Greene County Bancorp, Inc. Announces Earnings.CATSKILL, N.Y. -- Greene County Greene County is the name of fourteen counties in the United States of America, each named in honor of American Revolutionary War general Nathanael Greene:
in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : GCBC GCBC Grand Case Beach Club (St Martin) GCBC Ghana Catholic Bishops Conference GCBC Gulf Coast Business Council GCBC Gold Coast Bridge Club (Australia) ), the holding company for The Bank of Greene County and its' wholly-owned subsidiary Greene County Commercial Bank, today reported net income for the nine months and quarter ended March 31, 2007. Net income for the nine months ended March 31, 2007 amounted to $1.9 million or $0.46 per basic and $0.45 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share as compared to $1.8 million or $0.43 per basic and $0.42 per diluted share for the nine months ended March 31, 2006, an increase of $133,000, or 7.6%. Net income for the quarter ended March 31, 2007 amounted to $379,000 or $0.09 per basic and diluted share as compared to $574,000 or $0.14 per basic and diluted share for the quarter ended March 31, 2006, a decrease of $195,000, or 34.0%. The increase for the nine month period reflected improvement in noninterest income, including a gain on the sale of the old Coxsackie branch building, which helped offset compression of net interest spread and margin. The decrease for the quarter end period reflects the compression of net interest spread and margin as well as higher noninterest expenses resulting from the opening of two new branch offices at the new Catskill Commons Plaza and in the Town of Greenport. The Company has also increased its lending staff during the quarter ended March 31, 2007 to increase its focus on meeting the financial needs of businesses within its market area. Net interest income was $7.9 million and $2.6 million for the nine months and quarter ended March 31, 2007, respectively, which decreased by $134,000 and $70,000 from the same periods ended March 31, 2006. Net interest spread decreased 26 basis points to 3.52% for the nine months ended March 31, 2007 from 3.78% for the nine months ended March 31, 2006, and 30 basis points to 3.46% for the quarter ended March 31, 2007 as compared to 3.76% for the quarter ended March 31, 2006. Net interest margin decreased 24 basis points to 3.63% for the nine months ended March 31, 2007 from 3.87% for the nine months ended March 31, 2006, and 28 basis points to 3.57% for the quarter ended March 31, 2007 as compared to 3.85% for the quarter ended March 31, 2006. Rates have remained relatively unchanged, continuing an inverted yield curve Inverted Yield Curve Usually a chart showing long-term debt instruments that have lower yields than short-term debt instruments. It is sometimes referred to as a negative yield curve. and contributing to compression of net interest spread and margin. Due to its high levels of long-term fixed rate loans, the Company may continue to experience compression of net interest margin and spread. The provision for loan losses amounted to $194,000 and $100,000 for the nine months ended March 31, 2007 and 2006, respectively, an increase of $94,000. The provision for loan losses amounted to $83,000 and $40,000 for the quarters ended March 31, 2007 and 2006, respectively, an increase of $43,000. The increase in the level of provision was partially a result of growth in the loan portfolio and an increase in the amount of charge-offs, which were associated with the overdraft A check that is drawn on an account containing less money than the amount stated on the check. The term overdraft is also used in reference to the condition that exists when vouchers protection program. Net charge-offs associated with the overdraft protection program increased $41,000, or 128.1%, to $73,000 from $32,000 when comparing the nine months ended March 31, 2007 and 2006. Noninterest income amounted to $2.9 million for the nine months ended March 31, 2007 as compared to $2.3 million for the nine months ended March 31, 2006, an increase of $609,000 or 26.2%. A pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern gain of approximately $257,000 related to the sale of the old Coxsackie branch building was the most significant item contributing to the improvement in noninterest income. Noninterest income amounted to $840,000 for the quarter ended March 31, 2007 as compared to $762,000 for the quarter ended March 31, 2006, an increase of $78,000 or 10.2%. Service charges on deposit accounts increased $236,000 and $92,000 for the nine months and quarter ended March 31, 2007, respectively, due to higher levels of insufficient funds charges. Noninterest expense amounted to $8.0 million for the nine months ended March 31, 2007 as compared to $7.8 million for the nine months ended March 31, 2006, an increase of $205,000 or 2.6%, and $2.9 million for the quarter ended March 31, 2007 as compared to $2.6 million for the quarter ended March 31, 2006, an increase of $295,000 or 11.3%. Salaries and employee benefits increased $25,000 and $90,000 when comparing the nine months and quarter ended March 31, 2007 and 2006. Retirement expense decreased approximately $143,000 and $40,000 for the nine months and quarter ended March 31, 2007, respectively, primarily as a result of discontinuing the accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. of benefits under the defined benefit pension plan beginning July 1, 2006. This decrease was partially offset by an increase in 401(k) contribution expense of $39,000 and $19,000 for the nine months and quarter ended March 31, 2007, respectively, resulting from increases in our employer match beginning