olivLaw · US equity research
Greene County Bancorp, Inc. GCBC
Savings Institutions, Not Federally Chartered · SIC 6036 · Vertical: Savings Institutions, Not Federally Chartered (SIC 6036)
Greene County Bancorp is the holding company of Bank of Greene, a community bank in New York's Hudson Valley and Capital District. A record first-quarter profit for fiscal 2027 and total assets above 3.2 billion USD show how well it has benefited from a wider net interest margin, though it remains a local bank with a small, regionally concentrated footprint.
At the close of 04 Nov 2026, Greene County Bancorp, Inc. (GCBC) stock was 36.59 USD (+2.01% on the day), with market capitalisation 623.0 m USD, P/E 15.2 on diluted EPS of 2.41 USD over the last 12 months, dividend yield 1.09%, beta 0.54, 52-week range 21.61–36.59 USD. Latest reported quarter (Q4 2026): net income of 11.3 m USD (+21.5% YoY), diluted EPS 0.67 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 61.5
- strong (55–70)
- Bollinger (20, 2)
- 33.32 – 36.90
- in the upper half of the band · %B 0.91 · band width 10.2%
- SMA 50 / 200
- 34.92 / 28.87
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.47 / 0.31
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.6% | −2.0% | +8.6 pp | — |
| 3 months | +4.8% | −2.2% | +7.0 pp | — |
| 6 months | +52.3% | +4.3% | +48.1 pp | — |
| Year to date | +64.6% | +10.6% | +54.0 pp | — |
| 1 year | +64.8% | +10.5% | +54.4 pp | +27.2% |
| 3 years | +45.0% | +73.7% | −28.6 pp | +49.7% |
| 5 years | +107.0% | +61.7% | +45.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 30 Jun 2026
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Pre-tax income | 6.7 m | 8.1 m | 8.9 m | 11.0 m | 10.2 m | 11.6 m | 12.2 m | 12.9 m |
| Income tax | 428.0 k | 589.0 k | 887.0 k | 1.6 m | 1.3 m | 1.3 m | 1.6 m | 1.6 m |
| Net income | 6.3 m | 7.5 m | 8.1 m | 9.3 m | 8.9 m | 10.3 m | 10.5 m | 11.3 m |
| Diluted EPS | 0.37 | 0.44 | 0.47 | 0.55 ≈ | 0.52 | 0.60 | 0.62 | 0.67 ≈ |
| Operating cash flow | 2.2 m | 5.3 m ≈ | 7.3 m ≈ | 13.2 m | 7.0 m | 6.4 m ≈ | 10.7 m ≈ | 18.3 m |
| Capex | 153.0 k | 181.0 k ≈ | 52.0 k ≈ | 305.0 k | 402.0 k | 209.0 k ≈ | 13.0 k ≈ | 117.0 k |
| Dividends paid | 1.5 m | 1.5 m ≈ | 702.0 k ≈ | 703.0 k | 781.0 k | 785.0 k ≈ | 1.7 m ≈ | 781.0 k |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 82 percentile of its own 39-quarter history (min 5.0, median 10.0, max 23.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.1 m | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | +11.1% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | 17.5 m | 18.7 m | 23.9 m | 28.0 m | 30.8 m | 24.8 m | 31.1 m | 41.0 m |
| Net income YoY | +21.3% | +7.1% | +27.8% | +16.9% | +10.0% | −19.5% | +25.7% | +31.7% |
| Diluted EPS | 2.05 | 2.20 | 2.81 | 1.64 | 1.81 | 1.45 | 1.83 | 2.41 |
| Diluted EPS YoY | +21.3% | +7.3% | +27.7% | −41.6% | +10.4% | −19.9% | +26.2% | +31.7% |
| net % | 424.7% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | 21.0 m | 25.6 m | 26.5 m | 34.3 m | 26.6 m | 23.4 m | 27.3 m | 41.6 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 144.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 277.8 m USD
- Total assets
- 3.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 15.9%
- ROA
- 1.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Net interest income | 53.1 m | 58.0 m | 61.2 m | 51.0 m | 60.1 m | 77.9 m | SEC (XBRL)· 09 Sept 2026verified |
| Net fee income | 9.7 m | 12.1 m | 12.1 m | 13.9 m | 15.2 m | 14.7 m | SEC (XBRL)· 09 Sept 2026verified |
| Non-interest expense | 31.2 m | 34.0 m | 38.6 m | 37.3 m | 39.4 m | 43.7 m | SEC (XBRL)· 09 Sept 2026verified |
