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, 2011. Net income for the year ended June 30, 2011 amounted to $5.3 million or $1.28 per basic share and $1.27 per diluted share as compared to $4.9 million or $1.19 per basic share and $1.18 per diluted share for the year ended June 30, 2010, an increase of $400,000, or 8.2%. Net income for the quarter ended June 30, 2011 amounted to $1.4 million or $0.33 per basic share and diluted share compared to $1.3 million or $0.31 per basic share and $0.30 per diluted share for the quarter ended June 30, 2010.
Donald E. Gibson, President & CEO, commented, “We are proud to report Greene County Bancorp has achieved both record quarterly and fiscal year earnings. In addition, for a second consecutive year we have 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 that $2 billion in assets at December 31, 2010, and banks were ranked by their average return on equity for three years ended December 31, 2008, 2009 and 2010.”
The most significant factor contributing to the higher earnings was higher net interest income. Net interest income increased $2.0 million to $19.7 million for the year ended June 30, 2011 compared to $17.7 million for the year ended June 30, 2010 and increased $585,000 to $5.1 million for the quarter ended June 30, 2011 compared to $4.5 million for the quarter ended June 30, 2010. Net interest spread decreased 2 basis points to 3.70% for the year ended June 30, 2011 from 3.72% for the year ended June 30, 2010, and decreased 3 basis points to 3.68% for the quarter ended June 30, 2011 from 3.71% for the quarter ended June 30, 2010. Net interest margin decreased 6 basis points to 3.85% for the year ended June 30, 2011 from 3.91% for the year ended June 30, 2010, and decreased 8 basis points to 3.82% for the quarter ended June 30, 2011 as compared to 3.90% for the quarter ended June 30, 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 the increase in net interest income when comparing the years and quarters ended June 30, 2011 and 2010.
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