-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KuMmrvYKs4DJB51kk+iLyHPmRpjogmPHS+hzaa8Y6HUPK0B/pWv3ehGTFZvBKWr6 l/lDhzU58UI79RkhxNEEBw== 0000943374-03-000336.txt : 20030801 0000943374-03-000336.hdr.sgml : 20030801 20030801165244 ACCESSION NUMBER: 0000943374-03-000336 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030731 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030801 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREENE COUNTY BANCORP INC CENTRAL INDEX KEY: 0001070524 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 141809721 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25165 FILM NUMBER: 03818570 BUSINESS ADDRESS: STREET 1: 302 MAIN STREET CITY: CATSKILL STATE: NY ZIP: 12414 BUSINESS PHONE: 5189432600 MAIL ADDRESS: STREET 1: 302 MAIN STREET CITY: CATSKILL STATE: NY ZIP: 12414 8-K 1 form8k_080103.txt FORM 8-K EARNINGS RELEASE SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 31, 2003 GREENE COUNTY BANCORP, INC. (Exact name of registrant as specified in its charter) Federal 0-25165 14-1809721 - ---------------------------- --------------------- ------------------- (State or other jurisdiction (Commission File No.) (IRS Employer of incorporation) Identification No.) 302 Main Street, Catskill NY 12414 - ---------------------------------------- ------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (518) 943-2600 Not Applicable ------------------------------------------------------------- (Former name or former address, if changed since last report) Item 7. Financial Statements and Exhibits. (a) Not Applicable. (b) Not Applicable. (c) Exhibits. Exhibit No. Description ----------- ----------- 99 Press release dated July 31, 2003 Item 12. Results of Operations and Financial Condition On July 31, 2003, Greene County Bancorp, Inc. (the "Company") announced its earnings for the three and twelve months ended June 30, 2003. A copy of the press release dated July 31, 2003, describing earnings for such periods is attached as Exhibit 99 to this report. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. GREENE COUNTY BANCORP, INC. DATE: July 31, 2003 By: /s/ J. Bruce Whittaker ------------------------------------- J. Bruce Whittaker President and Chief Executive Officer EX-99 2 form8kex99_080103.txt PRESS RELEASE EXHIBIT 99 Greene County Bancorp, Inc. Announces Fiscal Year End Earnings Catskill, N.Y. -- (BUSINESS WIRE) - July 31, 2003-- Greene County Bancorp, Inc. (the "Company") (NASDAQ: GCBC), the holding company for The Bank of Greene County (the "Bank"), today reported net income for the quarter and fiscal year ended June 30, 2003. Net income for the year ended June 30, 2003 amounted to $2.2 million, or $1.11 per basic and $1.08 per diluted share as compared to $1.7 million, or $0.84 per basic and $0.82 per diluted share for the year ended June 30, 2002, an increase of $0.5 million, or 29.4%. Net income for the quarter ended June 30, 2003 amounted to $505,000, or $0.25 per basic and diluted share as compared to $460,000, or $0.23 per basic and diluted share for the quarter ended June 30, 2002, an increase of $45,000, or 9.8%. Improvement in net interest income and noninterest income contributed to the overall increase in net income and was partially offset by increases in noninterest expense when comparing the years ended and quarters ended June 30, 2003 and 2002. Net interest income increased to $8.7 million for the year and $2.2 million for the quarter ended June 30, 2003 as compared to $7.5 million for the year and $2.0 million for the quarter ended June 30, 2002, improvements of $1.2 million and $0.2 million, or 16.0% and 10.0%, respectively. Net interest spread increased 3 basis points to 3.73% as compared to 3.70% when comparing the years ended June 30, 2003 to 2002 and decreased 12 basis points to 3.62% as compared to 3.74% when comparing the quarters ended June 30, 2003 and 2002. Net interest margin decreased 4 basis points to 3.88% as compared to 3.92% when comparing the years ended June 30, 2003 and 2002 and decreased 17 basis points to 3.75% as compared to 3.92% when comparing the quarters ended June 30, 2003 and 2002. These changes were primarily the result of the continued low interest rate environment and an increase in loan refinancing with other financial institutions, which was partially offset by continued strong loan demand. The provision for loan losses for the year ended June 30, 2003 decreased to $180,000 as