| Pre-tax income | 27.6 m | 32.9 m | 35.8 m | 26.8 m | 34.7 m | 46.8 m | SEC (XBRL)· 09 Sept 2026verified |
| Net income | 23.9 m | 28.0 m | 30.8 m | 24.8 m | 31.1 m | 41.0 m | SEC (XBRL)· 09 Sept 2026verified |
| Diluted EPS | 2.81 | 1.64 | 1.81 | 1.45 | 1.83 | 2.41 | SEC (XBRL)· 09 Sept 2026verified |
| Dividend per share | 0.48 | 0.26 | 0.28 | 0.32 | 0.36 | 0.40 | SEC (XBRL)· 09 Sept 2026verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 149.8 m | 69.0 m | 196.4 m | 190.4 m | 183.1 m | 144.9 m | SEC (XBRL)· 09 Sept 2026verified |
| Loans | 1.1 bn | 1.2 bn | 1.4 bn | 1.5 bn | 1.6 bn | 1.7 bn | SEC (XBRL)· 09 Sept 2026verified |
| Total assets | 2.2 bn | 2.6 bn | 2.7 bn | 2.8 bn | 3.0 bn | 3.2 bn | SEC (XBRL)· 09 Sept 2026verified |
| Deposits | 2.0 bn | 2.2 bn | 2.4 bn | 2.4 bn | 2.6 bn | 2.7 bn | SEC (XBRL)· 09 Sept 2026verified |
| Long-term debt | 0 | 0 | 0 | — | — | — | SEC (XBRL)· 08 Sept 2023verified |
| Total liabilities | 2.1 bn | 2.4 bn | 2.5 bn | 2.6 bn | 2.8 bn | 2.9 bn | SEC (XBRL)· 09 Sept 2026verified |
| Equity | 149.6 m † | 157.7 m † | 183.3 m † | 206.0 m † | 238.8 m † | 277.8 m † | SEC (XBRL)· 09 Sept 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 2.4 m | 2.6 m | 2.2 m | 3.2 m | 4.5 m | 4.0 m | SEC (XBRL)· 09 Sept 2026verified |
| Share repurchases | 0 | — | — | — | 0 | 32.0 k | SEC (XBRL)· 09 Sept 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 62 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 623.0 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet90
- Valuation36
- Quality78
- Growth100
- Returns1
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.24 – 40.28 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income18.43 – 19.28 (Mid 18.85)
- Justified P/B27.99 – 37.64 (Mid 32.11)
- Dividend discount (DDM)outside the aggregate5.26 – 7.07 (Mid 6.03)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
- Peers: P/E34.77 – 40.28 (Mid 39.54)5 companies used · median multiple 16.4x · quartiles 14.4x – 16.7xBBT, ECBK, FSBW, PBFS, RBKB
- Peers: P/B14.24 – 19.46 (Mid 16.89)8 companies used · median multiple 1.0x · quartiles 0.9x – 1.2xBBT, ECBK, FBLA, FLG, FNWB, FSBW, PBFS, RBKB
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 62/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 15.9% | 100 (vs peers) | 21% |
| ROA · Quality | 1.3% | 66 (on a fixed band) | 8% |
| Cost-to-income · Quality | 47.2% | 71 (on a fixed band) | 13% |
| Net interest margin · Quality | 2.5% | 40 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 24.6% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | 63.8% | 90 (on a fixed band) | 5% |
| P/B · Valuation | 2.2x | 0 (vs peers) | 13% |
| P/E (TTM) · Valuation | 15.2x | 71 (vs peers) | 13% |
| Dividend yield · Returns | 1.1% | 1 (on a fixed band) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial90/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality78/100 · 4/4 factors with a value
- Returns1/100 · 1/1 factors with a value
- Valuation36/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GREENE COUNTY BANCORP, INC. (GCBC). Latest full fiscal year: 2019; data up to 2026-06-30.
Figures computed from the financial statements: net interest income 77.9 m USD in 2026; YoY growth 11.1%; ROE 15.9%.
The estimated value range is 23.21–28.55 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 25.48 USD, the price of 36.59 USD leaves a potential of -30.4% (value / price − 1) and a margin of safety of -43.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 15.9%
- Cost-to-income: 47.2%
- EPS CAGR 3Y: 24.6%
- Loan-to-deposit: 63.8%
- P/E (TTM): 15.2x
What contradicts it
- P/B: 2.2x
- Dividend yield: 1.1%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, NPL ratio, Cost of risk.
