Greene County Bancorp, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2012
January 24, 2013 at 11:19 am EST
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Greene County Bancorp, Inc. reported earnings results for the second quarter and six months ended December 31, 2012. For the quarter, the company reported net interest income of $5,370,000 compared to $5,223,000 a year ago. Income before taxes was $2,379,000 compared to $2,241,000 a year ago. Net income was $1,669,000 or $0.39 diluted per share compared to $1,495,000 or $0.36 basic and diluted per share a year ago. Return on average assets was 1.07% compared to 1.07% a year ago. Return on average equity was 12.30% compared to 11.98% a year ago.
For the six months period, the company reported net interest income of $10,762,000 compared to $10,422,000 a year ago. Income before taxes was $4,933,000 compared to $4,522,000 a year ago. Net income was $3,433,000 or $0.81 diluted per share compared to $3,004,000 or $0.72 basic and diluted per share a year ago. Return on average assets was 1.13% compared to 1.09% a year ago. Return on average equity was 12.79% compared to 12.20% a year ago. Book value per share as at December 31, 2012 was $13.05 compared to $12.20 a year ago.
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.