----

|     | GREENE COUNTY BANCORP, INC.                                                                                                                                                                                                                                                                          |   |     |   |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|--------|
|     |                                                                                                                                                                                                                                                                                                 |   |     |   |
|     |                                                                                                                                                                                                                                                                                                 |   |     |   |
|     |                                                                                                                                                                                                                                                                                                 |   |     |   |
|     | INDEX                                                                                                                                                                                                                                                                                                |   |     |   |
|     |                                                                                                                                                                                                                                                                                                 |   |     |   |
|     |                                                                                                                                                                                                                                                                                                 |   |     |   |
|     |                                                                                                                                                                                                                                                                                                 |   |     |   |
| PART I.  | FINANCIAL INFORMATION                                                                                                                                                                                                                                                                                |   |     |   |
|     |                                                                                                                                                                                                                                                                                                 |   | Page     |   |
| Item 1.  | Financial Statements (unaudited)                                                                                                                                                                                                                                                                     |   |     |   |
|     | *   Consolidated Statements of Financial Condition                                                                                                                                                                                                                                    |   | 3        |   |
|     | *   Consolidated Statements of Income                                                                                                                                                                                                                                                 |   | 4-5      |   |
|     | *   Consolidated Statements of Comprehensive Income                                                                                                                                                                                                                                   |   | 6        |   |
|     | *   Consolidated Statements of Changes in Shareholders’ Equity                                                                                                                                                                                                                  |   | 7        |   |
|     | *   Consolidated Statements of Cash Flows                                                                                                                                                                                                                                             |   | 8        |   |
|     | *   Notes to Consolidated Financial Statements                                                                                                                                                                                                                                        |   | 9-26     |   |
|     |                                                                                                                                                                                                                                                                                                 |   |     |   |
| Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operation                                                                                                                                                                                                           |   | 25-39    |   |
|     |                                                                                                                                                                                                                                                                                                 |   |     |   |
| Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                                                                                                                                                                                                                           |   | 39       |   |
|     |                                                                                                                                                                                                                                                                                                 |   |     |   |
| Item 4.  | Controls and Procedures                                                                                                                                                                                                                                                                              |   | 39-40    |   |
|     |                                                                                                                                                                                                                                                                                                 |   |     |   |
| PART II. | OTHER INFORMATION                                                                                                                                                                                                                                                                                    |   |     |   |
|     |                                                                                                                                                                                                                                                                                                 |   |     |   |
| Item 1.  | Legal Proceedings                                                                                                                                                                                                                                                                                    |   | 41       |   |
|     |                                                                                                                                                                                                                                                                                                 |   |     |   |
| Item 1A. | Risk Factors                                                                                                                                                                                                                                                                                         |   | 41       |   |
|     |                                                                                                                                                                                                                                                                                                 |   |     |   |
| Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                                                                                                                                                          |   | 41       |   |
|     |                                                                                                                                                                                                                                                                                                 |   |     |   |
| Item 3.  | Defaults Upon Senior Securities                                                                                                                                                                                                                                                                      |   | 41       |   |
|     |                                                                                                                                                                                                                                                                                                 |   |     |   |
| Item 4.  | [Removed and Reserved]                                                                                                                                                                                                                                                                               |   | 41       |   |
|     |                                                                                                                                                                                                                                                                                                 |   |     |   |
| Item 5.  | Other Information                                                                                                                                                                                                                                                                                    |   | 41       |   |
|     |                                                                                                                                                                                                                                                                                                 |   |     |   |
| Item 6.  | Exhibits                                                                                                                                                                                                                                                                                             |   | 41       |   |
|     |                                                                                                                                                                                                                                                                                                 |   |     |   |
|     | Signatures                                                                                                                                                                                                                                                                                           |   | 42       |   |
|     |    Exhibit 31.1 302 Certification of Chief Executive Officer   Exhibit 31.2 302 Certification of Chief Financial Officer   Exhibit 32.1 906 Statement of Chief Executive Officer   Exhibit 32.2 906 Statement of Chief Financial Officer |   | 43444546 |   |

Greene County Bancorp, Inc.

| ASSETS                                                                                                                                                                                                                                                        |   | December 31,  2010   |    |   | June 30, 2010 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|---------------|--------|
| Cash and due from banks                                                                                                                                                                                                                                       |   | $                                   | 22,663  |   |          | $      | 9,253 |   |
| Federal funds sold                                                                                                                                                                                                                                            |   |                                | 8,373   |   |          |   | 390 |   |
|     Total cash and cash equivalents                                                                                                                                                                                                       |   |                                | 31,036  |   |          |   | 9,643 |   |
|                                                                                                                                                                                                                                                          |   |                                |    |   |          |   |   |   |
| Long term certificate of deposit                                                                                                                                                                                                                              |   |                                | ---     |   |          |   | 1,000 |   |
| Securities available for sale, at fair value                                                                                                                                                                                                                  |   |                                | 98,315  |   |          |   | 89,805 |   |
| Securities held to maturity, at amortized cost                                                                                                                                                                                                                |   |                                | 83,830  |   |          |   | 77,520 |   |
| Federal Home Loan Bank stock, at cost                                                                                                                                                                                                                         |   |                                | 1,457   |   |          |   | 1,866 |   |
|                                                                                                                                                                                                                                                          |   |                                |    |   |          |   |   |   |
| Loans                                                                                                                                                                                                                                                         |   |                                | 300,361 |   |          |   | 299,200 |   |
|   Allowance for loan losses                                                                                                                                                                                                                         |   |                                | (4,649  | )      |          |   | (4,024 | ) |
|   Unearned origination fees and costs, net                                                                                                                                                                                                          |   |                                | 453     |   |          |   | 406 |   |
|     Net loans receivable                                                                                                                                                                                                                  |   |                                | 296,165 |   |          |   | 295,582 |   |
|                                                                                                                                                                                                                                                          |   |                                |    |   |          |   |   |   |
| Premises and equipment                                                                                                                                                                                                                                        |   |                                | 15,347  |   |          |   | 14,804 |   |
| Accrued interest receivable                                                                                                                                                                                                                                   |   |                                | 2,633   |   |          |   | 2,731 |   |
| Foreclosed real estate                                                                                                                                                                                                                                        |   |                                | 200     |   |          |   | --- |   |
| Prepaid expenses and other assets                                                                                                                                                                                                                             |   |                                | 2,373   |   |          |   | 2,372 |   |
|                Total assets                                                                                                                                                        |   | $                                   | 531,356 |   |          | $      | 495,323 |   |
|                                                                                                                                                                                                                                                          |   |                                |    |   |          |   |   |   |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                                                                                                                                    |   |                                |    |   |          |   |   |   |
| Noninterest bearing deposits                                                                                                                                                                                                                                  |   | $                                   | 46,198  |   |          | $      | 44,239 |   |
| Interest bearing deposits                                                                                                                                                                                                                                     |   |                                | 419,656 |   |          |   | 377,493 |   |
|     Total deposits                                                                                                                                                                                                                        |   |                                | 465,854 |   |          |   | 421,732 |   |
|                                                                                                                                                                                                                                                          |   |                                |    |   |          |   |   |   |
| Borrowings from FHLB, short-term                                                                                                                                                                                                                              |   |                                | ---     |   |          |   | 9,100 |   |
| Borrowings from FHLB, long-term                                                                                                                                                                                                                               |   |                                | 17,000  |   |          |   | 17,000 |   |
| Accrued expenses and other liabilities                                                                                                                                                                                                                        |   |                                | 2,590   |   |          |   | 2,988 |   |
|                 Total liabilities                                                                                                                                             |   |                                | 485,444 |   |          |   | 450,820 |   |
|                                                                                                                                                                                                                                                          |   |                                |    |   |          |   |   |   |
| Shareholders’ equity:                                                                                                                                                                                                                                   |   |                                |    |   |          |   |   |   |
| Preferred stock,                                                                                                                                                                                                                                              |   |                                |    |   |          |   |   |   |
|   Authorized   -   1,000,000 shares; Issued - None                                                                                                                                                                    |   |                                | ---     |   |          |   | --- |   |
| Common stock, par value $.10 per share;                                                                                                                                                                                                                       |   |                                |    |   |          |   |   |   |
|    Authorized  - 12,000,000 shares                                                                                                                                                                                                   |   |                                |    |   |          |   |   |   |
|    Issued          -   4,305,670 shares                                                                                                                                       |   |                                |    |   |          |   |   |   |
|    Outstanding -   4,135,495 shares at December 31, 2010                                                                                                                                                                        |   |                                |    |   |          |   |   |   |
|                             4,118,912 shares at June 30, 2010;                                                    |   |                                | 431     |   |          |   | 431 |   |
| Additional paid-in capital                                                                                                                                                                                                                                    |   |                                | 10,849  |   |          |   | 10,666 |   |
| Retained earnings                                                                                                                                                                                                                                             |   |                                | 35,366  |   |          |   | 33,692 |   |
| Accumulated other comprehensive income                                                                                                                                                                                                                        |   |                                | 550     |   |          |   | 1,123 |   |
| Treasury stock, at cost 170,175 shares at December 31, 2010                                                                                                                                                                                                   |   |                                |    |   |          |   |   |   |
|                                      186,758 shares at June 30, 2010 |   |                                | (1,284  | )      |          |   | (1,409 | ) |
|                Total shareholders’ equity                                                                                                                                    |   |                                | 45,912  |   |          |   | 44,503 |   |
|                Total liabilities and shareholders’ equity                                                                                                                    |   | $                                   | 531,356 |   |          | $      | 495,323 |   |

----

Greene County Bancorp, Inc.

| Interest income:                                                                 |   | 2010   |      |   | 2009   |   |
|----------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|     Loans                                                    |   | $      | 9,046     |   |   | $      | 8,456 |   |
|     Investment securities - taxable                          |   |   | 577       |   |   |   | 592 |   |
|     Mortgage-backed securities                               |   |   | 1,823     |   |   |   | 1,812 |   |
|     Investment securities - tax exempt                       |   |   | 576       |   |   |   | 516 |   |
|     Interest bearing deposits and federal funds sold         |   |   | 20        |   |   |   | 10 |   |
| Total interest income                                                            |   |   | 12,042    |   |   |   | 11,386 |   |
|                                                                             |   |   |      |   |   |   |   |   |
| Interest expense:                                                                |   |   |      |   |   |   |   |   |
|     Interest on deposits                                     |   |   | 2,045     |   |   |   | 2,466 |   |
|     Interest on borrowings                                   |   |   | 305       |   |   |   | 333 |   |
| Total interest expense                                                           |   |   | 2,350     |   |   |   | 2,799 |   |
|                                                                             |   |   |      |   |   |   |   |   |
| Net interest income                                                              |   |   | 9,692     |   |   |   | 8,587 |   |
| Provision for loan losses                                                        |   |   | 836       |   |   |   | 677 |   |
| Net interest income after provision for loan losses                              |   |   | 8,856     |   |   |   | 7,910 |   |
|                                                                             |   |   |      |   |   |   |   |   |
| Non-interest income:                                                             |   |   |      |   |   |   |   |   |
|     Service charges on deposit accounts                      |   |   | 1,173     |   |   |   | 1,506 |   |
|     Debit card fees                                          |   |   | 619       |   |   |   | 527 |   |
|     Investment services                                      |   |   | 148       |   |   |   | 134 |   |
|     E-commerce fees                                          |   |   | 55        |   |   |   | 53 |   |
|     Net gain (loss) on sale of available-for-sale securities |   |   | 212       |   |   |   | (5 | ) |
|     Other operating income                                   |   |   | 254       |   |   |   | 223 |   |
| Total non-interest income                                                        |   |   | 2,461     |   |   |   | 2,438 |   |
|                                                                             |   |   |      |   |   |   |   |   |
| Non-interest expense:                                                            |   |   |      |   |   |   |   |   |
|     Salaries and employee benefits                           |   |   | 3,971     |   |   |   | 3,561 |   |
|     Occupancy expense                                        |   |   | 611       |   |   |   | 612 |   |
|     Equipment and furniture expense                          |   |   | 280       |   |   |   | 298 |   |
|     Service and data processing fees                         |   |   | 698       |   |   |   | 656 |   |
|     Computer software, supplies and support                  |   |   | 135       |   |   |   | 179 |   |
|     Advertising and promotion                                |   |   | 190       |   |   |   | 115 |   |
|     FDIC insurance premiums                                  |   |   | 281       |   |   |   | 271 |   |
|     Legal and professional fees                              |   |   | 181       |   |   |   | 185 |   |
|     Other                                                    |   |   | 898       |   |   |   | 808 |   |
| Total non-interest expense                                                       |   |   | 7,245     |   |   |   | 6,685 |   |
|                                                                             |   |   |      |   |   |   |   |   |
| Income before provision for income taxes                                         |   |   | 4,072     |   |   |   | 3,663 |   |
| Provision for income taxes                                                       |   |   | 1,396     |   |   |   | 1,263 |   |
| Net income                                                                       |   | $      | 2,676     |   |   | $      | 2,400 |   |
|                                                                             |   |   |      |   |   |   |   |   |
| Basic EPS                                                                        |   | $      | 0.65      |   |   | $      | 0.58 |   |
| Basic average shares outstanding                                                 |   |   | 4,125,619 |   |   |   | 4,106,704 |   |
| Diluted EPS                                                                      |   | $      | 0.64      |   |   | $      | 0.58 |   |
| Diluted average shares outstanding                                               |   |   | 4,157,903 |   |   |   | 4,133,758 |   |
| Dividends per share                                                              |   | $      | 0.55      |   |   | $      | 0.34 |   |

