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GREENE COUNTY BANCORP INC (GCBC)

Business Summary

Greene County Bancorp, Inc. operates as the federally chartered holding company of the Bank of Greene County, a federally chartered savings bank, and its subsidiaries, including Greene County Commercial Bank, a New York State-chartered limited purpose commercial bank, and Greene Property Holdings, Ltd., a real estate investment trust. The Company is a community bank offering a variety of financial services to meet the needs of the communities it serves, operating 19 full-service banking offices, lending centers, an operations center, customer call center, administration center, and a wealth management center in the Hudson Valley and Capital District Regions of New York State. The primary market areas served are Greene, Columbia, Albany, Ulster, Rensselaer, and Saratoga Counties of New York State. The Company faces significant competition both in making loans and in attracting deposits, including attracting municipal deposits, from a high density of financial institutions, including online competitors, many of which are branches of significantly larger institutions with greater financial resources. Competition for loans comes principally from commercial banks, savings banks, savings and loan associations, mortgage-banking companies, credit unions, insurance companies, and other financial service companies, and additional competition for deposits comes from non-depository competitors such as the mutual fund industry, securities and brokerage firms, fintech firms, and insurance companies. Competition has increased as a result of the lifting of restrictions on interstate operations of financial institutions and the enactment of the Gramm-Leach-Bliley Act of 1999, which eased restrictions on entry into the financial services market by insurance companies and securities firms, and the internet has become a significant competitive factor.

The Company's competitive positioning is anchored in its community bank model, conservative underwriting, and long-standing customer relationships. The Company does not engage in sub-prime lending or other exotic loan products, and it continues to use conservative underwriting in its loan originations. The Company has developed a strong team of lenders, credit and business development staff, resulting in continued growth of its commercial real estate portfolios. The Company has formed relationships with other community banks within its region to participate in and participate out larger commercial loan relationships, allowing it to obtain loan relationships while limiting its exposure to credit loss. The Company's primary market area includes Greene County, which is primarily rural with tourism as the major industry, and Albany County, whose economy is dependent on state government, health care services, and higher education, with growing technology jobs focusing on micro- and nanotechnology. The Company relies primarily on competitive pricing of its deposit products, customer service, and long-standing relationships with customers to attract and retain deposits.

The Company's core business model is attracting retail, commercial, and municipal deposits from the general public in the areas surrounding its branches and investing those deposits, together with funds generated from operations and borrowings, primarily in residential mortgage loans, commercial real estate mortgage loans, consumer loans, home equity loans, and commercial business loans. The Bank of Greene County also invests a significant portion of its assets in state and political subdivision securities and mortgage-backed securities. Revenues are derived principally from interest on residential and commercial real estate mortgages, and to a lesser extent, from interest on consumer and commercial loans and other types of securities, as well as from servicing fees and service charges and other fees collected on its deposit accounts, debit card fee income, and bank owned life insurance income. The Bank also offers investment alternatives for customers through Osaic Institutions, Inc., rebranded as Greene Investment Services, which contributes to revenues. The primary sources of funds are deposits, borrowings from the Federal Home Loan Bank of New York, and principal and interest payments on loans and securities.

The principal lending activity is the origination for retention in its portfolio of fixed-rate and adjustable-rate mortgage loans collateralized by residential and commercial real estate, primarily located within its primary market area. The Company also originates home equity loans, line of credit products, consumer loans, and commercial business loans, and has increased its focus on all aspects of commercial lending. Residential mortgage loans are originated with a maximum loan-to-value ratio of 85%, except for the first time homebuyer program which allows up to 90%. Commercial real estate mortgage loans are originated with standard terms ranging between 5 to 20 years, and the Company reviews expected net operating income to ensure it is generally at or above 120% of the amount of the monthly debt service. Consumer loans consist of direct loans on new and used automobiles, personal loans, home equity loans, and other consumer installment loans, originated at fixed rates with terms to maturity of one to five years. Commercial loans are originated with terms of up to 20 years at fixed and adjustable rates, and the decision to grant a commercial loan depends primarily on the creditworthiness and cash flow of the borrower and secondarily on the value of and ability to liquidate the collateral.

