GREENE
COUNTY BANCORP, INC.
|
||||
INDEX
|
||||
PART
I.
|
FINANCIAL
INFORMATION
|
|||
Page
|
||||
Item
1.
|
Financial
Statements (unaudited)
|
|||
* Consolidated
Statements of Financial Condition
|
||||
* Consolidated
Statements of Income
|
||||
* Consolidated
Statements of Comprehensive Income
|
||||
* Consolidated
Statements of Changes in Shareholders’ Equity
|
||||
* Consolidated
Statements of Cash Flows
|
||||
* Notes
to Consolidated Financial Statements
|
||||
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operation
|
|||
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
|||
Item
4T.
|
Controls
and Procedures
|
|||
PART
II.
|
OTHER
INFORMATION
|
|||
Item
1.
|
Legal
Proceedings
|
|||
Item
1A.
|
Risk
Factors
|
|||
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
|||
Item
3.
|
Defaults
Upon Senior Securities
|
|||
Item
4.
|
Submission
of Matters to a Vote of Security Holders
|
|||
Item
5.
|
Other
Information
|
|||
Item
6.
|
Exhibits
|
|||
Signatures
|
||||
Exhibit
31.1 302 Certification of Chief Executive Officer
Exhibit
31.2 302 Certification of Chief Financial Officer
Exhibit
32.1 906 Statement of Chief Executive Officer
Exhibit
32.2 906 Statement of Chief Financial Officer
|
ASSETS
|
September 30,
2009
|
June 30, 2009
|
||||||
Cash
and due from banks
|
$ | 9,905 | $ | 8,639 | ||||
Federal
funds sold
|
5,237 | 804 | ||||||
Total
cash and cash equivalents
|
15,142 | 9,443 | ||||||
Long
term certificate of deposit
|
1,000 | 1,000 | ||||||
Securities
available for sale, at fair value
|
93,450 | 98,271 | ||||||
Securities
held to maturity, at amortized cost
|
65,777 | 63,336 | ||||||
Federal
Home Loan Bank stock, at cost
|
1,495 | 1,495 | ||||||
Loans
|
279,441 | 271,001 | ||||||
Allowance
for loan losses
|
(3,632 | ) | (3,420 | ) | ||||
Unearned
origination fees and costs, net
|
355 | 321 | ||||||
Net
loans receivable
|
276,164 | 267,902 | ||||||
Premises
and equipment
|
15,125 | 15,274 | ||||||
Accrued
interest receivable
|
2,569 | 2,448 | ||||||
Prepaid
expenses and other assets
|
993 | 1,152 | ||||||
Foreclosed
real estate
|
--- | 215 | ||||||
Total
assets
|
$ | 471,715 | $ | 460,536 | ||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
Noninterest
bearing deposits
|
$ | 38,544 | $ | 39,772 | ||||
Interest
bearing deposits
|
370,827 | 358,957 | ||||||
Total
deposits
|
409,371 | 398,729 | ||||||
Borrowings
from FHLB, long-term
|
19,000 | 19,000 | ||||||
Accrued
expenses and other liabilities
|
1,710 | 2,543 | ||||||
Total
liabilities
|
430,081 | 420,272 | ||||||
Shareholders’
equity:
|
||||||||
Preferred
stock,
|
||||||||
Authorized - 1,000,000
shares; Issued - none
|
--- | --- | ||||||
Common
stock, par value $.10 per share;
|
||||||||
Authorized -
12,000,000 shares
|
||||||||
Issued - 4,305,670
shares
|
||||||||
Outstanding - 4,105,312
shares at September 30, 2009
|
||||||||
and
June 30, 2009;
|
431 | 431 | ||||||
Additional
paid-in capital
|
10,564 | 10,508 | ||||||
Retained
earnings
|
30,923 | 30,045 | ||||||
Accumulated
other comprehensive income
|
1,228 | 792 | ||||||
Treasury
stock, at cost, 200,358 shares at September 30, 2009
|
||||||||
and
June 30, 2009
|
(1,512 | ) | (1,512 | ) | ||||
Total
shareholders’ equity
|
41,634 | 40,264 | ||||||
Total
liabilities and shareholders’ equity
|
$ | 471,715 | $ | 460,536 |
2009
|
2008
|
|||||||
Interest
income:
|
||||||||
Loans
|
$ | 4,167 | $ | 3,910 | ||||
Investment
securities - taxable
|
316 | 362 | ||||||
Mortgage-backed
securities
|
920 | 807 | ||||||
Investment
securities - tax exempt
|
249 | 231 | ||||||
Interest
bearing deposits and federal funds sold
|
4 | 26 | ||||||
Total
interest income
|
5,656 | 5,336 | ||||||
Interest
expense:
|
||||||||
Interest
on deposits
|
1,250 | 1,447 | ||||||
Interest
on borrowings
|
167 | 170 | ||||||
Total
interest expense
|
1,417 | 1,617 | ||||||
Net
interest income
|
4,239 | 3,719 | ||||||
Provision
for loan losses
|
248 | 195 | ||||||
Net