| Interest income:                                                                 |   | 2010   |      |   | 2009   |   |
|----------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|     Loans                                                    |   | $      | 4,509     |   |   | $      | 4,289 |   |
|     Investment securities - taxable                          |   |   | 306       |   |   |   | 276 |   |
|     Mortgage-backed securities                               |   |   | 941       |   |   |   | 892 |   |
|     Investment securities - tax exempt                       |   |   | 292       |   |   |   | 267 |   |
|     Interest bearing deposits and federal funds sold         |   |   | 18        |   |   |   | 6 |   |
| Total interest income                                                            |   |   | 6,066     |   |   |   | 5,730 |   |
|                                                                             |   |   |      |   |   |   |   |   |
| Interest expense:                                                                |   |   |      |   |   |   |   |   |
|     Interest on deposits                                     |   |   | 1,015     |   |   |   | 1,216 |   |
|     Interest on borrowings                                   |   |   | 156       |   |   |   | 166 |   |
| Total interest expense                                                           |   |   | 1,171     |   |   |   | 1,382 |   |
|                                                                             |   |   |      |   |   |   |   |   |
| Net interest income                                                              |   |   | 4,895     |   |   |   | 4,348 |   |
| Provision for loan losses                                                        |   |   | 483       |   |   |   | 429 |   |
| Net interest income after provision for loan losses                              |   |   | 4,412     |   |   |   | 3,919 |   |
|                                                                             |   |   |      |   |   |   |   |   |
| Non-interest income:                                                             |   |   |      |   |   |   |   |   |
|     Service charges on deposit accounts                      |   |   | 606       |   |   |   | 758 |   |
|     Debit card fees                                          |   |   | 322       |   |   |   | 279 |   |
|     Investment services                                      |   |   | 70        |   |   |   | 75 |   |
|     E-commerce fees                                          |   |   | 25        |   |   |   | 23 |   |
|     Net gain (loss) on sale of available-for-sale securities |   |   | 212       |   |   |   | (5 | ) |
|     Other operating income                                   |   |   | 126       |   |   |   | 107 |   |
| Total non-interest income                                                        |   |   | 1,361     |   |   |   | 1,237 |   |
|                                                                             |   |   |      |   |   |   |   |   |
| Non-interest expense:                                                            |   |   |      |   |   |   |   |   |
|     Salaries and employee benefits                           |   |   | 2,054     |   |   |   | 1,755 |   |
|     Occupancy expense                                        |   |   | 308       |   |   |   | 310 |   |
|     Equipment and furniture expense                          |   |   | 136       |   |   |   | 145 |   |
|     Service and data processing fees                         |   |   | 355       |   |   |   | 313 |   |
|     Computer software, supplies and support                  |   |   | 64        |   |   |   | 97 |   |
|     Advertising and promotion                                |   |   | 89        |   |   |   | 37 |   |
|     FDIC insurance premiums                                  |   |   | 138       |   |   |   | 136 |   |
|     Legal and professional fees                              |   |   | 91        |   |   |   | 110 |   |
|     Other                                                    |   |   | 482       |   |   |   | 400 |   |
| Total non-interest expense                                                       |   |   | 3,717     |   |   |   | 3,303 |   |
|                                                                             |   |   |      |   |   |   |   |   |
| Income before provision for income taxes                                         |   |   | 2,056     |   |   |   | 1,853 |   |
| Provision for income taxes                                                       |   |   | 704       |   |   |   | 637 |   |
| Net income                                                                       |   | $      | 1,352     |   |   | $      | 1,216 |   |
|                                                                             |   |   |      |   |   |   |   |   |
| Basic EPS                                                                        |   | $      | 0.33      |   |   | $      | 0.29 |   |
| Basic average shares outstanding                                                 |   |   | 4,129,939 |   |   |   | 4,108,097 |   |
| Diluted EPS                                                                      |   | $      | 0.32      |   |   | $      | 0.29 |   |
| Diluted average shares outstanding                                               |   |   | 4,163,333 |   |   |   | 4,134,732 |   |
| Dividends per share                                                              |   | $      | 0.375     |   |   | $      | 0.17 |   |

Greene County Bancorp, Inc.

|                                                                        |   | 2010   |   |   | 2009   |   |
|-----------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Net income                                                                  |   | $      | 2,676  |   |   | $      | 2,400 |   |
|                                                                        |   |   |   |   |   |   |   |   |
| Other comprehensive (loss) income:                                          |   |   |   |   |   |   |   |   |
| Securities:                                                                 |   |   |   |   |   |   |   |   |
| Unrealized holding (losses) gains on available for sale securities, arising |   |   |   |   |   |   |   |   |
|   during the six months ended December 31, 2010 and 2009,         |   |   |   |   |   |   |   |   |
|   net of income taxes of ($297) and $248, respectively.           |   |   | (470   | )      |   |   | 393 |   |
|                                                                        |   |   |   |   |   |   |   |   |
| Accretion of unrealized loss on securities transferred to held-to-maturity, |   |   |   |   |   |   |   |   |
|   net of income taxes of $15 and $18, respectively                |   |   | 23     |   |   |   | 29 |   |
|                                                                        |   |   |   |   |   |   |   |   |
| Reclassification adjustment for (gain) loss on sale of available-for-sale   |   |   |   |   |   |   |   |   |
|   securities realized in net income, net of income taxes          |   |   |   |   |   |   |   |   |
|   of ($82), and $2, respectively                                  |   |   | (130   | )      |   |   | 3 |   |
|                                                                        |   |   |   |   |   |   |   |   |
| Pension actuarial gain, net of tax                                          |   |   | 4      |   |   |   | --- |   |
|                                                                        |   |   |   |   |   |   |   |   |
| Other comprehensive (loss) income                                           |   |   | (573   | )      |   |   | 425 |   |
|                                                                        |   |   |   |   |   |   |   |   |
| Comprehensive income                                                        |   | $      | 2,103  |   |   | $      | 2,825 |   |

|                                                                        |   | 2010   |   |   | 2009   |   |
|-----------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Net income                                                                  |   | $      | 1,352  |   |   | $      | 1,216 |   |
|                                                                        |   |   |   |   |   |   |   |   |
| Other comprehensive loss:                                                   |   |   |   |   |   |   |   |   |
| Securities:                                                                 |   |   |   |   |   |   |   |   |
| Unrealized holding losses on available for sale securities, arising         |   |   |   |   |   |   |   |   |
|   during the three months ended December 31, 2010 and 2009,       |   |   |   |   |   |   |   |   |
|   net of income taxes of ($485) and ($18), respectively.          |   |   | (769   | )      |   |   | (29 | ) |
|                                                                        |   |   |   |   |   |   |   |   |
| Accretion of unrealized loss on securities transferred to held-to-maturity, |   |   |   |   |   |   |   |   |
|   net of income taxes of $7 and $9, respectively                  |   |   | 11     |   |   |   | 15 |   |
|                                                                        |   |   |   |   |   |   |   |   |
| Reclassification adjustment for (gain) loss on sale of available-for-sale   |   |   |   |   |   |   |   |   |
|   securities realized in net income, net of income taxes          |   |   |   |   |   |   |   |   |
|   of ($82), and $2, respectively                                  |   |   | (130   | )      |   |   | 3 |   |
|                                                                        |   |   |   |   |   |   |   |   |
| Pension actuarial gain, net of tax                                          |   |   | 2      |   |   |   | --- |   |
| Other comprehensive loss                                                    |   |   | (886   | )      |   |   | (11 | ) |
|                                                                        |   |   |   |   |   |   |   |   |
| Comprehensive income                                                        |   | $      | 466    |   |   | $      | 1,205 |   |

----

Greene County Bancorp, Inc.

|                                           |                          |                                                                          |                                                          | Accumulated                          |                              |                                                  |
|------------------------------------------------|-------------------------------|-------------------------------------------------------------------------------|---------------------------------------------------------------|--------------------------------------|-----------------------------------|-------------------------------------------------------|
|                                           |                          | Additional                                                                    |                                                          | Other                                |                              | Total                                                 |
|                                           | Common                        | Paid – In                                                               | Retained                                                      | Comprehensive                        | Treasury                          | Shareholders’                                   |
|                                           | Stock                         | Capital                                                                       | Earnings                                                      | Income                               | Stock                             | Equity                                                |
|                                           |                          |                                                                          |                                                          |                                 |                              |                                                  |
| Balance at                                     |                          |                                                                          |                                                     |                                 |                              |                                                  |
| June 30, 2009                                  |      $431 |     $10,508                                                    |       $30,045                        |       $792       | ($1,512)                          | $40,264                                               |
|                                           |                          |                                                                          |                                                          |                                 |                              |                                                  |
| Options exercised                              |                          |              (41) |                                                          |                                 |       76 |          35   |
|                                           |                          |                                                                          |                                                          |                                 |                              |                                                  |
| Stock options compensation                     |                          |            112              |                                                          |                                 |                              |         112        |
|                                           |                          |                                                                          |                                                          |                                 |                              |                                                  |
| Dividends declared                             |                          |                                                                          |            (613) |                                 |                              |         (613) |
|                                           |                          |                                                                          |                                                          |                                 |                              |                                                  |
| Net income                                     |                          |                                                                          |          2,400             |                                 |                              |      2,400                        |
|                                           |                          |                                                                          |                                                          |                                 |                              |                                                  |
| Total other comprehensive income, net of taxes |                          |                                                                          |                                                          |         425 |                              |        425              |
| Balance at                                     |                          |                                                                          |                                                          |                            |                              |                                                  |
| December 31, 2009                              |      $431 |      $10,579                                              |       $31,832                        |     $1,217            | ($1,436)                          | $42,623                                               |

| June 30, 2010                                  |      $431 |     $10,666                                                        |       $33,692        |    $1,123       | ($1,409)                     | $44,503                                    |
|------------------------------------------------|-------------------------------|-----------------------------------------------------------------------------------|-----------------------------------------------|---------------------------|------------------------------|--------------------------------------------|
|                                           |                          |                                                                              |                                          |                      |                         |                                       |
| Stock options exercised                        |                          |               71 |                                          |                      |      125 |        196   |
|                                           |                          |                                                                              |                                          |                      |                         |                                       |
| Stock options compensation                     |                          |             112            |                                          |                      |                         |        112   |
|                                           |                          |                                                                              |                                     |                      |                         |                                       |
| Dividends declared                             |                          |                                                                              |         (1,002) |                      |                         |      (1,002)           |
|                                           |                          |                                                                              |                                          |                      |                         |                                       |
| Net income                                     |                          |                                                                              |         2,676   |                      |                         |     2,676              |
|                                           |                          |                                                                              |                                          |                      |                         |                                       |
| Total other comprehensive (loss), net of taxes |                          |                                                                              |                                          |      (573) |                         |        (573) |
| Balance at                                     |                          |                                                                              |                                          |                      |                         |                                       |
| December 31, 2010                              |      $431 |       $10,849                                            |      $35,366              |      $550  |    ($1,284)        | $45,912                                    |
|                                           |                          |                                                                              |                                          |                      |                         |                                       |