July 1, 2006 and January 1, 2007. Also contributing to the increase in salaries and employee benefits were higher salaries expenses, which increased $164,000 and $132,000 for the nine months and quarter ended March 31, 2007, respectively, due primarily to the staffing of two new branch offices which opened in February and March 2007 as well as several new positions within the commercial lending department. Occupancy expense and equipment and furniture expense increased approximately $138,000 and $45,000, respectively, when comparing the nine months ended March 31, 2007 and 2006, and $74,000 and $44,000, respectively, when comparing the quarter ended March 31, 2007 and 2006, due to higher utility costs, building maintenance and increased depreciation expense associated with the relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. Cairo and Coxsackie branches, the opening of the new operations center The facility or location on an installation, base, or facility used by the commander to command, control, and coordinate all crisis activities. See also base defense operations center; command center. in Catskill and the opening of two new branches in Catskill and Greenport. Other noninterest expenses decreased approximately $86,000 and $5,000 when comparing the nine months and quarters ended March 31, 2007 and 2006, respectively. These expenses were higher for the nine months ended March 31, 2006 as a result of expenses associated with the data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a system conversion such as training costs, licensing fees, and professional fees. The provisions for income taxes reflect the expected tax associated with the revenue generated for the given periods and certain regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. . The effective tax rate was 28.1% for the nine months ended March 31, 2007, compared to 28.3% for the nine months ended March 31, 2006. The effective tax rate was 17.4% for the quarter ended March 31, 2007, compared to 27.2% for the quarter ended March 31, 2006. The increase in effective rate for the nine months ended March 31, 2007 was the result of increased pre-tax income and the resultant This article is about the resultant of polynomials. For the result of adding two or more vectors, see Parallelogram rule. For the technique in organ building, see Resultant (organ). In mathematics, the resultant of two monic polynomials reduced percentage of tax exempt interest included in pre-tax income. Conversely con·verse 1 intr.v. con·versed, con·vers·ing, con·vers·es 1. To engage in a spoken exchange of thoughts, ideas, or feelings; talk. See Synonyms at speak. 2. , the decrease in effective rate for the quarter ended March 31, 2007 was the result of decreased pre-tax income and the resultant increased percentage of tax exempt interest included in pre-tax income. Total assets of the Company were $321.4 million at March 31, 2007 as compared to $307.6 million at June 30, 2006, an increase of $13.8 million, or 4.5%. The loan portfolio increased $14.8 million to $204.9 million at March 31, 2007. Real estate mortgages, both residential and commercial, and home equity loans increased during the nine-month period. Funding the loan growth was an increase in deposits of $12.0 million and principal payments and maturities of securities of $15.8 million, partially offset by purchases of securities of $7.6 million. Premises and equipment increased $2.9 million due to the new operations center in Catskill and new branches in the new Catskill Commons Plaza and in the Town of Greenport. These new facility additions were partially offset by the sale of the old Coxsackie branch building. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. increased $1.8 million to $35.4 million at March 31, 2007 from $33.6 million at June 30, 2006, as net income of $1.9 million and other comprehensive income of $595,000 were partially offset by cash dividends paid of $885,000. Accumulated other comprehensive income In 1997 the Financial Accounting Standards Board issued a Statement on Financial Accounting Standards entitled “Comprehensive Income”. This statement required all income statement items to be reported either as a regular item in the income statement and or a special item as increased as a result of the mark-to-market of the available-for-sale investment portfolio, net of tax. Other changes in equity were the result of activities associated with the various stock-based compensation plans of the Company, including the 2000 Stock Option Plan and ESOP ESOP See: Employee Stock Ownership Plan ESOP See Employee Stock Ownership Plan (ESOP). . Headquartered in Catskill, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , the Company provides full-service community-based banking in its nine branch offices located in Catskill, Cairo, Coxsackie, Greenville, Hudson, Tannersville, Westerlo, and Greenport New York. The Company has also recently purchased a parcel of land in the Town of Ghent, just outside the Village of Chatham in Columbia County Columbia County is the name of eight counties in the United States:
Customers are offered 24-hour services through ATM network systems, an automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. telephone banking system and Internet Banking through its web site at http://www.tbogc.com. This press release contains statements about future events that constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results could differ materially from those projected in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, and market acceptance of the Company's pricing, products and services. [TABLE OMITTED] [TABLE OMITTED] |
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