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

12 Months Ended

Jun. 30, 2022

Greene County Bancorp, Inc.

Condensed Statements of Financial Condition

At June 30, 2022 and 2021

(In thousands)

ASSETS	2022		2021
Cash and cash equivalents	$	18,891	$	279
Investment in subsidiaries		188,638		170,705
Dividend receivable		-		1,500
Prepaid expenses and other assets		90		108
Total assets	$	207,619	$	172,592

LIABILITIES AND SHAREHOLDERS’ EQUITY
Borrowings from other banks, short-term	$	-		3,000
Subordinated notes payable, net		49,310		19,644
Accrued expenses and other liabilities		595		364
Total liabilities		49,905		23,008
Total shareholders’ equity		157,714		149,584
Total liabilities and shareholders’ equity	$	207,619	$	172,592

Greene County Bancorp, Inc.

Condensed Statements of Income

For the Years Ended June 30, 2022 and 2021

(In thousands)

	2022		2021
INCOME:
Equity in undistributed net income of subsidiaries	$	28,155	$	20,362
Dividend distributed by subsidiary		2,004		4,834
Interest-earning deposits		1		5
Other income		11		-
Total Income		30,171		25,201

OPERATING EXPENSES:
Legal fees		65		78
Interest on borrowings		1,688		820
Other expense		432		361
Total operating expenses		2,185		1,259
Net income	$	27,986	$	23,942

Greene County Bancorp, Inc.

Condensed Statements of Cash Flows

For the Years Ended June 30, 2022 and 2021

(In thousands)

Cash flow from operating activities:	2022			2021
Net Income	$	27,986		$	23,942

Adjustments to reconcile net income to cash provided by operating activities:
Undistributed earnings of subsidiaries		(28,155	)		(20,362	)
Amortization of subordinated debt issuance costs		165			68
Net decrease in prepaid expenses and other assets		18			4
Net decrease (increase) in dividend receivable		1,500			(1,500	)
Net increase in total liabilities		231			275
Net cash provided by operating activities		1,745			2,427

Cash flows from Investing Activities:

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

Cash flows from financing activities:
Net decrease in short-term advances – other banks		(3,000	)		(4,000	)
Net proceeds from subordinated notes payable		29,501			19,577
Payment of cash dividends		(2,634	)		(2,430	)
Net cash provided by financing activities		23,867			13,147

Net increase (decrease) in cash and cash equivalents		18,612			(1,926	)
Cash and cash equivalents at beginning of year		279			2,205
Cash and cash equivalents at end of year	$	18,891		$	279