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

12 Months Ended

Jun. 30, 2021

Greene County Bancorp, Inc.

Condensed Statements of Financial Condition

At June 30, 2021 and 2020

(In thousands)

ASSETS	2021		2020
Cash and cash equivalents	$	279	$	2,205
Investment in subsidiaries		170,705		133,577
Dividend receivable		1,500		-
Prepaid expenses and other assets		108		112
Total assets	$	172,592	$	135,894

LIABILITIES AND SHAREHOLDERS’ EQUITY
Borrowings from other banks, short-term	$	3,000		7,000
Subordinated notes payable, net		19,644		-
Accrued expenses and other liabilities		364		89
Total liabilities		23,008		7,089
Total shareholders’ equity		149,584		128,805
Total liabilities and shareholders’ equity	$	172,592	$	135,894

Greene County Bancorp, Inc.

Condensed Statements of Income

For the Years Ended June 30, 2021 and 2020

(In thousands)

	2021		2020
INCOME:
Equity in undistributed net income of subsidiaries	$	20,362	$	15,817
Dividend distributed by subsidiary		4,834		3,254
Interest-earning deposits		5		10
Total Income		25,201		19,081

OPERATING EXPENSES:
Legal fees		78		49
Interest on borrowings		820		7
Other		361		298
Total operating expenses		1,259		354
Net income	$	23,942	$	18,727

Greene County Bancorp, Inc.

Condensed Statements of Cash Flows

For the Years Ended June 30, 2021 and 2020

(In thousands)

Cash flow from operating activities:	2021			2020
Net Income	$	23,942		$	18,727

Adjustments to reconcile net income to cash provided by operating activities:
Undistributed earnings of subsidiaries		(20,362	)		(15,817	)
Amortization of subordinated debt issuance costs		68			-
Net decrease (increase) in prepaid expenses and other assets		4			(13	)
Net increase in dividend receivable		(1,500	)		-
Net increase in total liabilities		275			1
Net cash provided by operating activities		2,427			2,898

Cash flows from Investing Activities:

Investment in subsidiary		(17,500	)		(7,000	)
Net cash used by investing activities		(17,500	)		(7,000	)

Cash flows from financing activities:
Net (decrease) increase in short-term advances – other banks		(4,000	)		7,000
Net proceeds from subordinated notes payable		19,577			-
Payment of cash dividends		(2,430	)		(2,238	)
Stock repurchase		-			(631	)
Net cash provided by financing activities		13,147			4,131

Net increase in cash and cash equivalents		(1,926	)		29
Cash and cash equivalents at beginning of year		2,205			2,176
Cash and cash equivalents at end of year	$	279		$	2,205