compared to $218,900 for the year ended June 30, 2002. The decrease in the yearly provision was a result of a large recovery received during the first quarter of the current fiscal year. Recoveries amounted to $66,000 for the year ended June 30, 2003 as compared to $16,000 for the year ended June 30, 2002. The provision for loan losses increased to $75,000 for the quarter ended June 30, 2003 as compared to $60,000 for the quarter ended June 30, 2002 as a result of an increased level of charge-offs and an increased level of commercial loans to total loans. Charge-offs amounted to $150,600 for the year ended June 30, 2003 as compared to $52,300 for the year ended June 30, 2002. Noninterest income increased to $2.5 million for the year ended June 30, 2003 as compared to $1.8 million for the year ended June 30, 2002, an increase of $0.7 million or 38.9%. Noninterest income increased to $639,000 for the quarter ended June 30, 2003 as compared to $496,000 for the quarter ended June 30, 2002, an increase of $143,000 or 28.8%. Items contributing to this increase were fees associated with debit card fees, other E-commerce fees and the Overdraft Protection Program, initiated in October 2001. Gains on the sale of real estate owned amounted to $67,200 for the year ended June 30, 2003 as compared to $23,100 for the year ended June 30, 2002. Profit on sale of securities amounted to $21,200 for the year ended June 30, 2003 as compared to $19,000 for the year ended June 30, 2002. Noninterest expense increased to $7.8 million from $6.8 million, an increase of $1.0 million or 14.7% when comparing the years ended June 30, 2003 and 2002. Noninterest expense increased to $2.1 million from $1.8 million, an increase of $0.3 million or 16.7% when comparing the quarters ended June 30, 2003 and 2002. Increases in salaries and benefits resulted from the addition of several new positions including additional marketing and computer technology staff, as well as a new employee profit sharing bonus. The Company continues to invest in technology and staff in order to bring customers the highest quality products and services. The Bank has increased its volume of transaction accounts during the timeframes discussed in this release and as a result has increased costs associated with such accounts. The expense for service and data processing of accounts is driven by the number of accounts. Occupancy costs increased due to higher repairs and maintenance costs and real estate taxes. The effective tax rate increased to 31.0% for the year ended June 30, 2003, compared to 26.6% for the year ended June 30, 2002. A major reason for the change in effective rate was the decrease in the percentage of income that municipal securities and other tax free investments contributed to total income during the fiscal year. Total assets of the Company were $257.0 million at June 30, 2003 as compared to $220.2 million at June 30, 2002, an increase of $36.8 million, or 16.7%. Growth occurred most significantly in investments, which increased $33.7 million to $99.8 million at June 30, 2003 as compared to $66.1 million at June 30, 2002. This growth was primarily funded by increases in interest bearing deposits, which increased $31.0 million to $192.6 million at June 30, 2003 as compared to $161.6 million at June 30, 2002. Money market accounts experienced the largest increases. Investors continue to move money into banks due to the stock market volatility and uncertainty. Shareholders' equity increased to $29.1 million at June 30, 2003 from $26.4 million at June 30, 2002, as net income of $2.2 million was partially offset by dividends paid of $591,000. Net unrealized gains associated with the available-for-sale investment portfolio caused accumulated other comprehensive income to increase by approximately $784,000, net of tax. Headquartered in Catskill, New York, the Company provides full-service community-based banking in its six branch offices located in Catskill, Cairo, Coxsackie, Greenville, Tannersville, and Westerlo. Customers are offered 24-hour services through ATM network systems, an automated telephone banking system and Internet Banking through its web site at http://www.thebankofgreenecounty.com. This press release contains statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, general economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, and market acceptance of the Company's pricing, products and services.