interest income after provision for loan losses
|
3,991 | 3,524 | ||||||
Non-interest
income:
|
||||||||
Service
charges on deposit accounts
|
748 | 786 | ||||||
Debit
card fees
|
248 | 230 | ||||||
Investment
services
|
59 | 82 | ||||||
E-commerce
fees
|
30 | 70 | ||||||
Write-down
of impairment of available-for-sale security
|
--- | (221 | ) | |||||
Other
operating income
|
118 | 99 | ||||||
Total
non-interest income
|
1,203 | 1,046 | ||||||
Non-interest
expense:
|
||||||||
Salaries
and employee benefits
|
1,806 | 2,004 | ||||||
Occupancy
expense
|
302 | 267 | ||||||
Equipment
and furniture expense
|
153 | 164 | ||||||
Service
and data processing fees
|
343 | 303 | ||||||
Computer
software, supplies and support
|
82 | 80 | ||||||
Advertising
and promotion
|
78 | 83 | ||||||
FDIC
insurance premiums
|
135 | 18 | ||||||
Legal
and professional fees
|
75 | 66 | ||||||
Other
|
410 | 375 | ||||||
Total
non-interest expense
|
3,384 | 3,360 | ||||||
Income
before provision for income taxes
|
1,810 | 1,210 | ||||||
Provision
for income taxes
|
626 | 401 | ||||||
Net
income
|
$ | 1,184 | $ | 809 | ||||
Basic
EPS
|
$ | 0.29 | $ | 0.20 | ||||
Basic
average shares outstanding
|
4,105,312 | 4,096,149 | ||||||
Diluted
EPS
|
$ | 0.29 | $ | 0.20 | ||||
Diluted
average shares outstanding
|
4,132,766 | 4,119,313 | ||||||
Dividends
per share
|
$ | 0.17 | $ | 0.17 |
2009
|
2008
|
|||||||
Net
income
|
$ | 1,184 | $ | 809 | ||||
Other
comprehensive income (loss):
|
||||||||
Securities:
|
||||||||
Unrealized
holding gains (losses) on available for sale securities,
arising
|
||||||||
during
the three months ended September 30, 2009 and 2008,
|
||||||||
net
of income taxes of $266 and ($182), respectively.
|
421 | (286 | ) | |||||
Accretion
of unrealized loss on securities transferred to
held-to-maturity,
|
||||||||
net
of income taxes of $9 and $0, respectively
|
15 | --- | ||||||
Reclassification
adjustment for impairment write-down on securities
|
||||||||
available
for sale realized in net income net of income taxes of $0, and
$86,
|
||||||||
respectively.
|
--- | 135 | ||||||
Other
comprehensive income (loss)
|
436 | (151 | ) | |||||
Comprehensive
income
|
$ | 1,620 | $ | 658 |
Accumulated
|
|||||||
Additional
|
Other
|
Unearned
|
Total
|
||||
Common
|
Paid
– In
|
Retained
|
Comprehensive
|
Treasury
|
ESOP
|
Shareholders’
|
|
Stock
|
Capital
|
Earnings
|
Income
(Loss)
|
Stock
|
Shares
|
Equity
|
|
Balance
at
|
|||||||
June
30, 2008
|
$431
|
$10,267
|
$27,183
|
($9)
|
($1,586)
|
($19)
|
$36,267
|
ESOP
shares earned
|
18
|
9
|
27
|
||||
Options
exercised
|
(19)
|
41
|
22
|
||||
Stock
options compensation
|
37
|
37
|
|||||
Dividends
declared
|
(305)
|
(305)
|
|||||
Net
income
|
809
|
809
|
|||||
Total
other comprehensive loss, net of taxes
|
(151)
|
(151)
|
|||||
Balance
at
|
|||||||
September
30, 2008
|
$431
|
$10,303
|
$27,687
|
($160)
|
($1,545)
|
($10)
|
$36,706
|
June
30, 2009
|
$431
|
$10,508
|
$30,045
|
$792
|
($1,512)
|
$---
|
$40,264
|
Stock
options compensation
|
56
|
56
|
|||||
Dividends
declared
|
(306)
|
(306)
|
|||||
Net
income
|
1,184
|
1,184
|
|||||
Total
other comprehensive income, net of taxes
|
436
|
436
|
|||||
Balance
at
|
|||||||
September
30, 2009
|
$431
|
$10,564
|
$30,923
|
$1,228
|
($1,512)
|
$---
|
$41,634
|
(In
thousands)
|
2009
|
2008
|
||||||
Cash
flows from operating activities:
|
||||||||
Net
Income
|
$ | 1,184 | $ | 809 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation
|
233 | 220 | ||||||
Net
amortization of premiums and discounts
|
200 | 24 | ||||||
Net
amortization of deferred loan costs and fees
|
49 | 32 | ||||||
Provision
for loan losses
|
248 | 195 | ||||||
ESOP
compensation earned
|
--- | 27 | ||||||
Stock
option compensation
|
56 | 37 | ||||||
Write-down
of impairment of available-for-sale security
|
--- | 221 | ||||||
Net
loss on sale of foreclosed real estate
|
8 | --- | ||||||
Net
increase (decrease) in accrued income taxes
|
80 | (99 | ) | |||||
