Condensed Financial Statements of Greene County Bancorp, Inc.

12 Months Ended

Jun. 30, 2016

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, 2016 and 2015.

Greene County Bancorp, Inc.

Condensed Statements of Financial Condition

As of June 30, 2016 and 2015

(In thousands)

ASSETS	2016		2015
Cash and cash equivalents	$	2,641	$	544
Investment in subsidiaries		71,723		66,412
Prepaid expenses and other assets		48		21
Total assets	$	74,412	$	66,977
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities	$	111	$	57
Total shareholders’ equity		74,301		66,920
Total liabilities and shareholders’ equity	$	74,412	$	66,977

Greene County Bancorp, Inc.

Condensed Statements of Income

For the Years Ended June 30, 2016 and 2015

(In thousands)

	2016		2015
INCOME:
Equity in undistributed net income of subsidiaries	$	5,239	$	7,491
Dividend distributed by subsidiary		4,004		4
Interest-earning deposits		6		5
		9,249		7,500
OPERATING EXPENSES:
Legal fees		66		201
Other		220		110
Total operating expenses		286		311
Net income	$	8,963	$	7,189

Greene County Bancorp, Inc.

Condensed Statements of Comprehensive Income

For the Years Ended June 30, 2016 and 2015

(In thousands)

	2016			2015
Net income	$	8,963		$	7,189
Other comprehensive income:
Unrealized holding gains  on available-for-sale securities, net of income taxes of $328 and $182, respectively		520			288
Accretion of unrealized loss on securities transferred to held-to-maturity, net of income taxes of $6 and $139, respectively		9			220
Pension actuarial  loss, net of income taxes of ($340) and ($259)		(539	)		(409	)
Amortization of pension actuarial losses recognized in salaries and benefits, net of  Income taxes of $52 and $97, respectively		83			153
Total other comprehensive income net of taxes		73			252
Comprehensive income	$	9,036		$	7,441

Greene County Bancorp, Inc.

Condensed Statements of Cash Flows

For the Years Ended June 30, 2016 and 2015

(In thousands)

Cash flow from operating activities:	2016			2015
Net Income	$	8,963		$	7,189
Adjustments to reconcile net income to cash provided by (used by) operating activities:
Undistributed earnings of subsidiaries		(5,239	)		(7,491	)
Tax benefit of stock based compensation		(6	)		(16	)
Net increase in prepaid expenses and other assets		(27	)		(5	)
Net increase in total liabilities		61			21
Net cash provided by (used by) operating activities		3,752			(302	)
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		(1,854	)		(1,798	)
Proceeds from exercise of stock options		193			61
Excess tax benefit from share-based payment arrangements		6			16
Net cash used in financing activities		(1,655	)		(1,721	)
Net increase (decrease) in cash and cash equivalents		2,097			(2,273	)
Cash and cash equivalents at beginning of year		544			2,817
Cash and cash equivalents at end of year	$	2,641		$	544