Greene County Bancorp, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2017. For the quarter, the company reported interest income of $9,420,000 compared to $8,484,000 a year ago. Net interest income was $8,460,000 compared to $7,731,000 a year ago. Income before taxes was $4,683,000 compared to $3,969,000 a year ago. Net income was $3,640,000 or $0.43 per basic and diluted share compared to $2,926,000 or $0.34 per basic and diluted share a year ago. Return on average assets was 1.39% against 1.30% a year ago. Return on average equity was 16.55% against 15.15% a year ago. The increases in net interest income were primarily the result of the growth in the average interest-earning asset balances. This was partially offset by a lower yield on securities. The lower yield on securities is the result of a decrease in prepayment penalty income on mortgage-backed securities. Net interest margin decreased 21 basis points to 3.29% for the three months ended December 31, 2017 compared to 3.50% for the three months ended December 31, 2016. The effective tax rate was 22.3% for the three months ended December 31, 2017 compared to 26.3% for the three months ended December 31, 2016.

For the six months, the company reported interest income of $18,509,000 compared to $16,298,000 a year ago. Net interest income was $16,630,000 compared to $14,818,000 a year ago. Income before taxes was $9,353,000 compared to $7,308,000 a year ago. Net income was $7,112,000 or $0.83 per diluted share compared to $5,433,000 or $0.64 per basic and diluted share a year ago. Return on average assets was 1.40% against 1.23% a year ago. Return on average equity was 16.45% against 14.25% a year ago. Book value per share was $10.53 against $9.22 a year ago. Net interest margin decreased 10 basis points to 3.32% for the six months ended December 31, 2017 compared to 3.42% for the six months ended December 31, 2016. The effective tax rate was 24.0% for the six months ended December 31, 2017 compared to 25.7% for six months ended December 31, 2016.

Net charge-offs amounted to $98,000 and $141,000 for the three months ended December 31, 2017 and 2016, respectively, and amounted to $369,000 and $193,000 for the six months ended December 31, 2017 and 2016, respectively. The increase in net charges-offs for the six months is due to the charge-off of two commercial loans during the period. There were no commercial loan charge-offs during the six months ended December 31, 2016.