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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to

Commission file number 001-39883

Generations Bancorp NY, Inc.

(Exact name of registrant as specified in its charter)

Maryland

85-3659943

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

20 East Bayard Street

Seneca Falls, New York 13148

(Address of principal executive offices)

(Zip Code)

(315) 568-5855

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Ticker Symbol

    

Name of each exchange on which registered

Common Stock, $0.01 par value

GBNY

The NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No  .

2,241,801 shares of the Registrant’s common stock, par value $0.01 per share, were issued and outstanding as of May 10, 2024.

Table of Contents

EXPLANATORY NOTE

This Amendment No. 1 to Quarterly Report on Form 10-Q/A (this “Amended Report”) is filed with the Securities and Exchange Commission to amend the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the “Original 10-Q”) of Generations Bancorp NY, Inc. (the “Company”). The Amended Report is being filed to correct the amount of the fair value of the Company’s Loans receivable, net and the amount of the fair value of the Company’s Deposits at March 31, 2024 in the Fair Value of Financial Assets Table contained within Note 12 to the Company’s unaudited financial statements.

Except for the foregoing, this Amended Report speaks as of the filing date of the Original 10-Q and does not update or discuss any other developments after the date of the Original 10-Q. This Amended Report restates only those portions of the Original 10-Q affected by the above changes.

Table of Contents

Index

Page

PART I. FINANCIAL INFORMATION

1

Item 1. Condensed Consolidated Financial Statements

1

Condensed Consolidated Statements of Financial Condition March 31, 2024 (Unaudited) and December 31, 2023

1

Condensed Consolidated Statements of Operations Three-month Periods Ended March 31, 2024 and 2023 (Unaudited)

2

Condensed Consolidated Statements of Comprehensive Loss Three-month Periods Ended March 31, 2024 and 2023 (Unaudited)

3

Condensed Consolidated Statements of Changes in Shareholders Equity Three-month Periods Ended March 31, 2024 and 2023 (Unaudited)

4

Condensed Consolidated Statements of Cash Flows Three -month Periods Ended March 31, 2024 and 2023 (Unaudited)

5

Notes to Condensed Consolidated Financial Statements (Unaudited)

6

Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations

37

Item 3. Quantitative and Qualitative Disclosures About Market Risk

45

Item 4. Controls and Procedures

45

PART II. OTHER INFORMATION

45

Item 1. Legal Proceedings

45

Item 1A. Risk Factors

45

Item 2. Unregistered Sales of Equity Securities and, Use of Proceeds

45

Item 3. Defaults Upon Senior Securities

46

Item 4. Mine Safety Disclosures

46

Item 5. Other Information

46

Item 6. Exhibits

47

Signatures

48

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

Generations Bancorp NY, Inc.

Condensed Consolidated Statements of Financial Condition

At March 31, 

At December 31, 

(In thousands, except share data)

    

2024

    

2023

(Unaudited)

ASSETS:

 

  

 

  

Cash and due from banks

$

3,259

$

3,991

Interest earning deposits

 

2,599

 

10,534

Total cash and cash equivalents

 

5,858

 

14,525

Interest-earning time deposits in banks

6,812

4,362

Investment securities available-for-sale, at fair value

 

27,887

 

31,302

Investment securities held-to-maturity (fair value 2024-$1,215, 2023-$1,226)

 

1,433

 

1,454

Equity investment securities, at fair value

 

388

 

361

Federal Home Loan Bank stock, at cost

 

1,666

 

1,588

Loans

 

332,338

 

336,455

Less: Allowance for credit losses

 

(3,050)

 

(2,973)

Loans receivable, net

 

329,288

 

333,482

Premises and equipment, net

 

13,990

 

14,195

Bank-owned life insurance

 

5,966

 

5,938

Pension plan asset

 

13,271

 

13,027

Foreclosed real estate

 

 

118

Intangible assets, net

 

637

 

654

Accrued interest receivable

 

1,740

 

1,611

Other assets

 

1,895

 

1,879

Total assets

$

410,831

$

424,496

LIABILITIES AND SHAREHOLDERS' EQUITY:

 

  

 

  

Deposits:

 

  

 

  

Noninterest-bearing

$

50,629

$

51,528

Interest-bearing

 

293,151

 

306,078

Total deposits

 

343,780

 

357,606

Short-term borrowings

 

2,905

 

Long-term borrowings

 

22,563

 

23,577

Advances from borrowers for taxes and insurance

 

2,219

 

2,931

Other liabilities

 

2,459

 

2,684

Total liabilities

 

373,926

 

386,798

Shareholders' equity:

 

  

 

  

Preferred stock, par value $0.01; 1,000,000 shares authorized; none issued

 

 

Common stock, par value $0.01; 14,000,000 shares authorized in 2024 and 2023; 2,241,801 and 2,235,889 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively

 

22

 

22

Additional paid in capital

 

22,330

 

22,289

Retained earnings

 

20,455

 

21,000

Accumulated other comprehensive loss

 

(4,557)

 

(4,257)

Stock held in rabbi trust

 

(357)

 

(357)

Unearned ESOP shares, at cost

 

(988)

 

(999)

Total shareholders' equity

 

36,905

 

37,698

Total liabilities and shareholders' equity

$

410,831

$

424,496

The accompanying notes are an integral part of the condensed consolidated financial statements.

1

Table of Contents

Generations Bancorp NY, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

Three Months Ended March 31, 

(In thousands, except per share data)

    

2024

    

2023

Interest and dividend income:

 

 

  

Loans, including fees

$

3,991

$

3,348

Debt and equity securities:

 

  

 

Taxable

 

219

 

239

Tax-exempt

 

114

 

101

Interest-earning deposits

 

111

 

45

Other

 

40

 

39

Total interest income

 

4,475

 

3,772

Interest expense:

 

  

 

  

Deposits

 

2,300

 

1,122

Short-term borrowings

 

53

 

88

Long-term borrowings

 

226

 

38

Total interest expense

 

2,579

 

1,248

Net interest income

 

1,896

 

2,524

Provision for loan losses

225

165

Provision for unfunded commitments

Provision for available-for-sale securities

 

 

Total provision for credit losses

 

225

 

165

Net interest income after provision for credit losses

 

1,671

 

2,359

Noninterest income:

 

  

 

  

Banking fees and service charges

 

320

 

364

Mortgage banking income, net

 

7

 

8

Insurance commissions

 

 

129

Earnings on bank-owned life insurance

 

28

 

28

Change in fair value on equity securities

 

24

 

8

Net gain on sale of securities

 

10

 

Other charges, commissions & fees

 

52

 

39

Total noninterest income

 

441

 

576

Noninterest expense:

 

  

 

  

Compensation and benefits

 

1,098

 

1,408

Occupancy and equipment

 

484

 

513

Service charges

 

518

 

507

Regulatory assessments

 

91

 

64

Professional and other services

 

187

 

191

Advertising

 

85

 

107

Other expenses

 

363

 

337

Total noninterest expenses

 

2,826

 

3,127

Loss before income tax benefit

 

(714)

 

(192)

Income tax benefit

 

(169)

 

(40)

Net loss

$

(545)

$

(152)

Net loss available to common shareholders

$

(545)

$

(152)

Basic and diluted losses per common share

$

(0.25)

$

(0.07)

The accompanying notes are an integral part of the condensed consolidated financial statements.

2

Table of Contents

Generations Bancorp NY, Inc.

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited)

Three Months Ended March 31, 

(In thousands)

    

2024

    

2023

Net loss

$

(545)

$

(152)

Other comprehensive (loss) income, before tax:

 

  

 

  

Unrealized (losses) gains on securities available-for-sale:

 

  

 

  

Unrealized holding (losses) gains arising during the period

 

(141)

 

415

Reclassification adjustment for net gains included in net income

 

10

 

Net unrealized (losses) gains on securities available-for-sale

 

(131)

 

415

Defined benefit pension plan:

 

  

 

  

Reclassification of amortization of net losses recognized in net pension expense

 

 

40

Net change in defined benefit pension plan asset

 

 

40

Other comprehensive (loss) income, before tax

 

(131)

 

455

Tax effect

 

169

 

95

Other comprehensive (loss) income, net of tax

 

(300)

 

360

Total comprehensive (loss) income

$

(845)

$

208

The accompanying notes are an integral part of the condensed consolidated financial statements.

3

Table of Contents

Generations Bancorp NY, Inc.

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

  

  

  

Accumulated

Stock

  

  

Additional

Other

Held by

Unearned

Common

Paid in

Retained

Comprehensive

Rabbi

ESOP

(In thousands, except share data)

    

Stock

    

Capital

    

Earnings

    

Loss

    

Trust

    

Shares

    

Total

Balance, December 31, 2023

$

22

$

22,289

$

21,000

$

(4,257)

$

(357)

$

(999)

$

37,698

Net loss

 

 

(545)

 

 

 

 

(545)

Other comprehensive loss

 

 

 

(300)

 

 

 

(300)

Stock-based compensation

40

40

ESOP shares committed to be released

 

1

 

 

 

 

11

 

12

Balance, March 31, 2024

$

22

$

22,330

$

20,455

$

(4,557)

$

(357)

$

(988)

$

36,905

Balance, December 31, 2022

$

24

$

23,002

$

22,512

$

(6,467)

$

(698)

$

(1,045)

$

37,328

Net loss

 

 

 

(152)

 

 

 

 

(152)

Other comprehensive income

360

360

Effect of stock repurchase plan

(1)

(73)

(7)

(81)

Stock-based compensation

 

 

53

 

 

 

 

 

53

ESOP shares committed to be released

 

 

1

 

 

 

 

12

 

13

Balance, March 31, 2023

$

23

$

22,983

$

22,353

$

(6,107)

$

(698)

$

(1,033)

$

37,521

The accompanying notes are an integral part of the condensed consolidated financial statements.

4

Table of Contents

Generations Bancorp NY, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

Three Months Ended March 31, 

(In thousands)

    

2024

    

2023

OPERATING ACTIVITIES

 

  

 

  

Net loss

$

(545)

$

(152)

Adjustments to reconcile net income to net cash provided by operating activities:

 

  

 

  

Provision for credit losses

 

225

 

165

Deferred income tax benefit

 

(169)

 

(65)

Realized gains on sales of:

 

  

 

  

Available-for-sale investment securities

 

(10)

 

Change in fair value on equity securities

 

(24)

 

(8)

Dividend reinvestment in equity securities

 

(3)

 

Depreciation

 

211

 

238

Amortization of intangible asset

 

17

 

16

Amortization of fair value adjustment to purchased loan portfolio

 

(17)

 

(17)

ESOP expense

 

12

 

13

Stock-based compensation

40

53

Amortization of deferred loan costs

 

503

 

483

Earnings on bank-owned life insurance

 

(28)

 

(28)

Change in pension plan assets

 

(244)

 

(503)

Net amortization of premiums and discounts on investment securities

 

11

 

31

Net change in accrued interest receivable

 

(129)

 

(15)

Net change in other assets and liabilities

 

(947)

 

(148)

Net cash (used in) provided by operating activities

 

(1,097)

 

63

INVESTING ACTIVITIES

 

  

 

Purchase of investment securities available-for-sale

 

 

(835)

Net change in interest-earning time deposits in banks

(2,450)

(680)

Net proceeds from the (purchase of) redemption of Federal Home Loan Bank stock

 

(78)

 

750

Proceeds from maturities and principal reductions of:

 

 

  

Available-for-sale investment securities

 

2,144

 

1,062

Held-to-maturity investment securities

 

21

 

34

Proceeds from sale of:

 

 

  

Available-for-sale investment securities

 

1,133

 

Real estate and repossessed assets acquired

 

118

 

112

Premises and equipment

 

 

15

Net change in loans

 

3,483

 

(5,374)

Purchase of premises and equipment

 

(6)

 

(147)

Net cash provided by (used in) investing activities

 

4,365

 

(5,063)

FINANCING ACTIVITIES

 

  

 

  

Net change in demand deposits, savings accounts, and money market accounts

 

(1,498)

 

(10,095)

Net change in time deposits

 

(12,328)

 

29,450

Net change in short-term borrowings

 

2,905

 

(14,260)

Payments on long-term borrowings

 

(1,014)

 

(1,977)

Effect of stock repurchase plan

(81)

Net cash (used in) provided by financing activities

 

(11,935)

 

3,037

Net change in cash and cash equivalents

 

(8,667)

 

(1,963)

Cash and cash equivalents at beginning of period

 

14,525

 

8,004

Cash and cash equivalents at end of period

$

5,858

$

6,041

Supplemental Cash Flows Information

 

  

 

  

Cash paid during the period for:

 

  

 

  

Interest

$

2,737

$

1,155

Transfer of loans to foreclosed real estate and repossessed assets

 

 

252

The accompanying notes are an integral part of the condensed consolidated financial statements.

