PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20%28unaudited%29) Unaudited consolidated financial statements for Greene County Bancorp, Inc. as of and for the periods ended December 31, 2020 [Consolidated Statements of Financial Condition](index=4&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) Total assets increased to $1.86 billion at December 31, 2020, from $1.68 billion at June 30, 2020, driven by growth in net loans and securities, with liabilities growing to $1.73 billion and shareholders' equity rising to $138.7 million Consolidated Statements of Financial Condition (Unaudited) | (In thousands) | December 31, 2020 | June 30, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$1,864,929** | **$1,676,803** | | Total cash and cash equivalents | $57,024 | $40,463 | | Net loans receivable | $1,031,519 | $993,522 | | Total securities | $741,165 | $610,633 | | **Total Liabilities** | **$1,726,193** | **$1,547,998** | | Total deposits | $1,679,718 | $1,501,075 | | Borrowings | $6,100 | $25,484 | | Subordinated notes payable, net | $19,601 | $- | | **Total Shareholders' Equity** | **$138,736** | **$128,805** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income increased to $6.2 million ($0.73 per share) for the three months and $11.1 million ($1.30 per share) for the six months ended December 31, 2020, driven by higher net interest income Financial Performance Highlights (Unaudited) | (In thousands, except per share data) | Three Months Ended Dec 31, 2020 | Three Months Ended Dec 31, 2019 | Six Months Ended Dec 31, 2020 | Six Months Ended Dec 31, 2019 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $13,609 | $10,911 | $25,425 | $21,411 | | Provision for loan losses | $1,262 | $690 | $2,505 | $1,241 | | Noninterest Income | $2,394 | $2,316 | $4,472 | $4,582 | | Noninterest Expense | $7,540 | $6,535 | $14,673 | $12,957 | | **Net Income** | **$6,195** | **$5,113** | **$11,070** | **$9,976** | | **Basic and diluted EPS** | **$0.73** | **$0.60** | **$1.30** | **$1.17** | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income for the six months ended December 31, 2020, was $10.9 million, comprising net income offset by an other comprehensive loss from unrealized holding losses on available-for-sale securities Comprehensive Income (Unaudited, in thousands) | | Six Months Ended Dec 31, 2020 | Six Months Ended Dec 31, 2019 | | :--- | :--- | :--- | | Net Income | $11,070 | $9,976 | | Other comprehensive loss, net of taxes | $(198) | $(385) | | **Comprehensive income** | **$10,872** | **$9,591** | [Consolidated Statements of Changes in Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Shareholders' equity increased from $128.8 million to $138.7 million at December 31, 2020, primarily due to net income, partially offset by dividends and other comprehensive loss Changes in Shareholders' Equity (Six Months Ended Dec 31, 2020, in thousands) | | Amount | | :--- | :--- | | Balance at June 30, 2020 | $128,805 | | Net income | $11,070 | | Dividends declared | $(941) | | Other comprehensive loss, net of taxes | $(198) | | **Balance at December 31, 2020** | **$138,736** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was $11.3 million, while investing activities used $172.7 million, and financing activities provided $177.9 million, resulting in a $16.6 million net increase in cash and cash equivalents Cash Flow Summary (Six Months Ended Dec 31, in thousands) | | 2020 | 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $11,323 | $11,251 | | Net cash used by investing activities | $(172,681) | $(168,822) | | Net cash provided by financing activities | $177,919 | $162,575 | | **Net increase in cash and cash equivalents** | **$16,561** | **$5,004** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the company's accounting policies and financial data, including COVID-19 impacts, portfolio composition, and subsequent events - The company's critical accounting policies relate to the **allowance for loan losses** and the evaluation of securities for **other-than-temporary impairment (OTTI)**, involving **significant management judgment and estimation**, with **no significant changes** made during the period[22](index=22&type=chunk)[23](index=23&type=chunk) - The company's primary business is operating **The Bank of Greene County**, which has **17 offices** in **New York's Hudson Valley and Capital District regions**, focusing on attracting deposits and making loans and investments[24](index=24&type=chunk) - On January 19, 2021, the Board declared a quarterly cash dividend of **$0.12 per share**, and in January 2021, the company purchased **$40.0 million** of **Bank Owned Life Insurance (BOLI)** to help defray employee benefit costs[118](index=118&type=chunk)[119](index=119&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance and condition, highlighting asset and net income growth, key risks, and the impact of the COVID-19 pandemic [Comparison of Financial Condition (Dec 31, 2020 vs. June 30, 2020)](index=41&type=section&id=Comparison%20of%20Financial%20Condition) Total assets grew by $188.1 million (11.2%) to $1.9 billion, funded by a $178.6 million (11.9%) increase in deposits, with shareholders' equity rising by $9.9 million - Total assets increased by **$188.1 million**, or **11.2%**, to **$1.9 billion** at Dec 31, 2020, from **$1.7 billion** at June 30, 2020[132](index=132&type=chunk) - Net loans receivable increased by **$38.0 million** (**3.8%**) to **$1.0 billion**, including **$62.1 million** in SBA PPP loans, a decrease from **$99.8 million** at June 30, 2020, due to loan forgiveness[136](index=136&type=chunk) - Total deposits increased by **$178.6 million** (**11.9%**) to **$1.7 billion**, driven by growth in new account relationships and municipal deposits[153](index=153&type=chunk) - In September 2020, the Company issued **$20.0 million** in subordinated notes with a **4.75%** fixed-to-floating rate, due in 2030[158](index=158&type=chunk) [Asset Quality](index=43&type=section&id=Asset%20Quality) Asset quality remained strong despite COVID-19 impacts, with the allowance for loan losses increasing to $18.3 million and nonperforming assets decreasing to $3.1 million, while loan deferrals significantly reduced Allowance for Loan Losses Activity (Six Months Ended Dec 31, 2020) | (In thousands) | Amount | | :--- | :--- | | Balance at June 30, 2020 | $16,391 | | Net charge-offs | $(626) | | Provisions charged to operations | $2,505 | | **Balance at Dec 31, 2020** | **$18,270** | - The provision for loan losses for the six months ended Dec 31, 2020 was **$2.5 million**, up from **$1.2 million** in the prior year, reflecting the economic impact of the COVID-19 pandemic[141](index=141&type=chunk) - Nonperforming assets decreased to **$3.1 million** (**0.17%** of total assets) at Dec 31, 2020, from **$4.1 million** (**0.24%** of total assets) at June 30, 2020[145](index=145&type=chunk)[146](index=146&type=chunk) - COVID-19 loan payment deferrals decreased significantly to **$14.5 million** (**66 loans**) at Dec 31, 2020, down from **$193.5 million** (**706 loans**) at June 30, 2020[184](index=184&type=chunk) [Comparison of Operating Results (For periods ended Dec 31, 2020 and 2019)](index=50&type=section&id=Comparison%20of%20Operating%20Results) Net income increased by 11.0% to $11.1 million for the six months ended December 31, 2020, driven by higher net interest income and PPP fee income, partially offset by increased provision for loan losses and noninterest expense Net Interest Income and Margin (Six Months Ended Dec 31) | (Dollars in thousands) | 2020 | 2019 | | :--- | :--- | :--- | | Net Interest Income | $25,425 | $21,411 | | Net Interest Rate Spread | 2.81% | 3.06% | | Net Interest Margin | 2.88% | 3.18% | - Net interest income for the six months ended Dec 31, 2020 increased by **$4.0 million**, primarily due to a **$5.7 billion** increase in volume, partially offset by a **$1.7 billion** decrease due to lower rates[173](index=173&type=chunk) - Noninterest income for the six months decreased by **$110,000**, mainly due to lower service charges on deposit accounts, while noninterest expense increased by **$1.7 million**, driven by higher salaries and FDIC insurance premiums[187](index=187&type=chunk)[188](index=188&type=chunk) [Liquidity and Capital Resources](index=56&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity with $57.0 million in cash and $347.4 million in unused credit lines, and both banks exceeded all regulatory capital requirements to be considered 'well capitalized' - At December 31, 2020, the Company had **$57.0 million** in cash and cash equivalents and **$347.4 million** in unused lines of credit[191](index=191&type=chunk) The Bank of Greene County Capital Ratios (Dec 31, 2020) | Ratio | Actual | To Be Well Capitalized | | :--- | :--- | :--- | | Total risk-based capital | 16.5% | 10.0% | | Tier 1 risk-based capital | 15.2% | 8.0% | | Common equity tier 1 capital | 15.2% | 6.5% | | Tier 1 leverage ratio | 8.2% | 5.0% | - The company's credit exposure from risk participation agreements (RPAs) was **$6.1 million** at December 31, 2020, up from **$3.3 million** at June 30, 2020[194](index=194&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable as the company is a smaller reporting company - Not applicable to smaller reporting companies[198](index=198&type=chunk) [Item 4. Controls and Procedures](index=59&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2020, with no material changes to internal control over financial reporting - Based on an evaluation as of the end of the reporting period, the CEO and CFO concluded that the Company's disclosure controls and procedures were **effective**[199](index=199&type=chunk) - There were **no changes** in internal control over financial reporting during the last fiscal quarter that materially affected, or are reasonably likely to materially affect, these controls[200](index=200&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=60&type=section&id=Item%201.%20Legal%20Proceedings) The company and its subsidiaries are not currently involved in any material legal proceedings - Greene County Bancorp, Inc. and its subsidiaries are **not engaged in any material legal proceedings** at the present time[204](index=204&type=chunk) [Item 1A. Risk Factors](index=60&type=section&id=Item%201A.%20Risk%20Factors) This section is not applicable as the company is a smaller reporting company - Not applicable to smaller reporting companies[203](index=203&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=60&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company has a stock repurchase program authorizing the buyback of up to 200,000 shares, but no shares were repurchased during the quarter ended December 31, 2020 - The Company has a stock repurchase program authorizing the repurchase of up to **200,000 shares**, and there were **no share repurchases** during the quarter ended December 31, 2020[204](index=204&type=chunk) [Item 3. Defaults Upon Senior Securities](index=60&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section is not applicable - Not applicable[204](index=204&type=chunk) [Item 4. Mine Safety Disclosures](index=60&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable - Not applicable[204](index=204&type=chunk) [Item 5. Other Information](index=60&type=section&id=Item%205.