----

Greene County Bancorp, Inc.

|                                                                                                  |   | 2010   |    |   | 2009   |   |
|-------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Cash flows from operating activities:                                                                 |   |   |    |   |   |   |
| Net Income                                                                                            |   | $      | 2,676   |   |   | $      | 2,400 |   |
| Adjustments to reconcile net income to net cash provided by operating activities:                     |   |   |    |   |   |   |   |   |
|      Depreciation                                                            |   |   | 360     |   |   |   | 471 |   |
|      Net amortization of premiums and discounts                              |   |   | 506     |   |   |   | 402 |   |
|      Net amortization of deferred loan costs and fees                        |   |   | 110     |   |   |   | 93 |   |
|      Provision for loan losses                                               |   |   | 836     |   |   |   | 677 |   |
|      Stock option compensation                                               |   |   | 112     |   |   |   | 112 |   |
|      Net (gain) loss on sale of available-for-sale securities                |   |   | (212    | )      |   |   | 5 |   |
|      Net loss on sale of foreclosed real estate                              |   |   | ---     |   |   |   | 8 |   |
|      Net (decrease) increase in accrued income taxes                         |   |   | (239    | )      |   |   | 728 |   |
|      Net decrease (increase) in accrued interest receivable                  |   |   | 98      |   |   |   | (160 | ) |
|      Net decrease (increase) decrease in prepaid and other assets            |   |   | 238     |   |   |   | (1,902 | ) |
|      Net decrease in other liabilities                                       |   |   | (30     | )      |   |   | (957 | ) |
|           Net cash provided by operating activities |   |   | 4,455   |   |   |   | 1,877 |   |
|                                                                                                  |   |   |    |   |   |   |   |   |
| Cash flows from investing activities:                                                                 |   |   |    |   |   |   |   |   |
|    Securities available-for-sale:                                                      |   |   |    |   |   |   |   |   |
|      Proceeds from maturities                                                |   |   | 6,666   |   |   |   | 3,000 |   |
|      Proceeds from sale of securities                                        |   |   | 6,875   |   |   |   | 1,820 |   |
|      Purchases of securities                                                 |   |   | (29,583 | )      |   |   | (1,069 | ) |
|      Principal payments on securities                                        |   |   | 6,544   |   |   |   | 4,531 |   |
|    Securities held-to-maturity:                                                        |   |   |    |   |   |   |   |   |
|      Proceeds from maturities                                                |   |   | 9,630   |   |   |   | 5,822 |   |
|      Purchases of securities                                                 |   |   | (18,725 | )      |   |   | (8,438 | ) |
|      Principal payments on securities                                        |   |   | 2,538   |   |   |   | 1,589 |   |
|    Net redemption (purchase) of Federal Home Loan Bank Stock                           |   |   | 409     |   |   |   | (396 | ) |
|    Maturity of long term certificate of deposit                                        |   |   | 1,000   |   |   |   | --- |   |
|    Net increase in loans receivable                                                    |   |   | (1,729  | )      |   |   | (16,255 | ) |
|    Proceeds from sale of foreclosed real estate                                        |   |   | ---     |   |   |   | 207 |   |
|    Purchases of premises and equipment                                                 |   |   | (903    | )      |   |   | (302 | ) |
|           Net cash used in investing activities     |   |   | (17,278 | )      |   |   | (9,491 | ) |
|                                                                                                  |   |   |    |   |   |   |   |   |
| Cash flows from financing activities:                                                                 |   |   |    |   |   |   |   |   |
|      Net (decrease) increase in short-term borrowings                        |   |   | (9,100  | )      |   |   | 10,300 |   |
|      Payment of cash dividends                                               |   |   | (1,002  | )      |   |   | (613 | ) |
|      Proceeds from stock options exercised                                   |   |   | 196     |   |   |   | 35 |   |
|      Net increase in deposits                                                |   |   | 44,122  |   |   |   | 505 |   |
|           Net cash provided by financing activities |   |   | 34,216  |   |   |   | 10,227 |   |
|                                                                                                  |   |   |    |   |   |   |   |   |
| Net increase in cash and cash equivalents                                                             |   |   | 21,393  |   |   |   | 2,613 |   |
| Cash and cash equivalents at beginning of period                                                      |   |   | 9,643   |   |   |   | 9,443 |   |
| Cash and cash equivalents at end of period                                                            |   | $      | 31,036  |   |   | $      | 12,056 |   |
| Non-cash investing activities:                                                                        |   |   |    |   |   |   |   |   |
| Foreclosed loans transferred to foreclosed real estate                                                |   | $      | 200     |   |   | $      | --- |   |
| Cash paid during the period:                                                                          |   |   |    |   |   |   |   |   |
| Interest                                                                                              |   | $      | 2,345   |   |   | $      | 2,795 |   |
| Income taxes                                                                                          |   |   | 1,636   |   |   |   | 569 |   |

----

Greene County Bancorp, Inc.

----

|                                                |   |      |    |   | Gross      |   |   | Gross      |   |   | Estimated |   |
|-----------------------------------------------------|--------|-----------|---------|--------|------------|--------|--------|------------|--------|--------|-----------|--------|
|                                                |   | Amortized |    |   | Unrealized |   |   | Unrealized |   |   | Fair      |   |
|                                                |   | Cost      |    |   | Gains      |   |   | Losses     |   |   | Value     |   |
| (In thousands)                                      |   |      |    |   |       |   |   |       |   |   |      |   |
| Securities available-for-sale:                      |   |      |    |   |       |   |   |       |   |   |      |   |
|   U.S. government sponsored enterprises   |   | $         | 28,476  |   |       | $      | 135    |       |   | $      | 638       |   |   | $ | 27,973 |   |
|   State and political subdivisions        |   |      | 7,567   |   |       |   | 248    |       |   |   | ---       |   |   |   | 7,815 |   |
|   Mortgage-backed securities-residential  |   |      | 31,083  |   |       |   | 915    |       |   |   | 164       |   |   |   | 31,834 |   |
|   Mortgage-backed securities-multi-family |   |      | 22,173  |   |       |   | 1,150  |       |   |   | ---       |   |   |   | 23,323 |   |
|   Asset-backed securities                 |   |      | 31      |   |       |   | ---    |       |   |   | 1         |   |   |   | 30 |   |
|   Corporate debt securities               |   |      | 6,893   |   |       |   | 345    |       |   |   | ---       |   |   |   | 7,238 |   |
| Total debt securities                               |   |      | 96,223  |   |       |   | 2,793  |       |   |   | 803       |   |   |   | 98,213 |   |
|   Equity securities and other             |   |      | 68      |   |       |   | 34     |       |   |   | ---       |   |   |   | 102 |   |
| Total securities available-for-sale                 |   |      | 96,291  |   |       |   | 2,827  |       |   |   | 803       |   |   |   | 98,315 |   |
| Securities held-to-maturity:                        |   |      |    |   |       |   |   |       |   |   |      |   |   |   |   |   |
|   U.S. government sponsored enterprises   |   |      | 7,000   |   |       |   | 50     |       |   |   | ---       |   |   |   | 7,050 |   |
|   State and political subdivisions        |   |      | 34,633  |   |       |   | 64     |       |   |   | 62        |   |   |   | 34,635 |   |
|   Mortgage-backed securities-residential  |   |      | 37,904  |   |       |   | 1,509  |       |   |   | 61        |   |   |   | 39,352 |   |
|   Mortgage-backed securities-multi-family |   |      | 3,889   |   |       |   | 33     |       |   |   | 4         |   |   |   | 3,918 |   |
|   Other securities                        |   |      | 404     |   |       |   | ---    |       |   |   | ---       |   |   |   | 404 |   |
| Total securities held-to-maturity                   |   |      | 83,830  |   |       |   | 1,656  |       |   |   | 127       |   |   |   | 85,359 |   |
| Total securities                                    |   | $         | 180,121 |   |       | $      | 4,483  |       |   | $      | 930       |   |   | $ | 183,674 |   |

|                                                |   |      |    |   | Gross      |   |   | Gross      |   |   | Estimated |   |
|-----------------------------------------------------|--------|-----------|---------|--------|------------|--------|--------|------------|--------|--------|-----------|--------|
|                                                |   | Amortized |    |   | Unrealized |   |   | Unrealized |   |   | Fair      |   |
|                                                |   | Cost      |    |   | Gains      |   |   | Losses     |   |   | Value     |   |
| (In thousands)                                      |   |      |    |   |       |   |   |       |   |   |      |   |
| Securities available-for-sale:                      |   |      |    |   |       |   |   |       |   |   |      |   |
|   U.S. government sponsored enterprises   |   | $         | 21,942  |   |       | $      | 234    |       |   | $      | ---       |   |   | $ | 22,176 |   |
|   State and political subdivisions        |   |      | 8,392   |   |       |   | 357    |       |   |   | ---       |   |   |   | 8,749 |   |
|   Mortgage-backed securities-residential  |   |      | 24,838  |   |       |   | 1,045  |       |   |   | ---       |   |   |   | 25,883 |   |
|   Mortgage-backed securities-multi-family |   |      | 24,623  |   |       |   | 1,309  |       |   |   | ---       |   |   |   | 25,932 |   |
|   Asset-backed securities                 |   |      | 33      |   |       |   | ---    |       |   |   | 1         |   |   |   | 32 |   |
|   Corporate debt securities               |   |      | 6,907   |   |       |   | 97     |       |   |   | 73        |   |   |   | 6,931 |   |
| Total debt securities                               |   |      | 86,735  |   |       |   | 3,042  |       |   |   | 74        |   |   |   | 89,703 |   |
|   Equity securities and other             |   |      | 67      |   |       |   | 35     |       |   |   | ---       |   |   |   | 102 |   |
| Total securities available-for-sale                 |   |      | 86,802  |   |       |   | 3,077  |       |   |   | 74        |   |   |   | 89,805 |   |
| Securities held-to-maturity:                        |   |      |    |   |       |   |   |       |   |   |      |   |   |   |   |   |
|   U.S. government sponsored enterprises   |   |      | 7,004   |   |       |   | 64     |       |   |   | ---       |   |   |   | 7,068 |   |
|   State and political subdivisions        |   |      | 29,821  |   |       |   | 25     |       |   |   | ---       |   |   |   | 29,846 |   |
|   Mortgage-backed securities-residential  |   |      | 36,277  |   |       |   | 1,362  |       |   |   | ---       |   |   |   | 37,639 |   |
|   Mortgage-backed securities-multi-family |   |      | 4,058   |   |       |   | 11     |       |   |   | ---       |   |   |   | 4,069 |   |
|   Other securities                        |   |      | 360     |   |       |   | ---    |       |   |   | ---       |   |   |   | 360 |   |
| Total securities held-to-maturity                   |   |      | 77,520  |   |       |   | 1,462  |       |   |   | ---       |   |   |   | 78,982 |   |
| Total securities                                    |   | $         | 164,322 |   |       | $      | 4,539  |       |   | $      | 74        |   |   | $ | 168,787 |   |