5

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Nature of Operations

Generations Bancorp NY, Inc. (the “Company” or “Generations Bancorp”) is a Maryland corporation that was organized in August 2020 as part of the Seneca-Cayuga Bancorp, Inc. (“Seneca-Cayuga”) conversion from the mutual holding company structure to a fully public stock holding company structure.  Prior to the conversion, Generations Bank (the “Bank”) was the wholly owned subsidiary of Seneca-Cayuga and The Seneca Falls Savings Bank, MHC (“MHC”) owned 60.1% of Seneca-Cayuga’s common stock.  On January 13, 2021, Generations Bancorp sold 1,477,575 of its common stock in a stock offering, (which included 109,450 shares issued to the ESOP) representing the ownership interest of the MHC for gross proceeds of $14.8 million and net proceeds of $13.2 million.  The exchange ratio of previously held shares by public shareholders (i.e., shareholders other than the MHC) of Seneca-Cayuga was 0.9980 as applied in the conversion offering.  References herein to the “Company” include Generations Bancorp subsequent to the completion of the conversion and Seneca-Cayuga prior to the completion of the conversion.  

In connection with the conversion, liquidation accounts were established by the Company and the Bank in an aggregate amount equal to (i) the MHC’s ownership interest in the shareholders’ equity of Seneca-Cayuga as of the date of the latest statement of financial condition included in the Company’s definitive prospectus, plus (ii) the value of the net assets of the MHC as of the date of the MHC’s latest statement of financial condition before the consummation of the Conversion (excluding the MHC’s ownership interest in Seneca-Cayuga). Each eligible account holder and supplemental eligible account holder is entitled to a proportionate share of the liquidation accounts in the event of a liquidation of (i) the Company or the Bank or (ii) the Bank, and only in such events. This share will be reduced if the eligible account holder’s or supplemental account holder’s deposit balance falls below the amounts on the date of record and will cease to exist if the account is closed. The liquidation account will never be increased despite any increase after conversion in the related deposit balance. The Bank may not pay a dividend on its capital stock if the effect thereof would cause retained earnings to be reduced below the liquidation account amount or regulatory capital requirements.

The Bank is a federal savings bank headquartered in Seneca Falls, New York.  We were organized in 1870 and have operated continuously since that time in the northern Finger Lakes Region of New York State which is located in the central to northwestern portion of New York State.

Generations Commercial Bank (the “Commercial Bank”) is a New York State chartered limited-purpose commercial bank formed expressly to enable local municipalities to deposit public funds with the Bank in accordance with existing New York State municipal law and is a wholly owned subsidiary of the Bank.

The Bank maintains its executive offices and main retail location in Seneca Falls, New York, with retail offices in Auburn, Farmington, Geneva, Medina, Phelps, Union Springs, and Waterloo, New York. The Bank is a community-oriented savings institution whose business primarily consists of accepting deposits from customers within its market area and investing those funds in loans secured by one- to four-family residential real estate, commercial real estate, business or personal assets, and in investment securities.

In addition, Generations Agency, Inc. (the “Agency”) offers personal and commercial insurance products through licensed employees in the same market area.  The Agency is the Bank’s wholly owned subsidiary.  The Agency’s book of business was purchased by The Northwoods Corporation on June 1, 2023.  

Interim Financial Statements

The interim condensed consolidated financial statements as of March 31, 2024, and for the three months ended March 31, 2024 and 2023, are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Such adjustments are the only adjustments contained in these unaudited consolidated financial statements.  These unaudited condensed consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange

6

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Commission, and therefore certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been omitted.  The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be achieved for the remainder of the year ending December 31, 2024, or any other period.

Certain prior period data presented in the consolidated financial statements has been reclassified to conform to current year presentation.  The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto of the Company for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Reference is made to the accounting policies of the Company described in the Notes to Financial Statements contained in the Annual Report on Form 10-K for the year ended December 31, 2023.

The Company's significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in Note 2 of the audited financial statements and notes for the year ended December 31, 2023 and are contained in the Company's Annual Report on Form 10-K. There have been no significant changes to the application of significant accounting policies since December 31, 2023.

7

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

2. Accumulated Other Comprehensive Loss

The balances and changes in the components of accumulated other comprehensive loss, net of tax, are as follows:

Unrealized

  

Accumulated

(Losses) Gains

Defined

Other

Three Months Ended March 31, 

on Securities

Benefit

Comprehensive

(In thousands)

    

Available-for-Sale

    

Pension Plan

    

Loss

Balance, December 31, 2023

$

(2,803)

$

(1,454)

$

(4,257)

Other comprehensive loss before reclassifications

 

(308)

 

 

(308)

Amounts reclassified from AOCI to the statements of operations

 

8

 

 

8

Net current-period other comprehensive loss

 

(300)

 

 

(300)

Balance, March 31, 2024

$

(3,103)

$

(1,454)

$

(4,557)

Balance, December 31, 2022

$

(3,905)

$

(2,562)

$

(6,467)

Other comprehensive income before reclassifications

 

328

 

 

328

Amounts reclassified from AOCI to the statements of operations

 

 

32

 

32

Net current-period other comprehensive income

 

328

 

32

 

360

Balance, March 31, 2023

$

(3,577)

$

(2,530)

$

(6,107)

The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss:

  

Three months ended March 31, 

Affected Line Item in the

(In thousands)

    

2024

    

2023

    

Statements of Operations

Available-for-sale securities:

 

  

 

  

 

  

Realized gain on sale of securities

$

10

$

 

Net gain on sale of securities

Tax effect

 

(2)

 

 

Income tax benefit

$

8

$

 

Net loss

Defined benefit pension plan:

 

  

 

  

 

  

Retirement plan net losses recognized in net periodic pension cost

$

$

40

 

Compensation and benefits

Tax effect

 

 

(8)

 

Income tax benefit

$

$

32

 

Net loss

8

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

3. Earnings (Losses) Per Common Share

Basic earnings (losses) per common share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (losses) per share is calculated in a manner similar to that of basic earnings (losses) per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding under the treasury stock method if all potentially dilutive common shares (such as stock options) issued became vested during the period. Based on the calculation, there was no impact on earnings (losses) per share as the stock options were considered anti-dilutive for the three months ended March 31, 2024. On March 28, 2022, the Board of Directors authorized a stock repurchase program to repurchase approximately 83,300 shares, or approximately 3.4%, of the Company’s outstanding common stock. On May 19, 2022, the 2022 Equity Incentive Plan (the “Plan”) which includes initial grants of restricted stock and stock options to outside directors, was approved by the Company’s stockholders.  On June 14, 2022, the Board of Directors of the Company approved restricted stock and stock option grants to senior management. An aggregate of 132,977 stock options and 53,191 shares of restricted stock were granted to directors and senior management during the period ended June 30, 2022.  The grants to directors and senior management vest over a five-year period in equal annual installments, with the first installment vesting on the first anniversary date of the grant and succeeding installments on each anniversary thereafter, through 2027. On July 25, 2022, the Board of Directors authorized a second stock repurchase program to acquire up to 87,000 shares, or approximately 3.6% of the Company’s outstanding common stock at the conclusion of the first stock repurchase program. On May 31, 2023, the Board of Directors authorized a third stock repurchase program to acquire up to $1.0 million, or approximately 91,000 shares, or approximately 4.0% of the Company’s outstanding common stock, based on the current trading price of the common stock. At this time the Company does not expect to repurchase any more shares under the third stock repurchase program. On March 25, 2024, the Board of Directors of the Company approved stock option grants to the Chief Executive Officer and restricted stock grants to select members of management. An aggregate of 14,780 stock options were granted to the Chief Executive Officer and 5,912 shares of restricted stock were granted to management during the period ended March 31, 2024.  The grants vest over a five-year period in equal annual installments, with the first installment vesting on the first anniversary date of the grant and succeeding installments on each anniversary thereafter, through 2029. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating basic earnings per common share until they are committed to be released.

The following tables set forth the calculation of basic and diluted earnings per share.

Three Months Ended March 31, 

(In thousands, except per share data)

2024

2023

Net loss available to common stockholders

$

(545)

$

(152)

Weighted-average common shares outstanding

2,138

2,240

Losses per common share - basic and diluted

$

(0.25)

$

(0.07)

9

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

4.Securities

Investments in securities available-for-sale, held-to-maturity, and equity are summarized as follows:

At March 31, 2024

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

(in thousands)

    

Cost

    

Gains

    

Losses

    

Value

Securities available-for-sale:

Residential mortgage-backed - US agency and Government Sponsored Enterprise ("GSE")

$

20

$

$

$

20

Corporate bonds

13,970

84

(2,107)

11,947

State and political subdivisions

 

17,576

 

84

 

(1,740)

 

15,920

Total securities available-for-sale

$

31,566

$

168

$

(3,847)

$

27,887

Securities held-to-maturity:

 

  

 

  

 

  

 

  

Structured certificates of deposit

$

650

$

$

(190)

$

460

Residential mortgage-backed - US agency and GSEs

783

(28)

755

Total securities held-to-maturity

$

1,433

$

$

(218)

$

1,215

Equity securities:

 

  

 

  

 

  

 

  

Large cap equity mutual fund

$

52

 

  

 

  

$

52

Other mutual funds

 

336

 

  

 

  

 

336

Total of equity securities

$

388

 

  

 

  

$

388

10

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

At December 31, 2023

    

Gross

Gross

    

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

(in thousands)

    

Cost

    

Gains

    

Losses

    

Value

Securities available-for-sale:

 

  

 

  

 

  

 

  

Residential mortgage-backed - US agency and GSEs

$

20

$

$

$

20

Corporate bonds

17,242

85

(2,280)

15,047

State and political subdivisions

 

17,588

 

112

 

(1,465)

 

16,235

Total securities available-for-sale

$

34,850

$

197

$

(3,745)

$

31,302

Securities held-to-maturity:

 

  

 

  

 

  

 

  

Structured certificates of deposit

$

650

$

$

(208)

$

442

Residential mortgage-backed - US agency and GSEs

804

1

(21)

784

Total securities held-to-maturity

$

1,454

$

1

$

(229)

$

1,226

Equity securities:

 

  

 

  

 

  

 

  

Large cap equity mutual fund

$

45

 

  

 

  

$

45

Other mutual funds

 

316

 

  

 

  

 

316

Total of equity securities

$

361

 

  

 

  

$

361

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, is as follows:

At March 31, 2024

12 Months or Less

More than 12 Months

Total

Gross

Gross

Gross

 

Fair

 

Unrealized

 

Fair

 

Unrealized

 

Fair

 

Unrealized

(in thousands)

    

Value

    

Losses

    

Value

    

Losses

    

Value

    

Losses

Securities available-for-sale:

 

  

 

  

 

  

 

  

 

  

 

  

Residential mortgage-backed - US agency and GSEs

$

$

$

$

$

$

Corporate bonds

331

10,397

(2,107)

10,728

(2,107)

State and political subdivisions

 

852

 

(15)

 

13,622

 

(1,725)

 

14,474

 

(1,740)

Total securities available-for-sale

$

1,183

$

(15)

$

24,019

$

(3,832)

$

25,202

$

(3,847)

At December 31, 2023

12 Months or Less

More than 12 Months

Total

 

Gross

 

Gross

 

Gross

 

Fair

 

Unrealized

 

Fair

 

Unrealized

 

Fair

 

Unrealized

(in thousands)

 

Value

 

Losses

 

Value

 

Losses

 

Value

 

Losses

Securities available-for-sale:

    

  

    

  

    

  

    

  

    

  

    

  

Residential mortgage-backed - US agency and GSEs

$

$

$

$

$

$

Corporate bonds

2,367

(14)

10,642

(2,266)

13,009

(2,280)

State and political subdivisions

 

1,427

 

(11)

 

13,336

 

(1,454)

 

14,763

 

(1,465)

Total securities available-for-sale

$

3,794

$

(25)

$

23,978

$

(3,720)

$

27,772

$

(3,745)

The Company conducts a formal review of investment securities on a quarterly basis for the presence of credit-related and non-credit-related losses. Management assesses whether a loss is present when the fair value of a debt security is

11

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

less than its amortized cost basis at the statement of financial condition date. Unrealized losses on corporate bonds have not been recognized into income because the issuer(s) bonds are of investment quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The issuer(s) continue to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bond(s) approach maturity.

