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January 2023
January 2023
November 2022
October 2022
October 2022
August 2022
July 2022
July 2022
June 2022
April 2022
· |
Net interest income increased $1.5 million to $9.7 million for the three months
ended September 30, 2018 from $8.2 million for the three months ended September 30, 2017. The growth in average loan and securities balances led to an increase in net interest income when comparing the quarters ended September 30,
2018 and 2017, and was complimented by an increase in net interest spread and net interest margin. The increases in net spread and margin are due primarily to recent interest rate increases by the Federal Reserve.
|
· |
Net interest rate spread increased four basis points to 3.31% as compared to
3.27% when comparing the three months ended September 30, 2018 and 2017, respectively.
|
· |
Net interest margin increased six basis points to 3.41% for the three months
ended September 30, 2018 as compared to 3.35% for the three months ended September 30, 2017.
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· |
Net interest income on a taxable-equivalent basis includes the additional amount
of interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. Tax-equivalent net interest
margin was 3.57% and 3.62% for the quarters ended September 30, 2018 and 2017, respectively. Tax-equivalent net interest margin for the quarter ended September 30, 2018 have been adjusted to reflect the Federal statutory tax rate
applicable to our fiscal year 2019 of 21.0% resulting from the Tax Cuts and Jobs Act of 2017 (“TCJA”) enacted in December 2017.
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· |
Provision for loan losses amounted to $354,000 and $347,000 for the three months
ended September 30, 2018 and 2017, respectively. Allowance for loan losses to total loans receivable was 1.67% at September 30, 2018, and 1.68% at June 30, 2018.
|
· |
Net charge-offs amounted to $70,000 and $271,000 for the three months ended
September 30, 2018 and 2017, respectively, a decrease of $201,000. This decrease in charge-off activity was primarily within the commercial loan and residential real estate portfolios.
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· |
Nonperforming loans amounted to $3.4 million and $3.6 million at September 30,
2018 and June 30, 2018, respectively. At September 30, 2018 and June 30, 2018, respectively, nonperforming assets were 0.29% and 0.32% of total assets, and nonperforming loans were 0.47% and 0.51% of net loans. At September 30, 2017,
nonperforming assets to total assets were 0.40% and nonperforming loans to net loans were 0.53%.
|
· |
Noninterest income increased $312,000, or 17.9%, and totaled $2.1 million and
$1.7 million for the three months ended September 30, 2018 and 2017. This increase was primarily due to increases in debit card fees and service charges on deposit accounts resulting from continued growth in the number of checking
accounts with debit cards, as well as increased monthly or transactional service charges on deposit accounts. Investment services income also increased during the period due to higher sales volume of investment products.
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· |
Noninterest expense increased $1.1 million, or 21.8%, to $6.0 million for the
three months ended September 30, 2018 as compared to $4.9 million for the three months ended September 30, 2017. This increase was primarily due to an increase in salaries and employee benefits expenses, resulting from additional
staffing for the addition of two new branches located in Copake and Woodstock, New York. Staffing was also increased within our lending department, customer service center and investment center. The increase is also due to costs
associated with the opening of the newest branch in Woodstock, New York during the three months ended September 30, 2018, and an increase in professional fees.
|
· |
Provision for income taxes directly reflects the expected tax associated with the
pre-tax income generated for the given year and certain regulatory requirements. The effective tax rate was 18.8% for the three months ended September 30, 2018, compared to 25.7% for the three months ended September 30, 2017. The
decrease in the effective tax rate for the three months ended September 30, 2018 is primarily the result of the impact of the enactment of the TCJA in December 2017. The TCJA permanently reduces the maximum corporate income tax rate
from 35% to 21% effective for tax years beginning after December 31, 2017. The statutory tax rate is impacted by the benefits derived from tax exempt bond and loan income, the Company’s real estate investment trust subsidiary income,
as well as the tax benefits derived from premiums paid to the Company’s pooled captive insurance subsidiary to arrive at the effective tax rate.
