Condensed Financial Statements of Greene County Bancorp, Inc. (Tables)

12 Months Ended

Jun. 30, 2015

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

Condensed Balance Sheet

Greene County Bancorp, Inc.

Condensed Statements of Financial Condition

As of June 30, 2015 and 2014

(In thousands)

ASSETS	2015		2014
Cash and cash equivalents	$	544	$	2,817
Investment in subsidiaries		66,412		58,419
Prepaid expenses and other assets		21		16
Total assets	$	66,977	$	61,252
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities	$	57	$	52
Total shareholders’ equity		66,920		61,200
Total liabilities and shareholders’ equity	$	66,977	$	61,252

Condensed Income Statement

Greene County Bancorp, Inc.

Condensed Statements of Income

For the Years Ended June 30, 2015 and 2014

(In thousands)

	2015		2014
INCOME:
Equity in undistributed net income of subsidiaries	$	7,491	$	4,682
Dividend distributed by subsidiary		4		2,004
Interest-earning deposits		5		7
Total income		7,500		6,693
OPERATING EXPENSES:
Legal fees		201		62
Other		110		103
Total operating expenses		311		165
Net income	$	7,189	$	6,528

Condensed Comprehensive Income Statement

Greene County Bancorp, Inc.

Condensed Statements of Comprehensive Income

For the Years Ended June 30, 2015 and 2014

(In thousands)

	2015			2014
Net income	$	7,189		$	6,528
Other comprehensive income (loss) :
Unrealized holding gains (losses) on available-for-sale securities, net of income taxes of $182 and ($327), respectively		288			(518	)
Accretion of unrealized loss on securities transferred to held-to-maturity, net of income taxes of $139 and $175, respectively(1)		220			277
Pension actuarial loss, net of income taxes of ($162) and ($37)(2)		(256	)		(59	)
Total other comprehensive income (loss), net of taxes		252			(300	)
Comprehensive income	$	7,441		$	6,228

⁽¹⁾ 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.

⁽²⁾ 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).

Condensed Cash Flow Statement

Greene County Bancorp, Inc.

Condensed Statements of Cash Flows

For the Years Ended June 30, 2015 and 2014

(In thousands)

Cash flow from operating activities:	2015			2014
Net Income	$	7,189		$	6,528
Adjustments to reconcile net income to cash provided by (used by) operating activities:
Undistributed earnings of subsidiaries		(7,491	)		(4,682	)
Tax benefit of stock based compensation		(16	)		(28	)
Net increase in prepaid expenses and other assets		(5	)		-
Net increase in total liabilities		21			20
Net cash provided by (used by) operating activities		(302	)		1,838
Cash flows from Investing Activities:
Investment in subsidiary		(250	)		-
Net cash used by investing activities		(250	)		-
Cash flows from financing activities:
Payment of cash dividends		(1,798	)		(1,335	)
Proceeds from exercise of stock options		61			172
Excess tax benefit from share-based payment arrangements		16			28
Net cash used in financing activities		(1,721	)		(1,135	)
Net (decrease) increase in cash and cash equivalents		(2,273	)		703
Cash and cash equivalents at beginning of year		2,817			2,114
Cash and cash equivalents at end of year	$	544		$	2,817