Condensed Financial Statements of Greene County Bancorp, Inc.

12 Months Ended

Jun. 30, 2013

Condensed Financial Statements of Greene County Bancorp, Inc. [Abstract]

Condensed Financial Statements of Greene County Bancorp, Inc.

Note 18.  Condensed Financial Statements of Greene County Bancorp, Inc.

The following condensed financial statements summarize the financial position and the results of operations and cash flows of Greene County Bancorp, Inc. as of and for the fiscal years ended June 30, 2013 and 2012.

Greene County Bancorp, Inc.

Condensed Statements of Financial Condition

As of June 30, 2013 and 2012

(In thousands)

ASSETS		2013		2012
Cash and cash equivalents	$	2,114	$	4,247
Investment in subsidiaries		54,038		48,460
Prepaid expenses and other assets		16		14
Total assets	$	56,168	$	52,721
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities	$	60	$	57
Total shareholders’ equity		56,108		52,664
Total liabilities and shareholders’ equity	$	56,168	$	52,721

Greene County Bancorp, Inc.

Condensed Statements of Income

For the Years Ended June 30, 2013 and 2012

(In thousands)

		2013		2012
INCOME:
Equity in undistributed net income of subsidiaries	$	6,501	$	3,018
Dividend distributed by subsidiary		4		3,000
Interest earning deposits		12		2
Total income	$	6,517	$	6,020
OPERATING EXPENSES:
Legal fees		46		94
Other		100		96
Total operating expenses		146		190
Net income	$	6,371	$	5,830

Greene County Bancorp, Inc.

Condensed Statements of Comprehensive Income

For the Years Ended June 30, 2013 and 2012

(In thousands)

		2013		2012
Net Income	$	6,371	$	5,830
Other comprehensive (loss) income:
Unrealized holding (losses) gains on available for sale securities,
net of income taxes of ($526) and $20, respectively		(833)		34
Reclassification adjustment for gain on sale of securities realized in net income
net of income taxes of ($4) and ($4) respectively		(6)		(7)
Reclassification adjustment for impairment writedown of securities realized in net
income, net of income taxes of $-- and $10 respectively		-		15
Accretion of unrealized loss on securities transferred to held to maturity,
net of income taxes of $13 and $23, respectively		20		35
Pension actuarial gain, net of income taxes of ($65) and ($267)		(104)		(423)
Total other comprehensive loss, net of taxes		(923)		(346)
Comprehensive income	$	5,448	$	5,484

Greene County Bancorp, Inc.

Condensed Statements of Cash Flows

For the Years Ended June 30, 2013 and 2012

(In thousands)

Cash flow from operating activities:		2013		2012
Net Income	$	6,371	$	5,830
Adjustments to reconcile net income to cash (used by) provided by operating activities:
Undistributed earnings of subsidiaries		(6,501)		(3,018)
Stock based compensation		-		19
Tax benefit of stock based compensation		-		(5)
Net increase in prepaid expenses and other assets		(2)		-
Net increase in total liabilities		3		17
Net cash (used by) provided by operating activities		(129)		2,843
Cash flows from financing activities:
Payment of cash dividends		(2,128)		(1,297)
Proceeds from exercise of stock options		124		372
Excess tax benefit from share-based payment arrangements		-		5
Net cash used in financing activities		(2,004)		(920)
Net (decrease) increase in cash and cash equivalents		(2,133)		1,923
Cash and cash equivalents at beginning of period		4,247		2,324
Cash and cash equivalents at end of period	$	2,114	$	4,247