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Greene County Bancorp, Inc. Announces Earnings

Greene County Bancorp, Inc. (the “Company”) (NASDAQ:GCBC), the holding company for The Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported net income for the nine months and quarter ended March 31, 2010. Net income for the nine months ended March 31, 2010 amounted to $3.6 million or $0.88 per basic and diluted share as compared to $3.0 million or $0.73 per basic and diluted share for the nine months ended March 31, 2009, an increase of $629,000, or 21.0%. Net income amounted to $1.2 million for the quarters ended March 31, 2010 and 2009, or $0.30 per basic and diluted share and $0.28 per basic and diluted share for the quarters ended March 31, 2010 and 2009, respectively.

Donald E. Gibson, President and CEO said, “Greene County Bancorp’s third quarter financial performance is among the best in the Company’s history, and reflects the continued progress toward achieving our long-term strategic goals, and has strengthened an already solid foundation for growth.”

The most significant factor contributing to the higher earnings was higher net interest income, which increased to $13.2 million for the nine months ended March 31, 2010 as compared to $11.6 million for the nine months ended March 31, 2009, an increase of $1.6 million or 13.8%. Net interest income increased to $4.6 million for the quarter ended March 31, 2010 as compared to $3.9 million for the quarter ended March 31, 2009, an increase of $670,000 or 17.0%. Net interest rate spread increased 16 basis points to 3.72% for the nine months ended March 31, 2010 as compared to 3.56% for the nine months ended March 31, 2009. Net interest rate spread increased 43 basis points to 3.90% for the quarter ended March 31, 2010 as compared to 3.47% for the quarter ended March 31, 2009. Net interest margin increased 8 basis points to 3.92% for the nine months ended March 31, 2010 as compared to 3.84% for the nine months ended March 31, 2009. Net interest margin increased 36 basis points to 4.09% for the quarter ended March 31, 2010 as compared to 3.73% for the quarter ended March 31, 2009. The increases in net interest spread and net interest margin were primarily due to the continued decline in the rates paid on deposits, partially offset by purchases of securities at lower yields. The increase in average balances, along with the widening of the net interest spread and net interest margin led to an increase in net interest income when comparing the nine months and quarters ended March 31, 2010 and 2009.

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