| Condensed Financial Statements of Greene County Bancorp, Inc. |
Note 20. 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, 2026 and 2025 (In thousands)
| | | | | | | | | |
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ASSETS
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| |
2026
| |
| |
2025
| |
|
Cash and cash equivalents
|
| $ | 15,121 | |
| $ | 30,925 | |
|
Investment in subsidiaries
|
| | 292,956 | |
| | 258,333 | |
|
Prepaid expenses and other assets
|
| | 42 | |
| | 40 | |
|
Total assets
|
| $ | 308,119 | |
| $ | 289,298 | |
| |
| | | |
| | | |
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LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | |
| | | |
|
Subordinated notes payable, net
|
| $ | 29,979 | |
| $ | 49,867 | |
|
Accrued expenses and other liabilities
|
| | 309 | |
| | 594 | |
|
Total liabilities
|
| | 30,288 | |
| | 50,461 | |
|
Total shareholders’ equity
|
| | 277,831 | |
| | 238,837 | |
|
Total liabilities and shareholders’ equity
|
| $ | 308,119 | |
| $ | 289,298 | |
Greene County Bancorp, Inc. Condensed Statements of Income For the Years Ended June 30, 2026 and 2025 (In thousands)
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2026
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| |
2025
| |
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INCOME:
|
| | | |
| | | |
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Equity in undistributed net income of subsidiaries
|
| $ | 32,570 | |
| $ | 18,401 | |
|
Dividend distributed by subsidiary
|
| | 10,000 | |
| | 15,000 | |
|
Interest-earning deposits
|
| | 8 | |
| | 19 | |
|
Total Income
|
| | 42,578 | |
| | 33,420 | |
| |
| | | |
| | | |
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OPERATING EXPENSES:
|
| | | |
| | | |
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Legal fees
|
| | 99 | |
| | 94 | |
|
Interest on borrowings
|
| | 1,178 | |
| | 1,850 | |
|
Other expense
|
| | 279 | |
| | 338 | |
|
Total operating expenses
|
| | 1,556 | |
| | 2,282 | |
|
Net income
|
| $ | 41,022 | |
| $ | 31,138 | |
Greene County Bancorp, Inc. Condensed Statements of Cash Flows For the Years Ended June 30, 2026 and 2025 (In thousands)
| | | | | | | | | |
|
Cash flow from operating
activities:
|
| |
2026
| |
| |
2025
| |
|
Net Income
|
| $ | 41,022 | |
| $ | 31,138 | |
|
Adjustments to reconcile net
income to net cash provided by operating activities:
|
| | | |
| | | |
|
Undistributed earnings of
subsidiaries
|
| | (32,570 | ) |
| | (18,401 | ) |
|
Amortization of subordinated
debt issuance costs
|
| | 112 | |
| | 186 | |
|
Net increase in prepaid
expenses and other assets
|
| | (2 | ) |
| | (2 | ) |
|
Net (decrease) increase in
accrued expenses and other liabilities
|
| | (285 | ) |
| | 10 | |
|
Net cash provided by operating
activities
|
| | 8,277 | |
| | 12,931 | |
| |
| | | |
| | | |
|
Cash flows from financing
activities:
|
| | | |
| | | |
|
Payment of cash dividends
|
| | (4,049 | ) |
| | (4,475 | ) |
|
Purchase of treasury stock
|
| | (32 | ) |
| | - | |
|
Repayment of subordinated notes
payable
|
| | (20,000 | ) |
| | - | |
|
Net cash used by financing
activities
|
| | (24,081 | ) |
| | (4,475 | ) |
| |
| | | |
| | | |
|
Net (decrease) increase in cash
and cash equivalents
|
| | (15,804 | ) |
| | 8,456 | |
|
Cash and cash equivalents at
beginning of year
|
| | 30,925 | |
| | 22,469 | |
|
Cash and cash equivalents at
end of year
|
| $ | 15,121 | |
| $ | 30,925 | |
|