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Greene County Bancorp, Inc. Reports Record 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 six months and quarter ended December 31, 2010. Net income for the six months ended December 31, 2010 amounted to $2.7 million or $0.65 per basic share and $0.64 per diluted share as compared to $2.4 million or $0.58 per basic and diluted share for the six months ended December 31, 2009, an increase of $276,000, or 11.5%. Net income for the quarter ended December 31, 2010 amounted to $1.4 million or $0.33 per basic share and $0.32 per diluted share as compared to $1.2 million or $0.29 per basic and diluted share for the quarter ended December 31, 2009, an increase of $136,000, or 11.2%.

Donald E. Gibson, President & CEO, stated, “In light of the difficult general economic conditions, we are obviously pleased to report record earnings for the quarter and fiscal year to date. In addition, we are pleased to report our Germantown branch, which we opened in October, is off to a solid start and exceeding projections.”

The most significant factor contributing to the higher earnings was higher net interest income, which increased to $9.7 million for the six months ended December 31, 2010 as compared to $8.6 million for the six months ended December 31, 2009, an increase of $1.1 million or 12.8%. Net interest income increased to $4.9 million for the quarter ended December 31, 2010 as compared to $4.3 million for the quarter ended December 31, 2009, an increase of $547,000 or 12.6%. Net interest rate spread increased 11 basis points to 3.75% for the six months ended December 31, 2010 as compared to 3.64% for the six months ended December 31, 2009. Net interest rate spread remained constant at 3.65% for the quarters ended December 31, 2010 and 2009. Net interest margin increased 8 basis points to 3.92% for the six months ended December 31, 2010 as compared to 3.84% for the six months ended December 31, 2009. Net interest margin decreased 5 basis points to 3.80% for the quarter ended December 31, 2010 as compared to 3.85% for the quarter ended December 31, 2009. The increase in average balances of loans and securities, along with a decrease in rate paid on deposit accounts, primarily led to an increase in net interest income when comparing the six months and quarters ended December 31, 2010 and 2009.

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