|                                                |   | Less Than 12 Months |   |   | More Than 12 Months |   |   |          Total |   |
|-----------------------------------------------------|--------|---------------------|--------|--------|---------------------|--------|--------|--------------------------------------------------------|--------|
|                                                |   | Fair                |   |   | Unrealized          |   |   | Fair                                                   |   |   | Unrealized |   |   | Fair |   |   | Unrealized |   |
|                                                |   | Value               |   |   | Losses              |   |   | Value                                                  |   |   | Losses |   |   | Value |   |   | Losses |   |
| (in thousands)                                      |   |                |   |   |                |   |   |                                                   |   |   |   |   |   |   |   |   |   |   |
| Securities available-for-sale:                      |   |                |   |   |                |   |   |                                                   |   |   |   |   |   |   |   |   |   |   |
|   U.S. government sponsored enterprises   |   | $                   | 18,229 |   |                | $      | 638    |                                                   |   | $ | --- |   |   | $ | --- |   |   | $ | 18,229 |   |   | $ | 638 |   |
|   Mortgage-backed securities-residential  |   |                | 6,072  |   |                |   | 164    |                                                   |   |   | --- |   |   |   | --- |   |   |   | 6,072 |   |   |   | 164 |   |
|   Asset-backed securities                 |   |                | ---    |   |                |   | ---    |                                                   |   |   | 30 |   |   |   | 1 |   |   |   | 30 |   |   |   | 1 |   |
| Total available-for-sale securities                 |   |                | 24,301 |   |                |   | 802    |                                                   |   |   | 30 |   |   |   | 1 |   |   |   | 24,331 |   |   |   | 803 |   |
| Securities held-to-maturity:                        |   |                |   |   |                |   |   |                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   State and political subdivisions        |   |                | 3,824  |   |                |   | 62     |                                                   |   |   | --- |   |   |   | --- |   |   |   | 3,824 |   |   |   | 62 |   |
|   Mortgage-backed securities-residential  |   |                | 1,995  |   |                |   | 61     |                                                   |   |   | --- |   |   |   | --- |   |   |   | 1,995 |   |   |   | 61 |   |
|   Mortgage-backed securities-multi-family |   |                | 998    |   |                |   | 4      |                                                   |   |   | --- |   |   |   | --- |   |   |   | 998 |   |   |   | 4 |   |
| Total held-to-maturity securities                   |   |                | 6,817  |   |                |   | 127    |                                                   |   |   | --- |   |   |   | --- |   |   |   | 6,817 |   |   |   | 127 |   |
| Total securities                                    |   | $                   | 31,118 |   |                | $      | 929    |                                                   |   | $ | 30 |   |   | $ | 1 |   |   | $ | 31,148 |   |   | $ | 930 |   |

|                                  |   | Less Than 12 Months |   |   | More Than 12 Months |   |   | Total  |   |
|---------------------------------------|--------|---------------------|--------|--------|---------------------|--------|--------|--------|--------|
|                                  |   | Fair                |   |   | Unrealized          |   |   | Fair   |   |   | Unrealized |   |   | Fair |   |   | Unrealized |   |
|                                  |   | Value               |   |   | Losses              |   |   | Value  |   |   | Losses |   |   | Value |   |   | Losses |   |
| (in thousands)                        |   |                |   |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Securities available-for-sale:        |   |                |   |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Asset-backed securities   |   | $                   | ---    |   |                | $      | ---    |   |   | $ | 32 |   |   | $ | 1 |   |   | $ | 32 |   |   | $ | 1 |   |
|   Corporate debt securities |   |                | ---    |   |                |   | ---    |   |   |   | 2,492 |   |   |   | 73 |   |   |   | 2,492 |   |   |   | 73 |   |
| Total securities                      |   | $                   | ---    |   |                | $      | ---    |   |   | $ | 2,524 |   |   | $ | 74 |   |   | $ | 2,524 |   |   | $ | 74 |   |

|                                   |   | Six months ended December 31, |   |
|----------------------------------------|--------|-------------------------------|--------|
| (in thousands)                         |   | 2010                          |   |   | 2009 |   |
| Gross realized gains                   |   | $                             | 212    |   |   | $ | 32 |   |
| Gross realized losses                  |   |                          | ---    |   |   |   | (37 | ) |
| Other-than-temporary impairment losses |   |                          | ---    |   |   |   | --- |   |
| Net gains (losses) recognized          |   | $                             | 212    |   |   | $ | (5 | ) |

|                                                |   |                                   |   |   | After     |   |   | After     |   |   |                                |   |   |   |   |
|-----------------------------------------------------|--------|----------------------------------------|--------|--------|-------------------------------|--------|--------|-------------------------------|--------|--------|-------------------------------------|--------|--------|--------|--------|
|                                                |   | In       |   |   | One Year                      |   |   | Five Years                    |   |   |                                |   |   |   |   |
|                                                |   | One Year                               |   |   | Through                  |   |   | Through             |   |   | After      |   |   |   |   |
| (Dollars in thousands)                              |   |  Or Less                |   |   | Five Years                    |   |   | Ten Years                     |   |   | Ten Years                           |   |   | Total  |   |
| Securities available-for-sale:                      |   |                                   |   |   |                          |   |   |                          |   |   |                                |   |   |   |   |
|   U.S. Government sponsored enterprises   |   | $                                      | 1,015  |   |                          | $      | 19,715 |                          |   | $      | 4,441                               |   |   | $      | 2,802  |   |   | $ | 27,973 |   |
|   State and political subdivisions        |   |                                   | 1,192  |   |                          |   | 6,274  |                          |   |   | 349                                 |   |   |   | ---    |   |   |   | 7,815 |   |
|   Mortgage-backed securities-residential  |   |                                   | 844    |   |                          |   | 2,028  |                          |   |   | 6,836                               |   |   |   | 22,126 |   |   |   | 31,834 |   |
|   Mortgage-backed securities-multi-family |   |                                   | ---    |   |                          |   | 20,401 |                          |   |   | 2,922                               |   |   |   | ---    |   |   |   | 23,323 |   |
|   Asset-backed securities                 |   |                                   | ---    |   |                          |   | ---    |                          |   |   | ---                                 |   |   |   | 30     |   |   |   | 30 |   |
|   Corporate debt securities               |   |                                   | ---    |   |                          |   | 2,935  |                          |   |   | 4,022                               |   |   |   | 281    |   |   |   | 7,238 |   |
| Total debt securities                               |   |                                   | 3,051  |   |                          |   | 51,353 |                          |   |   | 18,570                              |   |   |   | 25,239 |   |   |   | 98,213 |   |
|   Equity securities                       |   |                                   | ---    |   |                          |   | ---    |                          |   |   | ---                                 |   |   |   | 102    |   |   |   | 102 |   |
| Total securities available-for-sale                 |   |                                   | 3,051  |   |                          |   | 51,353 |                          |   |   | 18,570                              |   |   |   | 25,341 |   |   |   | 98,315 |   |
| Securities held-to-maturity:                        |   |                                   |   |   |                          |   |   |                          |   |   |                                |   |   |   |   |   |   |   |   |   |
|   U.S. government sponsored enterprises   |   |                                   | ---    |   |                          |   | 5,034  |                          |   |   | 2,016                               |   |   |   | ---    |   |   |   | 7,050 |   |
|   State and political subdivisions        |   |                                   | 10,585 |   |                          |   | 14,259 |                          |   |   | 5,779                               |   |   |   | 4,012  |   |   |   | 34,635 |   |
|   Mortgage-backed securities-residential  |   |                                   | ---    |   |                          |   | 2,631  |                          |   |   | 16,775                              |   |   |   | 19,946 |   |   |   | 39,352 |   |
|   Mortgage-backed securities-multi-family |   |                                   | ---    |   |                          |   | 1,515  |                          |   |   | 2,403                               |   |   |   | ---    |   |   |   | 3,918 |   |
|   Other securities                        |   |                                   | 20     |   |                          |   | 4      |                          |   |   | ---                                 |   |   |   | 380    |   |   |   | 404 |   |
| Total securities held-to-maturity                   |   |                                   | 10,605 |   |                          |   | 23,443 |                          |   |   | 26,973                              |   |   |   | 24,338 |   |   |   | 85,359 |   |
| Total securities                                    |   | $                                      | 13,656 |   |                          | $      | 74,796 |                          |   | $      | 45,543                              |   |   | $      | 49,679 |   |   | $ | 183,674 |   |

| (in thousands)                      |   | Performing |    |   | Watch  |   |   | Special Mention |   |   | Substandard |   |   | Total  |   |
|-------------------------------------|--------|------------|---------|--------|--------|--------|--------|-----------------|--------|--------|-------------|--------|--------|--------|--------|
| Residential mortgage                |   | $          | 173,556 |   |   | $      | 2,317  |            |   | $      | 96          |   |   | $      | 3,481  |   |   | $ | 179,450 |   |
| Commercial Real Estate              |   |       | 54,948  |   |   |   | 498    |            |   |   | 1,053       |   |   |   | 1,638  |   |   |   | 58,137 |   |
| Residential Construction & Land |   |       | 4,503   |   |   |   | ---    |            |   |   | ---         |   |   |   | 13     |   |   |   | 4,516 |   |
| Commercial Construction             |   |       | 2,625   |   |   |   | ---    |            |   |   | ---         |   |   |   | ---    |   |   |   | 2,625 |   |
| Multi-family                        |   |       | 5,343   |   |   |   | ---    |            |   |   | ---         |   |   |   | 585    |   |   |   | 5,928 |   |
| Home Equity                         |   |       | 26,389  |   |   |   | 309    |            |   |   | ---         |   |   |   | 202    |   |   |   | 26,900 |   |
| Commercial Business                 |   |       | 16,707  |   |   |   | 853    |            |   |   | 819         |   |   |   | 98     |   |   |   | 18,477 |   |
| Consumer Installment                |   |       | 4,246   |   |   |   | 29     |            |   |   | ---         |   |   |   | 53     |   |   |   | 4,328 |   |
| Total Gross Loans                   |   | $          | 288,317 |   |   | $      | 4,006  |            |   | $      | 1,968       |   |   | $      | 6,070  |   |   | $ | 300,361 |   |