The Company's securities activities include maintaining high balances of liquid investments for the purpose of mitigating interest rate risk and meeting collateral requirements for municipal deposits in excess of FDIC insurance limits. The securities portfolio includes U.S. government and government sponsored enterprises securities, federal funds sold, municipal bonds, corporate debt obligations, subordinated debt of banks, and certain mutual funds, as well as mortgage-backed securities, including securities issued and guaranteed by Fannie Mae, Freddie Mac, and GNMA, and collateralized mortgage obligations issued by these entities. The Company does not invest in private label mortgage-backed securities. State and political subdivision securities are purchased to generate positive interest rate spread with minimal administrative expense, lower credit risk, increase liquidity, provide low cost funding to local communities, and serve as collateral for municipal deposits in excess of FDIC limits. Mortgage-backed securities are purchased to generate positive interest rate spreads, lower credit risk due to guarantees provided by Freddie Mac, Fannie Mae, and GNMA, and increase liquidity. The Company does not have trading securities in its portfolio and does not engage in any balance sheet derivative or hedging investment transactions.

During the fiscal year ended June 30, 2026, the Company purchased $28.0 million of commercial real estate loans that were outside of its primary market area, for which full due diligence was completed on each loan to ensure credit quality. The Company also adopted a stock repurchase program on April 15, 2026, under which it may repurchase up to 400,000 shares of its common stock. During the three months ended June 30, 2026, the Company repurchased 1,343 shares at an average price of $23.50 per share. The Company's mutual holding company, Greene County Bancorp, MHC, received approval to waive its receipt of quarterly cash dividends aggregating up to $0.64 per share to be declared by the Company for the four quarters ending December 31, 2026. The Company also determined during the fiscal year ended June 30, 2025 that it had established nexus with the Commonwealth of Massachusetts and commenced filing corporate excise tax returns with the Massachusetts Department of Revenue.

Net income for the year ended June 30, 2026 amounted to $41.0 million, or $2.41 per basic and diluted share, as compared to $31.1 million, or $1.83 per basic and diluted share, for the year ended June 30, 2025, an increase of $9.9 million, or 31.7%. The increase in net income was primarily due to an increase of $13.4 million in interest income and a decrease of $4.4 million in interest expense. Net interest income increased $17.8 million when comparing the years ended June 30, 2026 and 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 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. Total assets grew $142.8 million, or 4.7%, to $3.2 billion at June 30, 2026 as compared to $3.0 billion at June 30, 2025. Net loans 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. Deposits increased $73.6 million, or 2.8%, to $2.7 billion at June 30, 2026 as compared to $2.6 billion at June 30, 2025. Total shareholders' equity increased to $277.8 million at June 30, 2026, from $238.8 million at June 30, 2025.

Business Outlook & Financial Sufficiency

A significant growth vector is the continued expansion of the commercial real estate loan portfolio, which is the largest segment of the Company's loan portfolio, comprising 65.4% of total loans at June 30, 2026. The Company has developed a strong team of lenders, credit and business development staff, resulting in continued growth of its commercial real estate portfolios. During the fiscal years ended June 30, 2026 and 2025, the Company purchased $28.0 million and $53.4 million of commercial real estate loans, respectively, that were outside of its primary market area, for which full due diligence was completed on each loan to ensure credit quality. The Company continues to experience loan growth as a result of continued growth in its customer base and its relationships with other financial institutions in originating loan participations. 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.

Another growth vector is the Company's renewed focus on first time home buyer loans, with the only 30-year term loans offered being the Bank's first time homebuyer program, which offers a fixed rate loan with a 30-year amortization and allows for a loan-to-value ratio of up to 90%. The Company has been successful in marketing and originating adjustable-rate loans and has a renewed focus on first time home buyer loans, and during the current fiscal year, there has been an increase in adjustable-rate mortgage loans. The Company also continues to expand its investment in information technology security, including continuous end-user training, layered defenses, identifying and protecting critical assets, strengthening monitoring and alerting, which supports its operational resilience and growth.

The Company's net interest rate spread and margin both increased when comparing the years ended June 30, 2026 and 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 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 during the 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. The efficiency ratio improved to 47.22% for the year ended June 30, 2026, as compared to 52.25% for the year ended June 30, 2025.

