Condensed Financial Statements of Greene County Bancorp, Inc.

12 Months Ended

Jun. 30, 2020

Condensed Financial Statements of Greene County Bancorp, Inc. [Abstract]

Condensed Financial Statements of Greene County Bancorp, Inc.

Note 19.  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. for the periods indicated.

Greene County Bancorp, Inc.

Condensed Statements of Financial Condition

At June 30, 2020 and 2019

(In thousands)

ASSETS	2020		2019
Cash and cash equivalents	$	2,205	$	2,176
Investment in subsidiaries		133,577		110,182
Prepaid expenses and other assets		112		99
Total assets	$	135,894	$	112,457
LIABILITIES AND SHAREHOLDERS’ EQUITY
Borrowings from other banks, short-term	$	7,000		-
Accrued expenses and other liabilities		89		88
Total liabilities		7,089		88
Total shareholders’ equity		128,805		112,369
Total liabilities and shareholders’ equity	$	135,894	$	112,457

Greene County Bancorp, Inc.

Condensed Statements of Income

For the Years Ended June 30, 2020 and 2019

(In thousands)

	2020		2019
INCOME:
Equity in undistributed net income of subsidiaries	$	15,817	$	14,770
Dividend distributed by subsidiary		3,254		3,084
Interest-earning deposits		10		3
Total Income		19,081		17,857
OPERATING EXPENSES:
Legal fees		49		48
Other		305		325
Total operating expenses		354		373
Net income	$	18,727	$	17,484

Greene County Bancorp, Inc.

Condensed Statements of Cash Flows

For the Years Ended June 30, 2020 and 2019

(In thousands)

Cash flow from operating activities:	2020			2019
Net Income	$	18,727		$	17,484
Adjustments to reconcile net income to cash provided by operating activities:
Undistributed earnings of subsidiaries		(15,817	)		(14,770	)
Net (increase) decrease in prepaid expenses and other assets		(13	)		17
Net increase in total liabilities		1			6
Net cash provided by operating activities		2,898			2,737
Cash flows from Investing Activities:
Investment in subsidiary		(7,000	)		-
Net cash used by investing activities		(7,000	)		-
Cash flows from financing activities:
Net increase in short-term advances – other banks		7,000			-
Payment of cash dividends		(2,238	)		(2,037	)
Stock repurchase		(631	)		-
Net cash provided by (used in) financing activities		4,131			(2,037	)
Net increase in cash and cash equivalents		29			700
Cash and cash equivalents at beginning of year		2,176			1,476
Cash and cash equivalents at end of year	$	2,205		$	2,176