggest issues was going to be
making our mortgage payment every month.
The refinance took a little pressure off of us.”
Meanwhile, local utility Central Hudson had
announced its “Back to Business” grant program
to help commercial customers who were impacted
by COVID. In coordination with Central Hudson,
Justin led the bank’s efforts to help distribute
$1 million in economic support to local businesses
with fewer than 20 employees.
“Central Hudson’s idea was to put the grants out
there and let the banks wrap them into larger
financing packages,” says Justin. In all, the Bank of
Greene County distributed $100,000 in grants to
14 recipients. They included restaurants, specialty
shops, accounting firms and the Ulster County
Regional Chamber of Commerce. The chamber
was awarded its grant in September 2020.
13
13
Bank of Greene County loan officers Sean DuBois and Justin
Goldman flank Ulster Chamber President and CEO Ward Todd
in front of the chamber’s headquarters in Kingston, NY.
With in-person events cancelled due to COVID,
the chamber used the funding to transition
to online recruitment and member support,
according to Justin, who also serves as the
chamber’s treasurer.
“There were a lot of costs associated with the
pivot to online. They used the funds to buy video
The bank partnered with
utility Central Hudson
and the Ulster chamber
to help businesses
cope with COVID.
and recording equipment that wasn’t in the
original budget, which was put together before
the pandemic.”
14
Through effective social media campaigns, the
chamber was actually able to add members, says
Ward. “It turned out to be a good year for us, but
who knew? And 2021 looks even better so far.”
So how does a bank based in Greene County
forge such strong bonds with a chamber of
commerce in Ulster County?
“Much like the chamber, it’s all about
relationships,” says Ward, “and we’ve had a
great relationship with both Sean and Justin
for a number of years.”
“I knew Ward when I was growing up from
his days on the radio,” says Sean. Ward was a
familiar voice in the mid-Hudson Valley, having
worked as a local radio announcer for decades.
“The chamber’s been with us every step of the
way,” adds Sean. “We typically sponsor a mixer
every January, they helped celebrate the opening
of our new Kingston branch in 2015…it’s been a
wonderful relationship.”
\ HOW MAY WE
HELP YOU?
BANK OPE NING NEW CUSTOM E R
SERVI CE CE NTER I N CATSK ILL
Bank of Greene County President
& CEO Don Gibson and Assistant
Vice President of e-Services
Susan Wren outside the renovated
building that will house the new
Customer Service Center.
15
\\ww The Customer Service Center’s new
home at 491 Main Street was once
a dance studio and before that a
laundromat. The restoration of the
building extends the bank’s investment
in Catskill to the upper part of the
town’s main thoroughfare.
new state-of-the-art Customer Service
The Bank of Greene County is opening a
and renovated at 491 Main Street in Catskill.
Center in a building it recently purchased
expects most of those seats will be filled within
the next few years.
The operations staff will remain at 288 Main
Street. The space vacated by customer service will
The bank anticipates continued growth in its
be used to accommodate new hires. The bank
customer base and deemed the upgrade necessary
has added 20 new positions since the
to maintain the quality of the customer experience.
middle of 2020.
“As we continue to grow,” says Don Gibson,
Assistant Vice President of e-Services
President and CEO, “the last thing we want to see
Susan Wren was charged with
is an increase in call volume that results in a drop
reimagining and modernizing the
in service levels. So we’re getting out ahead of it.”
Customer Service Center when she
The Customer Service Center’s 12 staff members
are expected to move into the new space in
October, leaving their current home at 288 Main
joined the bank in 2014.“They gave me an
opportunity to start a department from
the ground up,” says Susan.
Street, which they share with the Operations
Before joining the Bank of Greene
Center. The new 2,500-square-foot building
County, Susan worked at a regional bank for
will have room for 24 employees, and the bank
12 years in branch operations, where she also ran
16
an internal help desk that supported employees.
“It was very similar to a customer call center, so I
gained a lot of valuable knowledge and experience.”
She used that experience to establish policies
and procedures for the department and was also
tasked with hiring and training additional staff.
After launching new software in March 2015, the
Customer Service Center was receiving an average
of 6,500 calls per month. Average calls received
climbed to 9,100 per month for 2020 and are
trending toward 10,000 per month for 2021.
The department’s growth has been organic, with
staff added as the call volume increased, according
to Susan. “But we didn’t just add employees, we
also took on new responsibilities.”
“It’s important that we develop well-rounded
team members,” says Susan. “Not only to give the
best possible service to the bank’s customers but
also to promote long-term, versatile employees,
something I feel very strongly about.
“Although it’s our most important role, the
potential for burnout is there when team members
are constantly taking call after call. To prevent
this, we’ve incorporated several projects and tasks
our staff can work on as time permits.”
