Greene County Bancorp Inc. (GCBC, Financial) filed Quarterly Report for the period ended 2009-09-30.
GREENE COUNTY BANCCORP is a holding company for The Bank of Greene County. Their principal business is overseeing and directing the business of the Bank and investing the net stock offering proceeds retained by it. The Bank's principal business consists of attracting retail deposits from the general public in the areas surrounding its branches and investing those deposits, together with funds generated from operations and borrowings, primarily in one-to four-family residential mortgage loans, commercial realestate loans, consumer loans and commercial business loans. Greene County Bancorp Inc. has a market cap of $59.9 million; its shares were traded at around $14.58 with a P/E ratio of 13.5 and P/S ratio of 2. The dividend yield of Greene County Bancorp Inc. stocks is 4.7%. Greene County Bancorp Inc. had an annual average earning growth of 12.1% over the past 10 years.
Total cash and cash equivalents increased to $15.1 million at September 30, 2009 as compared to $9.4 million at June 30, 2009, an increase of $5.7 million or 60.6%. The level of cash and cash equivalents is a function of the daily account clearing needs and deposit levels as well as activities associated with securities transactions and loan funding. All of these items can cause cash levels to fluctuate significantly on a daily basis.
Securities, including both available-for-sale and held-to-maturity issues, decreased $2.4 million or 1.5% to $159.2 million at September 30, 2009 as compared to $161.6 million at June 30, 2009. Securities purchases totaled $4.3 million during the quarter ended September 30, 2009 and consisted of state and political subdivision securities. Principal pay-downs and maturities amounted to $7.2 million, of which $2.8 million were mortgage-backed securities, $1.4 million were state and political subdivision securities and $3.0 million were U.S. government agency securities. Additionally, during the quarter ended September 30, 2009, unrealized net gains on available for sale securities increased $687,000. Greene County Bancorp, Inc. holds 22.5% of the securities portfolio at September 30, 2009 in state and political subdivision securities to take advantage of tax savings and to promote Greene County Bancorp, Inc. s participation in the communities in which it operates. Mortgage-backed securities and asset-backed securities held within the portfolio do not contain sub-prime loans and are not exposed to the credit risk associated with such lending.
Net loans receivable increased to $276.2 million at September 30, 2009 from $267.9 million at June 30, 2009, an increase of $8.3 million, or 3.1%. The loan growth experienced during the quarter primarily consisted of $6.0 million in residential mortgages, $2.8 million in commercial real estate loans, and $468,000 in non-mortgage loans, which was partially offset by a $1.1 million decrease in home equity loans. The continued low interest rate environment and strong customer satisfaction from personal service continued to enhance loan growth. If long term rates begin to rise, the Company anticipates some slow down in new loan demand as well as refinancing activities. The Bank of Greene County continues to use a conservative underwriting policy in regard to all loan originations, and does not engage in sub-prime lending or other exotic loan products. It should be noted however that the Company is subject to the effects of any downturn, and especially, a significant decline in home values in the Company s markets could have a negative effect on the consolidated results of operations. A significant decline in home values would likely lead to a decrease in residential real estate loans and new home equity loan originations and increased delinquencies and defaults in both the consumer home equity loan and the residential real estate loan portfolios and result in increased losses in these portfolios. As of September 30, 2009, declines in home values have been modest in the Company s market area. However, updated appraisals are obtained on loans when there is a reason to believe that there has been a change in the borrower s ability to repay the loan principal and interest, generally, when a loan is in a delinquent status. Additionally, if an existing loan is to be modified or refinanced, generally, an appraisal is ordered to ensure continued collateral adequacy.
Read the The complete Report
GREENE COUNTY BANCCORP is a holding company for The Bank of Greene County. Their principal business is overseeing and directing the business of the Bank and investing the net stock offering proceeds retained by it. The Bank's principal business consists of attracting retail deposits from the general public in the areas surrounding its branches and investing those deposits, together with funds generated from operations and borrowings, primarily in one-to four-family residential mortgage loans, commercial realestate loans, consumer loans and commercial business loans. Greene County Bancorp Inc. has a market cap of $59.9 million; its shares were traded at around $14.58 with a P/E ratio of 13.5 and P/S ratio of 2. The dividend yield of Greene County Bancorp Inc. stocks is 4.7%. Greene County Bancorp Inc. had an annual average earning growth of 12.1% over the past 10 years.
Highlight of Business Operations:
Total assets of the Company were $471.7 million at September 30, 2009 as compared to $460.5 million at June 30, 2009, an increase of $11.2 million, or 2.4%. Securities available for sale and held to maturity amounted to $159.2 million, or 33.8% of assets, at September 30, 2009 as compared to $161.6 million, or 35.1% of assets, at June 30, 2009, a decrease of $2.4 million or 1.5%. Net loans grew by $8.3 million or 3.1% to $276.2 million at September 30, 2009 as compared to $267.9 million at June 30, 2009.Total cash and cash equivalents increased to $15.1 million at September 30, 2009 as compared to $9.4 million at June 30, 2009, an increase of $5.7 million or 60.6%. The level of cash and cash equivalents is a function of the daily account clearing needs and deposit levels as well as activities associated with securities transactions and loan funding. All of these items can cause cash levels to fluctuate significantly on a daily basis.
Securities, including both available-for-sale and held-to-maturity issues, decreased $2.4 million or 1.5% to $159.2 million at September 30, 2009 as compared to $161.6 million at June 30, 2009. Securities purchases totaled $4.3 million during the quarter ended September 30, 2009 and consisted of state and political subdivision securities. Principal pay-downs and maturities amounted to $7.2 million, of which $2.8 million were mortgage-backed securities, $1.4 million were state and political subdivision securities and $3.0 million were U.S. government agency securities. Additionally, during the quarter ended September 30, 2009, unrealized net gains on available for sale securities increased $687,000. Greene County Bancorp, Inc. holds 22.5% of the securities portfolio at September 30, 2009 in state and political subdivision securities to take advantage of tax savings and to promote Greene County Bancorp, Inc. s participation in the communities in which it operates. Mortgage-backed securities and asset-backed securities held within the portfolio do not contain sub-prime loans and are not exposed to the credit risk associated with such lending.
Net loans receivable increased to $276.2 million at September 30, 2009 from $267.9 million at June 30, 2009, an increase of $8.3 million, or 3.1%. The loan growth experienced during the quarter primarily consisted of $6.0 million in residential mortgages, $2.8 million in commercial real estate loans, and $468,000 in non-mortgage loans, which was partially offset by a $1.1 million decrease in home equity loans. The continued low interest rate environment and strong customer satisfaction from personal service continued to enhance loan growth. If long term rates begin to rise, the Company anticipates some slow down in new loan demand as well as refinancing activities. The Bank of Greene County continues to use a conservative underwriting policy in regard to all loan originations, and does not engage in sub-prime lending or other exotic loan products. It should be noted however that the Company is subject to the effects of any downturn, and especially, a significant decline in home values in the Company s markets could have a negative effect on the consolidated results of operations. A significant decline in home values would likely lead to a decrease in residential real estate loans and new home equity loan originations and increased delinquencies and defaults in both the consumer home equity loan and the residential real estate loan portfolios and result in increased losses in these portfolios. As of September 30, 2009, declines in home values have been modest in the Company s market area. However, updated appraisals are obtained on loans when there is a reason to believe that there has been a change in the borrower s ability to repay the loan principal and interest, generally, when a loan is in a delinquent status. Additionally, if an existing loan is to be modified or refinanced, generally, an appraisal is ordered to ensure continued collateral adequacy.
Read the The complete Report