Net
increase in accrued interest receivable
|
(121 | ) | (378 | ) | ||||
Net
(increase) decrease in prepaid and other assets
|
(177 | ) | 19 | |||||
Net
decrease in other liabilities
|
(850 | ) | (185 | ) | ||||
Net
cash provided by operating activities
|
910 | 922 | ||||||
Cash
flows from investing activities:
|
||||||||
Securities
available-for-sale:
|
||||||||
Proceeds
from maturities
|
3,000 | 2,004 | ||||||
Purchases
of securities
|
--- | (46,242 | ) | |||||
Principal
payments on securities
|
2,412 | 2,281 | ||||||
Securities
held-to-maturity:
|
||||||||
Proceeds
from maturities
|
844 | 235 | ||||||
Purchases
of securities
|
(4,277 | ) | (872 | ) | ||||
Principal
payments on securities
|
910 | 665 | ||||||
Net
purchase of Federal Home Loan Bank Stock
|
--- | (292 | ) | |||||
Net
increase in loans receivable
|
(8,559 | ) | (14,628 | ) | ||||
Proceeds
from sale of foreclosed real estate
|
207 | --- | ||||||
Purchases
of premises and equipment
|
(84 | ) | (381 | ) | ||||
Net
cash used in investing activities
|
(5,547 | ) | (57,230 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Net
increase in short-term FHLB advances
|
--- | 6,500 | ||||||
Payment
of cash dividends
|
(306 | ) | (305 | ) | ||||
Proceeds
from stock options exercised
|
--- | 22 | ||||||
Net
increase in deposits
|
10,642 | 52,126 | ||||||
Net
cash provided by financing activities
|
10,336 | 58,343 | ||||||
Net
increase in cash and cash equivalents
|
5,699 | 2,035 | ||||||
Cash
and cash equivalents at beginning of period
|
9,443 | 8,662 | ||||||
Cash
and cash equivalents at end of period
|
$ | 15,142 | $ | 10,697 |
See
notes to consolidated financial statements.
|
|
Gross
|
Gross
|
Estimated
|
|||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Securities
available-for-sale:
|
||||||||||||||||
U.S.
government sponsored enterprises
|
$ | 16,956 | $ | 186 | $ | 1 | $ | 17,141 | ||||||||
State
and political subdivisions
|
9,299 | 437 | --- | 9,736 | ||||||||||||
Mortgage-backed
securities-residential
|
30,381 | 1,001 | --- | 31,382 | ||||||||||||
Mortgage-backed
securities-multi-family
|
25,180 | 1,208 | --- | 26,388 | ||||||||||||
Asset-backed
securities
|
41 | --- | 2 | 39 | ||||||||||||
Corporate
debt securities
|
8,751 | 80 | 163 | 8,668 | ||||||||||||
Total
debt securities
|
90,608 | 2,912 | 166 | 93,354 | ||||||||||||
Equity
securities and other
|
67 | 29 | --- | 96 | ||||||||||||
Total
securities available-for-sale
|
90,675 | 2,941 | 166 | 93,450 | ||||||||||||
Securities
held-to-maturity:
|
||||||||||||||||
U.S.
government sponsored enterprises
|
7,038 | 27 | --- | 7,065 | ||||||||||||
State
and political subdivisions
|
26,190 | 19 | --- | 26,209 | ||||||||||||
Mortgage-backed
securities-residential
|
29,613 | 689 | --- | 30,302 | ||||||||||||
Mortgage-backed
securities-multi-family
|
2,266 | 90 | --- | 2,356 | ||||||||||||
Other
securities
|
670 | --- | --- | 670 | ||||||||||||
Total
securities held-to-maturity
|
65,777 | 825 | --- | 66,602 | ||||||||||||
Total
securities
|
$ | 156,452 | $ | 3,766 | $ | 166 | $ | 160,052 |
|
Gross
|
Gross
|
Estimated
|
|||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Securities
available-for-sale:
|
||||||||||||||||
U.S.
government sponsored enterprises
|
$ | 19,985 | $ | 164 | $ | 22 | $ | 20,127 | ||||||||
State
and political subdivisions
|
9,303 | 284 | 1 | 9,586 | ||||||||||||
Mortgage-backed
securities-residential
|
32,468 | 952 | --- | 33,420 | ||||||||||||
Mortgage-backed
securities-multi-family
|
25,556 | 1,153 | --- | 26,709 | ||||||||||||
Asset-backed
securities
|
46 | --- | 2 | 44 | ||||||||||||
Corporate
debt securities
|
8,759 | 13 | 480 | 8,292 | ||||||||||||
Total
debt securities
|
96,117 | 2,566 | 505 | 98,178 | ||||||||||||
Equity
securities and other
|
68 | 25 | --- | 93 | ||||||||||||
Total
securities available-for-sale
|
96,185 | 2,591 | 505 | 98,271 | ||||||||||||
Securities
held-to-maturity:
|
||||||||||||||||
U.S.