Versus the vertical median
Savings Institutions, Not Federally Chartered (SIC 6036) · same industry (4-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FLGFlagstar Bank, National Association | 4.5 bn | 220.3 | 0.6% | — | +17.4% | −10% / −61% |
| BBTBeacon Financial Corp | 2.6 bn | 16.4 | 8.4% | 533.6% | −92.5% | +22% / +50% |
| GCBCGreene County Bancorp, Inc. | 623.0 m | 15.2 | 15.9% | — | +11.1% | +65% / +45% |
| PBFSPioneer Bancorp, Inc. | 467.0 m | 27.1 | 5.2% | 103.4% | +5.8% | +41% / +127% |
| FSBWFS Bancorp, Inc. | 330.5 m | 10.2 | 10.8% | — | +44.8% | +9% / +47% |
| FBLAFB Bancorp, Inc. | 271.4 m | — | -0.1% | -0.4% | −3.8% | +35% / unavailable |
| RBKBRhinebeck Bancorp, Inc. | 203.7 m | 14.4 | 7.3% | 329.8% | −0.6% | +67% / +189% |
| ECBKECB Bancorp, Inc. | 200.7 m | 16.7 | 6.6% | 1,868.7% | +3.6% | +32% / +90% |
| FNWBFirst Northwest Bancorp | 98.3 m | 63.3 | 1.0% | — | −23.1% | +5% / −30% |
1- and 3-year price returns: for GCBC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Greene County Bancorp is the holding company of Bank of Greene, a community bank in New York's Hudson Valley and Capital District. A record first-quarter profit for fiscal 2027 and total assets above 3.2 billion USD show how well it has benefited from a wider net interest margin, though it remains a local bank with a small, regionally concentrated footprint.
SWOT
Strengths
Weaknesses
- Heavy reliance on interest income, since most assets and liabilities are sensitive to changes in interest rates 1.
- A narrow geographic footprint concentrated in a few New York counties, which leaves the company exposed to local economic conditions 1.
- Non-interest income is relatively modest and fell in the latest quarter because of securities sale losses 2.
Opportunities
- Expanding commercial lending and municipal deposits could diversify revenue and support balance sheet growth 12.
- The new Bank of Greene name could help build recognition across the Hudson Valley and Capital Region 2.
- A greater share of adjustable-rate loans and the first-time homebuyer program could support mortgage demand 1.
Threats
- Pressure from larger banks, mutual funds and fintech firms could raise deposit costs and squeeze margins 1.
- Sudden changes in interest rates, inflation and geopolitical events could affect profitability and the value of securities 2.
- Operational risks, including cyberattacks and IT system failures, could cause losses and reputational harm 1.
Risks
- Interest rate riskhigh
Fixed-rate mortgages retained in the portfolio expose the company to rising market rates, which could reduce net interest income if funding costs rise faster than asset yields 1.
- Credit riskmedium
Borrowers' ability to repay depends on local economic conditions and collateral values, so a weaker property market could lead to higher losses 1.
- Liquidity and funding riskmedium
Deposit outflows or reduced access to low-cost funding could force the bank to use more expensive alternative sources, especially if uninsured deposits grow as a share of the portfolio 1.
- Operational and cyber riskmedium
Cyberattacks, fraud and system failures could disrupt services and damage the bank's reputation 1.
- Regulatory risklow
Changes in laws and regulations and in federal monetary and fiscal policy could alter capital requirements and compliance costs 1.
Investment thesis
What would need to be true (bull case)
- Record profit and a rising net interest margin show that the bank can turn balance sheet growth into earnings efficiently, and high returns on equity could sustain this if rates remain favorable 2.
- Loan quality improved in the latest quarter, and fewer commercial loans in the classified categories could point to prudent risk management 2.
- A majority mutual holding company provides strategic stability, and a mix of conservative lending and a diversified deposit base could support long-term growth 1.
What would break the thesis
- Reliance on interest income makes earnings sensitive to rate moves, and a reversal in the margin could quickly reduce the results reported recently 12.
- A narrow geographic footprint and intense competition from larger institutions could limit growth and pressure margins over the long term 1.
- Rising non-interest expenses and weaker fee income could erode operating efficiency if these trends continue 2.
What to watch
- Trajectory of the net interest margin and deposit costsQ2 2027
- Shareholder vote on renaming the company Greene Bancorp, Inc.November 2026
- Development of commercial loans classified as substandard or special mentionQ2 2027
- Annual report for fiscal 2027 and guidance on non-interest expensenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Greene County Bancorp, Inc. (NASDAQ: GCBC) is the federally chartered holding company of Bank of Greene, a federal savings bank that attracts retail, commercial and municipal deposits and invests them mainly in residential and commercial real estate mortgages, consumer loans and commercial business loans. Total assets reached 3.2 billion USD at September 30, 2026 2, and the bank operates 19 offices and lending centers in the Hudson Valley and Capital District 1. The holding company is 54.1% owned by Greene County Bancorp, MHC, a mutual holding company 1.