There are 100 bond issues held by the Company that have an unrealized loss as of March 31, 2024.  The bonds are issued by well-established municipalities and corporate entities with semi-annual interest payments.  All interest payments have historically been made timely.  The value of the bonds held is closely correlated with long-term interest rates, and as interest rates increase, the bond values decrease.  Within this portfolio are six bonds issued by corporate entities that have an aggregate loss of $1.7 million.  These bonds have variable rates and reprice based upon the spread between intermediate Treasury bond yields and long-term Treasury bond yields and will respond positively with the steepening of the Treasury yield curve. We anticipate full recovery of our investment over time and have no plans to sell the securities in the near term.  

Market values of the securities fluctuate in reaction to the uncertainty of the economy.  Principal and interest continue to be received on all securities as anticipated.  The Company has the ability and intent to hold the securities through maturity or recovery of its amortized cost basis.  With the government guarantees in place, management does not expect losses on these securities. No credit-related or non-credit-related losses are deemed present on these securities.

The Company monitors the credit quality of the debt securities held-to-maturity on a quarterly basis.  At March 31, 2024 the amortized cost of debt securities held-to-maturity totaled $1.4 million. Structured certificates of deposit totaled $650,000 and are fully insured by the Federal Deposit Insurance Corporation as no one security exceeds the $250,000 insurance limit. Residential mortgage-backed securities totaled $783,000 and are backed by the full faith of the U.S. government. As a result, no credit-related or non-credit related losses are deemed present on these securities.

The following is a summary of the amortized cost and estimated fair values of debt securities at March 31, 2024, by remaining term to contractual maturity other than mortgage-backed securities. Actual maturities may differ from these amounts because certain issuers have the right to call or redeem their obligations prior to contractual maturity. The contractual maturities of mortgage-backed securities generally exceed 20 years; however, the effective average life is expected to be substantially shorter due to anticipated repayments and prepayments.

At March 31, 2024

Securities

Securities

 

Available-for-Sale

 

Held-to-Maturity

 

Amortized

 

Estimated

 

Amortized

 

Estimated

(in thousands)

    

Cost

    

Fair Value

    

Cost

    

Fair Value

Due in one year or less

$

385

$

383

$

$

Due over one year through five years

 

3,542

 

3,358

 

 

Due over five through ten years

 

5,682

 

4,547

 

 

Due after ten years

 

21,937

 

19,579

 

 

 

31,546

 

27,867

 

 

Structured certificates of deposit

650

460

Residential mortgage-backed securities

 

20

 

20

 

783

 

755

Total

$

31,566

$

27,887

$

1,433

$

1,215

There were $10,000 in gross realized gains and no losses on sales and redemptions of available-for-sale securities for the three months ended March 31, 2024.  There were no gross realized gains or losses on sales and redemptions of available-for-sale securities for the three months ended March 31, 2023. Gains and losses on the sales of securities are recognized in income when sold, using the specific identification method, on a trade date basis.

12

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Securities with a fair value of $12.0 million were pledged to collateralize certain deposit arrangements at March 31, 2024 and December 31, 2023.

5.Loans Receivable

Major classifications of loans are as follows:

At March 31, 

At December 31, 

(In thousands)

    

2024

    

2023

Residential mortgages:

  

  

One- to four-family

$

169,182

$

168,387

 

169,182

 

168,387

Commercial loans:

 

  

 

  

Real estate - nonresidential

 

14,134

 

14,437

Multi-family

 

782

 

832

Commercial business

 

16,941

 

18,821

 

31,857

 

34,090

Consumer:

 

  

 

  

Home equity and junior liens

 

14,708

 

13,632

Manufactured homes

 

47,608

 

48,681

Automobile

 

21,114

 

22,424

Student

 

1,493

 

1,569

Recreational vehicle

22,410

22,915

Other consumer

 

9,305

 

9,555

 

116,638

 

118,776

Total Loans

 

317,677

 

321,253

Net deferred loan costs

 

14,793

 

15,351

Fair value credit and yield adjustment

 

(132)

 

(149)

Less allowance for loan losses

 

(3,050)

 

(2,973)

Loans receivable, net

$

329,288

$

333,482

The Company originates residential mortgage, commercial, and consumer loans to customers, principally located in the Finger Lakes Region of New York State and extending north to Orleans County. Although the Company has a diversified loan portfolio, a substantial portion of its debtors’ abilities to honor their contracts is dependent upon the counties’ employment and economic conditions. To further diversify the loan portfolio, the Company also purchases loans that have been originated outside of the region. High quality automobile loans, originated in the Northeastern United States, are purchased regularly from a Connecticut based company. In 2019, the Company also began to purchase modular home loans originated throughout the United States, the seller of which then services the loans for the Company. In 2020, the Company began to purchase automobile and recreational vehicle loans originated in New York State. In 2022, the Company began to purchase one- to four-family, owner-occupied residential real estate loans from a third-party originator. These loans are serviced by the Company and primarily located in Cayuga, Ontario, Orleans, and Seneca counties.

Loan Origination / Risk Management

The Company has lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by frequently providing management with reports related to loan production, loan quality, loan delinquencies, non-performing, and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions.

13

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The loan portfolio is segregated into risk rating categories based on the borrower’s overall financial condition, repayment sources, guarantors, and value of collateral, if appropriate. The risk ratings are evaluated at least annually for commercial loans. Risk ratings are also reviewed when credit deficiencies arise, such as delinquent loan payments, for commercial, residential mortgage, or consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful, and loss. Loans classified as loss are considered uncollectible and are charged to the allowance for credit loss. Loans not classified are rated as pass.

The following table presents the classes of the loan portfolio summarized by the credit quality indicator:

At March 31, 2024

Special

(In thousands)

    

Pass

    

Mention

    

Substandard

    

Doubtful

    

Total

Residential mortgages:

 

  

 

  

 

  

 

  

 

  

One- to four-family

$

165,564

$

1,762

$

1,856

$

$

169,182

 

165,564

 

1,762

 

1,856

 

 

169,182

Commercial loans:

 

  

 

  

 

  

 

  

 

  

Real estate - nonresidential

 

12,218

 

1,621

 

295

 

 

14,134

Multi-family

 

782

 

 

 

 

782

Commercial business

 

15,898

 

608

 

435

 

 

16,941

 

28,898

 

2,229

 

730

 

 

31,857

Consumer:

 

  

 

  

 

  

 

  

 

  

Home equity and junior liens

 

14,545

 

59

 

104

 

 

14,708

Manufactured homes

 

47,264

 

22

 

322

 

 

47,608

Automobile

 

20,932

 

64

 

118

 

 

21,114

Student

 

1,465

 

 

28

 

 

1,493

Recreational vehicle

21,442

556

412

22,410

Other consumer

 

9,182

 

104

 

19

 

 

9,305

 

114,830

 

805

 

1,003

 

 

116,638

Total loans

$

309,292

$

4,796

$

3,589

$

$

317,677

14

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

At December 31, 2023

Special

(In thousands)

    

Pass

    

Mention

    

Substandard

    

Doubtful

    

Total

Residential mortgages:

 

  

 

  

 

  

 

  

 

  

One- to four-family

$

164,940

$

1,169

$

2,278

$

$

168,387

 

164,940

 

1,169

 

2,278

 

 

168,387

Commercial loans:

 

  

 

  

 

  

 

  

 

  

Real estate - nonresidential

 

12,505

 

1,633

 

299

 

 

14,437

Multi-family

 

832

 

 

 

 

832

Commercial business

 

16,016

 

615

 

2,190

 

 

18,821

 

29,353

 

2,248

 

2,489

 

 

34,090

Consumer:

 

  

 

  

 

  

 

  

 

  

Home equity and junior liens

 

13,486

 

61

 

85

 

 

13,632

Manufactured homes

 

48,286

 

72

 

323

 

 

48,681

Automobile

 

22,216

 

88

 

120

 

 

22,424

Student

 

1,543

 

 

26

 

 

1,569

Recreational vehicle

21,974

650

291

22,915

Other consumer

 

9,428

 

56

 

71

 

 

9,555

 

116,933

 

927

 

916

 

 

118,776

Total loans

$

311,226

$

4,344

$

5,683

$

$

321,253

Management has reviewed its loan portfolio and determined that, to the best of its knowledge, little or no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of originating these types of loans.

Non-accrual and Past Due Loans

Loans are considered past due if the required principal and interest payments have not been received within thirty days of the payment due date.

For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan may be currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured.  When a loan is placed on non-accrual status, unpaid interest is reversed and charged to interest income.  Interest received on non-accrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal.  Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt.  Non-accrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification.

When future collectability of the recorded loan balance is expected, interest income may be recognized on a cash basis.  In the case where a non-accrual loan had been partially charged off, recognition of interest on a cash basis is limited to that which would have been recognized on the recorded loan balance at the contractual interest rate.  Cash interest receipts in excess of that amount are recorded as recoveries to allowance for loan losses until prior charge-offs have been fully recovered.    

15

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

An age analysis of past due loans, segregated by class of loans, as are as follows:

At March 31, 2024

90 Days

30-59 Days

60-89 Days

or More

Total

Total Loans

Total Loans

(In thousands)

    

Past Due

    

Past Due

    

Past Due

    

Past Due

    

Current

    

Receivable

Residential mortgage loans:

 

  

 

  

 

  

 

  

 

  

 

  

One- to four-family

$

4,932

$

1,864

$

1,856

$

8,652

$

160,530

$

169,182

 

4,932

 

1,864

 

1,856

 

8,652

 

160,530

 

169,182

Commercial loans:

 

  

 

  

 

  

 

  

 

  

 

  

Real estate - nonresidential

 

82

 

 

29

 

111

 

14,023

 

14,134

Multi-family

 

382

 

 

 

382

 

400

 

782

Commercial business

 

 

 

412

 

412

 

16,529

 

16,941

 

464

 

 

441

 

905

 

30,952

 

31,857

Consumer loans:

 

  

 

  

 

  

 

  

 

  

 

  

Home equity and junior liens

 

407

 

31

 

104

 

542

 

14,166

 

14,708

Manufactured homes

 

862

 

22

 

322

 

1,206

 

46,402

 

47,608

Automobile

 

222

 

64

 

118

 

404

 

20,710

 

21,114

Student

 

5

 

 

28

 

33

 

1,460

 

1,493

Recreational vehicle

915

556

412

1,883

20,527

22,410

Other consumer

 

29

 

104

 

19

 

152

 

9,153

 

9,305

 

2,440

 

777

 

1,003

 

4,220

 

112,418

 

116,638

Total loans

$

7,836

$

2,641

$

3,300

$

13,777

$

303,900

$

317,677

At December 31, 2023

90 Days

30-59 Days

60-89 Days

or More

Total

Total Loans

Total Loans

(In thousands)

    

Past Due

    

Past Due

    

Past Due

    

Past Due

    

Current

    

Receivable

Residential mortgage loans:

 

  

 

  

 

  

 

  

 

  

 

  

One- to four-family

$

5,397

$

1,491

$

2,277

$

9,165

$

159,222

$

168,387

 

5,397

 

1,491

 

2,277

 

9,165

 

159,222

 

168,387

Commercial loans:

 

  

 

  

 

  

 

  

 

  

 

  

Real estate - nonresidential

 

 

 

29

 

29

 

14,408

 

14,437

Multi-family

 

384

 

 

 

384

 

448

 

832

Commercial business

 

388

 

73

 

41

 

502

 

18,319

 

18,821

 

772

 

73

 

70

 

915

 

33,175

 

34,090

Consumer loans:

 

  

 

  

 

  

 

  

 

  

 

  

Home equity and junior liens

 

336

 

77

 

85

 

498

 

13,134

 

13,632

Manufactured homes

 

609

 

72

 

323

 

1,004

 

47,677

 

48,681

Automobile

 

246

 

88

 

120

 

454

 

21,970

 

22,424

Student

 

4

 

 

25

 

29

 

1,540

 

1,569

Recreational vehicle

913

650

291

1,854

21,061

22,915

Other consumer

 

154

 

56

 

71

 

281

 

9,274

 

9,555

 

2,262

 

943

 

915

 

4,120

 

114,656

 

118,776

Total loans

$

8,431

$

2,507

$

3,262

$

14,200

$

307,053

$

321,253

There were no loans past due more than ninety days and still accruing interest at March 31, 2024 and December 31, 2023. Income recognized on a cash basis was not materially different than interest income recognized on an accrual basis for the periods.