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· |
Total assets of the Company were $1.2 billion at September 30, 2018 and at June
30, 2018, an increase of $36.4 million, or 3.2%.
|
· |
Securities available-for-sale and held-to-maturity increased $5.0 million, or
1.3%, to $400.4 million at September 30, 2018 as compared to $395.4 million at June 30, 2018. Securities purchases totaled $56.8 million during the three months ended September 30, 2018 and consisted of $43.8 million of state and
political subdivision securities and $13.0 million of mortgage-backed securities. Principal pay-downs and maturities during the three months amounted to $51.6 million, of which $14.3 million were mortgage-backed securities, and $37.3
million were state and political subdivision securities.
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· |
Net loans receivable increased $20.1 million, or 2.9%, to $724.5 million at
September 30, 2018 from $704.4 million at June 30, 2018. The loan growth experienced during the three months consisted primarily of $5.5 million in commercial real estate loans, $3.1 million in commercial loans, $6.4 million in
residential real estate loans, and $6.1 million in multi-family real estate loans.
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· |
Deposits totaled $1.0 billion at September 30, 2018 and at June 30, 2018, a
decrease of $22.8 million, or 2.2%. Noninterest-bearing deposits increased $6.7 million, or 6.5%, and NOW deposits increased $12.2 million, or 2.3%, when comparing September 30, 2018 and June 30, 2018. These increases were offset by
a decrease in money market deposits of $21.3 million, or 16.0%, a decrease in savings deposits of $4.3 million, or 2.0%, and a decrease in certificates of deposits of $16.0 million, or 31.2%, when comparing September 30, 2018 and June
30, 2018. Typically deposits increase during the first quarter of the Company’s fiscal year as a result of an increase in municipal deposits at Greene County Commercial Bank, primarily from tax collection. However, several taxing
authorities experienced delays in sending out tax bills to property owners and as a result extended the due date for payments into October 2018. As a result of this delay, the Company did not experience the normal growth in deposits
at September 30, 2018. Included within certificates of deposits at June 30, 2018 were $15.0 million in brokered certificates of deposit. These brokered certificates of deposit matured during the three months ended September 30, 2018
and were not renewed.
|
· |
Borrowings for the Company amounted to $58.8 million of overnight borrowings and
$17.2 million of term borrowings, with the Federal Home Loan Bank of New York at September 30, 2018, compared to no overnight borrowings and $18.2 million of term borrowings at June 30, 2018.
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· |
Shareholders’ equity increased to $99.6 million at September 30, 2018 from $96.2
million at June 30, 2018, as net income of $4.4 million which was partially offset by dividends declared and paid of $854,000 and an increase in other accumulated comprehensive loss of $76,000.
|
At or for the Quarter
Ended September 30, |
||||||||
(Dollars in thousands, except per share data)
|
2018
|
2017
|
||||||
Interest income
|
$
|
10,997
|
$
|
9,089
|
||||
Interest expense
|
1,340
|
919
|
||||||
Net interest income
|
9,657
|
8,170
|
||||||
Provision for loan losses
|
354
|
347
|
||||||
Noninterest income
|
2,052
|
1,740
|
||||||
Noninterest expense
|
5,961
|
4,893
|
||||||
Income before taxes
|
5,394
|
4,670
|
||||||
Tax provision
|
1,014
|
1,198
|
||||||
Net Income
|
$
|
4,380
|
$