The group includes Greene County Commercial Bank, a limited-purpose commercial bank formed in 2004 to accept deposits from New York State and local governments, and Greene Property Holdings, Ltd., a real estate investment trust holding some of the bank's mortgages that the bank continues to service 1. Revenue comes mainly from interest on mortgages, with fees, debit card income, bank-owned life insurance income and investment services through Osaic Institutions, Inc. adding to it 1.
In the quarter ended September 30, 2026, the company renamed its bank Bank of Greene, effective September 14, 2026, and shareholders will vote in November 2026 on renaming the holding company Greene Bancorp, Inc., with the GCBC ticker expected to stay the same 2. The name change has no effect on operations or consolidated financial statements 2.
Segments
Lending
Lending centers on fixed- and adjustable-rate residential mortgages, mainly for owner-occupied homes in the primary market area, along with commercial and commercial real estate loans whose share of the book has grown 1. Net loans reached 1.8 billion USD at September 30, 2026 2.
Deposits and securities
Deposits from individuals, businesses and municipalities are the main funding source, and excess liquidity is invested in state and municipal securities and mortgage-backed securities 1. Total securities exceed 1.2 billion USD, a significant part of the balance sheet 2.
Fee-based and investment services
Non-interest income comes from service charges on deposit accounts, debit card fees and investment services through Greene Investment Services, a smaller contributor than interest income 1. Non-interest income fell in the first quarter of fiscal 2027, mainly because of a loss on sales of available-for-sale securities 2.
Market context
The primary market area covers Greene, Columbia, Albany, Ulster, Rensselaer and Saratoga counties in New York State, a region whose economy depends on tourism, health care, higher education and state government, with Greene and Columbia acting as commuter communities for the Albany capital area 1. The high density of financial institutions there, including online competitors, makes lending and deposit gathering competitive 1.
The recent margin and profit gains depend on the direction of interest rates, inflation and geopolitical developments, which the company describes as still uncertain 2. If rates stay high, deposit costs could remain a pressure, while falling rates could compress interest income 2.
Trends
- Wider net interest margintailwind
The net interest margin rose to 2.93% in the first quarter of fiscal 2027, helped by higher yields on loans and securities and lower deposit costs, particularly on NOW accounts and certificates of deposit 2.
- Deposit pricing and competition for fundsmixed
The bank actively manages deposit rates against market rates and competition, while competition for deposits from mutual funds, brokers and fintech firms could limit growth 12.
- Improving credit qualitytailwind
Nonperforming loans are a small share of the book, and commercial loans classified as substandard or special mention declined in the latest quarter, suggesting a stronger loan portfolio 2.
- Rising non-interest expenseheadwind
Non-interest expense rose in the first quarter of fiscal 2027, mainly from salaries and benefits and a higher provision for unfunded commitments, which could weigh on efficiency if the pace continues 2.
Competitive position
The company faces strong competition for loans from commercial banks, savings banks, savings and loan associations, mortgage banking companies, credit unions and insurers, and for deposits from mutual funds, securities brokers and fintech firms 1. Many of its competitors are branches of much larger institutions with greater financial resources 1. The Gramm-Leach-Bliley Act and the lifting of interstate restrictions have intensified competition and could lead to further consolidation 1.
- Large commercial banks with New York branches
Branches of much larger institutions compete for loans and deposits in the market area with greater financial resources than the company 1.
- Credit unions and mortgage banking companies
They compete for residential mortgages and consumer loans in the bank's market area 1.
- Mutual funds and securities brokerage firms
They attract funds that might otherwise stay in deposits, especially when interest rates are high 1.
- Fintech firms and online banks
Online competition has become an important factor for both deposits and financial services in the bank's area 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report22 Oct 2026Results of operations · Financial statements and exhibits
- Current report21 Oct 2026Other events · Financial statements and exhibits
- Proxy statement25 Sept 2026
- Current report15 Sept 2026Other events · Financial statements and exhibits
- Annual report09 Sept 2026
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Current report22 Jul 2026Other events · Financial statements and exhibits
- Current report22 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report22 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / Greene County Bancorp, Inc. · 09 Sept 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Greene County Bancorp, Inc. · 22 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.