government sponsored enterprises
|
7,049 | 1 | 9 | 7,041 | ||||||||||||
State
and political subdivisions
|
23,303 | 3 | 6 | 23,300 | ||||||||||||
Mortgage-backed
securities-residential
|
30,034 | 553 | 8 | 30,579 | ||||||||||||
Mortgage-backed
securities-multi-family
|
2,285 | 68 | --- | 2,353 | ||||||||||||
Other
securities
|
665 | --- | --- | 665 | ||||||||||||
Total
securities held-to-maturity
|
63,336 | 625 | 23 | 63,938 | ||||||||||||
Total
securities
|
$ | 159,521 | $ | 3,216 | $ | 528 | $ | 162,209 |
Less
Than 12 Months
|
More
Than 12 Months
|
Total
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||||||||
(in
thousands)
|
||||||||||||||||||||||||
Securities
available-for-sale:
|
||||||||||||||||||||||||
U.S.
government sponsored enterprises
|
$ | 1,003 | $ | 1 | $ | --- | $ | --- | $ | 1,003 | $ | 1 | ||||||||||||
Asset-backed
securities
|
--- | --- | 39 | 2 | 39 | 2 | ||||||||||||||||||
Corporate
debt securities
|
--- | --- | 3,413 | 163 | 3,413 | 163 | ||||||||||||||||||
Total
securities
|
$ | 1,003 | $ | 1 | $ | 3,452 | $ | 165 | $ | 4,455 | $ | 166 |
Less
Than 12 Months
|
More
Than 12 Months
|
Total
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||||||||
(in
thousands)
|
||||||||||||||||||||||||
Securities
available-for-sale:
|
||||||||||||||||||||||||
U.S.
government sponsored enterprises
|
$ | 6,038 | $ | 22 | $ | --- | $ | --- | $ | 6,038 | $ | 22 | ||||||||||||
State
and political subdivisions
|
202 | 1 | --- | --- | 202 | 1 | ||||||||||||||||||
Asset-backed
securities
|
--- | --- | 44 | 2 | 44 | 2 | ||||||||||||||||||
Corporate
debt securities
|
--- | --- | 7,220 | 480 | 7,220 | 480 | ||||||||||||||||||
Total
securities available-for-sale
|
6,240 | 23 | 7,264 | 482 | 13,504 | 505 | ||||||||||||||||||
Securities
held-to-maturity:
|
||||||||||||||||||||||||
U.S.
government sponsored enterprises
|
6,010 | 9 | --- | --- | 6,010 | 9 | ||||||||||||||||||
State
and political subdivisions
|
668 | 6 | --- | --- | 668 | 6 | ||||||||||||||||||
Mortgage-backed
securities-residential
|
2,581 | 8 | --- | --- | 2,581 | 8 | ||||||||||||||||||
Total
securities held-to-maturity
|
9,259 | 23 | --- | --- | 9,259 | 23 | ||||||||||||||||||
Total
securities
|
$ | 15,499 | $ | 46 | $ | 7,264 | $ | 482 | $ | 22,763 | $ | 528 |
After
|
After
|
|||||||||||||||||||
In
|
One
Year
|
Five
Years
|
||||||||||||||||||
One
Year
|
Through
|
Through
|
After
|
|||||||||||||||||
Or
Less
|
Five
Years
|
Ten
Years
|
Ten
Years
|
Total
|
||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||
Securities
available-for-sale:
|
||||||||||||||||||||
U.S.
Government sponsored enterprises
|
$ | 1,020 | $ | 14,089 | $ | 2,032 | $ | --- | $ | 17,141 | ||||||||||
State
and political subdivisions
|
909 | 7,838 | 989 | --- | 9,736 | |||||||||||||||
Mortgage-backed
securities-residential
|
1,176 | 4,462 | 10,376 | 15,368 | 31,382 | |||||||||||||||
Mortgage-backed
securities-multi-family
|
--- | 19,311 | 7,077 | --- | 26,388 | |||||||||||||||
Asset-backed
securities
|
--- | --- | --- | 39 | 39 | |||||||||||||||
Corporate
debt securities
|
--- | 4,130 | 4,538 | --- | 8,668 | |||||||||||||||
Total
debt securities
|
3,105 | 49,830 | 25,012 | 15,407 | 93,354 | |||||||||||||||
Equity
securities
|
--- | --- | --- | 96 | 96 | |||||||||||||||
Total
securities available-for-sale
|
3,105 | 49,830 | 25,012 | 15,503 | 93,450 | |||||||||||||||
Securities
held-to-maturity:
|
||||||||||||||||||||
U.S.
