Greene County Bancorp, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2013; Announces Net Charge-Offs for the Second Quarter Ended December 31, 2013
January 21, 2014 at 09:22 am EST
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Greene County Bancorp, Inc. reported earnings results for the second quarter and six months ended December 31, 2013. For the quarter, the company's net interest income was $5,369,000 compared to $5,370,000 a year ago. Net income was $1,725,000 compared to $1,669,000 a year ago. Diluted EPS was $0.41 compared to $0.39 a year ago. Return on average assets was 1.06% compared to 1.07% a year ago. Return on average equity was 11.97% compared to 12.30% a year ago. Interest income was $5,951,000 compared to $6,107,000 for the same period a year ago.
For the six months, the company's net interest income was $10,617,000 compared to $10,762,000 a year ago. Net Income was $3,479,000 compared to $3,433,000 a year ago. Diluted EPS was $0.82 compared to $0.81 a year ago. Return on average assets was 1.08% compared to 1.13% a year ago. Return on average equity was 12.20% compared to 12.79% a year ago. The change in net interest income resulted from the narrowing of the spread and margin when comparing the six and three months ended December 31, 2013 and 2012. Book value per share was $13.88 compared to $13.05 a year ago. Interest income was $11,777,000 compared to $12,238,000 for the same period a year ago.
The company reported net charge-offs amounted to $365,000 and $313,000 for the three months ended December 31, 2013 and 2012, respectively, an increase of $52,000.
Greene County Bancorp, Inc. operates as the holding company of The Bank of Greene County (the Bank). The Bankâs principal business consists of attracting retail deposits from the general public in the areas surrounding its branches and investing those deposits, together with funds generated from operations and borrowings, primarily in residential mortgage loans, commercial real estate mortgage loans, consumer loans, home equity loans and commercial business loans. In addition, The Bank invests a significant portion of its assets in state and political subdivision securities and mortgage-backed securities. The Bank offers investment alternatives for customers. The Bank operates a subsidiary, Greene County Commercial Bank, which receives deposits only to the extent of accepting for deposit the funds of the United States and the state of New York and their respective agents, authorities and instrumentalities, and local governments. The Bank also operates a real estate investment trust.
Greene County Bancorp, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2013; Announces Net Charge-Offs for the Second Quarter Ended December 31, 2013