Greene County Bancorp, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2011
January 25, 2012 at 02:06 pm IST
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Greene County Bancorp, Inc. reported earnings results for the second quarter and six months ended December 31, 2011. For the quarter, the company reported net income of $1,495,000 or $0.36 per diluted share as compared to net income of $1,352,000 or $0.32 per diluted share for the same period in the previous year. Net interest income was $5,223,000 and income before taxes was $2,241,000 compared to net interest income of $4,895,000 and income before taxes of $2,056,000 for the same period in the previous year. Return on average assets and return on average equity were 1.07% and 11.98%, respectively, for the quarter ended December 31, 2011, compared to 1.01% and 11.79% respectively, for the same period in the previous year.
For the six months, the company reported net income of $3,004,000 or $0.0.72 per basic and diluted share as compared to net income of $2,676,000 or $0.64 per diluted share for the same period in the previous year. Net interest income was $10,422,000 and income before taxes was $4,522,000 compared to net interest income of $9,692,000 and income before taxes of $4,072,000 for the same period in the previous year. Return on average assets and return on average equity were 1.09% and 12.20%, respectively, for the six months ended December 31, 2011, compared to 1.04% and 11.76% respectively, for the same period in the previous year. Book value per share was $12.20 compared to $11.10 for the same period in the previous year.
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.