Greene County Bancorp, Inc. (GCBC) has reported a 26.12 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $2.93 million, or $0.34 a share in the quarter, compared with $2.32 million, or $0.27 a share for the same period last year.
Revenue during the quarter grew 13.76 percent to $8.76 million from $7.70 million in the previous year period. Net interest income for the quarter rose 18.76 percent over the prior year period to $7.73 million. Non-interest income for the quarter rose 5.29 percent over the last year period to $1.61 million.
Greene County Bancorp has made provision of $0.59 million for loan losses during the quarter, up 70.85 percent from $0.34 million in the same period last year.
Net interest margin improved 5 basis points to 3.50 percent in the quarter from 3.45 percent in the last year period. Efficiency ratio for the quarter improved to 51.25 percent from 58.20 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Donald Gibson, president & chief executive officer stated, "I am pleased to report solid performance for both the three and six months ended December 31, 2016. In fact, the six month earnings represent the highest level of net income in our Company's 128 year history. The earnings performance was primarily driven by steady measured growth in our local customer base, which in-turn grew the balance sheet. New milestones include total assets over $925 million, gross loans over $600 million and total deposits over $775 million."
Liabilities outpace assets growth
Total assets stood at $931.98 million as on Dec. 31, 2016, up 16.96 percent compared with $796.81 million on Dec. 31, 2015. On the other hand, total liabilities stood at $853.60 million as on Dec. 31, 2016, up 17.57 percent from $726.06 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $591.33 million as on Dec. 31, 2016, up 23.66 percent compared with $478.20 million on Dec. 31, 2015. Deposits stood at $775.06 million as on Dec. 31, 2016, up 15.82 percent compared with $669.19 million on Dec. 31, 2015.
Investments stood at $296.69 million as on Dec. 31, 2016, up 9.43 percent or $25.56 million from year-ago. Shareholders equity stood at $78.38 million as on Dec. 31, 2016, up 10.78 percent or $7.63 million from year-ago.
Return on average assets moved up 10 basis points to 1.30 percent in the quarter from 1.20 percent in the last year period. At the same time, return on average equity increased 183 basis points to 15.15 percent in the quarter from 13.32 percent in the last year period.
Meanwhile, nonperforming assets to total assets was 0.45 percent in the quarter, down from 0.50 percent in the last year period.
Book value per share was $9.22 for the quarter, up 10.16 percent or $0.85 compared to $8.37 for the same period last year.
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