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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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.

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

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

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

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

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

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)