16

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following tables provide loans on non-accrual status. Non-accrual loans may have an allowance for credit losses or a negative allowance for credit losses from expected recoveries of amounts previously written off. Non-accrual loans may not have an allowance for credit losses if the loss expectations are zero given a solid collateral value.

At and for the three months ended March 31, 2024

Interest income

Non-accrual loans

recognized on

with no allowance

(In thousands)

Non-accrual loans

non-accrual loans

for credit losses

 

 

Residential mortgage loans:

One- to four-family

$

1,856

$

11

$

1,744

 

 

 

Commercial loans:

 

 

 

Real estate - nonresidential

 

29

 

6

 

29

Commercial business

 

412

 

1

 

412

 

 

 

Consumer loans:

 

 

 

Home equity and junior liens

 

104

 

 

104

Manufactured homes

322

322

Automobile

 

118

 

2

 

118

Student

 

28

 

 

28

Recreational vehicle

 

412

 

2

 

412

Other consumer

19

1

19

$

3,300

$

23

$

3,188

Interest income recognized

Non-accrual loans with no

Non-accrual loans

on non-accrual loans for the

allowance for credit losses

(In thousands)

at December 31, 2023

quarter ended March 31, 2023

at December 31, 2023

 

 

Residential mortgage loans:

One- to four-family

$

2,277

$

2

$

2,277

 

 

 

Commercial loans:

 

 

 

Real estate - nonresidential

 

29

 

 

29

Commercial business

 

397

 

 

356

 

 

 

Consumer loans:

 

 

 

Home equity and junior liens

 

85

 

 

85

Manufactured homes

323

323

Automobile

 

120

 

 

120

Student

 

25

 

 

25

Recreational vehicle

 

291

 

5

 

291

Other consumer

71

1

71

$

3,618

$

8

$

3,577

17

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Loan Modifications

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. The Company uses a probability of default/loss given default model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. Occasionally, the Company modifies loans by providing principal forgiveness on certain of its real estate loans. When principal forgiveness is provided, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses. In some cases, the Company will modify a certain loan by providing multiple types of concessions. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted.

There were no loans modified with financial difficulty during the three months ended March 31, 2024 and 2023.

The following tables present an analysis of collateral-dependent loans of the Company as of March 31, 2024 and December 31, 2023:

At March 31, 2024

Residential

Business

Commercial

Total

(In thousands)

properties

assets

Land

property

Other

Loans

One- to four-family

$

1,617

$

$

$

$

$

1,617

Real estate - nonresidential

29

29

Commercial business

412

412

Home equity and junior liens

104

104

Total loans

$

1,750

$

412

$

$

$

$

2,162

At December 31, 2023

Residential

Business

Commercial

Total

(In thousands)

properties

assets

Land

property

Other

Loans

One- to four-family

$

1,977

$

$

$

$

$

1,977

Real estate - nonresidential

29

29

Commercial business

414

414

Home equity and junior liens

85

85

Total loans

$

2,091

$

414

$

$

$

$

2,505

18

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following tables present the loans to customers as of March 31, 2024 and December 31, 2023 based on year of origination within each credit quality indicator:

At March 31, 2024

2024

2023

2022

2021

2020

Prior

Total

Residential mortgage loans:

4 Internal grade

$

3,652

$

39,168

$

40,609

$

9,619

$

10,879

$

61,637

$

165,564

5 Internal grade

337

131

135

1,159

1,762

6 Internal grade

244

41

1,571

1,856

$

3,652

$

39,505

$

40,984

$

9,754

$

10,920

$

64,367

$

169,182

Commercial loans:

2 Internal grade

$

$

$

$

$

$

351

$

351

3 Internal grade

1,609

39

585

224

4,537

6,994

4 Internal grade

6,133

3,657

580

189

10,994

21,553

5 Internal grade

2,229

2,229

6 Internal grade

730

730

$

$

7,742

$

3,696

$

1,165

$

413

$

18,841

$

31,857

Consumer loans:

4 Internal grade

$

1,012

$

16,115

$

23,216

$

24,942

$

31,251

$

18,294

$

114,830

5 Internal grade

82

436

188

99

805

6 Internal grade

16

82

497

279

129

1,003

$

1,012

$

16,131

$

23,380

$

25,875

$

31,718

$

18,522

$

116,638

At December 31, 2023

2023

2022

2021

2020

2019

Prior

Total

Residential mortgage loans:

4 Internal grade

$

39,312

$

41,364

$

10,185

$

11,309

$

11,008

$

51,762

$

164,940

5 Internal grade

27

1,142

1,169

6 Internal grade

132

41

763

1,342

2,278

$

39,312

$

41,496

$

10,212

$

11,350

$

11,771

$

54,246

$

168,387

Commercial loans:

2 Internal grade

$

$

$

$

$

$

360

$

360

3 Internal grade

1,615

155

594

242

459

4,212

7,277

4 Internal grade

6,496

3,461

657

193

409

10,500

21,716

5 Internal grade

2,028

220

2,248

6 Internal grade

41

2,448

2,489

$

8,111

$

3,616

$

1,251

$

435

$

2,937

$

17,740

$

34,090

Consumer loans:

4 Internal grade

$

16,103

$

24,083

$

25,866

$

31,711

$

8,668

$

10,502

$

116,933

5 Internal grade

104

474

227

17

105

927

6 Internal grade

83

406

295

54

78

916

$

16,103

$

24,270

$

26,746

$

32,233

$

8,739

$

10,685

$

118,776

19

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following tables present the gross write-offs and recoveries based on year of origination for the three months ended March 31, 2024 and 2023:

March 31, 2024

2024

2023

2022

2021

2020

Prior

Total

Residential mortgage loans:

Current period gross write-offs

$

$

$

$

$

$

(3)

$

(3)

Current period recoveries

1

1

Current period net write-offs

$

$

$

$

$

$

(2)

$

(2)

Commercial loans:

Current period gross write-offs

$

$

$

$

$

$

(34)

$

(34)

Current period recoveries

Current period net write-offs

$

$

$

$

$

$

(34)

$

(34)

Consumer loans:

Current period gross write-offs

$

$

(7)

$

(18)

$

(30)

$

(63)

$

(24)

$

(142)

Current period recoveries

11

9

10

30

Current period net write-offs

$

$

(7)

$

(7)

$

(21)

$

(63)

$

(14)

$

(112)

March 31, 2023

2023

2022

2021

2020

2019

Prior

Total

Residential mortgage loans:

Current period gross write-offs

$

$

$

$

$

$

$

Current period recoveries

1

1

Current period net write-offs

$

$

$

$

$

$

1

$

1

Commercial loans:

Current period gross write-offs

$

$

$

$

$

$

$

Current period recoveries

2

2

Current period net write-offs

$

$

$

$

$

$

2

$

2

Consumer loans:

Current period gross write-offs

$

$

$

(1)

$

$

$

(18)

$

(19)

Current period recoveries

7

7

Current period net write-offs

$

$

$

(1)

$

$

$

(11)

$

(12)

20

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

6.Allowance for Credit Loss

The following tables summarize the activity related to the allowance for credit losses for the three months ended March 31, 2024 and 2023:

Three Months Ended March 31, 2024

Credit

Loss

Write-offs

Expense

During

Recoveries

Beginning

for the

the

During

Ending

(In thousands)

    

Balance

    

Period

    

Period

    

the Period

    

Balance

Residential mortgage loans:

One- to four-family

$

1,184

$

(4)

$

(3)

$

1

$

1,178

Commercial loans:

Real estate - nonresidential

495

(15)

480

Commercial business

206

18

(34)

190

Consumer loans:

Home equity and junior liens

102

4

1

107

Automobile

242

9

(15)

25

261

Student

12

(2)

2

12

Recreational vehicle

369

124

(72)

421

Other consumer

363

91

(55)

2

401

$

2,973

$

225

$

(179)

$

31

$

3,050

21

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Three Months Ended March 31, 2023

Additional

Allowance

Recognized

Credit

Due to

Loss

Write-offs

Adoption

Expense

During

Recoveries

Beginning

of

for the

the

During

Ending

(In thousands)

    

Balance

    

Topic 326

    

Period

    

Period

    

the Period

    

Balance

Residential mortgage loans:

One- to four-family

$

787

$

115

$

40

$

$

1

$

943

Construction

2

(1)

1

Commercial loans:

Real estate - nonresidential

319

325

(44)

600

Multi-family

4

(4)

Commercial business

248

92

(63)

2

279

Consumer loans:

Home equity and junior liens

65

(9)

25

(11)

70

Manufactured homes

110

(110)

Automobile

135

106

13

5

259

Student

55

(38)

4

(7)

1

15

Recreational vehicle

646

(646)

134

134

Other consumer

126

169

57

(1)

1

352

$

2,497

$

$

165

$

(19)

$

10

$

2,653

At March 31, 2024 and December 31, 2023 there was a $6,000 liability recorded for unfunded loan commitments.

The risk characteristics within the loan portfolio vary depending on the loan segment. Consumer loans generally are repaid from personal sources of income. Risks associated with consumer loans primarily include general economic risks such as declines in the local economy creating higher rates of unemployment. Those conditions may also lead to a decline in collateral values should the Company be required to repossess the collateral securing consumer loans. These economic risks also impact the commercial loan segment, however, commercial loans are considered to have greater risk than consumer loans as the primary source of repayment is from the cash flow of the business customer. Loans secured by real estate provide the best collateral protection and thus significantly reduce the inherent risk in the portfolio.

22

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

7.Employee Benefit Plans

The Company provides pension benefits for eligible employees through two defined benefit pension plans (the “Plans”).  The following tables set forth the changes in the Plans’ net periodic pension benefit:

Generations Bank Plan:

Three Months Ended March 31, 

(In thousands)

2024

2023

Net periodic expenses recognized in income:

Service cost

$

42

$

60

Interest cost

120

118

Expected return on plan assets

(345)

(307)

Amortization of net losses

40

Net periodic pension benefit

$

(183)

$

(89)

Medina Savings and Loan Plan:

Three Months Ended March 31, 

(In thousands)

2024

2023

Net periodic expenses recognized in income:

Service cost

$

4

$

3

Interest cost

33

34

Expected return on plan assets

(99)

(90)

Net periodic pension benefit

$

(62)

$

(53)

23

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

8. Stock-Based Compensation

A summary of the Company’s stock option activity and related information for its option plans for the three months ended March 31, 2024 and 2023 is as follows:

Three Months Ended March 31, 2024

Weighted Average

Exercise Price Per

Options

Share

Outstanding at beginning of year

132,977

$

11.61

Grants

14,780

10.00

Exercised

Outstanding at quarter end

147,757

$

11.45

Exercisable at quarter end

56,147

$

11.60

Three Months Ended March 31, 2023

Weighted Average

Exercise Price Per

Options

Share

Outstanding at beginning of year

132,977

$

11.61

Grants

Exercised

Outstanding at quarter end

132,977

$

11.61

Exercisable at quarter end

$

An aggregate of 14,780 stock options were granted to the Chief Executive Officer during the three months ended March 31, 2024. The grants vest over a five-year period in equal annual installments, with the first installment vesting on the first anniversary date of the grant and succeeding installments on each anniversary thereafter.  

The compensation expense of the awards is based on the fair value of the instruments on the date of grant using the Black Scholes model.  The Company recorded compensation expense in the amount of $17,000 and $22,000 for the three months ended March 31, 2024 and 2023, respectively.

An aggregate of 5,912 shares of restricted stock were granted to select members of management during the three months ended March 31, 2024. These shares of restricted stock vest in the same manner as the stock options described above. The Company recorded compensation expense in the amount of $23,000 and $31,000 for the three months ended March 31, 2024 and 2023, respectively.

24

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

9.Regulatory Capital

The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain amounts and ratios (set forth in the table below) of total core and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to total adjusted assets (as defined).

Under applicable regulation, the Bank must hold a 2.50% capital conservation buffer above the adequately capitalized risk-based capital ratios.  The net unrealized gain or loss on available-for-sale securities is not included in computing regulatory capital. Management believes as of March 31, 2024 and December 31, 2023, the Bank meets all capital adequacy requirements to which it is subject.