For the For the For the For the Twelve Months Twelve Months Three Months Three Months Ended Ended Ended Ended June 30, 2003 June 30, 2002 June 30, 2003 June 30, 2002 ------------- ------------- ------------- ------------- Interest income $13,066,381 $12,397,382 $3,262,627 $3,159,193 Interest expense 4,343,888 4,934,305 1,015,153 1,166,972 Net interest income 8,722,493 7,463,077 2,247,474 1,992,221 Provision for loan loss 180,000 218,900 75,000 60,000 Non-interest income 2,469,564 1,782,751 638,513 495,621 Non-interest expense 7,816,776 6,774,016 2,097,495 1,785,912 Income before taxes 3,195,281 2,252,912 713,492 641,930 Tax provision 991,000 600,200 208,100 182,300 Net Income $2,204,281 $1,652,712 $505,392 $459,630 Basic EPS $1.11 $0.84 $0.25 $0.23 Weighted average shares outstanding 1,982,226 1,962,228 1,991,894 1,972,145 Diluted EPS $1.08 $0.82 $0.25 $0.23 Weighted average diluted shares outstanding 2,037,181 2,016,031 2,046,728 2,025,796
As of June 30, 2003 As of June 30, 2002 --------------------- --------------------- Assets Total cash and cash equivalents $16,918,266 $17,832,021 Investment securities, at fair value 99,831,070 66,088,530 Federal Home Loan Bank stock, at cost 1,360,600 1,121,100 Gross loans receivable 133,711,021 129,727,150 Less: Allowance for loan losses (1,163,825) (1,068,734) Less: Unearned origination fees and costs, net (337,122) (285,132) --------------------- --------------------- Net loans receivable 132,210,074 128,373,284 Premises and equipment 4,697,653 4,963,621 Accrued interest receivable 1,573,825 1,452,104 Prepaid expenses and other assets 318,495 296,691 Other real estate owned 55,125 30,229 --------------------- --------------------- Total Assets $256,965,108 $220,157,580 ===================== ===================== Liabilities and shareholders' equity Noninterest bearing deposits $25,443,349 $22,067,347 Interest bearing deposits 192,601,576 161,646,281 --------------------- --------------------- Total deposits 218,044,925 183,713,628 FHLB borrowing 8,000,000 9,000,000 Accrued interest and other liabilities 1,722,294 911,959 Accrued income taxes 73,024 131,287 --------------------- --------------------- Total liabilities 227,840,243 193,756,874 Total shareholders' equity 29,124,865 26,400,706 --------------------- --------------------- Total liabilities and shareholders' equity $256,965,108 $220,157,580 ===================== ===================== Common shares outstanding 2,041,543 2,024,835
At and For the At and For the For the For the Twelve Months Twelve Months Three Months Three Months Ended Ended Ended Ended June 30, 2003 June 30, 2002 June 30, 2003 June 30, 2002 ------------------ ------------------ ----------------- ----------------- Selected Financial Ratios Return on average assets 0.92% 0.82% 0.80% 0.85% Return on average equity 7.93% 6.46% 7.02% 7.03% Net interest rate spread 3.73% 3.70% 3.62% 3.74% Net interest margin 3.88% 3.92% 3.75% 3.92% Non-performing assets to total assets 0.11% 0.16% Non-performing loans to total loans 0.16% 0.26% Allowance for loan loss to non-performing loans 528.14% 321.07% Allowance for loan loss to net loans 0.88% 0.83% Shareholders' equity to total assets 11.33% 11.99% Book value per share $14.56 $13.37
Contact: J. Bruce Whittaker, President and CEO Michelle Plummer, CFO and Treasurer Phone: 518-943-2600 -----END PRIVACY-ENHANCED MESSAGE-----