Today, the Customer Service Center performs
three main functions:
• Customer Support—Helping customers by
answering questions about bank products and
services, including online banking, bill pay and
other electronic applications.
• Switchboard—Routing all incoming calls to the
proper branch, department or person.
• Company Intranet—Creating and maintaining
content on the bank’s intranet, and helping
employees access and use the resources
available. The Customer Service Center is also
leading the bank’s initiative to digitize all of
its forms and documents.
Susan feels all of her training and experience
have led her to this place—working for a
community bank where she has been able to
make a real difference. In fact, when one of her
former colleagues learned she was moving to the
Bank of Greene County, she remarked: “Oh, to
work for a small bank again!”
And that, Susan says, is a direct quote.
Average calls received
climbed to 9,100 per month
for 2020 and are trending
toward 10,000 per
month for 2021.”
17
GREENE COUNTY BANCORP, INC.
Consolidated Statements of Financial Condition
(In thousands, except share and per share amounts)
2021
2020
June 30,
ASSETS
Total cash and cash equivalents
Long term certificates of deposit
Securities available-for-sale, at fair value
Securities held-to-maturity, at amortized cost
(fair value $519,042 at June 30, 2021; $405,512 at June 30, 2020)
Equity securities, at fair value
Federal Home Loan Bank stock, at cost
Loans
Allowance for loan losses
Unearned origination fees and costs, net
Net loans receivable
Premises and equipment, net
Bank owned life insurance
Accrued interest receivable
Foreclosed real estate
Prepaid expenses and other assets
Total assets
LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest-bearing deposits
Interest-bearing deposits
Total deposits
Borrowings from other banks, short-term
Borrowings from Federal Home Loan Bank, long-term
Subordinated notes payable, net
Accrued expenses and other liabilities
$ 149,775
$ 40,463
4,553
390,890
496,914
307
1,091
1,108,408
(19,668)
(2,793)
1,085,947
14,137
40,425
7,781
64
8,451
4,070
226,709
383,657
267
1,226
1,012,660
(16,391)
(2,747)
993,522
13,658
—
8,207
—
5,024
$2,200,335
$1,676,803
$ 174,114
1,830,994
2,005,108
3,000
—
19,644
22,999
$ 138,187
1,362,888
1,501,075
17,884
7,600
—
21,439
Total liabilities
2,050,751
1,547,998
SHAREHOLDERS’ EQUITY
Preferred stock, Authorized — 1,000,000 shares; Issued — None
Common stock, par value $.10 per share;
Authorized — 12,000,000 shares; Issued — 8,611,340
Outstanding — 8,513,414 shares at June 30, 2021 and June 30, 2020
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury stock, at cost 97,926 shares at June 30, 2021 and June 30, 2020
Total shareholders’ equity
—
—
861
11,017
139,775
(1,161)
(908)
149,584
861
11,017
118,263
(428)
(908)
128,805
Total liabilities and shareholders’ equity
$2,200,335
$1,676,803
See notes to consolidated financial statements
18
GREENE COUNTY BANCORP, INC.
Consolidated Statements of Income
(In thousands, except share and per share amounts)
INTEREST INCOME:
Loans
Investment securities — taxable
Mortgage-backed securities
Investment securities — tax exempt
Interest-bearing deposits and federal funds sold
Total interest income
INTEREST EXPENSE:
Interest on deposits
Interest on borrowings
Total interest expense
Net interest income
Provision for loan losses
Net interest income after provision for loan losses
NONINTEREST INCOME:
Service charges on deposit accounts
Debit card fees
Investment services
E-commerce fees
Bank owned life insurance
Other operating income
Total noninterest income
NONINTEREST EXPENSE:
Salaries and employee benefits
Occupancy expense
Equipment and furniture expense
Service and data processing fees
Computer software, supplies and support
Advertising and promotion
FDIC insurance premiums
Legal and professional fees
Other
Total noninterest expense
Income before provision for income taxes
Provision for income taxes
Net income
Basic earnings per share
Basic average shares outstanding
Diluted earnings per share
Diluted average shares outstanding
Dividends per share
See notes to consolidated financial statements
Years Ended June 30,
2021
2020
$45,275
816
4,203
7,953
81
58,328
4,221
962
5,183
53,145
3,974
49,171
3,414
3,860
732
113
425
1,123
9,667
19,166
2,169
637
2,621
1,369
491
738
1,212
2,820
31,223
27,615
3,673