The Bank’s actual capital amounts and ratios are as follows:

Minimum

To Be "Well-

Minimum

Capitalized"

For Capital

Under Prompt

Actual

Adequacy Purposes

Corrective Provisions

(in thousands)

    

Amount

    

Ratio

    

Amount

    

Ratio

    

Amount

    

Ratio

    

As of March 31, 2024:

    

  

    

  

    

  

    

  

    

    

  

    

Common Equity Tier 1 Capital

$

38,736

12.96

%  

$

13,449

4.50

%  

$

19,426

6.50

%  

Total Capital (to Risk-Weighted Assets)

$

41,792

13.98

%  

$

23,910

8.00

%  

$

29,887

10.00

%  

Tier 1 Capital (to Risk-Weighted Assets)

$

38,736

12.96

%  

$

17,932

6.00

%  

$

23,910

8.00

%  

Tier 1 Capital (to Total Adjusted Assets)

$

38,736

9.38

%  

$

16,517

4.00

%  

$

20,647

5.00

%  

As of December 31, 2023:

 

  

  

 

  

 

  

  

Common Equity Tier 1 Capital

$

39,288

12.83

%  

$

13,781

4.50

%  

$

19,907

6.50

%  

Total Capital (to Risk-Weighted Assets)

$

42,267

13.80

%  

$

24,500

8.00

%  

$

30,626

10.00

%  

Tier 1 Capital (to Risk-Weighted Assets)

$

39,288

12.83

%  

$

18,375

6.00

%  

$

24,500

8.00

%  

Tier 1 Capital (to Total Adjusted Assets)

$

39,288

9.37

%  

$

16,775

4.00

%  

$

20,969

5.00

%  

The Company’s goal is to maintain a strong capital position, consistent with the risk profile of its subsidiary bank that supports growth and expansion activities while at the same time exceeding regulatory standards. At March 31, 2024 and December 31, 2023, Generations Bank exceeded all regulatory required minimum capital ratios and met the regulatory definition of a “well-capitalized” institution, i.e. Tier 1 Capital (to Total Adjusted Asset) exceeding 5.00%, a common equity Tier 1 capital ratio exceeding 6.50%, a Tier 1 risk-based capital ratio exceeding 8.00%, and a total risk-based capital ratio exceeding 10.00%.

By letter dated September 10, 2020, based on its supervisory profile, the Office of the Comptroller of the Currency (“OCC”) established higher individual minimum capital ratios for Generations Bank. Specifically, effective September 10, 2020, Generations Bank is required to maintain a leverage ratio of 8.00% and a total capital ratio of 12.00%. The individual minimum capital ratios will remain in effect until terminated, modified, or suspended in writing by the OCC.

25

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

10.Commitments and Contingencies

Credit Commitments

The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business in order to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit, interest rate, or liquidity risk in excess of the amount recognized in the consolidated statements of financial condition. The Bank’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amounts of those instruments. The Bank has experienced minimal credit losses to date on its financial instruments with off-balance sheet risk and management does not anticipate any significant losses on its commitments to extend credit outstanding at March 31, 2024.

Financial instruments whose contract amounts represent credit risk consist of the following:

At March 31, 

At December 31, 

(In thousands)

    

2024

    

2023

 

Commitments to grant loans

$

585

$

987

Unfunded commitments under lines of credit

 

13,195

 

14,375

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitment amounts are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the counter party. Collateral held varies but may include residential real estate and income-producing commercial properties. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at March 31, 2024 with fixed interest rates amounted to approximately $11.2 million. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at March 31, 2024 with variable interest rates amounted to approximately $2.6 million. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at December 31, 2023 with fixed interest rates amounted to approximately $11.5 million. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at December 31, 2023 with variable interest rates amounted to approximately $3.8 million.

Unfunded commitments under revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed.

Letters of credit written are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Generally, all letters of credit, when issued have expiration dates. The credit risk involved in issuing letters of credit is essentially the same as those that are involved in extending loan facilities to customers. The Company generally holds collateral and/or personal guarantees supporting these commitments. Management believes that the proceeds obtained through a liquidation of collateral and the enforcement of guarantees would be sufficient to cover the potential amount of future payments required under the corresponding guarantees.

The Company maintains a separate reserve for credit losses on off-balance sheet credit exposures, including unfunded loan commitments, which is included in other liabilities on the consolidated balance sheet. The reserve for credit losses

26

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

on off-balance sheet credit exposures is adjusted as a provision for credit losses in the income statement. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life, utilizing the same models and approaches for the Company’s other loan portfolio segments described above, as these unfunded commitments share similar risk characteristics as its loan portfolio segments. The Company has identified the unfunded portion of certain lines of credit as unconditionally cancellable credit exposures, meaning the Company can cancel the unfunded commitment at any time. No credit loss estimate is reported for off-balance sheet credit exposures that are unconditionally cancellable by the Company or for undrawn amounts under such arrangements that may be drawn prior to the cancellation of the arrangement. For the three months ended March 31, 2024 and 2023, the Company did not record a provision for credit losses for unfunded commitments.

Commitments to Originate and Sell One- to four-family Residential Mortgages

The Bank has sold and funded $68.6 million of loans to the Federal Home Loan Bank of New York as part of its mortgage partnership finance program (“MPF Program”), inclusive of USDA loans, to date. The principal outstanding balance on loans sold under the MPF Program is $6.9 million at March 31, 2024. The Bank continues to service loans sold under the MPF Program.

Under the terms of the MPF Program, there is limited recourse to the Bank for loans that do not perform in accordance with the terms of the loan agreement. Each loan that is sold under the program is “credit enhanced” such that the individual loan’s rating is raised to “AA,” as determined by the Federal Home Loan Bank of New York. The sum of each individual loan’s credit enhancement represents the total recourse back to the Bank. The total recourse back to the Bank for loans sold was $707,000 at March 31, 2024. A portion of the recourse is offset by a “first loss account” to which funds are allocated by the Federal Home Loan Bank of New York annually in January. The balance of the “first loss account” allocated to the Bank was $95,000 at March 31, 2024. In addition, many of the loans sold under the MPF Program have primary mortgage insurance, which reduces the Bank’s overall exposure.

11.Revenue from Contracts with Customers

The majority of the Company’s revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as loans and investment securities, which are presented in our consolidated statements of operations as components of net interest income. All of the Company’s revenue from contracts with customers in the scope of Topic 606 is recognized within non-interest income.

The following table presents revenues subject to Topic 606:

Three Months Ended March 31, 

(In thousands)

    

2024

    

2023

Service charges on deposit accounts

$

111

$

134

Debit card interchange and surcharge income

 

172

 

183

Insurance commissions

 

 

129

Loan servicing fees

 

34

 

45

$

317

$

491

27

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Service charges on deposit accounts: The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as stop payment charges, wire transfers, and official check charges, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance and inactivity fees, which relate primarily to monthly maintenance and servicing, are recognized at the end of the month in which maintenance occurs. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposit accounts are withdrawn from the customer’s account balance.

Debit card interchange and surcharge income: The Company earns interchange income from debit cardholder transactions conducted through the MasterCard International Inc. payment network. Additionally, ATM surcharges are also assessed on foreign (non-customer) users who use the Company’s ATM network of machines. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and foreign surcharges are a fixed fee per transaction. Both are recognized daily, concurrently with the transaction processing services provided to the cardholder. Revenue included in banking fees and service charges on the consolidated statements of operations that was not related to contracts was $4,000 and $3,000 for the three months ended March 31, 2024 and 2023, respectively.

Insurance commissions: Regular commissions are earned upon the effective date of bound insurance coverage. They are paid by the insurance carrier and recorded by the Company through a monthly remittance which are subject to the Management Agreement with the Northwoods Corporation (“Northwoods”) which became effective on April 1, 2022. Contingent commissions are based on a contract but are dependent, not only on the level of policies bound with the carrier, but also on loss claim levels experienced through the last day of the year, volume growth, or shrinkage. The Agency’s business is not considered to be significant to the carriers, and many of our insurance carriers are combined under an umbrella with other independent agents, making the contingent commission earned dependent on a calculation that includes the experience of others. As such, the level of contingent commissions is not readily determinable until it is paid, but does not have a significant impact on the Company’s financial results.  The Agency’s book of business was purchased by Northwoods on June 1, 2023.

Loan servicing fees: The majority of income derived from loans is excluded from the scope of the amended guidance on accounting for revenue from contracts with customers. However, servicing fee revenue is generated in the form of late charges on customer loans. Late fees are transaction-based and are recognized at the point in time that the customer has exceeded the loan payment grace-period and the Company has earned the fee based on loan note. Fees are assessed as a percentage of the past-due loan payment amount.

12.Fair Value Disclosures

Management uses its best judgment in estimating the fair value of the Company’s financial assets and liabilities; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial assets and liabilities, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective reporting dates and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial assets and liabilities subsequent to the respective reporting dates may be different from the amounts reported at each reporting date.

28

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The Company uses fair value measurements to record fair value adjustments to certain financial assets and liabilities and to determine fair value disclosures. The fair value of a financial asset or liability is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in some instances, there may be no quoted market prices for the Company’s various financial assets and liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the financial asset or liability.

Fair value measurement guidance established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date of identical, unrestricted assets or liabilities.

Level 2: Quoted prices in markets that are not active, or inputs that are observable directly or indirectly, for substantially the full term of the asset or liability.

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported with little or no market activity).

An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. There have been no changes in valuation techniques during the periods ended March 31, 2024 and December 31, 2023.

The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparison between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s assets and liabilities at March 31, 2024 and December 31, 2023.

Cash and due from banks: The carrying amounts of cash and due from banks approximate fair values.

Interest-earning deposits: The carrying amounts of interest-earning term deposits held in banks approximate fair values.

Investment securities: The fair values of trading, available-for-sale, held-to-maturity, and equity securities are obtained from an independent third party and are based on quoted prices on a nationally recognized exchange (Level 1), where available. At this time, only the equity securities qualify as a Level 1 valuation. If quoted prices are not available, fair values are measured by utilizing matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2). Management made no adjustment to the fair value quotes that were received from the independent third party pricing service.

Municipal bonds: The significant unobservable inputs used in the fair value measurement of the Company’s municipal bonds are premiums for unrated securities and marketability discounts. Significant increases (decreases) in either of those inputs in isolation would result in a significantly lower (higher) fair value measurement. In general, changes in either of those inputs will not affect the other input. The Company receives scheduled principal and interest payments

29

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

from the municipalities based on the terms of the bonds.  Management receives valuations on these investments on a quarterly basis from an outside party.  As such, the carrying value is deemed to approximate fair value (Level 3).

Federal Home Loan Bank (“FHLB”) stock: The carrying value of FHLB stock approximates fair value based on the redemption provisions of the FHLB, resulting in a Level 2 classification. There have been no identified events or changes in circumstances that may have a significant adverse effect on the FHLB stock.

Loans receivable: The fair values of loans, excluding impaired loans, are estimated using discounted cash flow analyses, using market rates at the statement of financial condition date that reflect the credit and interest rate risk inherent in the loans, resulting in a Level 3 classification. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Future cash flows are then discounted using the Bank’s weighted average rate on new loans and thus the resulting fair value represents exit pricing. Generally, for variable rate loans that reprice frequently and with no significant changes in credit risk, fair values are based on carrying values.

Collateral-dependent and individually evaluated loans: Individually evaluated loans are those loans in which the Company has measured credit loss generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties or discounted cash flows based upon expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair value consists of loan balances less their individual credit losses.

Deposits: The fair values disclosed for demand deposits (e.g., interest and non-interest checking) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts), and are therefore classified as Level 1. Savings and money market account fair values are based on estimated decay rates and current costs. Fair values for fixed rate certificates of deposit, including brokered deposits, are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. Due to the inputs necessary to calculate the fair value, savings and time deposits are considered Level 3 valuations that estimate exit pricing.

Accrued interest: The carrying amounts of accrued interest receivable and payable approximate fair value, and due to the short-term (30 days or less) nature of the balances, are considered Level 1.

Borrowings: Fair values of FHLB advances are estimated using discounted cash flow analysis, based on quoted prices for new FHLB advances with similar credit risk characteristics, terms and remaining maturity, resulting in a Level 2 classification. These prices obtained from this active market represent a fair value that is deemed to represent the transfer price if the liability were assumed by a third party.