%20Other%20Information) There were no material changes to the procedures by which security holders may recommend nominees to the Company's Board of Directors during the reporting period - There were **no material changes** to the procedures for security holders to recommend nominees to the Board of Directors[204](index=204&type=chunk) [Item 6. Exhibits](index=60&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL interactive data files - Exhibits filed include **CEO and CFO certifications** pursuant to Rule 13a-14(a)/15d-14(a) and U.S.C. Section 1350, as well as **XBRL data**[204](index=204&type=chunk)

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The unaudited consolidated financial statements detail the company's financial position, with total assets growing to **$1.80 billion** and net income at **$4.875 million** for the quarter ended September 30, 2020 [Consolidated Statements of Financial Condition](index=4&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) Total assets increased to **$1.80 billion** from **$1.68 billion**, driven by growth in loans and securities, while deposits and shareholders' equity also rose Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2020 | June 30, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Total cash and cash equivalents | $76,167 | $40,463 | | Net loans receivable | $1,028,782 | $993,522 | | Total securities | $659,777 | $610,366 | | **Total assets** | **$1,799,140** | **$1,676,803** | | **Liabilities & Equity** | | | | Total deposits | $1,618,993 | $1,501,075 | | Borrowings | $25,733 | $25,484 | | **Total liabilities** | **$1,666,118** | **$1,547,998** | | **Total shareholders' equity** | **$133,022** | **$128,805** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income remained stable at **$4.875 million** for the quarter, as increased net interest income was offset by a higher provision for loan losses and rising noninterest expenses Quarterly Income Statement Highlights (in thousands) | Account | Q3 2020 | Q3 2019 | | :--- | :--- | :--- | | Net interest income | $11,816 | $10,500 | | Provision for loan losses | $1,243 | $551 | | Net interest income after provision | $10,573 | $9,949 | | Total noninterest income | $2,078 | $2,266 | | Total noninterest expense | $7,133 | $6,422 | | **Net income** | **$4,875** | **$4,863** | | **Basic and diluted EPS** | **$0.57** | **$0.57** | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income for Q3 2020 was **$4.685 million**, including net income of **$4.875 million** and an other comprehensive loss from unrealized securities losses Comprehensive Income (in thousands) | Item | Q3 2020 | Q3 2019 | | :--- | :--- | :--- | | Net Income | $4,875 | $4,863 | | Other comprehensive loss, net of taxes | ($190) | ($271) | | **Comprehensive income** | **$4,685** | **$4,592** | [Consolidated Statements of Changes in Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity increased to **$133.0 million** driven by net income, partially offset by dividends and other comprehensive loss - Shareholders' equity grew to **$133.0 million** at September 30, 2020, up from **$116.5 million** at September 30, 2019[14](index=14&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by financing activities was **$117.7 million**, primarily from deposits and subordinated notes, leading to a **$35.7 million** net increase in cash and cash equivalents Cash Flow Summary (in thousands) | Cash Flow Activity | Q3 2020 | Q3 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $5,496 | $5,817 | | Net cash used by investing activities | ($87,491) | ($58,712) | | Net cash provided by financing activities | $117,699 | $134,209 | | **Net increase in cash and cash equivalents** | **$35,704** | **$81,314** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, financial instruments including **$683.2 million** in securities and **$1.05 billion** in loans, and the **$17.6 million** allowance for loan losses, with upcoming CECL standard impacts - The company's critical accounting policies relate to the allowance for loan losses and the evaluation of securities for other-than-temporary impairment. These involve significant management judgment and estimation[21](index=21&type=chunk) - The company's primary business is operating The Bank of Greene County, which has 17 offices in New York's Hudson Valley and Capital District regions, focusing on attracting deposits and making loans and investments[23](index=23&type=chunk) - The company adopted ASU 2018-13 regarding fair value measurement disclosures and ASU 2019-04 with various codification improvements, neither of which had a material impact. The company is preparing to adopt the CECL standard (ASU 2016-13) for fiscal years beginning after December 15, 2022, which is expected to have a significant impact on the methodology for calculating the allowance for loan losses[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, with total assets increasing to **$1.8 billion** and stable net income of **$4.9 million**, despite a higher provision for loan losses and compressed net interest