$23,942
$ 2.81
8,513,414
$ 2.81
8,513,414
$ 0.48
$39,159
654
5,804
7,075
622
53,314
8,241
240
8,481
44,833
3,905
40,928
3,926
2,980
559
113
—
1,072
8,650
17,170
1,865
749
2,450
1,064
473
321
1,111
2,619
27,822
21,756
3,029
$18,727
$ 2.20
8,529,927
$ 2.20
8,529,927
$ 0.44
19
Leadership Team
BRANCH ADMINISTRATION
INFORMATION TECHNOLOGY
MARKETING
Gregory Spampinato
Vice President and Chief
Information Officer
Margaret Tobiassen
Assistant Vice President of IT
Application Support
Nathan Jones
Manager of IT Infrastructure
LENDING
Tim Penk
Senior Vice President and Chief
Credit Officer
Martha Keeler
Vice President and Director
of Marketing
Susan Timan
Assistant Vice President
of e-Communications
and Corporate Secretary
MUNICIPAL BANKING
Donald MacCormack
Vice President of Municipal Banking
Jonathan Halligan
Municipal Banking Officer
Sean DuBois
Vice President, Southern Region Executive
and Commercial Lender
Robert Gibson
Senior Advisor, Municipal Banking
Officer
OPERATIONAL SUPPORT,
COMPLIANCE, AND FACILITIES
Cynthia DuPilka
Vice President of BSA, Compliance
and Operational Support
Nicholas Frantjeskos
Assistant Vice President of BSA and
Operational Support
Rick Fernandez
Information Security Officer
Dan Lamarre
Facilities Director
and Security Officer
OPERATIONS
John Olivett
Vice President of Operations
Susan Wren
Assistant Vice President of e-Services
(Customer Service Center)
Debra Guilzon
Operations Manager
Trish Lamb
Vice President and Director
of Residential and Consumer Lending
Tina Selner
Vice President and Chief
of Credit Administration
Robert Agostinoni
Vice President of Commercial Lending
and Business Development
Brian Stickles
Vice President of Commercial Lending
and Business Development
Jennifer Beers
Assistant Vice President of Commercial
Loan Originations
Justin Goldman
Commercial Lending
and Business Development Officer
Stephanie Premo
Business Development Officer
Cheryl Rothkranz
Credit Manager and Officer
Scott Lanzarone
Senior Credit Analyst and Officer
Alan Breindel
Director of Special Assets,
Commercial Lending
Joseph Rothrock
Fire and EMS Specialist
Joseph Szepessy
Portfolio Manager and Business
Development Specialist
Jackie Stiffler
Consumer and Residential
Lending Manager
Ashley Taylor
Loan Servicing Manager
Andrea DiPace
Vice President
and Branch Administrator
Amy Conte
Regional Business Development Officer
Christa Bush
Regional Branch Officer
BRANCH MANAGERS
Betsy Braley
Timothy Braunfeld
Keith DeMichele
Chris Hamilton
Heather Hart
Alyson Kozlowski
Lisa Messina
Kathy Proper
Kristen Schiffer
Gillian Sims-Elster
Olivia Soltan
Sarah VanAlphen
Karishma Vermani
Catherine Wade
CORPORATE CASH
MANAGEMENT
Allen Austin
Vice President, Director of Corporate
Cash Management and Administration
FINANCE
Nick Barzee
Vice President and Controller
John Dudek
Finance Officer and Assistant Controller
Allison Eldred
Investment Portfolio Officer
HUMAN RESOURCES
Mary Seely
Vice President and Director
of Human Resources
Kathryn Nelson
Human Resources Officer
INVESTMENT SERVICES
Timothy Bartholomew
Vice President and Director
of Investment Services
20
BOARD OF DIRECTORS
Greene County Bancorp, Inc., the Bank of Greene County
& Greene County Commercial Bank
Jay Cahalan
President & Chief Executive Officer,
Columbia Memorial Health
Donald Gibson
President & Chief Executive Officer,
Greene County Bancorp, Inc.
Peter Hogan, CPA
Shareholder, Karp, Ackerman, Small & Hogan, CPAs,
PC
David Jenkins, DVM
Former owner, Catskill Animal Hospital
Stephen Nelson
Retired Chief Lending Officer, Bank of Greene County
Michelle Plummer, CPA, CGMA
Senior Executive Vice President, Chief Operating Officer
& Chief Financial Officer, Greene County Bancorp, Inc.
Charles H. Schaefer, Esq.
Founding Partner, Deily and Schaefer
Paul Slutzky
Chairman of the Board
Former co-owner, Hunter Mountain Ski Bowl, Inc.
EXECUTIVE OFFICERS
Donald Gibson
President & Chief Executive Officer
Michelle Plummer, CPA, CGMA
Senior Executive Vice President, Chief Operating Officer
& Chief Financial Officer
Perry Lasher
Executive Vice President, Business & Retail
Chief Lending Officer
John Antalek
Executive Vice President, Commercial Chief
Lending Officer
ADVISORY BOARD OF DIRECTORS
The Bank of Greene County
Frances Spreer Albert, CPA
Executive Vice President, COO & CFO,
Albany Medical Center
John Brust
Principal & Owner, Delaware Engineering, D.P.C.
