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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

☐	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

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. Management’s 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.

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.

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.

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.

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.

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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

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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.

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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

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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)

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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

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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

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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.

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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.

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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

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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.

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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.

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

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		—

Generations Bancorp NY, Inc. 10-Q