30

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following table presents a comparison of the carrying amount and estimated fair value of the Company’s financial instruments:

At March 31, 2024

Carrying

Fair

(In thousands)

    

Amount

    

Level 1

    

Level 2

    

Level 3

    

Value

Financial assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

5,858

$

5,858

$

$

$

5,858

Interest-earning time deposits in banks

6,812

6,812

6,812

Securities available-for-sale

 

27,887

 

 

26,419

 

1,468

 

27,887

Securities held-to-maturity

 

1,433

 

 

1,215

 

 

1,215

Equity securities

 

388

 

388

 

 

 

388

Loans receivable, net

 

329,288

 

 

 

295,892

 

295,892

FHLB stock

 

1,666

 

 

1,666

 

 

1,666

Accrued interest receivable

 

1,740

 

1,740

 

 

 

1,740

Financial liabilities:

 

  

 

  

 

  

 

  

 

  

Deposits

$

343,780

$

85,131

$

$

250,003

$

335,134

Short-term borrowings

2,905

2,892

2,892

Long-term borrowings

 

22,563

 

 

22,372

 

 

22,372

Accrued interest payable

 

480

 

480

 

 

 

480

At December 31, 2023

Carrying

Fair

(In thousands)

    

Amount

    

Level 1

    

Level 2

    

Level 3

    

Value

Financial assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

14,525

$

14,525

$

$

$

14,525

Interest-bearing time deposits in banks

4,362

4,362

4,362

Securities available-for-sale

 

31,302

 

 

29,827

 

1,475

 

31,302

Securities held-to-maturity

 

1,454

 

 

1,226

 

 

1,226

Equity securities

 

361

 

361

 

 

 

361

Loans receivable, net

 

333,482

 

 

 

304,655

 

304,655

FHLB stock

 

1,588

 

 

1,588

 

 

1,588

Accrued interest receivable

 

1,611

 

1,611

 

 

 

1,611

Financial liabilities:

 

  

 

  

 

  

 

  

 

  

Deposits

$

357,606

$

86,637

$

$

263,760

$

350,397

Long-term borrowings

 

23,577

 

 

23,411

 

 

23,411

Accrued interest payable

 

638

 

638

 

 

 

638

31

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following tables summarize assets measured at fair value on a recurring basis, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value:

At March 31, 2024

Total Fair

(In thousands)

    

Level 1

    

Level 2

    

Level 3

    

Value

Securities available-for-sale:

 

  

 

  

 

  

 

  

Debt investment securities:

 

  

 

  

 

  

 

  

Residential mortgage-backed - US agency and GSEs

$

$

20

$

$

20

Corporate bonds

11,947

11,947

Municipal bonds

 

 

14,452

 

1,468

 

15,920

Equity investment securities:

 

  

 

  

 

  

 

  

Large cap equity mutual fund

 

52

 

 

 

52

Other mutual funds

 

336

 

 

 

336

Total investment securities

$

388

$

26,419

$

1,468

$

28,275

At December 31, 2023

Total Fair

(In thousands)

    

Level 1

    

Level 2

    

Level 3

    

Value

Securities available-for-sale:

 

  

 

  

 

  

 

  

Debt investment securities:

 

  

 

  

 

  

 

  

Residential mortgage-backed - US agency and GSEs

$

$

20

$

$

20

Corporate bonds

15,047

15,047

Municipal bonds

 

 

14,760

 

1,475

 

16,235

Equity investment securities:

 

  

 

  

 

  

 

  

Large cap equity mutual fund

 

45

 

 

 

45

Other mutual funds

 

316

 

 

 

316

Total investment securities

$

361

$

29,827

$

1,475

$

31,663

The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods noted:

    

Investment

(In thousands)

Securities

Balance - December 31, 2023

$

1,475

Total gains realized/unrealized:

 

  

Included in other comprehensive loss

 

1

Principal payments/maturities

 

(8)

Balance - March 31, 2024

$

1,468

    

Investment

(In thousands)

Securities

Balance - December 31, 2022

$

1,715

Total gains realized/unrealized:

 

  

Included in other comprehensive income

 

38

Principal payments/maturities

 

(8)

Balance - March 31, 2023

$

1,745

32

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment).

The following tables summarize assets measured at fair value on a nonrecurring basis segregated by the level of valuation inputs within the hierarchy utilized to measure fair value:

At March 31, 2024

Total Fair

(In thousands)

    

Level 1

    

Level 2

    

Level 3

    

Value

Collateral-dependent loans

$

$

$

92

$

92

Foreclosed real estate & repossessed assets

 

 

 

 

At December 31, 2023

Total Fair

(In thousands)

    

Level 1

    

Level 2

    

Level 3

    

Value

Collateral-dependent loans

$

$

$

36

$

36

Foreclosed real estate & repossessed assets

 

 

 

118

 

118

There have been no transfers of assets in or out of any fair value measurement level.

The following table presents additional quantitative information about assets measured at fair value on a recurring  basis and for which Level 3 inputs were used to determine fair value:  

Quantitative Information about Level 3 Fair Value Measurements

    

Valuation

    

Unobservable

    

Range

Techniques

Input

(Weighted Avg.)

Investment type-

Municipal bonds

Scheduled principal

Cost to Sell

0%

and interest payments

Carrying value

100%

Sensitivity of significant unobservable inputs: The following is a description of the sensitivity of significant unobservable inputs, the interrelationships between those inputs and other unobservable inputs used in recurring fair value measurement and how those inputs might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurement.

33

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a nonrecurring basis at March 31, 2024 and December 31, 2023:

Quantitative Information about Level 3 Fair Value Measurements

Valuation

Unobservable

Range

    

Techniques

    

Input

    

(Weighted Avg.)

Collateral-dependent loans -

    

Appraisal of collateral

    

Appraisal Adjustments

    

  5%  - 35%  (20)%

One-to four-family residential

 

  

 

Costs to Sell

 

  5%  - 15% (10)%

 

  

 

  

 

  

Collateral-dependent loans -

 

Appraisal of collateral

 

Appraisal Adjustments

 

  5%  - 35%  (25)%

Commercial business

 

  

 

Changes in property condition

 

10%  - 20% (15)%

  

 

Costs to Sell

 

  5%  - 15% (10)%

 

  

 

  

 

  

Foreclosed real estate and repossessed assets

 

Appraisal of collateral

 

Appraisal Adjustments

 

  5%  - 35%  (25)%

 

  

 

Changes in property condition

 

10%  - 20% (15)%

 

  

 

Costs to Sell

 

  5%  - 15% (10)%

Collateral-dependent loans: Collateral-dependent loans carried at fair value have been partially charged-off or receive specific allocations of the allowance for credit losses. The Company evaluates and values collateral-dependent impaired loans at the time the loan is identified as impaired, and the fair values of such loans are estimated using Level 3 inputs in the fair value hierarchy. Each loan’s collateral value has a unique appraisal and management’s discount of the value is based on the factors unique to each impaired loan. The significant unobservable input in determining the fair value is management’s subjective discount on appraisals of the collateral securing the loan. In addition, a discount is typically applied to account for estimated costs to sell. These real estate appraisals may include up to three approaches to value: the sales comparison approach, the income approach (for income-producing property) and the cost approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available, if applicable. Although the fair value of the property normally will be based on an appraisal, the valuation should be consistent with the price that a market participant will pay to purchase the property at the measurement date. Circumstances may exist that indicate that the appraised value is not an accurate measurement of the property’s current fair value. Examples of such circumstances include changed economic conditions since the last appraisal, stale appraisals, or imprecision and subjectivity in the appraisal process. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuations, and management’s expertise and knowledge of the client and client’s business. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly.

Foreclosed real estate & repossessed assets: Assets acquired through foreclosure, transfers in lieu of foreclosure or repossession are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Similar to the impaired loan disclosures above, fair value is commonly based on recent real estate appraisals, or estimated value from auction house or qualified dealer, and adjusted as deemed necessary by independent appraisers and management and estimated costs to sell resulting in a level 3 fair value classification. Foreclosed and repossessed assets are evaluated on a monthly basis to determine whether an additional reduction in the fair value less estimated costs to sell should be recorded.

13.Segment Information

The Company had three primary business segments, its community banking franchise, its insurance agency, and a limited-purpose commercial bank until the sale of the insurance agency’s book of business on June 1, 2023. As of March 31, 2024 the Company has two primary business segments, its community banking franchise and a limited-purpose commercial bank.

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Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The community banking segment provides financial services to consumers and businesses principally in the Finger Lakes Region and Orleans County of New York State. These services include providing various types of loans to customers, accepting deposits, mortgage banking, and other traditional banking services. Parent company and treasury function income is included in the community-banking segment, as the majority of effort for these functions is related to this segment. Major revenue sources include net interest income and service fees on deposit accounts. Expenses include personnel and branch-network support charges.

The insurance agency segment offered insurance coverage to businesses and individuals in the Finger Lakes Region. The insurance activities consisted of those conducted through the Bank’s wholly owned subsidiary, Generations Agency. The primary revenue source was commissions. Pursuant to a Management Agreement, which became effective on April 1, 2022, personnel and office support charges were assumed by Northwoods. The Agency’s book of business was purchased by Northwoods on June 1, 2023.

The commercial banking segment is a New York State chartered limited-purpose commercial bank formed expressly to enable local municipalities, primarily within the Finger Lakes Region and Northwest New York State, to deposit public funds with the Commercial Bank in accordance with existing NYS municipal law. The Commercial Bank is a wholly owned subsidiary of the Bank. The major revenue source is net interest income. Expenses include rent and support charges for using the assets and technology of the Bank.

Information about the segments is presented in the following tables as of and for the periods as noted:

Three Months Ended March 31, 

2024

2023

Community

Commercial

Community

Commercial

Banking

Insurance

Banking

Banking

Insurance

Banking

(In thousands)

    

Activities

    

Activities

    

Activities

    

Total

    

Activities

    

Activities

    

Activities

    

Total

Net interest income

$

1,802

$

$

94

$

1,896

$

2,465

$

$

59

$

2,524

Provision for loan losses

 

225

 

 

 

225

 

165

 

 

 

165

Net interest income after provision for loan losses

 

1,577

 

 

94

 

1,671

 

2,300

 

 

59

 

2,359

Total noninterest income

 

441

 

 

 

441

 

449

 

127

 

 

576

Compensation and benefits

 

(1,098)

 

 

 

(1,098)

 

(1,408)

 

 

 

(1,408)

Other noninterest expense

 

(1,707)

 

 

(21)

 

(1,728)

 

(1,699)

 

 

(20)

 

(1,719)

(Loss) Income before income tax (benefit) expense

 

(787)

 

 

73

 

(714)

 

(358)

 

127

 

39

 

(192)

Income tax (benefit) expense

 

(184)

 

 

15

 

(169)

 

(48)

 

 

8

 

(40)

Net (loss) income

$

(603)

$

$

58

$

(545)

$

(310)

$

127

$

31

$

(152)

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Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following represents a reconciliation of the Company’s reported segment assets:

    

At March 31, 

At December 31, 

(In thousands)

    

2024

    

2023

 

Total assets for reportable segments

$

426,952

$

441,146

Elimination of intercompany balances

 

(16,121)

 

(16,650)

Consolidated total assets

$

410,831

$

424,496

The accounting policies of each segment are the same as those described in the summary of significant accounting policies.

14. Goodwill

There was no goodwill at March 31, 2024 and December 31, 2023 and no activity during this period. The change in the carrying amount of good will for the three months ended March 31, 2023 is as follows:

Generations

(In thousands)

Agency, Inc

Balance as of December 31, 2022

$

792

Extinguishment of goodwill due to sale

Balance as of March 31, 2023

$

792

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ITEM 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

Management’s discussion and analysis of the financial condition and results of operations at and for the three months ended March 31, 2024 and 2023 is intended to assist in understanding the financial condition and results of operations of the Company.  The information contained in this section should be read in conjunction with the unaudited financial statements and the notes thereto, appearing on Part I, Item 1 of this quarterly report on Form 10-Q.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect” and words of similar meaning. These forward-looking statements include, but are not limited to:

statements of our goals, intentions and expectations;
statements regarding our business plans, prospects, growth and operating strategies;
statements regarding the asset quality of our loan and investment portfolios; and
estimates of our risks and future costs and benefits.

