Greene County Bancorp (GCBC) is a community savings institution with total assets of $3.18B and reported book equity of $267.6M as of March 31, 2026. Under a liquidation lens, recovery to equity is materially negative once standard haircuts are applied. The asset base is dominated by the loan portfolio ($1.73B net, ~54% of assets) and a large securities book ($1.19B combined AFS and HTM at amortized cost, ~37% of assets). Both are subject to significant haircuts in liquidation. The HTM portfolio carries $41.5M in gross unrealized losses (amortized cost $814.9M vs. fair value $785.1M), and the AFS portfolio shows $16.7M in gross unrealized losses. Deposit liabilities total $2.77B at face value, representing 87% of total assets, and FHLB borrowings add $77.4M (including $73.2M due within one year). All liabilities settle at face under the liquidation framework. Accumulated other comprehensive loss (AOCI) stands at -$11.2M, partially reflecting the pension plan termination-related activity and unrealized securities losses. The defined benefit pension plan was terminated during the period, with total settlement charges of $905K recognized over nine months. Plan assets have been fully distributed ($3.6M in benefits paid), and the plan's accumulated benefit obligation is now zero. This eliminates a legacy liability but the non-cash settlement charge of $905K confirmed the true economic cost of wind-down. Brokered deposits declined from $51.6M (June 30, 2025) to $31.6M at period end, reducing a structurally higher-cost and more volatile funding component. Cash and cash equivalents are $139.5M (4.4% of assets), providing the highest-recovery asset block. PP&E at $15.0M net book value would receive a 50-70% haircut, yielding $7.5M-$10.5M recovery. Intangibles are not separately disclosed. The filing notes $240.2M in total off-balance-sheet credit commitments ($114.3M unfunded loan commitments, $125.0M unused lines, $0.8M standby letters of credit); these do not appear on the balance sheet but in a true wind-down scenario would require assessment for expected funding draws before extinguishment. At the subsidiary bank level, both The Bank of Greene County (total risk-based capital ratio 17.0%) and Greene County Commercial Bank (46.4%) are well-capitalized by wide margins, confirming no near-term regulatory capital pressure. The filing does not separately tag goodwill or core deposit intangibles in XBRL, though the balance sheet does not appear to carry material goodwill given the mutual-to-stock conversion history.
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