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

12 Months Ended

Jun. 30, 2024

Greene County Bancorp, Inc.

Condensed Statements of Financial Condition

At June 30, 2024 and 2023

(In thousands)

ASSETS	2024		2023
Cash and cash equivalents	$	22,469	$	19,822
Investment in subsidiaries		233,758		208,861
Long-term certificates of deposit		-		3,826
Securities available-for-sale, at fair value		-		761
Accrued interest receivable		-		26
Prepaid expenses and other assets		38		93
Total assets	$	256,265	$	233,389

LIABILITIES AND SHAREHOLDERS’ EQUITY
Subordinated notes payable, net	$	49,681	$	49,495
Accrued expenses and other liabilities		584		611
Total liabilities		50,265		50,106
Total shareholders’ equity		206,000		183,283
Total liabilities and shareholders’ equity	$	256,265	$	233,389

Greene County Bancorp, Inc.

Condensed Statements of Income

For the Years Ended June 30, 2024 and 2023

(In thousands)

	2024		2023
INCOME:
Equity in undistributed net income of subsidiaries	$	19,096	$	26,829
Dividend distributed by subsidiary		8,000		6,400
Interest-earning deposits		13		6
Other income		15		2
Total Income		27,124		33,237

OPERATING EXPENSES:
Legal fees		98		101
Interest on borrowings		1,850		1,850
Other expense		407		501
Total operating expenses		2,355		2,452
Net income	$	24,769	$	30,785

Greene County Bancorp, Inc.

Condensed Statements of Cash Flows

For the Years Ended June 30, 2024 and 2023

(In thousands)

Cash flow from operating activities:	2024			2023
Net Income	$	24,769		$	30,785
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries		(19,096	)		(26,829	)
Amortization of subordinated debt issuance costs		186			185
Net decrease (increase) in prepaid expenses and other assets		55			(29	)
Net (decrease) increase in total liabilities		(27	)		16
Net cash provided by operating activities		5,887			4,128

Cash flows from investing activities:
Net cash transferred related to Greene Risk Management Inc. liquidation		-			(1,006	)
Net cash used by investing activities		-			(1,006	)

Cash flows from financing activities:
Payment of cash dividends		(3,240	)		(2,191	)
Net cash used by financing activities		(3,240	)		(2,191	)

Net increase in cash and cash equivalents		2,647			931
Cash and cash equivalents at beginning of year		19,822			18,891
Cash and cash equivalents at end of year	$	22,469		$	19,822