The Company's operational outlook includes maintaining a strong liquidity position, with total cash and cash equivalents of $144.9 million at June 30, 2026. The Company has several borrowing facilities available to provide additional liquidity as needed, including lines of credit through the Federal Home Loan Bank of New York, the Federal Reserve Bank of New York, Atlantic Community Bankers Bank, and three other depository institutions. The Banks combined can place and obtain brokered deposits up to 30% of total deposits, in the amount of $814.0 million based on policy. The Company continues to expand investments in information technology security, including continuous end-user training, layered defenses, identifying and protecting critical assets, strengthening monitoring and alerting. As of June 30, 2026, the Bank of Greene County had 203 full-time employees and 24 part-time employees, with an average tenure of approximately 7.1 years, and the Bank invests in the development and success of employees by supporting continuous learning and career growth.

The Company's capital allocation strategy includes a stock repurchase program adopted on April 15, 2026, under which the Company may repurchase up to 400,000 shares of its common stock, at management's discretion. During the three months ended June 30, 2026, the Company repurchased 1,343 shares at an average price of $23.50 per share. The Company also pays dividends on its common stock, subject to determination and declaration by the Board of Directors, and the MHC received approval to waive its receipt of quarterly cash dividends aggregating up to $0.64 per share to be declared by the Company for the four quarters ending December 31, 2026. The Company has issued subordinated notes as a cost-effective way to raise regulatory capital, with outstanding subordinated debt consisting of fixed-to-floating rate subordinated notes with call features, issued in September 2021, due September 2031.

The Company faces structural headwinds including significant competition in its market area, which has a high density of financial institutions, including online competitors, many of which are branches of significantly larger institutions that have greater financial resources. Competition for deposits, for the origination of loans, and the provision of other financial services may limit the Company's growth and adversely impact its profitability in the future. The Company is also subject to extensive regulation by the OCC, the New York State Department of Financial Services, and the FDIC, and any future laws or regulations could have a material adverse impact on the Company. The Company's results of operations are significantly affected by general economic and competitive conditions, changes in interest rates, as well as government policies and actions of regulatory authorities.

The Company's growth is also constrained by its conservative underwriting standards, as it does not engage in sub-prime lending or other exotic loan products, and its primary market area is limited to the Hudson Valley and Capital District Regions of New York State. The Company's ability to pay dividends may be restricted by regulatory policies, and the MHC's ability to waive dividends beyond the four quarters ending December 31, 2026 cannot be reasonably determined at this time. The Company is subject to cybersecurity risks, and although it has a robust cybersecurity program, it cannot provide absolute surety that it has properly identified or mitigated all vulnerabilities or risks of incidents.

Management Sentiments & Priorities

Management's message to shareholders emphasizes the Company's strong financial performance for the fiscal year ended June 30, 2026, with net income of $41.0 million, or $2.41 per basic and diluted share, compared to $31.1 million, or $1.83 per basic and diluted share, for the prior year, an increase of $9.9 million, or 31.7%. The increase in net income was primarily due to an increase of $13.4 million in interest income and a decrease of $4.4 million in interest expense. Net interest income increased $17.8 million, and net interest rate spread and margin both increased by 46 basis points to 2.43% and 2.65%, respectively. Management highlights the growth in total assets of $142.8 million, or 4.7%, to $3.2 billion, and net loans increased $124.2 million, or 7.7%, to $1.7 billion. The strategic priorities emphasized include continued growth in commercial real estate lending, a renewed focus on first time home buyer loans, and disciplined deposit pricing to reduce funding costs. Management also emphasizes the Company's conservative underwriting standards, its strong liquidity position, and its commitment to investing in information technology security and employee development.