These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

general economic conditions, either nationally or in our market areas, that are worse than expected;
changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses;
government-imposed limitations on our ability to foreclose on or repossess collateral for our loans;
government-mandated forbearance programs;
the success of our consumer loan portfolio, much of which is purchased from third-party originators, and is secured by collateral outside of our market area, including in particular, automobile, recreational vehicle and manufactured home loans,
our ability to access cost-effective funding, including by increasing core deposits and reducing reliance on wholesale funds;
fluctuations in real estate values in both residential and commercial real estate market conditions;
demand for loans and deposits in our market area;

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our ability to implement and change our business strategies;
the performance and availability of purchased loans;
competition among depository and other financial institutions;
inflation and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments, or our level of loan originations, or increase the level of defaults, losses and prepayments on loans we have made and make;
adverse changes in the securities or secondary mortgage markets;
changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements, including as a result of Basel III;
the impact of the Dodd-Frank Act and the implementing regulations;
changes in the quality or composition of our loan or investment portfolios;
technological changes that may be more difficult or expensive than expected;
the inability of third-party providers to perform as expected, including third-party loan originators;
our ability to manage market risk, credit risk, and operational risk in the current economic environment;
our ability to enter new markets successfully and capitalize on growth opportunities;
our ability to successfully integrate into our operations any assets, liabilities, customers, systems, and management personnel we may acquire and our ability to realize related revenue synergies and cost savings within expected time frames, and any goodwill charges related thereto;
changes in consumer spending, borrowing, and savings habits;
changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board;
our ability to retain key employees;
our compensation expense associated with equity allocated or awarded to our employees; and
changes in the financial condition, results of operations, or future prospects of issuers of securities that we own.

Because of these and a wide variety of other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements.  

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Critical Accounting Policies

There are no material changes to the critical accounting policies disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023.

The information for the three months ended March 31, 2024 and 2023 is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be achieved for the remainder of the year ending December 31, 2024 or any other period.

Emerging Growth Company Status

The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). For as long as the Company is an emerging growth company, it may choose to take advantage of exemptions from various reporting requirements applicable to other public companies. An emerging growth company may elect to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies, but must make such election when the company is first required to file a registration statement. The Company has elected to use the extended transition period described above and intends to maintain its emerging growth company status as allowed under the JOBS Act.

Comparison of Financial Condition at March 31, 2024 and December 31, 2023

Total Assets. Total assets decreased $13.7 million, or 3.2%, to $410.8 million at March 31, 2024 from $424.5 million at December 31, 2023.  The decrease resulted primarily from decreases in cash and cash equivalents of $8.7 million, net loans of $4.2 million, and investment securities available-for-sale of $3.4 million, partially offset by an increase in interest-earning time deposits in banks of $2.5 million.  

Cash and Cash Equivalents.  Cash and cash equivalents decreased $8.7 million, or 59.7%, to $5.9 million at March 31, 2024 from $14.5 million at December 31, 2023 as a result of a decrease in total deposits along with an increase in purchases of interest-earning time deposits in banks.

Net Loans. Net loans decreased $4.2 million, or 1.3%, to $329.3 million at March 31, 2024 from $333.5 million at December 31, 2023 as a result of loan payoffs and amortization exceeding loan originations. The decrease resulted from decreases in commercial business loans of $1.9 million, or 10.0%, automobile loans of $1.3 million, or 5.8%, manufactured home loans of $1.1 million, or 2.2%, recreational vehicle loans of $505,000, or 2.2%, nonresidential loans of $303,000, or 2.1%, other consumer loans of $250,000, or 2.6%, student loans of $76,000, or 4.8%, and multi-family loans of $50,000, or 6.0%, partially offset by increases in home equity loans and lines of credit of $1.1 million, or 7.9%, and one- to four-family residential real estate loans of $796,000, or 0.5%.

Net deferred fees decreased $558,000, or 3.6%, during the three months ended March 31, 2024, representing primarily fees paid for purchased loans net of amortization, which is over the estimated loan lives.

Consistent with our business strategy, we intend to continue the purchase of residential mortgage and automobile loans. During the three months ended March 31, 2024, we purchased $4.5 million of residential mortgage loans and $1.3 million of automobile loans.

Investment Securities Available-for-Sale.  Investment securities available-for-sale decreased $3.4 million, or 10.9%, to $27.9 million at March 31, 2024 from $31.3 million at December 31, 2023. The decrease in investment securities available-for-sale was primarily attributable to calls and principal repayments of $2.1 million, proceeds from sales of $1.1 million, and a $137,000 decrease in fair market value.

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Interest-Earning Time Deposits in Banks.  Interest-earning time deposits in banks increased $2.5 million, or 56.2%, to $6.8 million at March 31, 2024 from $4.4 million at December 31, 2023. Excess cash was invested in short-term certificates of deposit at other financial institutions in order to maximize the yield on interest-earning deposits.

Deposits.  Deposits decreased $13.8 million, or 3.9%, to $343.8 million at March 31, 2024 from $357.6 million at December 31, 2023. Interest-bearing accounts decreased $12.9 million, or 4.2%, to $293.1 million at March 31, 2024 from $306.1 million at December 31, 2023.  The largest decrease in interest-bearing deposits was in certificates of deposit which decreased $12.3 million, or 7.2%, to $158.9 million at March 31, 2024 from $171.3 million at December 31, 2023 due to a reduction in brokered time deposits. Interest-bearing checking accounts decreased $608,000, or 1.7%, to $34.5 million at March 31, 2024 from $35.1 million at December 31, 2023. Noninterest-bearing deposits decreased $899,000, or 1.7%, to $50.6 million at March 31, 2024 from $51.5 million at December 31, 2023.    

Municipal deposits held at Generations Commercial Bank decreased $115,000, or 1.3%, to $9.1 million at March 31, 2024 from $9.2 million at December 31, 2023.

Federal Home Loan Bank Advances.  Short-term Federal Home Loan Bank advances increased to $2.9 million at March 31, 2024 from $0 at December 31, 2023 as a result of new borrowings to offset the decrease in deposits. Long-term Federal Home Loan Bank advances decreased $1.0 million, or 4.3%, to $22.6 million at March 31, 2024 from $23.6 million at December 31, 2023 as a result of repayments.

Total Equity. Total equity decreased $793,000, or 2.1%, to $36.9 million at March 31, 2024 from $37.7 million at December 31, 2023.  The decrease was primarily due to a net loss of $545,000 and an increase in accumulated other comprehensive loss of $300,000 as a result of a decrease in the fair market value of our investment securities available-for-sale during the three months ended March 31, 2024.

Comparison of Operating Results for the Three Months Ended March 31, 2024 and 2023

General.  Net loss for the three months ended March 31, 2024 was $545,000 as compared to net loss of $152,000 for the three months ended March 31, 2023, an increase of $393,000, or 258.6%.  The increase was due to a $628,000 decrease in net interest income, a $135,000 decrease in noninterest income, and a $60,000 increase in provision for credit losses, partially offset by a $301,000 decrease in noninterest expense and a $129,000 increase in income tax benefit.

Interest and Dividend Income.  Interest and dividend income increased $703,000, or 18.6%, to $4.5 million for the three months ended March 31, 2024 from $3.8 million for the three months ended March 31, 2023.  This increase was primarily attributable to a $643,000 increase in interest on loans receivable and a $66,000 increase in interest on interest earning deposits.  The average balance of loans increased $24.8 million, or 8.1%, to $332.0 million for the three months ended March 31, 2024 from $307.2 million for the three months ended March 31, 2023.  The average yield on loans increased 45 basis points to 4.81% for the three months ended March 31, 2024 from 4.36% for the three months ended March 31, 2023, reflecting an increase in higher-yielding loans quarter over quarter as well as higher market interest rates.  The average balance of interest earning deposits increased $3.8 million, or 71.8%, to $9.2 million for the three months ended March 31, 2024 from $5.4 million for the three months ended March 31, 2023. The average yield on interest earning deposits increased 147 basis points to 4.83% for the 2024 period from 3.36% for the 2023 period due to rising interest rates in the first half of 2023.

Interest Expense.  Total interest expense increased $1.3 million, or 106.7%, to $2.6 million for the three months ended March 31, 2024 from $1.2 million for the three months ended March 31, 2023.  Interest expense on total interest-bearing deposits increased $1.2 million, or 105.0%, to $2.3 million for the three months ended March 31, 2024 from $1.1 million for the three months ended March 31, 2023.  The increase was attributable to an increase of $34.4 million, or 27.1%, in the average balance of certificate of deposit accounts to $161.4 million for the three months ended March 31, 2024 from $127.0 million for the three months ended March 31, 2023, in addition to an increase in the average cost of 170 basis points to 4.82% for the three months ended March 31, 2024 from 3.12% for the same period in 2023. The increase in the average balance of certificate of deposit accounts of $34.4 million was driven by a $36.1 million increase in organic certificate of deposit accounts, partially offset by a $1.7 million decrease in brokered certificate of

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deposit accounts. Interest expense on borrowings increased $153,000, or 121.4%, to $279,000 for the three months ended March 31, 2024 from $126,000 for the three months ended March 31, 2023, as a result of an increase in average balance of borrowings by $10.1 million, or 60.1%, to $26.8 million for the three months ended March 31, 2024 from $16.8 million for the three months ended March 31, 2023. In addition, average borrowing costs increased 115 basis points to 4.16% for the three months ended March 31, 2024 from 3.01% for the three months ended March 31, 2023 due to rising interest rates.

Net Interest Income.  Net interest income decreased $628,000, or 24.9%, to $1.9 million for the three months ended March 31, 2024 from $2.5 million for the three months ended March 31, 2023.  Our net interest rate spread decreased 106 basis points to 1.57% for the three months ended March 31, 2024 from 2.63% for the three months ended March 31, 2023.  Our net interest margin decreased 87 basis points to 2.03% for the three months ended March 31, 2024 from 2.90% for the same period in 2023.  Net interest rate spread and net interest margin were affected primarily by the increase in the cost of our interest-bearing liabilities between the comparable periods as these liabilities repriced faster than our interest-earning assets.

Provision for Credit Losses.  Based on management’s analysis of the allowance for credit losses described in Note 6 of our interim consolidated financial statements “Allowance for Credit Losses,” we recorded a provision for credit losses of $225,000 for the three months ended March 31, 2024 as compared to a provision for credit losses of $165,000 for the three months ended March 31, 2023.  The allowance for credit losses was $3.1 million, or 0.96%, of total loans at March 31, 2024 as compared to $3.0 million, or 0.93%, of total loans at December 31, 2023. The increase in provision for credit losses for the 2024 period was primarily due to higher loss rates in the auto and recreational vehicle portfolios.

Noninterest Income.  Noninterest income decreased $135,000, or 23.4%, to $441,000 for the three months ended March 31, 2024 from $576,000 for the three months ended March 31, 2023.  The decrease was primarily due to decreases in insurance commissions and banking fees and service charges.  Insurance commissions decreased $129,000, or 100.0%, to $0 for the three months ended March 31, 2024 from $129,000 for the three months ended March 31, 2023 due to the sale of Generations Agency’s book of business to Northwoods on June 1, 2023. Banking fees and service charges decreased $44,000, or 12.1%, to $320,000 for the three months ended March 31, 2024 from $364,000 for the three months ended March 31, 2023 due to fewer late fees, bank service fees, and non-sufficient funds fees charged as well as lower interchange income for the three months ended March 31, 2024 as compared to the same period in 2023.

Noninterest Expense.  Noninterest expense decreased $301,000, or 9.6%, to $2.8 million for the three months ended March 31, 2024 from $3.1 million for the three months ended March 31, 2023 primarily due to a decrease in compensation and benefits. Compensation and benefits decreased $310,000, or 22.0%, to $1.1 million for the three months ended March 31, 2024 from $1.4 million for the three months ended March 31, 2023 as a result of a reduction in total employees, most notably the previous President and Chief Executive Officer along with an increase in pension expense benefit.

Income Taxes.  Income tax benefit increased $129,000, or 322.5%, to an income tax benefit of $169,000 for the three months ended March 31, 2024 as compared to an income benefit of $40,000 for the three months ended March 31, 2023. The effective tax rate was 23.7% for the three months ended March 31, 2024 as compared to 20.8% for the three months ended March 31, 2023. The statutory tax rate was impacted by the benefits derived from tax-exempt bond income, as well as income received on bank-owned life insurance. The increase in the current quarter’s effective tax rate was a result of the net increase of permanent tax differences and state tax expense proportional to pre-tax book income, which was a loss for the three months ended March 31, 2024.

