Greene County Bancorp Inc. (GCBC, Financial) filed Quarterly Report for the period ended 2010-12-31.
Greene County Bancorp Inc. has a market cap of $73.47 million; its shares were traded at around $17.79 with a P/E ratio of 14.35 and P/S ratio of 2.65. The dividend yield of Greene County Bancorp Inc. stocks is 3.93%. Greene County Bancorp Inc. had an annual average earning growth of 13.1% over the past 10 years. GuruFocus rated Greene County Bancorp Inc. the business predictability rank of 4-star.
Total cash and cash equivalents increased to $31.0 million at December 31, 2010 as compared to $9.6 million at June 30, 2010, an increase of $21.4 million. 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, increased $14.8 million or 8.8% to $182.1 million at December 31, 2010 as compared to $167.3 million at June 30, 2010. Securities purchases totaled $48.3 million during the six months ended December 31, 2010 and consisted primarily of $14.5 million of state and political subdivision securities, $18.9 million of U.S. government agency securities, and $14.7 million of mortgage-backed securities. Principal pay-downs and maturities amounted to $25.4 million, of which $9.1 million were mortgage-backed securities, $10.5 million were state and political subdivision securities and $5.8 million were U.S. government agency securities. During the three and six months ended December 31, 2010, securities sold totaled $6.9 million consisting of securities issued by U.S. government sponsored enterprises, resulting in a gain on sale of $212,000. Additionally, during the six months ended December 31, 2010, unrealized net gains on securities decreased $941,000. Greene County Bancorp, Inc. holds 23.3% of the securities portfolio at December 31, 2010 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 $296.2 million at December 31, 2010 from $295.6 million at June 30, 2010, an increase of $583,000, or 0.2%. The loan growth experienced during the six months primarily consisted of $3.6 million in commercial real estate loans, and $2.7 million in commercial loans, and was partially offset by a $3.1 million decrease in residential mortgage loans, and a $2.2 million decrease in construction and land 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 December 31, 2010, 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.
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Greene County Bancorp Inc. has a market cap of $73.47 million; its shares were traded at around $17.79 with a P/E ratio of 14.35 and P/S ratio of 2.65. The dividend yield of Greene County Bancorp Inc. stocks is 3.93%. Greene County Bancorp Inc. had an annual average earning growth of 13.1% over the past 10 years. GuruFocus rated Greene County Bancorp Inc. the business predictability rank of 4-star.
Highlight of Business Operations:
Total assets of the Company were $531.4 million at December 31, 2010 as compared to $495.3 million at June 30, 2010, an increase of $36.1 million, or 7.3%. Securities available for sale and held to maturity amounted to $182.1 million, or 34.3% of assets, at December 31, 2010 as compared to $167.3 million, or 33.8% of assets, at June 30, 2010, an increase of $14.8 million or 8.8%. Net loans grew by $583,000 or 0.2% to $296.2 million at December 31, 2010 as compared to $295.6 million at June 30, 2010.Total cash and cash equivalents increased to $31.0 million at December 31, 2010 as compared to $9.6 million at June 30, 2010, an increase of $21.4 million. 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, increased $14.8 million or 8.8% to $182.1 million at December 31, 2010 as compared to $167.3 million at June 30, 2010. Securities purchases totaled $48.3 million during the six months ended December 31, 2010 and consisted primarily of $14.5 million of state and political subdivision securities, $18.9 million of U.S. government agency securities, and $14.7 million of mortgage-backed securities. Principal pay-downs and maturities amounted to $25.4 million, of which $9.1 million were mortgage-backed securities, $10.5 million were state and political subdivision securities and $5.8 million were U.S. government agency securities. During the three and six months ended December 31, 2010, securities sold totaled $6.9 million consisting of securities issued by U.S. government sponsored enterprises, resulting in a gain on sale of $212,000. Additionally, during the six months ended December 31, 2010, unrealized net gains on securities decreased $941,000. Greene County Bancorp, Inc. holds 23.3% of the securities portfolio at December 31, 2010 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 $296.2 million at December 31, 2010 from $295.6 million at June 30, 2010, an increase of $583,000, or 0.2%. The loan growth experienced during the six months primarily consisted of $3.6 million in commercial real estate loans, and $2.7 million in commercial loans, and was partially offset by a $3.1 million decrease in residential mortgage loans, and a $2.2 million decrease in construction and land 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 December 31, 2010, 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.
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