Financial Details

Total interest income for the year ended June 30, 2026 was $131,127 thousand, compared to $117,705 thousand for the year ended June 30, 2025. Total interest expense was $53,213 thousand for 2026, compared to $57,584 thousand for 2025. Net interest income was $77,914 thousand for 2026, compared to $60,121 thousand for 2025. The provision for credit losses was $2,033 thousand for 2026, compared to $1,316 thousand for 2025. Net income was $41,022 thousand for 2026, compared to $31,138 thousand for 2025. Basic and diluted earnings per share were $2.41 for 2026, compared to $1.83 for 2025. Return on average assets was 1.35% for 2026, compared to 1.10% for 2025. Return on average shareholders' equity was 15.91% for 2026, compared to 14.08% for 2025. The efficiency ratio was 47.22% for 2026, compared to 52.25% for 2025. Total noninterest income was $14,667 thousand for 2026, compared to $15,233 thousand for 2025. Total noninterest expense was $43,716 thousand for 2026, compared to $39,372 thousand for 2025. Income before provision for income taxes was $46,832 thousand for 2026, compared to $34,666 thousand for 2025. The provision for income taxes was $5,810 thousand for 2026, compared to $3,528 thousand for 2025. Total assets were $3,183,427 thousand at June 30, 2026, compared to $3,040,609 thousand at June 30, 2025. Deposits were $2,713,399 thousand at June 30, 2026, compared to $2,639,835 thousand at June 30, 2025. Borrowings were $125,166 thousand at June 30, 2026, compared to $78,189 thousand at June 30, 2025. Shareholders' equity was $277,831 thousand at June 30, 2026, compared to $238,837 thousand at June 30, 2025. The allowance for credit losses on loans to total loans receivable was 1.25% at June 30, 2026, compared to 1.24% at June 30, 2025. Non-performing assets to total assets were 0.12% at June 30, 2026, compared to 0.10% at June 30, 2025. Book value per share was $16.32 at June 30, 2026, compared to $14.03 at June 30, 2025. The dividend payout ratio was 16.60% for 2026, compared to 19.67% for 2025. Actual dividends declared to net income were 9.87% for 2026, compared to 14.37% for 2025. The Company's largest commercial real estate concentration was non-owner occupied multi-family loans, at $296.7 million or 25.9% of total commercial real estate loans.

Risk Factors

The Company faces significant competition in its market area, which has a high density of financial institutions, including online competitors, many of which are branches of significantly larger institutions with greater financial resources, and this competition may limit the Company's growth and adversely impact its profitability. The Company's loan portfolio is concentrated in commercial real estate, which comprised 65.4% of total loans at June 30, 2026, and these loans often involve large loan balances to single borrowers or groups of related borrowers, with payments depending to a large degree on the results of operations and management of the properties, and may be affected by adverse conditions in the real estate market or the economy in general. The Company's largest commercial real estate concentration is non-owner occupied multi-family loans, at $296.7 million or 25.9% of total commercial real estate loans, and non-owner occupied construction loans were $90.5 million or 7.9% of total commercial real estate loans, with construction lending generally involving a greater degree of risk. The Company is subject to extensive regulation, and any future laws or regulations could have a material adverse impact on the Company, including potential increases in FDIC insurance assessments. The Company faces cybersecurity risks, and although it has a robust cybersecurity program, it cannot provide absolute surety that it has properly identified or mitigated all vulnerabilities or risks of incidents, and a cybersecurity incident could harm its business strategy, results of operations, financial condition, reputation, and subject it to regulatory actions or litigation.