Sean M. Byrne, Esq.
Executive Deputy Commissioner, NYS Office
of Addiction Services & Supports
Christopher Cannucciari, MBA, CPA, ABV
Partner, Lutz, Selig & Zeronda, LLP
David Crawford, PE
President and founder, Crawford & Associates
Engineering & Land Surveying, PC
Bradley Cummings, CPA, CVA
Managing Director, UHY Advisors
Tejraj Hada
Owner of RSVT Holdings, LLC and Fresh Treats
Holdings, LLC
Eric Hannay
President & Chief Executive Officer, Hannay Reels, Inc.
Pamela Hassett
Principal Member, PSH Management
Consulting Services, LLC
Daniel Leader
Owner, Founder & Board Chair, Bread Alone
Ronald Teator
Owner, Crossroads Ford
DIRECTORS EMERITUS
Walter H. Ingalls
Retired Chairman of the Board
and former President, GNH Lumber Co.
Dennis O’Grady
Pharmacist, former owner, Mikhitarian Pharmacy
Martin Smith
Retired Chairman of the Board
Retired consultant to Main Bros. Oil Company, Inc.
and former owner, R.E. Smith Fuel Company
J. Bruce Whittaker
Retired President & Chief Executive Officer,
Greene County Bancorp, Inc.
Annual Meeting of Shareholders
2:00 p.m., November 16, 2021
288 Main Street
Catskill, NY 12414
Stock Listing
The NASDAQ Capital Market under
the symbol GCBC
Special Counsel
Luse Gorman, PC
5335 Wisconsin Avenue, N.W., Suite 780
Washington, D.C. 20015
Independent Auditors
Bonadio & Co. LLP
432 North Franklin Street
Syracuse, NY 13204
Shareholder Information
Stock Transfer Agent and Registrar
Shareholders needing to report a change
of name or address, as well as request
information about shareholder’s records,
lost or stolen certificates, dividend checks,
dividend direct deposit, and dividend
reinvestment plan should contact:
Computershare Investor Services
P.O. Box 505000
Louisville, KY 40233-5000
(888) 294-8217
Investor Centre™ Portal:
www.computershare.com/investor
Requests for transfers of shares should be
directed to the address above.
Annual Report on Form 10-K
A copy of Greene County Bancorp, Inc.’s
Form 10-K for the fiscal year ended
June 30, 2021, will be furnished
without charge to shareholders upon
written request to:
Secretary
Greene County Bancorp, Inc.
302 Main Street
P.O. Box 470
Catskill, New York 12414
21
BRANCH AND OFFICE LOCATIONS
ALBANY
103 Wolf Road
Albany, NY 12205
518-458-6150
CATSKILL
Main Branch
and Investment Center
425 Main Street
Catskill, NY 12414
518-943-3700
CATSKILL COMMONS
100 Catskill Commons
Catskill, NY 12414
518-719-8060
CAIRO
230 Matthew Simons Road
Cairo, NY 12413
518-622-2662
CHATHAM
2631 Route 66
Ghent, NY 12075
518-392-9600
COPAKE
179 County Route 7A
Copake, NY 12516
518-329-2265
COXSACKIE
2 Technology Drive
Coxsackie, NY 12051
518-731-2731
GERMANTOWN
4266 State Route 9G
Germantown, NY 12526
518-537-5596
GREENPORT
160 Fairview Avenue
Hudson, NY 12534
518-697-3421
GREENVILLE
4 Garland Lane
Greenville, NY 12083
518-966-5200
HUDSON
Proprietor’s Hall
21 North 7th Street
Hudson, NY 12534
518-697-3311
KINDERHOOK-VALATIE
2827 U.S. 9
Valatie, NY 12184
518-758-6911
KINGSTON
2 Miron Lane
Kingston, NY 12401
845-336-4797
RAVENA-COEYMANS
2494 U.S. Route 9W
Ravena, NY 12143
518-756-3003
TANNERSVILLE
6176 Main Street
Tannersville, NY 12485
518-589-0800
WESTERLO
593 Route 143
Westerlo, NY 12193
518-797-3934
WOODSTOCK
81 Mill Hill Road
Woodstock, NY 12498
845-679-8900
ADMINISTRATIVE CENTER
302 Main Street
Catskill, NY 12414
518-943-2600
CUSTOMER SERVICE CENTER
491 Main Street
Catskill, NY 12414
518-943-2600
LENDING CENTER
341 Main Street
Catskill, NY 12414
518-943-1424
OPERATIONS CENTER
288 Main Street
Catskill, NY 12414
518-943-2600
Administrative Center: 302 Main Street | Catskill, New York 12414
Mailing Address: P.O. Box 470 | Catskill, New York 12414
518-943-2600 | www.tbogc.com
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