Greene County Bancorp (GCBC) has reported 16.60 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $2.51 million, or $0.30 a share in the quarter, compared with $2.15 million, or $0.25 a share for the same period last year.
Revenue during the quarter grew 9.97 percent to $8.09 million from $7.36 million in the previous year period. Net interest income for the quarter rose 13.41 percent over the prior year period to $7.09 million. Non-interest income for the quarter rose 4.38 percent over the last year period to $1.55 million.
Greene County Bancorp has made provision of $0.54 million for loan losses during the quarter, up 45.19 percent from $0.37 million in the same period last year.
Net interest margin contracted 11 basis points to 3.34 percent in the quarter from 3.45 percent in the last year period. Efficiency ratio for the quarter improved to 55.05 percent from 58.94 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Donald Gibson, president & chief executive officer stated, "We are pleased to report another outstanding quarter for Greene County Bancorp, Inc. For the quarter September 30, 2016, we set another record high for quarterly net income, resulting from strong growth in earning assets. With $122.1 million growth in average assets when comparing the quarters ended September 30, 2016 and 2015, we have maintained our return on average assets at 1.16% and increased our return on average equity to 13.32% for the quarter ended September 30, 2016 compared to 12.70% for the quarter ended September 30, 2015."
Liabilities outpace assets growthTotal assets stood at $893.12 million as on Sep. 30, 2016, up 16.33 percent compared with $767.74 million on Sep. 30, 2015. On the other hand, total liabilities stood at $816.70 million as on Sep. 30, 2016, up 16.84 percent from $698.96 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $548.89 million as on Sep. 30, 2016, up 19.21 percent compared with $460.46 million on Sep. 30, 2015. Deposits stood at $772.60 million as on Sep. 30, 2016, up 16.30 percent compared with $664.31 million on Sep. 30, 2015.
Investments stood at $298.81 million as on Sep. 30, 2016, up 10.54 percent or $28.49 million from year-ago. Shareholders equity stood at $76.41 million as on Sep. 30, 2016, up 11.10 percent or $7.63 million from year-ago.
Return on average assets was stable at 1.16 percent in the quarter, when compared with the last year period. At the same time, return on average equity increased 62 basis points to 13.32 percent in the quarter from 12.70 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.51 percent in the quarter, down from 0.66 percent in the last year period.
Book value per share was $9 for the quarter, up 10.57 percent or $0.86 compared to $8.14 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
