Condensed Financial Statements of Greene County Bancorp, Inc.

12 Months Ended

Jun. 30, 2014

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 years ended June 30, 2014 and 2013.

Greene County Bancorp, Inc.

Condensed Statements of Financial Condition

As of June 30, 2014 and 2013

(In thousands)

ASSETS	2014		2013
Cash and cash equivalents	$	2,817	$	2,114
Investment in subsidiaries		58,419		54,038
Prepaid expenses and other assets		16		16
Total assets	$	61,252	$	56,168
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities	$	52	$	60
Total shareholders’ equity		61,200		56,108
Total liabilities and shareholders’ equity	$	61,252	$	56,168

Greene County Bancorp, Inc.

Condensed Statements of Income

For the Years Ended June 30, 2014 and 2013

 (In thousands)

	2014		2013
INCOME:
Equity in undistributed net income of subsidiaries	$	4,682	$	6,501
Dividend distributed by subsidiary		2,004		4
Interest earning deposits		7		12
Total income	$	6,693	$	6,517
OPERATING EXPENSES:
Legal fees		62		46
Other		103		100
Total operating expenses		165		146
Net income	$	6,528	$	6,371

Greene County Bancorp, Inc.

Condensed Statements of Comprehensive Income

For the Years Ended June 30, 2014 and 2013

 (In thousands)

	2014			2013
Net Income	$	6,528		$	6,371
Other comprehensive (loss) income:
Unrealized holding (losses) gains on available for sale securities,
net of income taxes of ($327) and ($526), respectively		(518	)		(833	)
Reclassification adjustment for gain on sale of securities realized in net income
net of income taxes of $- and ($4) respectively(1)		-			(6	)
Accretion of unrealized loss on securities transferred to held to maturity,
net of income taxes of $175 and $13, respectively(2)		277			20
Pension actuarial loss, net of income taxes of ($37) and ($65)(3)		(59	)		(104	)
Total other comprehensive loss, net of taxes		(300	)		(923	)
Comprehensive income	$	6,228		$	5,448

⁽¹⁾ Amounts are included in net gain on sale of available for sale securities on the Consolidated Statements of Income in total non-interest income.

⁽²⁾ The accretion of the unrealized holding losses in accumulated other comprehensive income at the date of transfer partially offsets the amortization of the difference between the par value and fair value of the investment securities at the date of transfer, and is an adjustment of interest income.

⁽³⁾ These accumulated other comprehensive income components are included in the computation of net periodic benefit cost and are included in salaries and employee benefit expense within noninterest expense (see Note 9 for additional details).

Greene County Bancorp, Inc.

Condensed Statements of Cash Flows

For the Years Ended June 30, 2014 and 2013

(In thousands)

Cash flow from operating activities:	2014			2013
Net Income	$	6,528		$	6,371
Adjustments to reconcile net income to cash provided by (used by) operating activities:
Undistributed earnings of subsidiaries		(4,682	)		(6,501	)
Tax benefit of stock based compensation		(28	)		-
Net increase in prepaid expenses and other assets		-			(2	)
Net increase in total liabilities		20			3
Net cash provided by (used by) operating activities		1,838			(129	)
Cash flows from financing activities:
Payment of cash dividends		(1,335	)		(2,128	)
Proceeds from exercise of stock options		172			124
Excess tax benefit from share-based payment arrangements		28			-
Net cash used in financing activities		(1,135	)		(2,004	)
Net (decrease) increase in cash and cash equivalents		703			(2,133	)
Cash and cash equivalents at beginning of year		2,114			4,247
Cash and cash equivalents at end of year	$	2,817		$	2,114