Greene County Bancorp, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended December 31, 2014
January 23, 2015 at 05:13 pm
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Greene County Bancorp, Inc. reported earnings results for the second quarter and six months ended December 31, 2014. For the quarter, the company's earnings improved from the prior-year period. The company reported net income of $1.8 million, or $0.43 per share, compared with the prior-year period's $1.7 million, or $0.41 per share. Net income increased $86,000, or 5% year over year. Net interest income increased $475,000 to $5.8 million from $5.4 million in the same quarter last year. The increase resulted from a rise in its net interest spread and margin along with an increase in average loan balances.
For the six months, the company reported net income of $3.6 million or $0.84 per diluted share compared to $3.5 million or $0.82 per diluted share 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.