government sponsored enterprises
|
1,023 | 6,042 | --- | --- | 7,065 | |||||||||||||||
State
and political subdivisions
|
8,864 | 10,776 | 3,806 | 2,763 | 26,209 | |||||||||||||||
Mortgage-backed
securities-residential
|
--- | 2,669 | 12,431 | 15,202 | 30,302 | |||||||||||||||
Mortgage-backed
securities-multi-family
|
--- | 2,356 | --- | --- | 2,356 | |||||||||||||||
Other
securities
|
300 | 8 | --- | 362 | 670 | |||||||||||||||
Total
securities held-to-maturity
|
10,187 | 21,851 | 16,237 | 18,327 | 66,602 | |||||||||||||||
Total
securities
|
$ | 13,292 | $ | 71,681 | $ | 41,249 | $ | 33,830 | $ | 160,052 |
Fair
Value Measurements Using
|
||||
Quoted
Prices
|
Significant
|
Significant
|
||
In
Active Markets
|
Other
Observable
|
Unobservable
|
||
For
Identical Assets
|
Inputs
|
Inputs
|
||
(In
thousands)
|
September
30, 2009
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
Assets:
|
||||
Securities
available-for-sale
|
$93,450
|
$52,599
|
$40,851
|
$---
|
Fair
Value Measurements Using
|
||||
Quoted
Prices
|
Significant
|
Significant
|
||
In
Active Markets
|
Other
Observable
|
Unobservable
|
||
For
Identical Assets
|
Inputs
|
Inputs
|
||
(In
thousands)
|
June
30, 2009
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
Assets:
|
||||
Securities
available-for-sale
|
$98,271
|
$56,320
|
$41,951
|
$---
|
(in
thousands)
|
September
30, 2009
|
June
30, 2009
|
||||||||||||||
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||||||
Amount
|
Value
|
Amount
|
Value
|
|||||||||||||
Cash
and cash equivalents
|
$ | 15,142 | $ | 15,142 | $ | 9,443 | $ | 9,443 | ||||||||
Long
term certificate of deposit
|
1,000 | 1,000 | 1,000 | 1,000 | ||||||||||||
Securities
available-for-sale
|
93,450 | 93,450 | 98,271 | 98,271 | ||||||||||||
Securities
held-to-maturity
|
65,777 | 66,602 | 63,336 | 63,938 | ||||||||||||
Federal
Home Loan Bank stock
|
1,495 | 1,495 | 1,495 | 1,495 | ||||||||||||
Net
loans
|
276,164 | 284,011 | 267,902 | 275,369 | ||||||||||||
Accrued
interest receivable
|
2,569 | 2,569 | 2,448 | 2,448 | ||||||||||||
Deposits
|
409,371 | 410,342 | 398,729 | 399,796 | ||||||||||||
Federal
Home Loan Bank borrowings
|
19,000 | 19,634 | 19,000 | 19,632 | ||||||||||||
Accrued
interest payable
|
117 | 117 | 114 | 114 | ||||||||||||
Weighted
Average Number
|
||||||||||||
Net
Income
|
Of
Shares Outstanding
|
Earnings
per Share
|
||||||||||
Three
months ended
|
||||||||||||
September
30, 2009
|
$ | 1,184,000 | ||||||||||
Basic
|
4,105,312 | $ | 0.29 | |||||||||
Effect
of dilutive stock options
|
27,454 | (0.00) | ||||||||||
Diluted
|
4,132,766 | $ | 0.29 | |||||||||
Three
months ended
|
||||||||||||
September
30, 2008
|
$ | 809,000 | ||||||||||
Basic
|
4,096,149 | $ | 0.20 | |||||||||
Effect
of dilutive stock options
|
23,164 | (0.00) | ||||||||||
Diluted
|
4,119,313 | $ | 0.20 |
Three
months ended September 30,
|
||||||||
(in
thousands)
|
2009
|
2008
|
||||||
Interest
cost
|
$ | 52 | $ | -- | ||||
Expected
return on plan assets
|
(55 | ) | -- | |||||
Amortization
of net loss
|
2 | -- | ||||||
Net
periodic pension cost
|
$ | (1 | ) | $ | -- |
2009
|
2008
|
|||||||||||||||
Weighted
Average
|
Weighted
Average
|
|||||||||||||||
Exercise
|
Exercise
|
|||||||||||||||
Price
|
Price
|
|||||||||||||||
Shares
|
Per
Share
|
Shares
|
Per
Share
|
|||||||||||||
Outstanding
at beginning of year
|
196,660 | $ | 11.33 | 41,944 | $ | 5.00 | ||||||||||
Options
granted
|
--- | --- | 164,500 | $ | 12.50 | |||||||||||
Exercised
|
--- | --- | (5,400 | ) | $ | 3.94 | ||||||||||
Outstanding
at period end
|
196,660 | $ | 11.33 | 201,044 | $ | 11.17 | ||||||||||
Exercisable
at period end
|
86,995 | $ | 9.85 | 36,544 | $ | 5.16 |
Options
Outstanding and Exercisable
|
|||
Range
of Exercise Prices
|
Number
Outstanding
|
Weighted
Average Remaining Contractual Life
|
Weighted
Average Exercise Price
|
$3.94
|
23,660
|
0.50
|
$3.94
|
$9.20
|
8,500
|
2.50
|
$9.20
|
$12.50
|
54,835
|
9.00
|
$12.50
|
$3.94-$12.50
|
86,995
|
$9.85
|
Accumulated
other comprehensive income (loss), at September 30,
|
2009
|
2008
|
||||||
Unrealized
gains (losses) on available-for-sale securities, net of
tax
|
$ | 1,701 | $ | (160 | ) | |||
Unrealized
loss on securities transferred to held-to-maturity, net of
tax
|
(164 | ) | --- | |||||
Net
losses and past service liability for defined benefit plan, net of
tax
|
(309 | ) | --- | |||||
Accumulated
other comprehensive income
|
$ | 1,228 | $ | (160 | ) | |||
(a)
|
changes
in general market interest rates,
|
(b)
|
general
economic conditions, including unemployment rates and real estate
values,
|
(c)
|
legislative
and regulatory changes,
|
(d)
|
monetary
and fiscal policies of the U.S. Treasury and the Federal
Reserve,
|
(e)
|
changes
in the quality or composition of The Bank of Greene County’s loan
portfolio or the consolidated investment portfolios of The Bank of Greene
County and Greene County Bancorp,
Inc.,
|
(f)
|
deposit
flows,
|
(g)
|
competition,
and
|
(h)
|
demand
for financial services in Greene County Bancorp, Inc.’s market
area.