References

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  746. [746] Item 1, Business — Lending Activities
  747. [747] Item 1, Business — Lending Activities
  748. [748] Item 1, Business — Lending Activities
  749. [749] Item 1, Business — Lending Activities
  750. [750] Item 1, Business — Lending Activities
  751. [751] Item 1, Business — Lending Activities
  752. [752] Item 1, Business — Lending Activities
  753. [753] Item 1, Business — Lending Activities
  754. [754] Item 1, Business — Lending Activities
  755. [755] Item 1, Business — Lending Activities
  756. [756] Item 1, Business — Lending Activities
  757. [757] Item 1, Business — Lending Activities
  758. [758] Item 1, Business — Lending Activities
  759. [759] Item 1, Business — Lending Activities
  760. [760] Item 1, Business — Lending Activities
  761. [761] Item 1, Business — Lending Activities
  762. [762] Item 1, Business — Lending Activities
  763. [763] Item 1, Business — Lending Activities
  764. [764] Item 1, Business — Lending Activities
  765. [765] Item 1, Business — Lending Activities
  766. [766] Item 1, Business — Lending Activities
  767. [767] Item 1, Business — Lending Activities
  768. [768] Item 1, Business — Lending Activities
  769. [769] Item 1, Business — Lending Activities
  770. [770] Item 1, Business — Lending Activities
  771. [771] Item 1, Business — Lending Activities
  772. [772] Item 1, Business — Lending Activities
  773. [773] Item 1, Business — Lending Activities
  774. [774] Item 1, Business — Lending Activities
  775. [775] Item 1, Business — Lending Activities
  776. [776] Item 1, Business — Lending Activities
  777. [777] Item 1, Business — Lending Activities
  778. [778] Item 1, Business — Lending Activities
  779. [779] Item 1, Business — Lending Activities
  780. [780] Item 1, Business — Lending Activities
  781. [781] Item 1, Business — Lending Activities
  782. [782] Item 1, Business — Lending Activities
  783. [783] Item 1, Business — Lending Activities
  784. [784] Item 1, Business — Lending Activities
  785. [785] Item 1, Business — Lending Activities
  786. [786] Item 1, Business — Lending Activities
  787. [787] Item 1, Business — Lending Activities
  788. [788] Item 1, Business — Lending Activities
  789. [789] Item 1, Business — Lending Activities
  790. [790] Item 1, Business — Lending Activities
  791. [791] Item 1, Business — Lending Activities
  792. [792] Item 1, Business — Lending Activities
  793. [793] Item 1, Business — Lending Activities
  794. [794] Item 1, Business — Lending Activities
  795. [795] Item 1, Business — Lending Activities
  796. [796] Item 1, Business — Lending Activities
  797. [797] Item 1, Business — Lending Activities
  798. [798] Item 1, Business — Lending Activities
  799. [799] Item 1, Business — Lending Activities
  800. [800] Item 1, Business — Lending Activities
  801. [801] Item 1, Business — Lending Activities
  802. [802] Item 1, Business — Lending Activities
  803. [803] Item 1, Business — Lending Activities
  804. [804] Item 1, Business — Lending Activities
  805. [805] Item 1, Business — Lending Activities
  806. [806] Item 1, Business — Lending Activities
  807. [807] Item 1, Business — Lending Activities
  808. [808] Item 1, Business — Lending Activities
  809. [809] Item 1, Business — Lending Activities
  810. [810] Item 1, Business — Lending Activities
  811. [811] Item 1, Business — Lending Activities
  812. [812] Item 1, Business — Lending Activities
  813. [813] Item 1, Business — Lending Activities
  814. [814] Item 1, Business — Lending Activities
  815. [815] Item 1, Business — Lending Activities
  816. [816] Item 1, Business — Lending Activities
  817. [817] Item 1, Business — Lending Activities
  818. [818] Item 1, Business — Lending Activities
  819. [819] Item 1, Business — Lending Activities
  820. [820] Item 1, Business — Lending Activities
  821. [821] Item 1, Business — Lending Activities
  822. [822] Item 1, Business — Lending Activities
  823. [823] Item 1, Business — Lending Activities
  824. [824] Item 1, Business — Lending Activities
  825. [825] Item 1, Business — Lending Activities
  826. [826] Item 1, Business — Lending Activities
  827. [827] Item 1, Business — Lending Activities
  828. [828] Item 1, Business — Lending Activities
  829. [829] Item 1, Business — Lending Activities
