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

12 Months Ended

Jun. 30, 2019

Greene County Bancorp, Inc.

Condensed Statements of Financial Condition

At June 30, 2019 and 2018

(In thousands)

ASSETS	2019		2018
Cash and cash equivalents	$	2,176	$	1,476
Investment in subsidiaries		110,182		94,681
Prepaid expenses and other assets		99		116
Total assets	$	112,457	$	96,273

LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities	$	88	$	82
Total shareholders’ equity		112,369		96,191
Total liabilities and shareholders’ equity	$	112,457	$	96,273

Greene County Bancorp, Inc.

Condensed Statements of Income

For the Years Ended June 30, 2019 and 2018

(In thousands)

	2019		2018
INCOME:
Equity in undistributed net income of subsidiaries	$	14,770	$	12,812
Dividend distributed by subsidiary		3,084		1,914
Interest-earning deposits		3		2
Total Income		17,857		14,728

OPERATING EXPENSES:
Legal fees		48		56
Other		325		264
Total operating expenses		373		320
Net income	$	17,484	$	14,408

Greene County Bancorp, Inc.

Condensed Statements of Comprehensive Income

For the Years Ended June 30, 2019 and 2018

(In thousands)

	2019			2018
Net income	$	17,484		$	14,408
Other comprehensive income (loss):
Unrealized holding gains (losses) on available-for-sale securities, net of income tax expense (benefit) of $331 and ($319), respectively		936			(659	)

Pension actuarial (loss) gain, net of income tax (benefit) expense of ($108) and $58, respectively		(344	)		163

Amortization of pension actuarial losses recognized in salaries and benefits, net of income taxes of $36 and $44, respectively		139			124

Total other comprehensive income (loss) net of taxes		731			(372	)

Comprehensive income	$	18,215		$	14,036

Greene County Bancorp, Inc.

Condensed Statements of Cash Flows

For the Years Ended June 30, 2019 and 2018

(In thousands)

Cash flow from operating activities:	2019			2018
Net Income	$	17,484		$	14,408

Adjustments to reconcile net income to cash provided by operating activities:
Undistributed earnings of subsidiaries		(14,770	)		(12,812	)
Net decrease in prepaid expenses and other assets		17			(63	)
Net decrease (increase) in total liabilities		6			(6	)
Net cash provided by operating activities		2,737			1,527

Cash flows from Investing Activities:
Investment in subsidiary		-			(700	)
Net cash used by investing activities		-			(700	)

Cash flows from financing activities:
Payment of cash dividends		(2,037	)		(1,526	)
Proceeds from exercise of stock options		-			160
Net cash used in financing activities		(2,037	)		(1,366	)
Net decrease in cash and cash equivalents		700			(539	)
Cash and cash equivalents at beginning of year		1,476			2,015
Cash and cash equivalents at end of year	$	2,176		$	1,476