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Dividends

On October 15, 2013, the Board of Directors declared a cash dividend for the quarter ended September 30, 2013 of $0.175 per share. The dividend, which reflected an annual cash dividend rate of $0.70 cents per share, was unchanged from the dividend declared during the previous quarter. The dividend was payable to stockholders of record as of November 15, 2013, and was paid on November 29, 2013. Historically, Greene County Bancorp, MHC has waived its right to receive dividends declared on its shares of the Company’s common stock. As a result of the Dodd-Frank Act, the Federal Reserve Board adopted interim final regulations that impose significant conditions and restrictions on the ability of mutual holding companies to waive the receipt of dividends from their subsidiaries. Consequently, the MHC could not waive its right to receive dividends for the quarters ended September 30, 2012 and December 31, 2012. The Federal Reserve Board requires that the MHC obtain approval of its members and receive the non-objection of the Federal Reserve Board to continue to waive dividends. The approval to waive the dividend was obtained from the members of the MHC at the special meeting of members held on February 19, 2013, and the non-objection of the Federal Reserve Board for such dividend waiver was also received. Accordingly, dividends were waived to Greene County Bancorp, MHC on April 1, 2013, May 31, 2013, August 30, 2013 and November 29, 2013. Greene County Bancorp, MHC has the ability to waive dividends declared through February 19, 2014 without obtaining another vote of its members, or the approval of the Federal Reserve Board. Greene County Bancorp, MHC’s ability to waive dividends beyond this date cannot be reasonably determined at this time.