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

12 Months Ended

Jun. 30, 2016

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, 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

Condensed Income Statement

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

Condensed Comprehensive Income Statement

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

Condensed Cash Flow Statement

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