  830. [830] Item 1, Business — Lending Activities
  831. [831] Item 1, Business — Lending Activities
  832. [832] Item 1, Business — Lending Activities
  833. [833] Item 1, Business — Lending Activities
  834. [834] Item 1, Business — Lending Activities
  835. [835] Item 1, Business — Lending Activities
  836. [836] Item 1, Business — Lending Activities
  837. [837] Item 1, Business — Lending Activities
  838. [838] Item 1, Business — Lending Activities
  839. [839] Item 1, Business — Lending Activities
  840. [840] Item 1, Business — Lending Activities
  841. [841] Item 1, Business — Lending Activities
  842. [842] Item 1, Business — Lending Activities
  843. [843] Item 1, Business — Lending Activities
  844. [844] Item 1, Business — Lending Activities
  845. [845] Item 1, Business — Lending Activities
  846. [846] Item 1, Business — Lending Activities
  847. [847] Item 1, Business — Lending Activities
  848. [848] Item 1, Business — Lending Activities
  849. [849] Item 1, Business — Lending Activities
  850. [850] Item 1, Business — Lending Activities
  851. [851] Item 1, Business — Lending Activities
  852. [852] Item 1, Business — Lending Activities
  853. [853] Item 1, Business — Lending Activities
  854. [854] Item 1, Business — Lending Activities
  855. [855] Item 1, Business — Lending Activities
  856. [856] Item 1, Business — Lending Activities
  857. [857] Item 1, Business — Lending Activities
  858. [858] Item 1, Business — Lending Activities
  859. [859] Item 1, Business — Lending Activities
  860. [860] Item 1, Business — Lending Activities
  861. [861] Item 1, Business — Lending Activities
  862. [862] Item 1, Business — Lending Activities
  863. [863] Item 1, Business — Lending Activities
  864. [864] Item 1, Business — Lending Activities
  865. [865] Item 1, Business — Lending Activities
  866. [866] Item 1, Business — Lending Activities
  867. [867] Item 1, Business — Lending Activities
  868. [868] Item 1, Business — Lending Activities
  869. [869] Item 1, Business — Lending Activities
  870. [870] Item 1, Business — Lending Activities
  871. [871] Item 1, Business — Lending Activities
  872. [872] Item 1, Business — Lending Activities
  873. [873] Item 1, Business — Lending Activities
  874. [874] Item 1, Business — Lending Activities
  875. [875] Item 1, Business — Lending Activities
  876. [876] Item 1, Business — Lending Activities
  877. [877] Item 1, Business — Lending Activities
  878. [878] Item 1, Business — Lending Activities
  879. [879] Item 1, Business — Lending Activities
  880. [880] Item 1, Business — Lending Activities
  881. [881] Item 1, Business — Lending Activities
  882. [882] Item 1, Business — Lending Activities
  883. [883] Item 1, Business — Lending Activities
  884. [884] Item 1, Business — Lending Activities
  885. [885] Item 1, Business — Lending Activities
  886. [886] Item 1, Business — Lending Activities
  887. [887] Item 1, Business — Lending Activities
  888. [888] Item 1, Business — Lending Activities
  889. [889] Item 1, Business — Lending Activities
  890. [890] Item 1, Business — Lending Activities
  891. [891] Item 1, Business — Lending Activities
  892. [892] Item 1, Business — Lending Activities
  893. [893] Item 1, Business — Lending Activities
  894. [894] Item 1, Business — Lending Activities
  895. [895] Item 1, Business — Lending Activities
  896. [896] Item 1, Business — Lending Activities
  897. [897] Item 1, Business — Lending Activities
  898. [898] Item 1, Business — Lending Activities
  899. [899] Item 1, Business — Lending Activities
  900. [900] Item 1, Business — Lending Activities
  901. [901] Item 1, Business — Lending Activities
  902. [902] Item 1, Business — Lending Activities
  903. [903] Item 1, Business — Lending Activities
  904. [904] Item 1, Business — Lending Activities
  905. [905] Item 1, Business — Lending Activities
  906. [906] Item 1, Business — Lending Activities
  907. [907] Item 1, Business — Lending Activities
  908. [908] Item 1, Business — Lending Activities
  909. [909] Item 1, Business — Lending Activities
  910. [910] Item 1, Business — Lending Activities
  911. [911] Item 1, Business — Lending Activities
  912. [912] Item 1, Business — Lending Activities
  913. [913] Item 1, Business — Lending Activities
  914. [914] Item 1, Business — Lending Activities
  915. [915] Item 1, Business — Lending Activities