|
Carrying
Value at
|
||||||||||||||||
September
30, 2009
|
June
30, 2009
|
|||||||||||||||
(Dollars
in thousands)
|
Balance
|
Percentage
of
Portfolio
|
Balance
|
Percentage
of
Portfolio
|
||||||||||||
Securities
available-for-sale:
|
||||||||||||||||
U.S.
government sponsored enterprises
|
$ | 17,141 | 10.8 | % | $ | 20,127 | 12.4 | % | ||||||||
State
and political subdivisions
|
9,736 | 6.1 | 9,586 | 5.9 | ||||||||||||
Mortgage-backed
securities
|
57,770 | 36.3 | 60,129 | 37.2 | ||||||||||||
Asset-backed
securities
|
39 | 0.1 | 44 | 0.1 | ||||||||||||
Corporate
debt securities
|
8,668 | 5.4 | 8,292 | 5.1 | ||||||||||||
Total
debt securities
|
93,354 | 58.7 | 98,178 | 60.7 | ||||||||||||
Equity
securities and other
|
96 | 0.1 | 93 | 0.1 | ||||||||||||
Total
securities available-for-sale
|
93,450 | 58.8 | 98,271 | 60.8 | ||||||||||||
Securities
held-to-maturity:
|
||||||||||||||||
U.S.
government sponsored enterprises
|
7,038 | 4.4 | 7,049 | 4.4 | ||||||||||||
State
and political subdivisions
|
26,190 | 16.4 | 23,303 | 14.4 | ||||||||||||
Mortgage-backed
securities
|
31,879 | 20.0 | 32,319 | 20.0 | ||||||||||||
Other
securities
|
670 | 0.4 | 665 | 0.4 | ||||||||||||
Total
securities held-to-maturity
|
65,777 | 41.2 | 63,336 | 39.2 | ||||||||||||
Total
securities
|
$ | 159,227 | 100.0 | % | $ | 161,607 | 100.0 | % |
September
30, 2009
|
June
30, 2009
|
|||||||||||||||
(Dollars
in thousands)
|
Balance
|
Percentage
of
Portfolio
|
Balance
|
Percentage
of
Portfolio
|
||||||||||||
Real
estate mortgages:
|
||||||||||||||||
Residential
|
$ | 178,020 | 63.7 | % | $ | 172,038 | 63.5 | % | ||||||||
Commercial
|
49,858 | 17.8 | 47,029 | 17.3 | ||||||||||||
Construction
and land
|
7,985 | 2.9 | 7,806 | 2.9 | ||||||||||||
Multifamily
|
1,251 | 0.4 | 1,140 | 0.4 | ||||||||||||
Total
real estate mortgages
|
237,114 | 84.8 | 228,013 | 84.1 | ||||||||||||
Home
equity loans
|
25,054 | 9.0 | 26,183 | 9.7 | ||||||||||||
Commercial
loans
|
12,871 | 4.6 | 12,631 | 4.7 | ||||||||||||
Installment
loans
|
3,954 | 1.4 | 3,827 | 1.4 | ||||||||||||
Passbook
loans
|
448 | 0.2 | 347 | 0.1 | ||||||||||||
Total
gross loans
|
279,441 | 100.0 | % | 271,001 | 100.0 | % | ||||||||||
Unearned
origination fees and costs, net
|
355 | 321 | ||||||||||||||
Allowance
for loan losses
|
(3,632 | ) | (3,420 | ) | ||||||||||||
Total
net loans
|
$ | 276,164 | $ | 267,902 |
(Dollars
in thousands)
|
Three
months ended
|
|||||||
September
30, 2009
|
September
30, 2008
|
|||||||
Balance
at the beginning of the period
|
$ | 3,420 | $ | 1,888 | ||||
Charge-offs:
|
||||||||
Residential
real estate mortgages
|
-- | 31 | ||||||
Commercial
loans
|
8 | --- | ||||||
Installment
loans
|
9 | 17 | ||||||
Overdraft
protection accounts
|
48 | 74 | ||||||
Total
loans charged off
|
65 | 122 | ||||||
Recoveries:
|
||||||||
Installment
loans
|
3 | 9 | ||||||
Overdraft
protection accounts
|
26 | 14 | ||||||
Total
recoveries
|
29 | 23 | ||||||
Net
charge-offs
|
36 | 99 | ||||||
Provisions
charged to operations
|
248 | 195 | ||||||
Balance
at the end of the period
|
$ | 3,632 | $ | 1,984 | ||||
Ratio
of annualized net charge-offs to average loans outstanding
|
0.05 | % | 0.16 | % | ||||
Ratio
of annualized net charge-offs to nonperforming assets
|
3.50 | % | 20.08 | % | ||||
Allowance
for loan losses to nonperforming loans
|
88.24 | % | 100.61 | % | ||||
Allowance
for loan losses to total loans receivable
|
1.30 | % | 0.78 | % |
At
|
||||||||
(Dollars
in thousands)
|
September
30, 2009
|
June
30, 2009
|
||||||
Nonaccrual
loans:
|
||||||||
Real
estate mortgages:
|
||||||||
Residential
|
$ | 2,514 | $ | 1,573 | ||||
Commercial
|
1,174 | 749 | ||||||
Construction
and land
|
13 | 13 | ||||||
Multifamily
|
128 | --- | ||||||
Home
equity loans
|
177 | 227 | ||||||
Commercial
loans
|
99 | 132 | ||||||
Installment
loans
|
11 | 19 | ||||||
Total
