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

12 Months Ended

Jun. 30, 2025

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

Condensed Balance Sheet

Greene County Bancorp, Inc.

Condensed Statements of Financial Condition

At June 30, 2025 and 2024

(In thousands)


ASSETS		2025				2024
Cash and cash equivalents	$	30,925			$	22,469
Investment in subsidiaries		258,333				233,758
Prepaid expenses and other assets		40				38
Total assets	$	289,298			$	256,265

LIABILITIES AND SHAREHOLDERS’ EQUITY
Subordinated notes payable, net	$	49,867			$	49,681
Accrued expenses and other liabilities		594				584
Total liabilities		50,461				50,265
Total shareholders’ equity		238,837				206,000
Total liabilities and shareholders’ equity	$	289,298			$	256,265

Condensed Income Statement

Greene County Bancorp, Inc.

Condensed Statements of Income

For the Years Ended June 30, 2025 and 2024

(In thousands)


		2025				2024
INCOME:
Equity in undistributed net income of subsidiaries	$	18,401			$	19,096
Dividend distributed by subsidiary		15,000				8,000
Interest-earning deposits		19				13
Other income		-				15
Total Income		33,420				27,124

OPERATING EXPENSES:
Legal fees		94				98
Interest on borrowings		1,850				1,850
Other expense		338				407
Total operating expenses		2,282				2,355
Net income	$	31,138			$	24,769

Condensed Cash Flow Statement

Greene County Bancorp, Inc.

Condensed Statements of Cash Flows

For the Years Ended June 30, 2025 and 2024

(In thousands)


Cash flow from operating activities:		2025				2024
Net Income	$	31,138			$	24,769
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries		(18,401	)			(19,096	)
Amortization of subordinated debt issuance costs		186				186
Net (increase) decrease in prepaid expenses and other assets		(2	)			55
Net increase (decrease) in total liabilities		10				(27	)
Net cash provided by operating activities		12,931				5,887

Cash flows from financing activities:
Payment of cash dividends		(4,475	)			(3,240	)
Net cash used by financing activities		(4,475	)			(3,240	)

Net increase in cash and cash equivalents		8,456				2,647
Cash and cash equivalents at beginning of year		22,469				19,822
Cash and cash equivalents at end of year	$	30,925			$	22,469