| (in thousands)                      |   | Performing |    |   | Watch  |   |   | Special Mention |   |   | Substandard |   |   | Total  |   |
|-------------------------------------|--------|------------|---------|--------|--------|--------|--------|-----------------|--------|--------|-------------|--------|--------|--------|--------|
| Residential mortgage                |   | $          | 178,851 |   |   | $      | 1,591  |            |   | $      | 97          |   |   | $      | 1,986  |   |   | $ | 182,525 |   |
| Commercial Real Estate              |   |       | 50,343  |   |   |   | 740    |            |   |   | 2,408       |   |   |   | 1,095  |   |   |   | 54,586 |   |
| Residential Construction & Land |   |       | 6,688   |   |   |   | ---    |            |   |   | ---         |   |   |   | 13     |   |   |   | 6,701 |   |
| Commercial Construction             |   |       | 2,656   |   |   |   | ---    |            |   |   | ---         |   |   |   | ---    |   |   |   | 2,656 |   |
| Multi-family                        |   |       | 5,441   |   |   |   | ---    |            |   |   | ---         |   |   |   | 594    |   |   |   | 6,035 |   |
| Home Equity                         |   |       | 26,300  |   |   |   | 105    |            |   |   | ---         |   |   |   | 197    |   |   |   | 26,602 |   |
| Commercial Business                 |   |       | 14,253  |   |   |   | 717    |            |   |   | 837         |   |   |   | 3      |   |   |   | 15,810 |   |
| Consumer Installment                |   |       | 4,249   |   |   |   | 18     |            |   |   | ---         |   |   |   | 18     |   |   |   | 4,285 |   |
| Total Gross Loans                   |   | $          | 288,781 |   |   | $      | 3,171  |            |   | $      | 3,342       |   |   | $      | 3,906  |   |   | $ | 299,200 |   |

| (in thousands)                      | 30-59 days past  due | 60-89 days past due | More than 90 days past due | Total past due | Current  | Total Loans | Loans on Non-accrual |
|-------------------------------------|---------------------------|---------------------|----------------------------|----------------|----------|-------------|----------------------|
| Residential mortgage                | $4,348                    | $2,428              | $2,522                     | $9,298         | $170,152 | $179,450    | $3,494               |
| Commercial Real Estate              | 1,745                     | 1,472               | 1,141                      | 4,358          | 53,779   | 58,137      | 1,516                |
| Residential Construction & Land | ---                       | 13                  | ---                        | 13             | 4,503    | 4,516       | 13                   |
| Commercial Construction             | ---                       | ---                 | ---                        | ---            | 2,625    | 2,625       | ---                  |
| Multi-family                        | ---                       | 301                 | 284                        | 585            | 5,343    | 5,928       | 585                  |
| Home Equity                         | 28                        | 213                 | 196                        | 437            | 26,463   | 26,900      | 202                  |
| Commercial Business                 | 216                       | 647                 | 19                         | 882            | 17,595   | 18,477      | 98                   |
| Consumer Installment                | 66                        | 63                  | 21                         | 150            | 4,178    | 4,328       | 53                   |
| Total Gross Loans                   | $6,403                    | $5,137              | $4,183                     | $15,723        | $284,638 | $300,361    | $5,961               |

| (in thousands)                           | 30-59 days past due | 60-89 days past due | More than 90 days past due | Total past due | Current  | Total Loans | Loans on Non-accrual |
|------------------------------------------|---------------------|---------------------|----------------------------|----------------|----------|-------------|----------------------|
| Residential mortgage                     | $1,058              | $1,093              | $2,001                     | $4,152         | $178,373 | $182,525    | $2,001               |
| Commercial Real Estate                   | 701                 | 377                 | 1,095                      | 2,173          | 52,413   | 54,586      | 1,095                |
| Residential Construction & Land | ---                 | ---                 | 13                         | 13             | 6,688    | 6,701       | 13                   |
| Commercial Construction                  | ---                 | ---                 | ---                        | ---            | 2,656    | 2,656       | ---                  |
| Multi-family                             | ---                 | ---                 | 594                        | 594            | 5,441    | 6,035       | 594                  |
| Home Equity                              | 17                  | 9                   | 197                        | 223            | 26,379   | 26,602      | 197                  |
| Commercial Business                      | 28                  | 271                 | 3                          | 302            | 15,508   | 15,810      | 3                    |
| Consumer Installment                     | 147                 | 18                  | 18                         | 183            | 4,102    | 4,285       | 18                   |
| Total Gross Loans                        | $1,951              | $1,768              | $3,921                     | $7,640         | $291,560 | $299,200    | $3,921               |

|                                   |   | As of December 30, 2010 |   |   | For the six months ended December 31, 2010 |   |
|----------------------------------------|--------|-------------------------|--------|--------|--------------------------------------------|--------|
| (in thousands)                         |   | Recorded Investment     |   |   | Unpaid Principal                           |   |   | Related Allowance |   |   | Average Recorded Investment |   |   | Interest Income Recognized |   |
| With no related allowance recorded:    |   |                    |   |   |                                       |   |   |   |   |   |   |   |   |   |   |
|    Residential mortgage |   | $                       | 576    |   |                                       | $      | 639 |   |   | $ | --- |   |   | $ | 576 |   |   | $ | 4 |   |
| With an allowance recorded:            |   |                    |   |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Commercial real estate     |   |                    | 375    |   |                                       |   | 375 |   |   |   | 94 |   |   |   | 281 |   |   |   | --- |   |

|                                   |   | As of June 30, 2010 |   |   | For the six months ended December 31, 2009 |   |
|----------------------------------------|--------|---------------------|--------|--------|--------------------------------------------|--------|
| (in thousands)                         |   | Recorded Investment |   |   | Unpaid Principal                           |   |   | Related Allowance |   |   | Average Recorded Investment |   |   | Interest Income Recognized |   |
| With no related allowance recorded:    |   |                |   |   |                                       |   |   |   |   |   |   |   |   |   |   |
|    Residential mortgage |   | $                   | 212    |   |                                       | $      | 212 |   |   | $ | --- |   |   | $ | 276 |   |   | $ | --- |   |
| With an allowance recorded:            |   |                |   |   |                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Residential mortgage |   |                | ---    |   |                                       |   | --- |   |   |   | --- |   |   |   | 88 |   |   |   | 3 |   |

|                                |   | Allowance for Loan Loss                                     |   |   | Loans Receivable                   |   |
|-------------------------------------|--------|-------------------------------------------------------------|--------|--------|------------------------------------|--------|
|                                |   | December 31, 2010        |   |   | Ending Balance Impairment Analysis |   |   | Ending Balance Impairment Analysis |   |
|                                |   | Balance                                                     |   |   | Individually Evaluated             |   |   | Collectively Evaluated |   |   | Individually Evaluated |   |   | Collectively Evaluated |   |
| Residential mortgage                |   | $                                                           | 1,758  |   |                               | $      | --- |   |   | $ | 1,758 |   |   | $ | --- |   |   | $ | 179,450 |   |
| Commercial Real Estate              |   |                                                        | 1,660  |   |                               |   | 94 |   |   |   | 1,566 |   |   |   | 375 |   |   |   | 57,762 |   |
| Residential Construction & Land |   |                                                        | 33     |   |                               |   | --- |   |   |   | 33 |   |   |   | --- |   |   |   | 4,516 |   |
| Commercial Construction             |   |                                                        | 49     |   |                               |   | --- |   |   |   | 49 |   |   |   | --- |   |   |   | 2,625 |   |
| Multi-family                        |   |                                                        | 235    |   |                               |   | --- |   |   |   | 235 |   |   |   | --- |   |   |   | 5,928 |   |
| Home Equity                         |   |                                                        | 216    |   |                               |   | --- |   |   |   | 216 |   |   |   | --- |   |   |   | 26,900 |   |
| Consumer Installment                |   |                                                        | 157    |   |                               |   | --- |   |   |   | 157 |   |   |   | --- |   |   |   | 4,328 |   |
| Commercial Business                 |   |                                                        | 541    |   |                               |   | --- |   |   |   | 541 |   |   |   | --- |   |   |   | 18,477 |   |
| Total                               |   | $                                                           | 4,649  |   |                               | $      | 94 |   |   | $ | 4,555 |   |   | $ | 375 |   |   | $ | 299,986 |   |

|                                |   | Allowance for Loan Loss |   |   | Loans Receivable                   |   |
|-------------------------------------|--------|-------------------------|--------|--------|------------------------------------|--------|
|                                |   | June 30, 2010           |   |   | Ending Balance Impairment Analysis |   |   | Ending Balance Impairment Analysis |   |
|                                |   | Balance                 |   |   | Individually Evaluated             |   |   | Collectively Evaluated |   |   | Individually Evaluated |   |   | Collectively Evaluated |   |
| Residential mortgage                |   | $                       | 1,427  |   |                               | $      | --- |   |   | $ | 1,427 |   |   | $ | --- |   |   | $ | 182,525 |   |
| Commercial Real Estate              |   |                    | 1,517  |   |                               |   | --- |   |   |   | 1,517 |   |   |   | --- |   |   |   | 54,586 |   |
| Residential Construction & Land |   |                    | 97     |   |                               |   | --- |   |   |   | 97 |   |   |   | --- |   |   |   | 6,701 |   |
| Commercial Construction             |   |                    | ---    |   |                               |   | --- |   |   |   | --- |   |   |   | --- |   |   |   | 2,656 |   |
| Multi-family                        |   |                    | 223    |   |                               |   | --- |   |   |   | 223 |   |   |   | --- |   |   |   | 6,035 |   |
| Home Equity                         |   |                    | 205    |   |                               |   | --- |   |   |   | 205 |   |   |   | --- |   |   |   | 26,602 |   |
| Consumer Installment                |   |                    | 120    |   |                               |   | --- |   |   |   | 120 |   |   |   | --- |   |   |   | 4,285 |   |
| Commercial Business                 |   |                    | 435    |   |                               |   | --- |   |   |   | 435 |   |   |   | --- |   |   |   | 15,810 |   |
| Total                               |   | $                       | 4,024  |   |                               | $      | --- |   |   | $ | 4,024 |   |   | $ | --- |   |   | $ | 299,200 |   |

|                                                |                                     | Fair Value Measurements Using                                                |
|-----------------------------------------------------|------------------------------------------|------------------------------------------------------------------------------|
|                                                |        December |     Quoted Prices In Active Markets For Identical Assets |     Significant Other Observable Inputs  |   Significant Unobservable Inputs  |
| (In thousands)                                      |      31, 2010        | (Level 1)                                                                    | (Level 2) | (Level 3) |
| Assets:                                             |                                     |                                                                         |   |   |
|   U.S. Government sponsored enterprises   | $27,973                                  | $---                                                                         | $27,973 | $--- |
|   State and political subdivisions        | 7,815                                    | ---                                                                          | 7,815 | --- |
|   Mortgage-backed securities-residential  | 31,834                                   | 20,884                                                                       | 10,950 | --- |
|   Mortgage-backed securities-multi-family | 23,323                                   | 23,323                                                                       | --- | --- |
|   Asset-backed securities                 | 30                                       | 30                                                                           | --- | --- |
|   Corporate debt securities               | 7,238                                    | 7,238                                                                        | --- | --- |
|   Equity securities                       | 102                                      | 102                                                                          | --- | --- |
| Securities available-for-sale                       | $98,315                                  | $51,577                                                                      | $46,738 | $--- |

|                                                |                                                           | Fair Value Measurements Using                                                |                                                              |
|-----------------------------------------------------|----------------------------------------------------------------|------------------------------------------------------------------------------|-------------------------------------------------------------------|
|                                                |           June    |     Quoted Prices In Active Markets For Identical Assets |     Significant Other Observable Inputs  |   Significant Unobservable Inputs  |
| (In thousands)                                      |           30,2010 | (Level 1)                                                                    | (Level 2)                                                         | (Level 3) |
| Assets:                                             |                                                           |                                                                         |                                                              |   |
|   U.S. Government sponsored enterprises   | $22,176                                                        | $---                                                                         | $22,176                                                           | $--- |
|   State and political subdivisions        | 8,749                                                          | ---                                                                          | 8,749                                                             | --- |
|   Mortgage-backed securities-residential  | 25,883                                                         | 19,108                                                                       | 6,775                                                             | --- |
|   Mortgage-backed securities-multi-family | 25,932                                                         | 25,932                                                                       | ---                                                               | --- |
|   Asset-backed securities                 | 32                                                             | 32                                                                           | ---                                                               | --- |
|   Corporate debt securities               | 6,931                                                          | 6,931                                                                        | ---                                                               | --- |
|   Equity securities                       | 102                                                            | 102                                                                          | ---                                                               | --- |
| Securities available-for-sale                       | $89,805                                                        | $52,105                                                                      | $37,700                                                           | $--- |

