Greene County Bancorp, Inc. Announces Higher Quarterly 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 quarter ended September 30, 2010, which is the first quarter of the Company’s fiscal year ending June 30, 2011. Net income for the quarter ended September 30, 2010 amounted to $1.3 million or $0.32 per basic and diluted share as compared to $1.2 million or $0.29 per basic and diluted share for the quarter ended September 30, 2009, an increase of $140,000, or 11.8%.
Donald E. Gibson, President and CEO stated, “We are pleased to report another quarter with solid performance. Our return on average assets and return on average equity continued to be strong and were 1.07% and 11.70%, respectively, for the quarter ended September 30, 2010, versus 1.02% and 11.59% for the quarter ended September 30, 2009.”
The most significant contributor to the improved earnings was higher net interest income, which increased $558,000 or 13.2% over the same quarter the prior year. Net interest income increased to $4.8 million for the quarter ended September 30, 2010 as compared to $4.2 million for the quarter ended September 30, 2009. This was primarily the result of a $32.2 million increase in average earning assets from $442.8 million for the quarter ended September 30, 2009 to $475.0 million for the quarter ended September 30, 2010 and a 32 basis point decrease in the rates paid on average interest bearing liabilities from 1.48% to 1.16%, for the quarters ended September 30, 2009 and 2010, respectively. This was partially offset by an 8 basis point decrease in the yield on interest earning assets from 5.11% to 5.03% for the quarters ended September 30, 2009 and 2010, respectively. Net interest rate spread increased 24 basis points to 3.87% for the quarter ended September 30, 2010 as compared to 3.63% for the quarter ended September 30, 2009. Net interest margin increased 21 basis points to 4.04% for the quarter ended September 30, 2010 as compared to 3.83% for the quarter ended September 30, 2009.
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