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

12 Months Ended

Jun. 30, 2017

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, 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

Condensed Income Statement

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

Condensed Comprehensive Income Statement

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

Condensed Cash Flow Statement

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