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Greene County Bancorp Q3 Profit Rises 21.1%

R. Chandrasekaran

Greene County Bancorp (NASDAQ: GCBC) said its net income advanced 21.1 percent to $2.16 million in the third quarter from $1.78 million in the year-ago quarter. Similarly, its earnings fell 19.1 percent to $0.25 a share from $0.21 a share in the corresponding quarter of the last year.

Greene County said that its net interest income advanced 12.3 percent to $6.61 million from $5.89 million in the previous year quarter. Its non-interest income also rose to $1.36 million from $1.25 million in the comparable period.

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The company said that its provision for loan losses rose marginally to $421,000 from $416,000 in the same quarter last year.

Greene County's President and CEO, Donald Gibson, commented "I am pleased to report another very solid quarter. Highlighting the quarter was our Company's balance sheet growth, reaching several new milestones. For the first time in our Company's history we surpassed $850 million in assets, $500 million in gross loans, and $750 million in total deposits."

On Friday, the stock traded down by 1.22 percent.

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