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Greene County Bancorp, Inc. Announces Strong Fiscal Year And Quarterly Earnings And Is Named A Top 200 Community Bank

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 year and quarter ended June 30, 2010. Net income for the year ended June 30, 2010 amounted to $4.9 million or $1.19 per basic and $1.18 per diluted share as compared to $4.1 million or $1.00 per basic and $0.99 per diluted share for the year ended June 30, 2009, an increase of $800,000, or 19.5%. Net income for the quarter ended June 30, 2010 amounted to $1.3 million or $0.31 per basic and $0.30 per diluted share as compared to $1.1 million or $0.26 per basic and diluted share for the quarter ended June 30, 2009, an increase of $171,000, or 15.7%.

Donald E. Gibson, President and CEO, said, “In addition to record annual earnings, we are pleased to report that The Bank of Greene County has been named to the list of Top 200 Community Banks in the nation, according to US Banker. Scoring was done on community banks across the nation with less than $2 billion in assets at December 31, 2009, and banks ranked by their average return on equity for the three years ended December 31, 2007, 2008 and 2009.”

The most significant factor contributing to the higher earnings was higher net interest income, which increased to $17.7 million for the year ended June 30, 2010 as compared to $15.7 million for the year ended June 30, 2009, an increase of $2.0 million or 12.7%. Net interest income increased to $4.5 million for the quarter ended June 30, 2010 as compared to $4.1 million for the quarter ended June 30, 2009, an increase of $426,000 or 10.4%. Net interest rate spread increased 18 basis points to 3.72% for the year ended June 30, 2010 as compared to 3.54% for the year ended June 30, 2009. Net interest rate spread increased 23 basis points to 3.71% for the quarter ended June 30, 2010 as compared to 3.48% for the quarter ended June 30, 2009. Net interest margin increased 11 basis points to 3.91% for the year ended June 30, 2010 as compared to 3.80% for the year ended June 30, 2009. Net interest margin increased 20 basis points to 3.90% for the quarter ended June 30, 2010 as compared to 3.70% for the quarter ended June 30, 2009. The increases in net interest spread and net interest margin were primarily due to the continued decline in the rates paid on deposits and borrowings, 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 years and quarters ended June 30, 2010 and 2009.

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