Greene County Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2017; Announces Net Charge Offs for the Second Quarter Ended December 31, 2017
January 24, 2018 at 10:27 am
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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.
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 Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2017; Announces Net Charge Offs for the Second Quarter Ended December 31, 2017