| (in thousands)                    |   | December 31, 2010 |    |   | June 30, 2010 |   |
|-----------------------------------|--------|-------------------|---------|--------|---------------|--------|
|                              |   | Carrying          |    |   | Fair          |   |   | Carrying |   |   | Fair |   |
|                              |   | Amount            |    |   | Value         |   |   | Amount |   |   | Value |   |
| Cash and cash equivalents         |   | $                 | 31,036  |   |          | $      | 31,036 |   |   | $ | 9,643 |   |   | $ | 9,643 |   |
| Long term certificate of deposit  |   |              | ---     |   |          |   | --- |   |   |   | 1,000 |   |   |   | 1,000 |   |
| Securities available-for-sale     |   |              | 98,315  |   |          |   | 98,315 |   |   |   | 89,805 |   |   |   | 89,805 |   |
| Securities held-to-maturity       |   |              | 83,830  |   |          |   | 85,359 |   |   |   | 77,520 |   |   |   | 78,982 |   |
| Federal Home Loan Bank stock      |   |              | 1,457   |   |          |   | 1,457 |   |   |   | 1,866 |   |   |   | 1,866 |   |
| Net loans                         |   |              | 296,165 |   |          |   | 301,668 |   |   |   | 295,582 |   |   |   | 300,395 |   |
| Accrued interest receivable       |   |              | 2,633   |   |          |   | 2,633 |   |   |   | 2,731 |   |   |   | 2,731 |   |
| Deposits                          |   |              | 465,854 |   |          |   | 466,675 |   |   |   | 421,732 |   |   |   | 422,693 |   |
| Federal Home Loan Bank borrowings |   |              | 17,000  |   |          |   | 17,560 |   |   |   | 26,100 |   |   |   | 26,791 |   |
| Accrued interest payable          |   |              | 114     |   |          |   | 114 |   |   |   | 109 |   |   |   | 109 |   |

|                                               |       | Weighted Average Number              |               |
|----------------------------------------------------|------------|--------------------------------------|--------------------|
|                                               | Net Income | Of Shares Outstanding                | Earnings per Share |
| Six months ended                                   |       |                                 |               |
| December 31, 2010                                  | $2,676,000 |                                 |               |
|    Basic                            |       | 4,125,619                            | $0.65              |
|    Effect of dilutive stock options |       |      32,284 |   (0.01) |
|    Diluted                          |       | 4,157,903                            | $0.64              |
|                                               |       |                                 |               |
| Six months ended                                   |       |                                 |               |
| December 31, 2009                                  | $2,400,000 |                                 |               |
|    Basic                            |       | 4,106,704                            | $0.58              |
|    Effect of dilutive stock options |       |      27,054 |   (0.00) |
|    Diluted                          |       | 4,133,758                            | $0.58              |

|                                               |       | Weighted Average Number              |               |
|----------------------------------------------------|------------|--------------------------------------|--------------------|
|                                               | Net Income | Of Shares Outstanding                | Earnings per Share |
| Three months ended                                 |       |                                 |               |
| December 31, 2010                                  | $1,352,000 |                                 |               |
|    Basic                            |       | 4,129,939                            | $0.33              |
|    Effect of dilutive stock options |       |      33,394 |   (0.01) |
|    Diluted                          |       | 4,163,333                            | $0.32              |
|                                               |       |                                 |               |
| Three months ended                                 |       |                                 |               |
| December 31, 2009                                  | $1,216,000 |                                 |               |
|    Basic                            |       | 4,108,097                            | $0.29              |
|    Effect of dilutive stock options |       |      26,635 |   (0.00) |
|    Diluted                          |       | 4,134,732                            | $0.29              |

|                                           |   | Three months ended December 31, |   |   | Six months ended December 31, |   |
|------------------------------------------------|--------|---------------------------------|--------|--------|-------------------------------|--------|
| (in thousands)                                 |   | 2010                            |   |   | 2009                          |   |   | 2010 |   |   | 2009 |   |
| Interest cost                                  |   | $                               | 51     |   |                          | $      | 50 |   |   | $ | 102 |   |   | $ | 102 |   |
| Expected return on plan assets                 |   |                            | (55    | )      |                          |   | (53 | ) |   |   | (110 | ) |   |   | (108 | ) |
| Amortization of net loss                       |   |                            | 7      |   |                          |   | 2 |   |   |   | 15 |   |   |   | 4 |   |
|   Net periodic pension cost (income) |   | $                               | 3      |   |                          | $      | (1 | ) |   | $ | 7 |   |   | $ | (2 | ) |

|                             |   | 2010   |    |   | 2009                          |   |
|----------------------------------|--------|--------|---------|--------|-------------------------------|--------|
|                             |   |   |    |   | Weighted Average         |   |   |   |   |   | Weighted Average  |   |
|                             |   |   |    |   | Exercise            |   |   |   |   |   | Exercise   |   |
|                             |   |   |    |   | Price     |   |   |   |   |   | Price      |   |
|                             |   | Shares |    |   | Per Share                |   |   | Shares |   |   | Per Share  |   |
| Outstanding at beginning of year |   |   | 171,750 |   |                          | $      | 12.36 |   |   |   | 196,660 |   |   | $ | 11.33 |   |
| Exercised                        |   |   | (16,583 | )      |                          |   | 11.85 |   |   |   | (11,030 | ) |   | $ | 4.53 |   |
| Outstanding at period end        |   |   | 155,167 |   |                          | $      | 12.41 |   |   |   | 185,630 |   |   | $ | 11.73 |   |
| Exercisable at period end        |   |   | 100,337 |   |                          | $      | 12.37 |   |   |   | 75,965 |   |   | $ | 10.62 |   |

| Options Outstanding and Exercisable |                                                              |
|-------------------------------------|-------------------------------------------------------------------|
| Range of Exercise Prices            |                                                              |   | Number Outstanding |   |   | Weighted Average Remaining Contractual Life |   |   | Weighted Average Exercise Price |   |
| $                                   |            9.20 |   |   |   |     4,000 |   |   |   | 0.25 |   |   | $ |   9.20 |   |
| $                                   |           12.50           |   |   |   |   96,337 |   |   |   | 7.75 |   |   | $ | 12.50 |   |
| $                                   | 9.20-$12.50                                                       |   |   |   | 100,337 |   |   |   |   |   |   | $ | 12.37 |   |

| (in thousands)                                                                         |   |                                |   |   |          |   |
|----------------------------------------------------------------------------------------|--------|-------------------------------------|--------|--------|---------------|--------|
| Accumulated other comprehensive income                                                 |   | December 31,  2010   |   |   | June 30, 2010 |   |
|   Unrealized gains on available-for-sale securities, net of tax              |   | $                                   | 1,241  |   |          | $      | 1,841 |   |
|   Unrealized loss on securities transferred to held-to-maturity, net of tax  |   |                                | (93    | )      |          |   | (116 | ) |
|   Net losses and past service liability for defined benefit plan, net of tax |   |                                | (598   | )      |          |   | (602 | ) |
| Accumulated other comprehensive income                                                 |   | $                                   | 550    |   |          | $      | 1,123 |   |
|                                                                                   |   |                                |   |   |          |   |   |   |

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operation

| (a)   | changes in general market interest rates, |
|-----------------|-------------------------------------------|

| (b)   | general economic conditions, including unemployment rates and real estate values, |
|-----------------|-----------------------------------------------------------------------------------|

| (c)   | legislative and regulatory changes, |
|-----------------|-------------------------------------|

| (d)   | monetary and fiscal policies of the U.S. Treasury and the Federal Reserve, |
|-----------------|----------------------------------------------------------------------------|

| (e)   | changes in the quality or composition of The Bank of Greene County’s loan portfolio or the consolidated investment portfolios of The Bank of Greene County and Greene County Bancorp, Inc., |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f)   | deposit flows, |
|-----------------|----------------|

| (g)   | competition, and |
|-----------------|------------------|

| (h)   | demand for financial services in Greene County Bancorp, Inc.’s market area. |
|-----------------|-----------------------------------------------------------------------------------|

|                                               |   | Carrying Value at |    |
|----------------------------------------------------|--------|-------------------|---------|
|                                               |   | December 31, 2010 |    |   | June 30, 2010 |   |
| (Dollars in thousands)                             |   | Balance           |    |   | Percentageof Portfolio |   |   | Balance |   |   | Percentageof Portfolio |   |
|                                               |
| Securities available-for-sale:                     |   |              |    |   |   |   |   |   |   |   |   |   |
|   U.S. government sponsored enterprises  |   | $                 | 27,973  |   |   |   | 15.4 | % |   | $ | 22,176 |   |   |   | 13.3 | % |
|   State and political subdivisions       |   |              | 7,815   |   |   |   | 4.3 |   |   |   | 8,749 |   |   |   | 5.2 |   |
|   Mortgage-backed securities-residential |   |              | 31,834  |   |   |   | 17.5 |   |   |   | 25,883 |   |   |   | 15.5 |   |
|   Mortgage-backed securities-multifamily |   |              | 23,323  |   |   |   | 12.8 |   |   |   | 25,932 |   |   |   | 15.5 |   |
|   Asset-backed securities                |   |              | 30      |   |   |   | 0.0 |   |   |   | 32 |   |   |   | 0.0 |   |
|   Corporate debt securities              |   |              | 7,238   |   |   |   | 4.0 |   |   |   | 6,931 |   |   |   | 4.1 |   |
| Total debt securities                              |   |              | 98,213  |   |   |   | 54.0 |   |   |   | 89,703 |   |   |   | 53.6 |   |
|   Equity securities and other            |   |              | 102     |   |   |   | 0.1 |   |   |   | 102 |   |   |   | 0.1 |   |
| Total securities available-for-sale                |   |              | 98,315  |   |   |   | 54.1 |   |   |   | 89,805 |   |   |   | 53.7 |   |
| Securities held-to-maturity:                       |   |              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   U.S. government sponsored enterprises  |   |              | 7,000   |   |   |   | 3.8 |   |   |   | 7,004 |   |   |   | 4.2 |   |
|   State and political subdivisions       |   |              | 34,633  |   |   |   | 19.0 |   |   |   | 29,821 |   |   |   | 17.8 |   |
|   Mortgage-backed securities-residential |   |              | 37,904  |   |   |   | 20.8 |   |   |   | 36,277 |   |   |   | 21.7 |   |
|   Mortgage-backed securities-multifamily |   |              | 3,889   |   |   |   | 2.1 |   |   |   | 4,058 |   |   |   | 2.4 |   |
|   Other securities                       |   |              | 404     |   |   |   | 0.2 |   |   |   | 360 |   |   |   | 0.2 |   |
| Total securities held-to-maturity                  |   |              | 83,830  |   |   |   | 45.9 |   |   |   | 77,520 |   |   |   | 46.3 |   |
| Total securities                                   |   | $                 | 182,145 |   |   |   | 100.0 | % |   | $ | 167,325 |   |   |   | 100.0 | % |