margin [Comparison of Financial Condition (Sept 30, 2020 vs. June 30, 2020)](index=37&type=section&id=Comparison%20of%20Financial%20Condition) Total assets grew by **$122.3 million** to **$1.8 billion**, driven by increases in securities and net loans, while deposits rose by **$117.9 million** and shareholders' equity by **$4.2 million** - Net loans receivable increased by **$35.2 million** (**3.5%**) to **$1.0 billion**, with growth concentrated in commercial and residential real estate loans[129](index=129&type=chunk) - The company held **$100.5 million** in PPP loans as of September 30, 2020, which are **100%** guaranteed by the SBA[131](index=131&type=chunk) - Deposits grew by **$117.9 million** (**7.9%**), mainly due to a **$103.0 million** increase in NOW accounts, reflecting typical seasonal inflows from municipal tax collection[146](index=146&type=chunk) - The company issued **$20.0 million** in subordinated notes due in 2030 with a fixed-to-floating rate of **4.75%**[151](index=151&type=chunk) [Asset Quality](index=39&type=section&id=Asset%20Quality) Asset quality remains stable with nonperforming assets at **0.24%**, while the allowance for loan losses increased to **$17.6 million** due to COVID-19 uncertainties, and deferred loans significantly decreased Asset Quality Indicators | Metric | September 30, 2020 | June 30, 2020 | | :--- | :--- | :--- | | Nonperforming Assets | $4.3 million | $4.1 million | | Nonperforming Assets to Total Assets | 0.24% | 0.24% | | Allowance for Loan Losses | $17.6 million | $16.4 million | | ALL to Total Loans | 1.68% | 1.62% | | ALL to Total Loans (ex-PPP) | 1.85% | 1.80% | - Loans on payment deferral due to COVID-19 decreased to **$67.4 million** (**201 loans**) at Sept 30, 2020, from **$193.5 million** (**706 loans**) at June 30, 2020[63](index=63&type=chunk)[143](index=143&type=chunk)[144](index=144&type=chunk) [Comparison of Operating Results (For three months ended Sept 30, 2020 vs. 2019)](index=45&type=section&id=Comparison%20of%20Operating%20Results) Net income remained flat at **$4.9 million** as increased net interest income was offset by a higher provision for loan losses and an **11.1%** rise in noninterest expenses Net Interest Margin Analysis | Metric | Q3 2020 | Q3 2019 | | :--- | :--- | :--- | | Net Interest Income | $11,816 | $10,500 | | Net Interest Rate Spread | 2.72% | 3.13% | | Net Interest Margin | 2.79% | 3.26% | | Taxable-Equivalent NIM | 2.98% | 3.44% | - The increase in net interest income was driven by a **$2.9 billion** increase in volume, which was partially offset by a **$1.5 billion** decrease due to lower rates[162](index=162&type=chunk) - Noninterest expense increased by **$711 thousand** (**11.1%**), primarily due to a **$465 thousand** increase in salaries and benefits and a **$213 thousand** increase in FDIC insurance premiums[177](index=177&type=chunk) [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with **$76.2 million** in cash and **$295.5 million** in unused credit lines, exceeding all regulatory capital requirements - The company had total available liquidity of **$395.7 million**, including cash, unused credit lines, and PPPLF capacity[179](index=179&type=chunk) The Bank of Greene County Capital Ratios (Actual) | Ratio | September 30, 2020 | Required for Well Capitalized | | :--- | :--- | :--- | | Total risk-based capital | 16.2% | 10.0% | | Tier 1 risk-based capital | 15.0% | 8.0% | | Common equity tier 1 capital | 15.0% | 6.5% | | Tier 1 leverage ratio | 8.3% | 5.0% | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable as the company is a smaller reporting company - Not applicable to smaller reporting companies[186](index=186&type=chunk) [Item 4. Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of the end of the reporting period[187](index=187&type=chunk) - No material changes were made to the Company's internal control over financial reporting during the last fiscal quarter[189](index=189&type=chunk) [PART II. OTHER INFORMATION](index=54&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) The company and its subsidiaries are not currently involved in any material legal proceedings - Greene County Bancorp, Inc. and its subsidiaries are not engaged in any material legal proceedings at the present time[190](index=190&type=chunk) [Item 1A. Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) This section is not applicable as the company is a smaller reporting company - Not applicable to smaller reporting companies[192](index=192&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company has a stock repurchase program for up to **200,000 shares**, with no repurchases made during the quarter ended September 30, 2020 - The company has a stock repurchase program to buy back up to **200,000 shares** of its common stock. No shares were repurchased during the quarter ended September 30, 2020[192](index=192&type=chunk) [Item 6. Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files - Exhibits filed include certifications from the CEO and CFO pursuant to Rule 13a-14(a)/15d-14(a) and U.S.C. Section 1350, as well as XBRL formatted financial statements[191](index=191&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended June 30, 2020 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transaction period from ___________________ to ______________________ Commission File Number: 0-25165 GREENE COUNTY BANCORP, INC. (Name of registrant as specified in its Charter) (State or Other Jurisdiction of In ...

