Condensed Financial Statements of Greene County Bancorp, Inc.

12 Months Ended

Jun. 30, 2017

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, 2017 and 2016.

Greene County Bancorp, Inc.

Condensed Statements of Financial Condition

As of June 30, 2017 and 2016

(In thousands)

ASSETS	2017		2016
Cash and cash equivalents	$	2,015	$	2,641
Investment in subsidiaries		81,540		71,723
Prepaid expenses and other assets		53		48
Total assets	$	83,608	$	74,412
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities	$	87	$	111 111
Total shareholders’ equity		83,521		74,301
Total liabilities and shareholders’ equity	$	83,608	$	74,412

Greene County Bancorp, Inc.

Condensed Statements of Income

For the Years Ended June 30, 2017 and 2016

(In thousands)

	2017		2016
INCOME:
Equity in undistributed net income of subsidiaries	$	9,484	$	5,239
Dividend distributed by subsidiary		1,904		4,004
Interest-earning deposits		6		6
Total Income		11,394		9,249
OPERATING EXPENSES:
Legal fees		46		66
Other		161		220
Total operating expenses		207		286
Net income	$	11,187	$	8,963

Greene County Bancorp, Inc.

Condensed Statements of Comprehensive Income

For the Years Ended June 30, 2017 and 2016

(In thousands)

	2017			2016
Net income	$	11,187		$	8,963
Other comprehensive income:
Unrealized holding (losses) gains on available-for-sale securities, net of income tax (benefit) expense of ($392) and $328, respectively		(612	)		520
Accretion of unrealized loss on securities transferred to held-to-maturity, net of income taxes of $1 and $6, respectively		2			9
Pension actuarial gain (loss), net of income tax expense (benefit) of $158 and ($340)		221			(539	)
Amortization of pension actuarial losses recognized in salaries and benefits, net of income taxes of $75 and $52, respectively		122			83
Total other comprehensive (loss) income net of taxes		(267	)		73
Comprehensive income	$	10,920		$	9,036

Greene County Bancorp, Inc.

Condensed Statements of Cash Flows

For the Years Ended June 30, 2017 and 2016

(In thousands)

Cash flow from operating activities:	2017			2016
Net Income	$	11,187		$	8,963
Adjustments to reconcile net income to cash provided by operating activities:
Undistributed earnings of subsidiaries		(9,484	)		(5,239	)
Tax benefit of stock based compensation		(51	)		(6	)
Net increase in prepaid expenses and other assets		(5	)		(27	)
Net increase in total liabilities		27			61
Net cash provided by operating activities		1,674			3,752
Cash flows from Investing Activities:
Investment in subsidiary		(600	)		-
Net cash used by investing activities		(600	)		-
Cash flows from financing activities:
Payment of cash dividends		(1,920	)		(1,854	)
Proceeds from exercise of stock options		169			193
Excess tax benefit from share-based payment arrangements		51			6
Net cash used in financing activities		(1,700	)		(1,655	)
Net (decrease) increase in cash and cash equivalents		(626	)		2,097
Cash and cash equivalents at beginning of year		2,6414			544
Cash and cash equivalents at end of year	$	2,015		$	2,641