|                                     |   |              |    |
|------------------------------------------|--------|-------------------|---------|
|                                     |   | December 31, 2010 |    |   | June 30, 2010 |   |
| (Dollars in  thousands)        |   | Balance           |    |   | Percentageof Portfolio |   |   | Balance |   |   | Percentageof Portfolio |   |
|                                     |   |              |    |   |   |   |   |   |   |   |   |   |
| Real estate mortgages:                   |   |              |    |   |   |   |   |   |   |   |   |   |
|    Residential            |   | $                 | 179,450 |   |   |   | 59.7 | % |   | $ | 182,525 |   |   |   | 61.0 | % |
|    Commercial             |   |              | 58,137  |   |   |   | 19.4 |   |   |   | 54,586 |   |   |   | 18.3 |   |
|    Construction and land  |   |              | 7,141   |   |   |   | 2.4 |   |   |   | 9,357 |   |   |   | 3.1 |   |
|    Multifamily            |   |              | 5,928   |   |   |   | 2.0 |   |   |   | 6,035 |   |   |   | 2.0 |   |
| Total real estate mortgages              |   |              | 250,656 |   |   |   | 83.5 |   |   |   | 252,503 |   |   |   | 84.4 |   |
| Home equity loans                        |   |              | 26,900  |   |   |   | 8.9 |   |   |   | 26,602 |   |   |   | 8.9 |   |
| Commercial loans                         |   |              | 18,477  |   |   |   | 6.2 |   |   |   | 15,810 |   |   |   | 5.3 |   |
| Installment loans                        |   |              | 3,947   |   |   |   | 1.3 |   |   |   | 3,892 |   |   |   | 1.3 |   |
| Passbook loans                           |   |              | 381     |   |   |   | 0.1 |   |   |   | 393 |   |   |   | 0.1 |   |
| Total gross loans                        |   |              | 300,361 |   |   |   | 100.0 | % |   |   | 299,200 |   |   |   | 100.0 | % |
| Unearned origination fees and costs, net |   |              | 453     |   |   |   |   |   |   |   | 406 |   |   |   |   |   |
| Allowance for loan losses                |   |              | (4,649  | ) |   |   |   |   |   |   | (4,024 | ) |   |   |   |   |
| Total net loans                          |   | $                 | 296,165 |   |   |   |   |   |   | $ | 295,582 |   |   |   |   |   |

| (Dollars in thousands)                                           |   | Six months ended        |   |
|------------------------------------------------------------------|--------|-------------------------|--------|
|                                                             |   | December 31, 2010  |   |   | December 31, 2009  |   |
|                                                             |   |                    |   |   |   |   |
| Balance at the beginning of the period                           |   | $                       | 4,024  |   |   | $ | 3,420 |   |
| Charge-offs:                                                     |   |                    |   |   |   |   |   |   |
|      Real estate mortgages:             |   |                    |   |   |   |   |   |   |
|         Residential      |   |                    | 137    |   |   |   | 40 |   |
|         Commercial       |   |                    | ---    |   |   |   | 230 |   |
|         Multifamily      |   |                    | ---    |   |   |   | 28 |   |
|      Commercial loans                   |   |                    | 2      |   |   |   | 38 |   |
|      Installment loans                  |   |                    | 43     |   |   |   | 32 |   |
|      Overdraft protection accounts      |   |                    | 80     |   |   |   | 111 |   |
| Total loans charged off                                          |   |                    | 262    |   |   |   | 479 |   |
|                                                             |   |                    |   |   |   |   |   |   |
| Recoveries:                                                      |   |                    |   |   |   |   |   |   |
|      Real estate mortgages:             |   |                    |   |   |   |   |   |   |
|         Residential      |   |                    | ---    |   |   |   | --- |   |
|      Commercial loans                   |   |                    | 8      |   |   |   | 10 |   |
|      Installment loans                  |   |                    | 11     |   |   |   | 11 |   |
|      Overdraft protection accounts      |   |                    | 32     |   |   |   | 39 |   |
| Total recoveries                                                 |   |                    | 51     |   |   |   | 60 |   |
|                                                             |   |                    |   |   |   |   |   |   |
| Net charge-offs                                                  |   |                    | 211    |   |   |   | 419 |   |
|                                                             |   |                    |   |   |   |   |   |   |
| Provisions charged to operations                                 |   |                    | 836    |   |   |   | 677 |   |
| Balance at the end of the period                                 |   | $                       | 4,649  |   |   | $ | 3,678 |   |
|                                                             |   |                    |   |   |   |   |   |   |
| Ratio of annualized net charge-offs to average loans outstanding |   |                    | 0.14   | % |   |   | 0.30 | % |
| Ratio of annualized net charge-offs to nonperforming assets      |   |                    | 6.85   | % |   |   | 23.37 | % |
| Allowance for loan losses to nonperforming loans                 |   |                    | 77.99  | % |   |   | 102.57 | % |
| Allowance for loan losses to total loans receivable              |   |                    | 1.55   | % |   |   | 1.28 | % |

|                                                                                    |   | At                      |   |
|-----------------------------------------------------------------------------------------|--------|-------------------------|--------|
| (Dollars in thousands)                                                                  |   | December 31, 2010  |   |   | June 30, 2010 |   |
| Nonaccrual loans:                                                                       |   |                    |   |   |   |   |
|      Real estate mortgages:                                    |   |                    |   |   |   |   |
|            Residential           |   | $                       | 3,494  |   |   | $ | 2,001 |   |
|            Commercial            |   |                    | 1,516  |   |   |   | 1,095 |   |
|            Construction and land |   |                    | 13     |   |   |   | 13 |   |
|            Multi-family          |   |                    | 585    |   |   |   | 594 |   |
|      Home equity loans                                         |   |                    | 202    |   |   |   | 197 |   |
|      Commercial loans                                          |   |                    | 98     |   |   |   | 3 |   |
|      Installment loans                                         |   |                    | 53     |   |   |   | 18 |   |
| Total nonaccrual loans                                                                  |   |                    | 5,961  |   |   |   | 3,921 |   |
| Foreclosed real estate:                                                                 |   |                    |   |   |   |   |   |   |
|      Multi-family                                              |   |                    | 200    |   |   |   | --- |   |
| Foreclosed real estate                                                                  |   |                    | 200    |   |   |   | --- |   |
| Total nonperforming assets                                                              |   | $                       | 6,161  |   |   | $ | 3,921 |   |
|                                                                                    |   |                    |   |   |   |   |   |   |
| Total nonperforming assets as a percentage of total assets                              |   |                    | 1.16   | % |   |   | 0.79 | % |
| Total nonperforming loans to total loans                                                |   |                    | 2.01   | % |   |   | 1.33 | % |

| (In thousands)                                                                                               |   | 2010   |   |   | 2009   |   |
|--------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Interest income that would have been recorded if loans had been performing in accordance with original terms |   | $      | 379    |   |   | $      | 215 |   |
| Interest income that was recorded on nonaccrual loans during the quarter  ended                    |   |   | 109    |   |   |   | 48 |   |

| (In thousands)                                                             |   | 2010   |   |   | 2009   |   |
|----------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Balance of impaired loans, with a valuation allowance                      |   | $      | 375    |   |   | $      | 98 |   |
| Allowance relating to impaired loans included in allowance for loan losses |   |   | 94     |   |   |   | 10 |   |
| Balance of impaired loans, without a valuation allowance                   |   |   | 576    |   |   |   | --- |   |
| Average balance of impaired loans for the quarter ended                    |   |   | 857    |   |   |   | 98 |   |
| Interest income recorded on impaired loans during the six months ended     |   |   | 4      |   |   |   | 3 |   |

| (Dollars in thousands)       |   |                             |    |   |                   |   |   |                   |   |   |                   |   |
|------------------------------|--------|----------------------------------|---------|--------|------------------------|--------|--------|------------------------|--------|--------|------------------------|--------|
|                         |   | At  December 31, 2010  |    |   | Percentageof Portfolio |   |   | At  June 30, 2010 |   |   | Percentageof Portfolio |   |
| Noninterest bearing deposits |   | $                                | 46,198  |   |                   |   | 9.9    | %                      |   | $      | 44,239                 |   |   |   | 10.5 | % |
| Certificates of deposit      |   |                             | 96,083  |   |                   |   | 20.6   |                   |   |   | 96,909                 |   |   |   | 23.0 |   |
| Savings deposits             |   |                             | 98,949  |   |                   |   | 21.3   |                   |   |   | 95,249                 |   |   |   | 22.6 |   |
| Money market deposits        |   |                             | 64,426  |   |                   |   | 13.8   |                   |   |   | 63,899                 |   |   |   | 15.1 |   |
| NOW deposits                 |   |                             | 160,198 |   |                   |   | 34.4   |                   |   |   | 121,436                |   |   |   | 28.8 |   |
| Total deposits               |   | $                                | 465,854 |   |                   |   | 100.0  | %                      |   | $      | 421,732                |   |   |   | 100.0 | % |

| (In thousands)  |    |
|-----------------|---------|
| Fiscal year end |    |
| 2011            | $5,000  |
| 2012            | 3,000   |
| 2013            | 1,000   |
| 2014            | 6,000   |
| 2015            | 2,000   |
|            | $17,000 |

----

| (Dollars in thousands)                                                  | 2010        | 2010    | 2010                  | 2009                   | 2009    | 2009     |
|-------------------------------------------------------------------------|-------------------------------------------|------------------------|-------------------------------------------|-----------------------------------------------------------|------------------------|------------------------------|
|                                                                    | Average                    | Interest               | Average                                   |        Average    | Interest               | Average                      |
|                                                                    | Outstanding                               | Earned/                | Yield/                     | Outstanding                                               | Earned/                | Yield/        |
|                                                                    | Balance               | Paid    |    Rate     | Balance                                    | Paid    | Rate     |
| Interest earning assets:                                                |                                      |                   |                                      |                                                      |                   |                         |
|    Loans receivable, net1                                | $301,866                                  | $9,046                 | 5.99%                                     | $279,383                                                  | $8,456                 | 6.05%                        |
|    Securities2                                           | 177,240                                   | 2,932                  |   3.31                          | 159,647                                                   | 2,878                  |   3.61             |
|    Federal funds                                         | 3,569                                     | 4                      |   0.22                          | 3,211                                                     | 2                      |   0.12             |
|    Interest bearing bank balances                        | 10,787                                    | 16                     |   0.30                          | 3,988                                                     | 8                      |   0.40             |
|    FHLB stock                                            | 1,534                                     | 44                     |   5.74                          | 1,501                                                     | 42                     |   5.60             |
|        Total interest earning assets | 494,996                                   | 12,042                 |   4.86%                         | 447,730                                                   | 11,386                 |   5.09%            |
| Cash and due from banks                                                 | 7,150                                     |                   |                                      | 6,476                                                     |                   |                         |
| Allowance for loan losses                                               | (4,249)                                   |                   |                                      | (3,570)                                                   |                   |                         |
| Other non-interest earning assets                                       | 18,487                                    |                   |                                      | 17,726                                                    |                   |                         |
|      Total assets                              | $516,384                                  |                   |                                      | $468,362                                                  |                   |                         |
|                                                                    |                                      |                   |                                      |                                                      |                   |                         |
| Interest bearing liabilities:                                           |                                      |                   |                                      |                                                      |                   |                         |
|    Savings and money market deposits                     | $161,025                                  | $569                   |   0.71%                         | $144,299                                                  | $589                   |   0.82%            |
|    NOW deposits                                          | 146,603                                   | 504                    |   0.69                          | 123,318                                                   | 780                    |   1.27             |
|    Certificates of deposit                               | 97,366                                    | 972                    |   2.00                          | 97,228                                                    | 1,097                  |   2.26             |
|    Borrowings                                            | 18,711                                    | 305                    |   3.26                          | 20,751                                                    | 333                    |   3.21             |
|       Total interest bearing liabilities  | 423,705                                   | 2,350                  |   1.11%                         | 385,596                                                   | 2,799                  |   1.45%            |
| Non-interest bearing deposits                                           | 44,564                                    |                   |                                      | 39,198                                                    |                   |                         |
| Other non-interest bearing liabilities                                  | 2,600                                     |                   |                                      | 2,136                                                     |                   |                         |
| Shareholders’ equity                                              | 45,515                                    |                   |                                      | 41,432                                                    |                   |                         |
|      Total liabilities and equity              | $516,384                                  |                   |                                      | $468,362                                                  |                   |                         |
|                                                                    |                                      |                   |                                      |                                                      |                   |                         |
| Net interest income                                                     |                                      | $9,692                 |                                      |                                                      | $8,587                 |                         |
|                                                                    |                                      |                   |                                      |                                                      |                   |                         |
| Net interest rate spread                                                |                                      |                   | 3.75%                                     |                                                      |                   | 3.64%                        |
|                                                                    |                                      |                   |                                      |                                                      |                   |                         |
| Net earning assets                                                      | $71,291                                   |                   |                                      | $62,134                                                   |                   |                         |
|                                                                    |                                      |                   |                                      |                                                      |                   |                         |
| Net interest margin                                                     |                                      |                   | 3.92%                                     |                                                      |                   | 3.84%                        |
|                                                                    |                                      |                   |                                      |                                                      |                   |                         |
| Average interest earning assets to                                      |                                      |                   |                                      |                                                      |                   |                         |
| average interest bearing liabilities                                    |                                      |                   | 116.83%                                   |                                                      |                   | 116.11%                      |