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OF 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT GREENE COUNTY BANCORP, INC. (Exact name of registrant as specified in its charter) Commission file number 0-25165 United States 14-1809721 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer ...

U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OF 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT GREENE COUNTY BANCORP, INC. (Exact name of registrant as specified in its charter) Commission file number 0-25165 United States 14-1809721 (State or other jurisdiction of incorporation or organization) (I.R.S. Employ ...

PART I. FINANCIAL INFORMATION [Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The unaudited consolidated financial statements for the quarter ended September 30, 2019, show an increase in total assets to $1.41 billion, driven by growth in deposits, loans, and securities [Consolidated Statements of Financial Condition](index=4&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) As of September 30, 2019, total assets increased to $1.41 billion from $1.27 billion at June 30, 2019, an 11.0% rise, primarily fueled by a significant increase in cash and cash equivalents to $110.9 million and a $142.6 million increase in total deposits to $1.26 billion Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2019 | June 30, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$1.41B** | **$1.27B** | | Total cash and cash equivalents | $110.9M | $29.5K | | Net loans receivable | $805.5M | $785.7M | | Total securities (AFS & HTM) | $463.8M | $426.9M | | **Total Liabilities** | **$1.29B** | **$1.16B** | | Total deposits | $1.26B | $1.12B | | **Total Shareholders' Equity** | **$116.5M** | **$112.4M** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) For the three months ended September 30, 2019, the company reported net income of $4.9 million, an 11.0% increase from $4.4 million in the same period of 2018, driven by an 8.7% rise in net interest income to $10.5 million Quarterly Income Statement Highlights (in thousands, except per share data) | Metric | Q3 2019 | Q3 2018 | | :--- | :--- | :--- | | Net Interest Income | $10.5M | $9.7M | | Provision for loan losses | $551 | $354 | | Total Noninterest Income | $2.3M | $2.1M | | Total Noninterest Expense | $6.4M | $6.0M | | **Net Income** | **$4.9M** | **$4.4M** | | **Basic and Diluted EPS** | **$0.57** | **$0.51** | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income for the third quarter of 2019 was $4.6 million, compared to $4.3 million for the same period in 2018, including net income of $4.9 million partially offset by a $271,000 other comprehensive loss Comprehensive Income (in thousands) | Item | Q3 2019 | Q3 2018 | | :--- | :--- | :--- | | Net Income | $4.9M | $4.4M | | Other comprehensive loss, net of taxes | ($271) | ($76) | | **Comprehensive Income** | **$4.6M** | **$4.3M** | [Consolidated Statements of Changes in Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity increased from $112.4 million at June 30, 2019, to $116.5 million at September 30, 2019, driven by $4.9 million in net income, partially offset by $432,000 in dividends and a $271,000 other comprehensive loss - Shareholders' equity increased by **$4.16 million** during the quarter, from **$112.37 million** to **$116.53 million**[14](index=14&type=chunk) - Key changes included net income of **$4.86 million**, dividends declared of **$432,000**, and an other comprehensive loss of **$271,000**[14](index=14&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the three months ended September 30, 2019, cash and cash equivalents increased by $81.3 million, primarily due to $134.2 million provided by financing activities, largely from a $142.6 million increase in deposits Cash Flow Summary (in thousands) | Activity | Q3 2019 | Q3 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $5.8M | $2.9M | | Net cash used by investing activities | ($58.7M) | ($28.4M) | | Net cash provided by financing activities | $134.2M | $34.2M | | **Net increase in cash and cash equivalents** | **$81.3M** | **$8.6M** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of accounting policies and financial data, including the composition of securities and loan portfolios, adoption of the new lease accounting standard, and preparation for the CECL standard - Critical accounting policies relate to the allowance for loan losses and the evaluation of securities for other-than-temporary impairment (OTTI)[21](index=21&type=chunk) - The company's primary business is operating The Bank of Greene County, which has 16 offices in the Hudson Valley Region of New York State[23](index=23&type=chunk) - On July 1, 2019, the Company adopted the new lease standard (ASU 2016-02), recognizing right-of-use assets and lease liabilities of **$1.7 million**[87](index=87&type=chunk) - The company is preparing for the Current Expected Credit Loss (CECL) model (ASU 2016-13), with an effective date for fiscal years beginning after December 15, 2022[90](index=90&type=chunk) - Subsequent to the quarter end, on October 