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Average Balances and Yields. The following table sets forth average balance sheets, average yield and costs, and certain other information at the dates and for the periods indicated.  No tax-equivalent yield adjustments have been made. Any adjustments necessary to present yields on a tax-equivalent basis are insignificant.  All average balances are daily average balances.  Non-accrual loans were included in the computation of average balances, but have been reflected in the table as loans carrying a zero yield.  The yields set forth below include the effect of deferred fees, discounts and premiums that are amortized or accreted to interest income or interest expense. Net deferred loan costs amortized totaled approximately $503,000 and $483,000 for the three months ended March 31, 2024 and 2023, respectively.

Three Months Ended March 31, 

2024

2023

Average

Average

Balance

Balance

Outstanding

Interest

Yield/ Rate

Outstanding

Interest

Yield/ Rate

Interest-earning assets:

Loans

$

332,040

$

3,991

4.81

%

$

307,222

$

3,348

4.36

%

Securities

31,451

333

4.24

34,803

340

3.91

Interest-earning deposits

9,199

111

4.83

5,356

45

3.36

Other

1,731

40

9.24

1,287

39

12.12

Total interest-earning assets

374,421

4,475

4.78

348,668

3,772

4.33

Non-interest-earning assets

40,181

41,013

Total assets

$

414,602

$

389,681

Interest-bearing liabilities:

Demand deposits

$

32,267

$

90

1.12

%

$

32,999

$

25

0.30

%

Money market accounts

19,296

84

1.74

25,401

22

0.35

Savings accounts

81,335

180

0.89

91,735

86

0.37

Certificates of deposit

161,360

1,946

4.82

127,010

989

3.12

Total interest-bearing deposits

294,258

2,300

3.13

277,145

1,122

1.62

Borrowings

26,848

279

4.16

16,768

126

3.01

Total interest-bearing liabilities

321,106

2,579

3.21

293,913

1,248

1.70

Other non-interest bearing liabilities

55,654

58,499

Total liabilities

376,760

352,412

Equity

37,842

37,269

Total liabilities and equity

$

414,602

$

389,681

Net interest income

$

1,896

$

2,524

Interest rate spread

1.57

%

2.63

%

Net interest-earning assets

$

53,315

$

54,755

Net interest margin

2.03

%

2.90

%

Average interest-earning assets to average

interest-bearing liabilities

116.60

%

118.63

%

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Loan and Asset Quality and Allowance for Credit Losses. The following table represents information concerning the aggregate amount of non-performing assets at the indicated dates:

At March 31, 

At December 31, 

(In thousands)

2024

    

2023

Non-accrual loans:

Residential:

One- to four-family

$

1,856

$

2,277

Commercial:

Real estate - nonresidential

29

29

Commercial business

412

397

Consumer:

  

  

Home equity and junior liens

104

85

Manufactured homes

322

323

Automobile

118

120

Student

28

25

Recreational vehicle

412

291

Other consumer

19

71

Total non-accrual loans

$

3,300

$

3,618

Real estate owned:

Residential:

One- to four-family

$

$

118

Total real estate owned

$

$

118

Total non-performing assets

$

3,300

$

3,736

Ratios:

Total non-performing loans to total loans

1.04%

1.13%

Total non-performing loans to total assets

0.80%

0.85%

Total non-performing assets to total assets

0.80%

0.88%

Non-performing assets include non-accrual loans and foreclosed real estate. The Company generally places a loan on non-accrual status and ceases accruing interest when loan payment performance is deemed unsatisfactory and the loan is past due 90 days or more. At March 31, 2024 there were no loans that were past due 90 days or more and still accruing interest.

As indicated in the table above, non-performing assets were $3.3 million at March 31, 2024 and $3.7 million at December 31, 2023. At March 31, 2024, we had 27 non-performing one- to four-family residential mortgage loans for $1.9 million, two non-performing commercial business loans for $412,000, seven non-performing recreational vehicle loans for $412,000, four non-performing manufactured home loans for $322,000, six non-performing automobile loans for $118,000, four home equity loans and lines of credit for $104,000, one non-performing nonresidential loan for $29,000, four non-performing student loans for $28,000, and two non-performing other consumer loans for $19,000. At December 31, 2023, we had 33 non-performing one- to four-family residential mortgage loans for $2.3 million, two non-performing commercial business loans for $397,000, four non-performing manufactured home loans for $323,000, four non-performing recreational vehicle loans for $291,000, six non-performing automobile loans for $120,000, three home equity loans and lines of credit for $85,000, two non-performing other consumer loans for $71,000, one non-performing nonresidential loan for $29,000, and three non-performing student loans for $25,000. We had no real estate owned properties at March 31, 2024 and two real estate owned properties for $118,000 at December 31, 2023.

The allowance for credit losses represents management’s estimate of losses inherent in the loan portfolio as of the date of the consolidated statement of financial condition. The allowance for credit losses was $3.1 million at March 31,

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2024 and $3.0 million at December 31, 2023. The Company reported an increase in the ratio of the allowance for credit losses to gross loans to 0.96% at March 31, 2024 as compared to 0.93% at December 31, 2023. Management performs a quarterly evaluation of the allowance for credit losses based on quantitative and qualitative factors and has determined that the current level of the allowance for credit losses is adequate to absorb the losses in the loan portfolio as of March 31, 2024.

Management has identified potential credit problems totaling $8.4 million as of March 31, 2024 as compared to $10.0 million at December 31, 2023 which may result in the borrowers not being able to comply with the current loan repayment terms and which may result in it being included in future impaired loan reporting. Loans that have been internally classified as special mention are not currently evaluated for credit losses individually. Loans that have been internally classified as substandard are currently evaluated for credit losses individually. The decrease of $1.6 million was primarily driven by a decrease in commercial business loans classified as substandard as a result of a loan payoff. Based on current information available at March 31, 2024, these loans were re-evaluated for their range of potential losses and reclassified accordingly.

Liquidity and Capital Resources. Liquidity is the ability to meet financial obligations that arise in the ordinary course of business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of our customers and to fund current and planned expenditures. The Bank’s primary sources of funds are deposits, principal and interest payments on loans and securities, proceeds from the sale of loans, and proceeds from the sale or maturities of securities. In addition, the Bank may borrow from the FHLB. At March 31, 2024, the Bank had $25.5 million outstanding in advances from the FHLB and had the ability to borrow approximately $41.8 million based on our collateral capacity. At March 31, 2024, the Bank had an additional $20.5 million in lines of credit available with other financial institutions and as such no advances received can exceed 50% of the Bank’s capital. At March 31, 2024 and December 31, 2023, there were no outstanding advances on these lines. Brokered deposits totaled $40.0 million at March 31, 2024, giving the Bank capacity for an additional $82.9 million in brokered deposits as total brokered deposits may not exceed 30% of the Bank’s total assets.

On March 12, 2023, in response to liquidity concerns in the banking system, the Federal Deposit Insurance Corporation, Federal Reserve Board, and U.S. Department of Treasury, collaboratively approved certain actions with a stated intention to reduce stress across the financial system, support financial stability, and minimize any impact on businesses, households, taxpayers, and the broader economy. Among other actions, the Federal Reserve Board created a new Bank Term Funding Program (“BTFP”) to make additional funding available to eligible depository institutions to help ensure institutions can meet the needs of their depositors. Eligible institutions could obtain liquidity against a wide range of collateral. BTFP advances could be requested through at least March 11, 2024. The Company did not request any funding through the BTFP.

While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and loan prepayments are greatly influenced by general interest rates, economic conditions, and competition. Our most liquid assets are cash and equity and available-for-sale investments. The levels of these assets are dependent on our operating, financing, lending, and investing activities during any given period.

Our cash flows are comprised of three primary classifications: cash flows from operating activities, investing activities, and financing activities. Net cash used in operating activities was $1.1 million for the three months ended March 31, 2024 and net cash provided by operating activities was $63,000 for the three months ended March 31, 2023. Net cash provided by investing activities, which consists primarily of principal collections on loans and proceeds from the sale of and maturing securities, offset by disbursements for loan originations and the purchase of securities, was $4.4 million for the three months ended March 31, 2024 and net cash used in investing activities was $5.1 million for the three months ended March 31, 2023. Net cash used in financing activities, consisting primarily of the activity in deposit accounts and FHLB advances, was $11.9 million for the three months ended March 31, 2024 and net cash provided by financing activities was $3.0 million for the three months ended March 31, 2023.

We are committed to maintaining a satisfactory liquidity position. We monitor our liquidity position on a daily basis. We anticipate that we will have sufficient funds to meet our current funding commitments.

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Generations Bancorp is a separate corporate entity from Generations Bank and it must provide for its own liquidity to pay any dividends to its stockholders, to repurchase any shares of its common stock, and for other corporate purposes. Generations Bancorp’s primary source of liquidity is any dividend payments it may receive from Generations Bank. Generations Bank did not pay dividends to Generations Bancorp during the three months ended March 31, 2024. Generations Bank paid a dividend of $1.0 million to Generations Bancorp for the year ended December 31, 2023.  At March 31, 2024, Generations Bancorp (on an unconsolidated, stand-alone basis) had cash and investment securities totaling $2.8 million.

At March 31, 2024 and December 31, 2023, Generations Bank exceeded all its regulatory capital requirements and was categorized as well capitalized.  See Note 9 to the interim condensed consolidated financial statements.  Management is unaware of any conditions or events since the most recent notification that would change our category.

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable, as the Registrant is a smaller reporting company.

ITEM 4. Controls and Procedures

An evaluation was performed under the supervision and with the participation of the Company’s management, including the Principal Executive Officer and the Principal Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities and Exchange Act of 1934, as amended) as of March 31, 2024. Based on that evaluation, the Company’s management, including the Principal Executive Officer and the Principal Financial Officer, concluded that the Registrant’s disclosure controls and procedures were effective.

During the quarter ended March 31, 2024, there have been no changes in the Company’s internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1.Legal Proceedings

We are subject to various legal actions arising in the normal course of business. In the opinion of management, the resolution of these legal actions is not expected to have a material adverse effect on our financial condition or results of operations.

ITEM 1A.Risk Factor

Not applicable, as the Registrant is a smaller reporting company.

ITEM 2.

Unregistered Sales of Equity Securities and, Use of Proceeds

The Company did not repurchase any shares of its common stock during the quarter ended March 31, 2024.

The Company’s Board of Directors authorized its first stock repurchase program on March 28, 2022 to acquire up to 83,300 shares, or 3.4 %, of the Company’s then outstanding common stock.  On July 25, 2022, the Board of Directors authorized a second stock repurchase program to acquire up to 87,000 shares, or approximately 3.6%, of the Company’s outstanding common stock at the conclusion of the first stock repurchase program. On May 31, 2023, the Board of Directors authorized a third stock repurchase program to acquire up to $1.0 million, or approximately 91,000 shares, or approximately 4.0%, of the Company’s outstanding common stock, based on the current trading price of the common stock. As of December 31, 2023, all of the shares authorized for repurchase under these programs had been repurchased.

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ITEM 3.Defaults Upon Senior Securities

None.

ITEM 4.Mine Safety Disclosures

None.

ITEM 5.Other Information

None.

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ITEM 6.Exhibits

Exhibit Index

Exhibit Number

    

Description

31

Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32

Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS

Inline XBRL Instance Document

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

104

Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document (included in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GENERATIONS BANCORP NY, INC.

Date:  May 31, 2024

/s/ Angela M. Krezmer

Angela M. Krezmer

Principal Executive Officer and Principal Financial Officer

This Amendment No. 1 to Quarterly Report on Form 10-Q/A (this “Amended Report”) is filed with the Securities and Exchange Commission to amend the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the “Original 10-Q”) of Generations Bancorp NY, Inc. (the “Company”). The Amended Report is being filed to correct the amount of the fair value of the Company’s Loans receivable, net and the amount of the fair value of the Company’s Deposits at March 31, 2024 in the Fair Value of Financial Assets Table contained within Note 12 to the Company’s unaudited financial statements. Except for the foregoing, this Amended Report speaks as of the filing date of the Original 10-Q and does not update or discuss any other developments after the date of the Original 10-Q. This Amended Report restates only those portions of the Original 10-Q affected by the above changes.

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