8k






                       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): October 30, 2003

GREENE COUNTY BANCORP, INC.
(Exact name of registrant as specified in its charter)

Federal                                                                                                                                  0-25165                   14-1809721   
(State or other jurisdiction of incorporation)                                             (Commission File No.)                                                                                              (IRS Employer
                                                    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 October 29, 2003

Item 12.    Disclosure of Results of Operations and Financial Condition

The following information is furnished pursuant to Item 12, "Disclosure of Results of Operations and Financial Condition."

On October 30, 2003, Greene County Bancorp, Inc. (the "Company") announced its earnings for the three months ended September 30, 2003. A copy of the press release dated October 30, 2003, describing earnings for such periods is attached as Exhibit 99 to this report.
 

    The information in the preceding paragraph, as well as Exhibit 99.1 referenced therein, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

 
     
 

                            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: October 30, 2003            By:                                 
                                 J. Bruce Whittaker
                                 President and Chief Executive Officer




EXHIBIT 99
 
     
 
Greene County Bancorp, Inc.
Announces Quarterly Earnings

Catskill, N.Y. -- (BUSINESS WIRE) – October 29, 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 ended September 30, 2003. Net income for the quarter ended September 30, 2003 amounted to $687,000, or $0.34 per basic and $0.33 per diluted share as compared to $641,000, or $0.32 per basic and diluted share for the quarter ended September 30, 2002, an increase of $46,000, or 7.2%. 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 quarters ended September 30, 2003 and 2002.

Net interest income increased to $2.3 million for the quarter ended September 30, 2003 as compared to $2.1 million for the quarter ended September 30, 2002, an improvement of $0.2 million or 9.5%. Net interest spread decreased 15 basis points to 3.66% as compared to 3.81% when comparing the quarters ended September 30, 2003 to 2002. Net interest margin decreased 20 basis points to 3.76% as compared to 3.96% when comparing the quarters ended September 30, 2003 and 2002. These decreases were primarily the result of the continued low interest rate environment and the repricing of investments and mortgages at lower rates.

The provision for loan losses increased to $45,000 for the quarter ended September 30, 2003 as compared to no provision for the quarter ended September 30, 2002. During the quarter ended September 30, 2002, a large recovery eliminated the need for a loan loss provision, for that quarter.

Noninterest income increased to $726,000 for the quarter ended September 30, 2003 as compared to $635,000 for the quarter ended September 30, 2002, an increase of $91,000 or 14.3%. 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 $1,500 for the quarter ended September 30, 2003 as compared to $67,200 for the quarter ended September 30, 2002.

Noninterest expense increased to $2.0 million from $1.9 million, an increase of $0.1 million or 5.3% when comparing the quarters ended September 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 and higher retirement associated expenses. The Company continues to invest in technology and staff in order to bring customers the highest quality products and services. These increases offset decreases in service and data processing fees, office supplies and other expenses. Investments in technology aimed at reducing costs began to yield results during the quarter ended September 30, 2003.

The effective tax rate increased to 32.5% for the quarter ended September 30, 2003, compared to 29.5% for the quarter ended September 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 when comparing the quarters.

Total assets of the Company were $259.4 million at September 30, 2003 as compared to $257.0 million at June 30, 2003, an increase of $2.4 million, or 0.9%. Growth occurred in net loans and cash and cash equivalents, which increased $2.0 million and $2.9 million, respectively when comparing September 30, 2003 to June 30, 2003. The increase in assets was funded by deposit inflows, which amounted to $3.1 million. Money market accounts experienced the largest increases. Investors continue to move and keep money in banks due to the stock market volatility and uncertainty.