15, 2019, the Board declared a quarterly cash dividend of **$0.11** per share[111](index=111&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting net interest income as the primary driver, with total assets growing 11.0% to $1.4 billion, funded by a 12.7% increase in deposits [Comparison of Financial Condition (Sept 30, 2019 vs. June 30, 2019)](index=36&type=section&id=Comparison%20of%20Financial%20Condition) Total assets increased by $140.3 million (11.0%) to $1.4 billion, primarily due to a $142.6 million (12.7%) rise in deposits, funding growth in net loans and securities, while nonperforming assets remained low - Total assets increased by **$140.3 million**, or 11.0%, from June 30, 2019[122](index=122&type=chunk) - Net loans receivable increased by **$19.8 million**, or 2.5%, driven by growth in commercial construction and commercial real estate loans[126](index=126&type=chunk) - Deposits increased by **$142.6 million**, or 12.7%, primarily due to an increase in municipal deposits from tax collection[137](index=137&type=chunk) - Shareholders' equity increased to **$116.5 million** from **$112.4 million**, mainly from net income of **$4.9 million**[143](index=143&type=chunk) [Comparison of Operating Results (Q3 2019 vs. Q3 2018)](index=43&type=section&id=Comparison%20of%20Operating%20Results) Net income for the quarter rose to $4.9 million from $4.4 million year-over-year, driven by increased net interest income despite margin compression, and partially offset by higher provision for loan losses and noninterest expense Quarterly Performance Metrics | Metric | Q3 2019 | Q3 2018 | | :--- | :--- | :--- | | Net Interest Income | $10.5M | $9.7M | | Net Interest Margin | 3.26% | 3.41% | | Provision for Loan Losses | $551 | $354 | | Net Income | $4.9M | $4.4M | | ROA (annualized) | 1.49% | 1.52% | | ROE (annualized) | 17.00% | 17.92% | - The increase in noninterest expense was primarily due to higher salaries and benefits from staffing a new branch and expanding other departments, partially offset by a credit from the FDIC, which reduced FDIC insurance premium expense by **$166,000** compared to the prior year[166](index=166&type=chunk) - The effective tax rate decreased to 16.1% from 18.8% in the prior year, influenced by tax-exempt income and benefits from the company's pooled captive insurance subsidiary[167](index=167&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position, primarily funded by deposits and cash flows from its loan and securities portfolios, with both subsidiary banks exceeding regulatory capital ratios for being 'well-capitalized' - Total unfunded loan commitments and unused lines of credit amounted to **$164.3 million** at September 30, 2019[169](index=169&type=chunk) The Bank of Greene County Capital Ratios (Sept 30, 2019) | Ratio | Actual | Required for Well-Capitalized | | :--- | :--- | :--- | | Total risk-based capital | 15.8% | 10.0% | | Tier 1 risk-based capital | 14.5% | 8.0% | | Common equity tier 1 capital | 14.5% | 6.5% | | Tier 1 leverage ratio | 8.7% | 5.0% | [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This disclosure is not required for smaller reporting companies, and therefore is not provided in this report - Not applicable to smaller reporting companies[173](index=173&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's Chief Executive Officer and Chief Financial Officer concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the last fiscal quarter - Management concluded that the Company's disclosure controls and procedures were effective as of the end of the period covered by the report[174](index=174&type=chunk) - There were no changes in internal control over financial reporting during the last fiscal quarter that materially affected, or are reasonably likely to materially affect, the controls[175](index=175&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) Greene County Bancorp, Inc. and its subsidiaries are not currently involved in any material legal proceedings - The Company and its subsidiaries are not engaged in any material legal proceedings at the present time[177](index=177&type=chunk) [Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) This disclosure is not required for smaller reporting companies, and therefore is not provided in this report - Not applicable to smaller reporting companies[177](index=177&type=chunk) [Exhibits](index=50&type=section&id=Item%206.%20Exhibits) The filing includes required certifications from the Chief Executive Officer and Chief Financial Officer pursuant to Sarbanes-Oxley Act rules, as well as financial data formatted in XBRL - Exhibits filed include CEO and CFO certifications under Rule 13a-14(a)/15d-14(a) and Section 1350, as well as XBRL data files[177](index=177&type=chunk)