| (Dollars in thousands)                                                  | 2010         | 2010    | 2010     | 2009        | 2009    | 2009         |
|-------------------------------------------------------------------------|------------------------------------------------------|------------------------|-------------------------|-------------------------------------------|------------------------|------------------------|
|                                                                    | Average                          | Interest               | Average                 | Average                    | Interest               | Average                |
|                                                                    | Outstanding                                          | Earned/                | Yield/        | Outstanding                               | Earned/                | Yield/       |
|                                                                    |    Balance        | Paid    | Rate     | Balance               | Paid         | Rate    |
| Interest earning assets:                                                |                                                 |                   |                    |                                      |                   |                   |
|    Loans receivable, net1                                | $302,845                                             | $4,509                 | 5.96%                   | $283,206                                  | $4,289                 | 6.06%                  |
|    Securities2                                           | 186,196                                              | 1,513                  |   3.25        | 158,254                                   | 1,414                  |   3.57       |
|    Federal funds                                         | 6,077                                                | 4                      |   0.26        | 3,676                                     | 1                      |   0.11       |
|    Interest bearing bank balances                        | 18,460                                               | 14                     |   0.30        | 5,216                                     | 5                      |   0.38       |
|    FHLB stock                                            | 1,457                                                | 26                     |   7.14        | 1,507                                     | 21                     |   5.57       |
|        Total interest earning assets | 515,035                                              | 6,066                  |   4.71%       | 451,859                                   | 5,730                  |   5.07%      |
| Cash and due from banks                                                 | 7,056                                                |                   |                    | 6,383                                     |                   |                   |
| Allowance for loan losses                                               | (4,405)                                              |                   |                    | (3,652)                                   |                   |                   |
| Other non-interest earning assets                                       | 18,786                                               |                   |                    | 17,624                                    |                   |                   |
|      Total assets                              | $536,472                                             |                   |                    | $472,214                                  |                   |                   |
|                                                                    |                                                 |                   |                    |                                      |                   |                   |
| Interest bearing liabilities:                                           |                                                 |                   |                    |                                      |                   |                   |
|    Savings and money market deposits                     | $161,017                                             | $271                   |   0.67%       | $141,746                                  | $282                   |   0.80%      |
|    NOW deposits                                          | 167,505                                              | 266                    |   0.64        | 130,710                                   | 416                    |   1.27       |
|    Certificates of deposit                               | 97,228                                               | 478                    |   1.97        | 96,434                                    | 518                    |   2.15       |
|    Borrowings                                            | 17,000                                               | 156                    |   3.67        | 20,212                                    | 166                    |   3.29       |
|       Total interest bearing liabilities  | 442,750                                              | 1,171                  |   1.06%       | 389,102                                   | 1,382                  |   1.42%      |
| Non-interest bearing deposits                                           | 45,116                                               |                   |                    | 39,042                                    |                   |                   |
| Other non-interest bearing liabilities                                  | 2,719                                                |                   |                    | 2,007                                     |                   |                   |
| Shareholders’ equity                                              | 45,887                                               |                   |                    | 42,063                                    |                   |                   |
|      Total liabilities and equity              | $536,472                                             |                   |                    | $472,214                                  |                   |                   |
|                                                                    |                                                 |                   |                    |                                      |                   |                   |
| Net interest income                                                     |                                                 | $4,895                 |                    |                                      | $4,348                 |                   |
|                                                                    |                                                 |                   |                    |                                      |                   |                   |
| Net interest rate spread                                                |                                                 |                   | 3.65%                   |                                      |                   | 3.65%                  |
|                                                                    |                                                 |                   |                    |                                      |                   |                   |
| Net earning assets                                                      | $72,285                                              |                   |                    | $62,757                                   |                   |                   |
|                                                                    |                                                 |                   |                    |                                      |                   |                   |
| Net interest margin                                                     |                                                 |                   | 3.80%                   |                                      |                   | 3.85%                  |
|                                                                    |                                                 |                   |                    |                                      |                   |                   |
| Average interest earning assets to                                      |                                                 |                   |                    |                                      |                   |                   |
| average interest bearing liabilities                                    |                                                 |                   | 116.33%                 |                                      |                   | 116.13%                |

----

| (i)   | Change attributable to changes in volume (changes in volume multiplied by prior rate); |
|-----------------|----------------------------------------------------------------------------------------|

| (ii)   | Change attributable to changes in rate (changes in rate multiplied by prior volume); and |
|------------------|------------------------------------------------------------------------------------------|

| (iii)   | The net change. |
|-------------------|-----------------|

|                                          |   | Six MonthsEnded December 31, |   |   | Three MonthsEnded December 31,      |   |
|-----------------------------------------------|--------|------------------------------|--------|--------|-------------------------------------|--------|
| (Dollars in thousands)                        |   | 2010 versus 2009             |   |   | 2010 versus 2009                    |   |
|                                          |   | Increase/(Decrease)          |   |   | Total      |   |   | Increase/(Decrease) |   |   | Total     |   |
|                                          |   | Due to                       |   |   | Increase/                      |   |   | Due to |   |   | Increase/ |   |
| Interest-earning assets:                      |   | Volume                       |   |   | Rate                                |   |   | (Decrease) |   |   | Volume |   |   | Rate |   |   | (Decrease) |   |
|  Loans receivable, net1                  |   | $                            | 675    |   |                                | $      | (85 | ) |   | $ | 590 |   |   | $ | 292 |   |   | $ | (72 | ) |   | $ | 220 |   |
|  Securities2                             |   |                         | 304    |   |                                |   | (250 | ) |   |   | 54 |   |   |   | 234 |   |   |   | (135 | ) |   |   | 99 |   |
|  Federal funds                           |   |                         | ---    |   |                                |   | 2 |   |   |   | 2 |   |   |   | 1 |   |   |   | 2 |   |   |   | 3 |   |
|  Interest-bearing bank balances          |   |                         | 10     |   |                                |   | (2 | ) |   |   | 8 |   |   |   | 10 |   |   |   | (1 | ) |   |   | 9 |   |
|  FHLB stock                              |   |                         | 1      |   |                                |   | 1 |   |   |   | 2 |   |   |   | (1 | ) |   |   | 6 |   |   |   | 5 |   |
| Total interest-earning assets                 |   |                         | 990    |   |                                |   | (334 | ) |   |   | 656 |   |   |   | 536 |   |   |   | (200 | ) |   |   | 336 |   |
|                                          |   |                         |   |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest-bearing liabilities:                 |   |                         |   |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Savings and money market deposits |   |                         | 64     |   |                                |   | (84 | ) |   |   | (20 | ) |   |   | 37 |   |   |   | (48 | ) |   |   | (11 | ) |
|   NOW deposits                      |   |                         | 128    |   |                                |   | (404 | ) |   |   | (276 | ) |   |   | 95 |   |   |   | (245 | ) |   |   | (150 | ) |
|   Certificates of deposit           |   |                         | 2      |   |                                |   | (127 | ) |   |   | (125 | ) |   |   | 4 |   |   |   | (44 | ) |   |   | (40 | ) |
|   Borrowings                        |   |                         | (33    | )      |                                |   | 5 |   |   |   | (28 | ) |   |   | (28 | ) |   |   | 18 |   |   |   | (10 | ) |
| Total interest-bearing liabilities            |   |                         | 161    |   |                                |   | (610 | ) |   |   | (449 | ) |   |   | 108 |   |   |   | (319 | ) |   |   | (211 | ) |
| Net interest income                           |   | $                            | 829    |   |                                | $      | 276 |   |   | $ | 1,105 |   |   | $ | 428 |   |   | $ | 119 |   |   | $ | 547 |   |
|                                          |   |                         |   |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

Item 3.   

Item 4.      Controls and Procedures

----

Part II.    Other Information

 Item 1. 

 Item 1A.   Risk Factors

 Item 2.  

| a)   | Not applicable |
|----------------|----------------|

| b)   | Not applicable |
|----------------|----------------|

   Item 3. 

Item 4. 

 Item 5. 

| a)   | Not applicable |
|----------------|----------------|

Item 6.   

----

SIGNATURES

----

EXHIBIT 31.1

| 1. | I have reviewed this quarterly report on Form 10-Q of Greene County Bancorp, Inc.; |
|----|------------------------------------------------------------------------------------|

| 2. | Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Based on my knowledge, the consolidated financial statements, and other financial information included in this  quarterly report, fairly present in all material respects the consolidated financial condition, consolidated results of operations and consolidated cash flows of the registrant as of, and for, the periods presented in this report; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors: |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |       President and Chief Executive Officer |
|--------|---------------------------------------------------------------------------|

----

EXHIBIT 31.2

| 1. | I have reviewed this quarterly report on Form 10-Q of Greene County Bancorp, Inc.; |
|----|------------------------------------------------------------------------------------|

| 2. | Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Based on my knowledge, the consolidated financial statements, and other financial information included in this  quarterly report, fairly present in all material respects the consolidated financial condition, consolidated results of operations and consolidated cash flows of the registrant as of, and for, the periods presented in this report; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors: |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |       Executive Vice President, Chief Financial Officer and Chief Operating Officer |
|--------|--------------------------------------------------------------------------------------------------------------|

EXHIBIT 32.1

| 1.   | the report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|----------------|-----------------------------------------------------------------------------------------------------------------------|

| 2.   | the information contained in the report fairly presents, in all material respects, the consolidated financial condition and consolidated results of operations of the Company as of the dates and for the periods covered by the report. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |       President and Chief Executive Officer |
|--------|----------------------------------------------------------------------|

----

EXHIBIT 32.2

| 1.   | the report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|----------------|-----------------------------------------------------------------------------------------------------------------------|

| 2.   | the information contained in the report fairly presents, in all material respects, the consolidated financial condition and consolidated results of operations of the Company as of the dates and for the periods covered by the report. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |       Executive Vice President, Chief Financial Officer and Chief Operating Officer |
|--------|--------------------------------------------------------------------------------------------------------------|

----