|
3,472
|
||||
Basic EPS
|
$
|
0.51
|
$
|
0.41
|
||||
Weighted average shares outstanding
|
8,537,814
|
8,502,734
|
||||||
Diluted EPS
|
$
|
0.51
|
$
|
0.41
|
||||
Weighted average diluted shares outstanding
|
8,537,814
|
8,531,242
|
||||||
Dividends declared per share
|
$
|
0.10
|
$
|
0.0975
|
||||
Selected Financial Ratios
|
||||||||
Return on average assets1
|
1.52
|
%
|
1.40
|
%
|
||||
Return on average equity1
|
17.92
|
16.33
|
||||||
Net interest rate spread1
|
3.31
|
3.27
|
||||||
Net interest margin1
|
3.41
|
3.35
|
||||||
Fully taxable-equivalent net interest margin2
|
3.57
|
3.62
|
||||||
Efficiency ratio3
|
50.91
|
49.37
|
||||||
Non-performing assets to total assets
|
0.29
|
0.40
|
||||||
Non-performing loans to net loans
|
0.47
|
0.53
|
||||||
Allowance for loan losses to non-performing loans
|
363.39
|
328.54
|
||||||
Allowance for loan losses to total loans
|
1.67
|
1.71
|
||||||
Shareholders’ equity to total assets
|
8.39
|
8.37
|
||||||
Dividend payout ratio4
|
19.61
|
23.78
|
||||||
Actual dividends paid to net income5
|
19.50
|
10.92
|
||||||
Book value per share
|
$
|
11.67
|
$
|
10.21
|
For the quarters ended September 30,
|
||||||||
(Dollars in thousands)
|
2018
|
2017
|
||||||
Net interest income (GAAP)
|
$
|
9,657
|
$
|
8,170
|
||||
Tax-equivalent adjustment
|
473
|
647
|
||||||
Net interest income (fully taxable-equivalent basis)
|
$
|
10,130
|
$
|
8,817
|
||||
Average interest-earning assets
|
$
|
1,134,102
|
$
|
975,036
|
||||
Net interest margin (fully taxable-equivalent basis)
|
3.57
|
%
|
3.62
|
%
|
As of
September 30, 2018
|
As of
June 30, 2018
|
|||||||
(Dollars In thousands, except share data)
|
||||||||
Assets
|
||||||||
Total cash and cash equivalents
|
$
|
35,132
|
$
|
26,504
|
||||
Long term certificate of deposit
|
2,385
|
2,385
|
||||||
Securities- available for sale, at fair value
|
119,600
|
120,806
|
||||||
Securities- held to maturity, at amortized cost
|
280,774
|
274,550
|
||||||
Equity securities, at fair value
|
232
|
217
|
||||||
Federal Home Loan Bank stock, at cost
|
4,147
|
1,545
|
||||||
Gross loans receivable
|
736,076
|
715,641
|
||||||
Less: Allowance for loan losses
|
(12,308
|
)
|
(12,024
|
)
|
||||
Unearned origination fees and costs, net
|
758
|
814
|
||||||
Net loans receivable
|
724,526
|
704,431
|
||||||
Premises and equipment
|
13,267
|
13,304
|
||||||
Accrued interest receivable
|
5,437
|
5,057
|
||||||
Foreclosed real estate
|
79
|
119
|
||||||
Prepaid expenses and other assets
|
2,294
|
2,560
|
||||||
Total assets
|
$
|
1,187,873
|
$
|
1,151,478
|
||||
Liabilities and shareholders’ equity
|
||||||||
Noninterest bearing deposits
|
$
|
109,358
|
$
|
102,694
|
||||
Interest bearing deposits
|
893,103
|
922,540
|
||||||
Total deposits
|
1,002,461
|
1,025,234
|
||||||
Borrowings from FHLB, short term
|
58,800
|
-
|
||||||
Borrowings from FHLB, long term
|
17,150
|
18,150
|
||||||
Accrued expenses and other liabilities
|
9,821
|
11,903
|
||||||
Total liabilities
|
1,088,232
|
1,055,287
|
||||||
Total shareholders’ equity
|
99,641
|
96,191
|
||||||
Total liabilities and shareholders’ equity
|
$
|
1,187,873
|
$
|
1,151,478
|
||||
Common shares outstanding
|
8,537,814
|
8,537,814
|
||||||
Treasury shares
|
73,526
|
73,526
|
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Greene County Bancorp Inc provided additional information to their SEC Filing as exhibits
Ticker: GCBCEvents:
CIK: 1070524
Form Type: 8-K Corporate News
Accession Number: 0001140361-18-041204
Submitted to the SEC: Wed Oct 24 2018 10:09:21 AM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Wednesday, October 24, 2018
Industry: Savings Institutions Not Federally Chartered