FORM 10-K ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended June 30, 2019 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transaction period from ___________________ to ______________________ Commission File Number: 0-25165 GREENE COUNTY BANCORP, INC. (Name of registrant as specified in its Charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 United States 14-1809721 (State or ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The unaudited consolidated financial statements present the financial position, operations, and cash flows, reflecting growth in assets, loans, deposits, net income, and EPS [Consolidated Statements of Financial Condition](index=3&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) Total assets increased to **$1.27 billion** by March 31, 2019, driven by growth in net loans and cash, alongside increased deposits and shareholders' equity Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2019 | June 30, 2018 | | :--- | :--- | :--- | | **Total Assets** | **$1,273,788** | **$1,151,478** | | Total cash and cash equivalents | $88,422 | $26,504 | | Net loans receivable | $763,285 | $704,431 | | Total securities | $395,464 | $395,356 | | **Total Liabilities** | **$1,165,523** | **$1,055,287** | | Total deposits | $1,139,778 | $1,025,234 | | **Total Shareholders' Equity** | **$108,265** | **$96,191** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Net income for the nine months ended March 31, 2019, rose **23.5%** to **$13.3 million**, driven by increased net interest income and diluted EPS growth Key Income Statement Data (in thousands, except per share data) | Metric | Nine Months Ended Mar 31, 2019 | Nine Months Ended Mar 31, 2018 | Three Months Ended Mar 31, 2019 | Three Months Ended Mar 31, 2018 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $29,678 | $25,490 | $10,026 | $8,860 | | Provision for loan losses | $1,058 | $1,044 | $350 | $345 | | Noninterest Income | $6,203 | $5,486 | $2,010 | $1,859 | | Noninterest Expense | $18,694 | $15,987 | $6,486 | $5,782 | | **Net Income** | **$13,320** | **$10,789** | **$4,356** | **$3,677** | | Diluted EPS | $1.56 | $1.26 | $0.51 | $0.43 | [Consolidated Statements of Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income for the nine months ended March 31, 2019, increased to **$13.7 million**, primarily from net income and unrealized gains on securities Comprehensive Income (in thousands) | Metric | Nine Months Ended Mar 31, 2019 | Nine Months Ended Mar 31, 2018 | | :--- | :--- | :--- | | Net Income | $13,320 | $10,789 | | Other comprehensive income (loss) | $398 | $(648) | | **Comprehensive Income** | **$13,718** | **$10,141** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash increased by **$61.9 million** for the nine months ended March 31, 2019, driven by operating and financing activities, despite investing outflows Cash Flow Summary (in thousands) | Activity | Nine Months Ended Mar 31, 2019 | Nine Months Ended Mar 31, 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $15,153 | $14,164 | | Net cash used by investing activities | $(60,635) | $(136,154) | | Net cash provided by financing activities | $107,400 | $180,317 | | **Net increase in cash and cash equivalents** | **$61,918** | **$58,327** | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail critical accounting policies, portfolio composition, credit quality, fair value measurements, employee benefits, and new accounting standard adoptions - Critical accounting policies relate to the allowance for loan losses and the evaluation of securities for other-than-temporary impairment, which involve significant management judgment and estimation[24](index=24&type=chunk) - The company's primary business is operating the Bank of Greene County, which has **15 offices** in the Hudson Valley region of New York, focusing on attracting deposits and making loans and investments[26](index=26&type=chunk) - The company adopted new accounting standards for Revenue from Contracts with Customers (ASC 606) and Financial Instruments (ASU 2016-01) on July 1, 2018, with ASU 2016-01 resulting in a **$0.1 million** cumulative-effect adjustment to retained earnings[91](index=91&type=chunk)[92](index=92&type=chunk) - The company is currently evaluating the impact of the upcoming CECL (Current Expected Credit Loss) standard (ASU 2016-13), which is expected to have a significant impact on the methodology for calculating the allowance for loan losses[100](index=100&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion highlights significant growth in assets, loans, and deposits, with increased net income, expanded net interest margin, and strong capital ratios [Comparison of Financial Condition](index=41&type=section&id=Comparison%20of%20Financial%20Condition) Total assets grew **10.6%** to **$1.3 billion** by March 31, 2019, driven by loan and cash growth, alongside increased deposits and reduced nonperforming assets - Total assets increased by **$122.3 million**, or **10.6%**, to **$1.3 billion** at March 31, 2019, from **$1.2 billion** at June 30, 2018, reflecting expansion in retail, commercial, and municipal banking lines[138](index=138&type=chunk) - Net loans grew by **$58.9 million** (**8.4%**) to **$763.3 million**, with growth primarily in commercial real estate (**$25.3 million**), commercial loans (**$15.4 million**), and residential real estate (**$12.4 million**)[142](index=142&type=chunk) - Total