  916. [916] Item 1, Business — Lending Activities
  917. [917] Item 1, Business — Lending Activities
  918. [918] Item 1, Business — Lending Activities
  919. [919] Item 1, Business — Lending Activities
  920. [920] Item 1, Business — Lending Activities
  921. [921] Item 1, Business — Lending Activities
  922. [922] Item 1, Business — Lending Activities
  923. [923] Item 1, Business — Lending Activities
  924. [924] Item 1, Business — Lending Activities
  925. [925] Item 1, Business — Lending Activities
  926. [926] Item 1, Business — Lending Activities
  927. [927] Item 1, Business — Lending Activities
  928. [928] Item 1, Business — Lending Activities
  929. [929] Item 1, Business — Lending Activities
  930. [930] Item 1, Business — Lending Activities
  931. [931] Item 1, Business — Lending Activities
  932. [932] Item 1, Business — Lending Activities
  933. [933] Item 1, Business — Lending Activities
  934. [934] Item 1, Business — Lending Activities
  935. [935] Item 1, Business — Lending Activities
  936. [936] Item 1, Business — Lending Activities
  937. [937] Item 1, Business — Lending Activities
  938. [938] Item 1, Business — Lending Activities
  939. [939] Item 1, Business — Lending Activities
  940. [940] Item 1, Business — Lending Activities
  941. [941] Item 1, Business — Lending Activities
  942. [942] Item 1, Business — Lending Activities
  943. [943] Item 1, Business — Lending Activities
  944. [944] Item 1, Business — Lending Activities
  945. [945] Item 1, Business — Lending Activities
  946. [946] Item 1, Business — Lending Activities
  947. [947] Item 1, Business — Lending Activities
  948. [948] Item 1, Business — Lending Activities
  949. [949] Item 1, Business — Lending Activities
  950. [950] Item 1, Business — Lending Activities
  951. [951] Item 1, Business — Lending Activities
  952. [952] Item 1, Business — Lending Activities
  953. [953] Item 1, Business — Lending Activities
  954. [954] Item 1, Business — Lending Activities
  955. [955] Item 1, Business — Lending Activities
  956. [956] Item 1, Business — Lending Activities
  957. [957] Item 1, Business — Lending Activities
  958. [958] Item 1, Business — Lending Activities
  959. [959] Item 1, Business — Lending Activities
  960. [960] Item 1, Business — Lending Activities
  961. [961] Item 1, Business — Lending Activities
  962. [962] Item 1, Business — Lending Activities
  963. [963] Item 1, Business — Lending Activities
  964. [964] Item 1, Business — Lending Activities
  965. [965] Item 1, Business — Lending Activities
  966. [966] Item 1, Business — Lending Activities
  967. [967] Item 1, Business — Lending Activities
  968. [968] Item 1, Business — Lending Activities
  969. [969] Item 1, Business — Lending Activities
  970. [970] Item 1, Business — Lending Activities
  971. [971] Item 1, Business — Lending Activities
  972. [972] Item 1, Business — Lending Activities
  973. [973] Item 1, Business — Lending Activities
  974. [974] Item 1, Business — Lending Activities
  975. [975] Item 1, Business — Lending Activities
  976. [976] Item 1, Business — Lending Activities
  977. [977] Item 1, Business — Lending Activities
  978. [978] Item 1, Business — Lending Activities
  979. [979] Item 1, Business — Lending Activities
  980. [980] Item 1, Business — Lending Activities
  981. [981] Item 1, Business — Lending Activities
  982. [982] Item 1, Business — Lending Activities
  983. [983] Item 1, Business — Lending Activities
  984. [984] Item 1, Business — Lending Activities
  985. [985] Item 1, Business — Lending Activities
  986. [986] Item 1, Business — Lending Activities
  987. [987] Item 1, Business — Lending Activities
  988. [988] Item 1, Business — Lending Activities
  989. [989] Item 1, Business — Lending Activities
  990. [990] Item 1, Business — Lending Activities
  991. [991] Item 1, Business — Lending Activities
  992. [992] Item 1, Business — Lending Activities
  993. [993] Item 1, Business — Lending Activities
  994. [994] Item 1, Business — Lending Activities
  995. [995] Item 1, Business — Lending Activities
  996. [996] Item 1, Business — Lending Activities
  997. [997] Item 1, Business — Lending Activities
  998. [998] Item 1, Business — Lending Activities
  999. [999] Item 1, Business — Lending Activities
  1000. [1000] Item 1, Business — Lending Activities

Analysis on 9/9/2026