nonaccrual loans
|
4,116 | 2,713 | ||||||
Accruing
loans delinquent 90 days or more
|
--- | --- | ||||||
Foreclosed
real estate:
|
||||||||
Residential
|
--- | 100 | ||||||
Multifamily
|
--- | 115 | ||||||
Foreclosed
real estate
|
--- | 215 | ||||||
Total
nonperforming assets
|
$ | 4,116 | $ | 2,928 | ||||
Total
nonperforming assets as a percentage of total assets
|
0.87 | % | 0.64 | % | ||||
Total
nonperforming loans to total loans
|
1.49 | % | 1.01 | % |
(Dollars
in thousands)
|
||||||||||||||||
At
Sept.
30, 2009
|
Percentage
of
Portfolio
|
At
June
30, 2009
|
Percentage
of
Portfolio
|
|||||||||||||
Noninterest
bearing deposits
|
$ | 38,544 | 9.4 | % | $ | 39,772 | 10.0 | % | ||||||||
Certificates
of deposit
|
96,832 | 23.7 | 99,208 | 24.9 | ||||||||||||
Savings
deposits
|
81,917 | 20.0 | 82,620 | 20.7 | ||||||||||||
Money
market deposits
|
62,570 | 15.3 | 62,371 | 15.6 | ||||||||||||
NOW
deposits
|
129,508 | 31.6 | 114,758 | 28.8 | ||||||||||||
Total
deposits
|
$ | 409,371 | 100.0 | % | $ | 398,729 | 100.0 | % |
(In
thousands)
|
||||
Fiscal
year end, June 30
|
||||
2010
|
$ | 4,000 | ||
2011
|
5,000 | |||
2012
|
3,000 | |||
2013
|
1,000 | |||
2014
|
6,000 | |||
$ | 19,000 |
(Dollars
in thousands)
|
2009
|
2009
|
2009
|
2008
|
2008
|
2008
|
||||||||||||||||||
Average
|
Interest
|
Average
|
Average
|
Interest
|
Average
|
|||||||||||||||||||
Outstanding
|
Earned/
|
Yield/
|
Outstanding
|
Earned/
|
Yield/
|
|||||||||||||||||||
Balance
|
Paid
|
Rate
|
Balance
|
Paid
|
Rate
|
|||||||||||||||||||
Interest
earning assets:
|
||||||||||||||||||||||||
Loans
receivable, net1
|
$ | 275,560 | $ | 4,167 | 6.05 | % | $ | 246,870 | $ | 3,910 | 6.34 | % | ||||||||||||
Securities2
|
161,041 | 1,464 | 3.64 | 119,921 | 1,377 | 4.59 | ||||||||||||||||||
Federal
funds
|
2,746 | 1 | 0.14 | 2,307 | 11 | 1.91 | ||||||||||||||||||
Interest
bearing bank balances
|
1,926 | 3 | 0.62 | 3,006 | 15 | 2.00 | ||||||||||||||||||
FHLB
stock
|
1,495 | 21 | 5.62 | 1,397 | 23 | 6.58 | ||||||||||||||||||
Total
interest earning assets
|
442,768 | 5,656 | 5.11 | % | 373,501 | 5,336 | 5.71 | % | ||||||||||||||||
Cash
and due from banks
|
7,402 | 6,340 | ||||||||||||||||||||||
Allowance
for loan losses
|
(3,489 | ) | (1,912 | ) | ||||||||||||||||||||
Other
non-interest earning assets
|
17,829 | 17,539 | ||||||||||||||||||||||
Total
assets
|
$ | 464,510 | $ | 395,468 | ||||||||||||||||||||
Interest
bearing liabilities:
|
||||||||||||||||||||||||
Savings
and money market deposits
|
$ | 146,851 | $ | 307 | 0.84 | % | $ | 115,154 | $ | 360 | 1.25 | % | ||||||||||||
NOW
deposits
|
115,925 | 364 | 1.26 | 89,553 | 417 | 1.86 | ||||||||||||||||||
Certificates
of deposit
|
98,022 | 579 | 2.36 | 89,900 | 670 | 2.98 | ||||||||||||||||||
Borrowings
|
21,291 | 167 | 3.14 | 20,278 | 170 | 3.35 | ||||||||||||||||||
Total
interest bearing liabilities
|
382,089 | 1,417 | 1.48 | % | 314,885 | 1,617 | 2.05 | % | ||||||||||||||||
Non-interest
bearing deposits
|
39,355 | 41,828 | ||||||||||||||||||||||
Other
non-interest bearing liabilities
|
2,215 | 2,287 | ||||||||||||||||||||||
Shareholders’
equity
|
40,851 | 36,468 | ||||||||||||||||||||||
Total
liabilities and equity
|
$ | 464,510 | $ | 395,468 | ||||||||||||||||||||
Net
interest income
|
$ | 4,239 | $ | 3,719 | ||||||||||||||||||||
Net
interest rate spread
|
3.63 | % | 3.66 | % | ||||||||||||||||||||
Net
Earning Assets
|
$ | 60,679 | $ | 58,616 | ||||||||||||||||||||
Net
interest margin
|
3.83 | % | 3.98 | % | ||||||||||||||||||||
Average
interest earning assets to
|
||||||||||||||||||||||||
average
interest bearing liabilities
|
115.88 | % | 118.62 | % |
(i)
|
Change
attributable to changes in volume (changes in volume multiplied by prior
rate);
|
(ii)
|
Change
attributable to changes in rate (changes in rate multiplied by prior
volume); and
|
(iii)
|
The
net change.