deposits increased by **$114.5 million** (**11.2%**), driven by a **$151.8 million** increase in NOW deposits, reflecting normal fluctuations in municipal deposits and growth in retail/commercial accounts[153](index=153&type=chunk) Nonperforming Assets (in thousands) | Category | March 31, 2019 | June 30, 2018 | | :--- | :--- | :--- | | Total nonaccruing loans | $2,988 | $3,517 | | Foreclosed real estate | $54 | $119 | | **Total nonperforming assets** | **$3,042** | **$3,698** | | Nonperforming assets as a % of total assets | 0.24% | 0.32% | [Comparison of Operating Results](index=48&type=section&id=Comparison%20of%20Operating%20Results) Net income rose **23.1%** to **$13.3 million** for the nine months ended March 31, 2019, driven by higher net interest income and an improved net interest margin Key Performance Ratios (Annualized) | Metric | Nine Months Ended Mar 31, 2019 | Nine Months Ended Mar 31, 2018 | | :--- | :--- | :--- | | Return on average assets | 1.51% | 1.37% | | Return on average equity | 17.45% | 16.36% | | Net interest margin | 3.41% | 3.29% | - Net interest income for the nine months increased by **$4.2 million** to **$29.7 million**, primarily due to a **$3.4 million** increase in income from volume changes in interest-earning assets[177](index=177&type=chunk)[170](index=170&type=chunk) - Noninterest income for the nine months increased by **$0.7 million** (**13.1%**), mainly from higher debit card fees and service charges on deposit accounts due to customer growth[185](index=185&type=chunk) - Noninterest expense for the nine months increased by **$2.7 million** (**16.9%**), primarily due to a **$1.7 million** rise in salaries and benefits related to staffing for two new branches and other departments[186](index=186&type=chunk) [Liquidity and Capital Resources](index=54&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity and capital, with significant loan commitments and capital ratios well above regulatory 'well capitalized' requirements - At March 31, 2019, the company had total unfunded loan commitments and unused lines of credit of **$127.0 million**[190](index=190&type=chunk)[191](index=191&type=chunk) Bank of Greene County Capital Ratios (as of March 31, 2019) | Ratio | Actual | Required to be Well Capitalized | | :--- | :--- | :--- | | Total risk-based capital | 16.3% | 10.0% | | Tier 1 risk-based capital | 15.0% | 8.0% | | Common equity tier 1 capital | 15.0% | 6.5% | | Tier 1 leverage ratio | 8.8% | 5.0% | - Shareholders' equity increased to **$108.3 million** at March 31, 2019 from **$96.2 million** at June 30, 2018, primarily due to net income of **$13.3 million**[159](index=159&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable as the company is a smaller reporting company - Disclosure is not applicable to smaller reporting companies[195](index=195&type=chunk) [Item 4. Controls and Procedures](index=56&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of the end of the reporting period[196](index=196&type=chunk) - There were no changes in internal control over financial reporting during the last fiscal quarter that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting[198](index=198&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) The company and its subsidiaries are not currently engaged in any material legal proceedings - Greene County Bancorp, Inc. and its subsidiaries are not engaged in any material legal proceedings at the present time[200](index=200&type=chunk) [Item 1A. Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) This section is not applicable as the company is a smaller reporting company - Disclosure is not applicable to smaller reporting companies[200](index=200&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=58&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section is not applicable - This item is not applicable[200](index=200&type=chunk) [Item 5. Other Information](index=58&type=section&id=Item%205.%20Other%20Information) There were no material changes to procedures for security holder recommendations for Board of Directors nominees during the quarter - There were no material changes to the procedures for security holders to recommend nominees to the Board of Directors during the period[200](index=200&type=chunk) [Item 6. Exhibits](index=58&type=section&id=Item%206.%20Exhibits) The report lists required exhibits, including CEO and CFO certifications and XBRL data files - Exhibits filed with the report include Certifications from the CEO and CFO pursuant to Rule 13a-14(a)/15d-14(a) and U.S.C. Section 1350, as well as XBRL financial data[200](index=200&type=chunk)

FORM 10-Q U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT UNDER SECTION 13 OF 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2018 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OF 15(d) OF THE SECURITIES EXCHANGE ACT GREENE COUNTY BANCORP, INC. (Exact name of registrant as specified in its charter) Commission file number 0-25165 United States 14-1809721 (State or other jurisdiction of incorporation or organization) (I.R.S. Employ ...