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, 2011. Net income for the nine months ended March 31, 2011 amounted to $3.9 million or $0.95 per basic share and $0.94 per diluted share as compared to $3.6 million or $0.88 per basic and diluted share for the nine months ended March 31, 2010, an increase of $289,000, or 8.0%. Net income for the quarters ended March 31, 2011 and 2010 amounted to $1.2 million or $0.30 per basic share and diluted share.
Donald E. Gibson, President & CEO stated, “In addition to strong quarterly earnings, we are pleased to report The Bank of Greene County has been ranked as one of the safest banks in our nation, according to Seifried & Brew, LLC., a community bank risk management firm. The ranking recognizes and honors those community banks whose policies and practices reflect the highest level of safety and soundness.”
The most significant factor contributing to the higher earnings was higher net interest income. Net interest income increased $1.4 million to $14.6 million for the nine months ended March 31, 2011 compared to $13.2 million for the nine months ended March 31, 2010 and increased $306,000 to $4.9 million for the quarter ended March 31, 2011 compared to $4.6 million for the quarter ended March 31, 2010. Net interest spread decreased 2 basis points to 3.70% for the nine months ended March 31, 2011 from 3.72% for the nine months ended March 31, 2010, and decreased 29 basis points to 3.61% for the quarter ended March 31, 2011 from 3.90% for the quarter ended March 31, 2010. Net interest margin decreased 6 basis points to 3.86% for the nine months ended March 31, 2011 from 3.92% for the nine months ended March 31, 2010, and decreased 34 basis points to 3.75% for the quarter ended March 31, 2011 as compared to 4.09% for the quarter ended March 31, 2010. The increase in average balances of loans and securities, along with a decrease in rates paid on deposit accounts, which was partially offset by the decrease in yield earned on loans and securities, primarily led to an increase in net interest income when comparing the nine months and quarters ended March 31, 2011 and 2010.
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