|
Three
Months
Ended
September 30,
|
||||||||||||
(In
thousands)
|
2009
versus 2008
|
|||||||||||
Increase/(Decrease)
|
Total
|
|||||||||||
Due
to
|
Increase/
|
|||||||||||
Interest-earning
assets:
|
Volume
|
Rate
|
(Decrease)
|
|||||||||
Loans
receivable, net1
|
$ | 441 | $ | (184 | ) | $ | 257 | |||||
Securities2
|
409 | (322 | ) | 87 | ||||||||
Federal
funds
|
2 | (12 | ) | (10 | ) | |||||||
Interest-bearing
bank balances
|
(4 | ) | (8 | ) | (12 | ) | ||||||
FHLB
stock
|
2 | (4 | ) | (2 | ) | |||||||
Total
interest earning assets
|
850 | (530 | ) | 320 | ||||||||
Interest-bearing
liabilities:
|
||||||||||||
Savings
and money market deposits
|
84 | (137 | ) | (53 | ) | |||||||
NOW
deposits
|
103 | (156 | ) | (53 | ) | |||||||
Certificates
of deposit
|
57 | (148 | ) | (91 | ) | |||||||
Borrowings
|
8 | (11 | ) | (3 | ) | |||||||
Total
interest bearing liabilities
|
252 | (452 | ) | (200 | ) | |||||||
Net
interest income
|
$ | 598 | $ | (78 | ) | $ | 520 |
a)
|
Not
applicable
|
b)
|
Not
applicable
|
a)
|
Not
applicable
|
b)
|
There
were no material changes to the procedures by which security holders may
recommend nominees to the Company’s Board of Directors during the period
covered by this Form 10-Q.
|
1.
|
I
have reviewed this quarterly report on Form 10-Q of Greene County Bancorp,
Inc.;
|
2.
|
Based
on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this report;
|
3.
|
Based
on my knowledge, the financial statements, and other financial information
included in this quarterly report, fairly present in all
material respects the consolidated financial condition, consolidated
results of operations and consolidated cash flows of the small business
issuer as of, and for, the periods presented in this
report;
|
4.
|
The
registrant’s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f) for the registrant and
have:
|
5.
|
The
registrant’s other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to
the small business issuer’s auditors and the audit committee of the small
business issuer’s board of
directors:
|
|
President and Chief Executive
Officer
|
1.
|
I
have reviewed this quarterly report on Form 10-Q of Greene County Bancorp,
Inc.;
|
2.
|
Based
on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this report;
|
3.
|
Based
on my knowledge, the financial statements, and other financial information
included in this quarterly report, fairly present in all
material respects the consolidated financial condition, consolidated
results of operations and consolidated cash flows of the small business
issuer as of, and for, the periods presented in this
report;
|
4.
|
The
registrant’s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules
13a-15(f) and 15d-15(f) for the registrant and
have:
|
5.
|
The
registrant’s other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to
the small business issuer’s auditors and the audit committee of the small
business issuer’s board of
directors:
|
|
Executive Vice President, Chief Financial Officer and Chief Operating
Officer
|
1.
|
the
report fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934;
and
|
2.
|
the
information contained in the report fairly presents, in all material
respects, the consolidated financial condition and consolidated results of
operations of the Company as of the dates and for the periods covered by
the report.
|
|
President and Chief Executive
Officer
|
1.
|
the
report fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934;
and
|
2.
|
the
information contained in the report fairly presents, in all material
respects, the consolidated financial condition and consolidated results of
operations of the Company as of the dates and for the periods covered by
the report.
|
|
Executive Vice President, Chief Financial Officer and Chief Operating
Officer
|