Shareholders’ equity decreased to $28.9 million at September 30, 2003 from $29.1 million at June 30, 2003, as net income of $0.7 million was partially offset by dividends paid of $325,000. Net unrealized gains associated with the available-for-sale investment portfolio decreased causing accumulated other comprehensive income to decrease by approximately $0.7 million, 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
 
 
    
Three Months
   
Three Months
 
 
    
Ended
   
Ended
 
 
    
September 30, 2003
   
September 30, 2002
 
   
 
 
 
    
 
    
 
  
Interest income
 
$
3,188,815
 
$
3,295,832
 
Interest expense
   
868,752
   
1,167,944
 
Net interest income
   
2,320,063
   
2,127,888
 
Provision for loan loss
   
45,000
   
---
 
Non-interest income
   
725,938
   
635,337
 
Non-interest expense
   
1,982,689
   
1,853,618
 
Income before taxes
   
1,018,312
   
909,607
 
Tax provision
   
331,000
   
268,500
 
Net Income
 
$
687,312
 
$
641,107
 
 
    
 
    
 
  
Basic EPS
 
$
0.34
 
$
0.32
 
Weighted average shares outstanding
   
 
2,000,450
   
 
1,976,296
 
 
    
 
    
 
  
Diluted EPS
 
$
0.33
 
$
0.32
 
Weighted average diluted shares outstanding
   
 
2,058,837
   
 
2,028,691
 
 
    
 
    
 
  

 
     
 

 
    
As of
September 30, 2003
   
As of
June 30, 2003
 
   
 
 
 
    
 
    
 
  
Assets
   
 
    
 
  
Total cash and cash equivalents
 
$
19,789,061
 
$
16,918,266
 
Investment securities, at fair value
   
97,729,392
   
99,831,070
 
Federal Home Loan Bank stock, at cost
   
1,360,600
   
1,360,600
 
 
    
 
    
 
  
Gross loans receivable
   
135,752,182
   
133,711,021
 
Less: Allowance for loan losses
   
(1,221,359
)
 
(1,163,825
)
Less: Unearned origination fees and costs, net
   
(345,543
)
 
(337,122
)
   
 
 
Net loans receivable
   
134,185,480
   
132,210,074
 
 
    
 
    
 
  
Premises and equipment
   
4,596,002
   
4,697,653
 
Accrued interest receivable
   
1,517,684
   
1,573,825
 
Prepaid expenses and other assets
   
243,507
   
318,495
 
Other real estate owned
   
---
   
55,125
 
   
 
 
Total Assets
 
$
259,421,726
 
$
256,965,108
 
   
 
 
 
    
 
    
 
  
Liabilities and shareholders’ equity
   
 
    
 
  
Noninterest bearing deposits
 
$
27,073,143
 
$
25,443,349
 
Interest bearing deposits
   
194,037,118
   
192,601,576
 
   
 
 
Total deposits
   
221,110,261
   
218,044,925
 
 
    
 
    
 
  
FHLB borrowing
   
8,000,000
   
8,000,000
 
Accrued interest and other liabilities
   
1,280,302
   
1,722,294
 
Accrued income taxes
   
150,635
   
73,024
 
   
 
 
Total liabilities
   
230,541,198
   
227,840,243
 
Total shareholders’ equity
   
28,880,528
   
29,124,865
 
   
 
 
Total liabilities and shareholders’ equity
 
$
259,421,726
 
$
256,965,108
 
   
 
 
Common shares outstanding
   
2,041,543
   
2,041,543
 


 
  
At and For the
At and For the
At and For the
 
  
Three Months
Three Months
Three Months
 
  
Ended
Ended
Ended
 
  
September 30, 2003
September 30, 2002
June 30, 2003
   
 
 
 
 
    
 
    
 
    
 
  
                   Selected Financial Ratios
   
 
    
 
    
 
  
Return on average assets
   
1.06
%
 
1.13
%
 
0.80
%
Return on average equity
   
9.61
%
 
9.60
%
 
7.02
%
Net interest rate spread
   
3.66
%
 
3.81
%
 
3.62
%
Net interest margin
   
3.76
%
 
3.96
%
 
3.75
%
Non-performing assets to total assets
   
0.09
%
 
0.17
%
 
0.11
%
Non-performing loans to total loans
   
0.17
%
 
0.29
%
 
0.16
%
Allowance for loan loss to
non-performing loans
   
 
546.20
%
 
 
280.16
%
 
 
528.14
%
Allowance for loan loss to net loans
   
0.91
%
 
0.83
%
 
0.88
%
Shareholders’ equity to total assets
   
11.13
%
 
11.84
%
 
11.33
%
Book value per share
 
$
14.44
 
$
13.79
 
$
14.56
 

Contact:  J. Bruce Whittaker, President and CEO
Michelle Plummer, CFO and Treasurer
Phone:  518-943-2600