Generations Bancorp NY, Inc. Releases Q3 10-Q Report Highlighting Financial and Operational Performance
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Generations Bancorp NY, Inc., a community-oriented savings institution operating in the northern Finger Lakes Region of New York State, has released its Form 10-Q report for the third quarter. The report provides a detailed overview of the company's financial performance and operational activities, reflecting both the challenges and strategic initiatives undertaken during the period.
Financial Highlights
- Total Interest Income: $4,475 thousand, reflecting an increase from $3,772 thousand in the previous year, driven by higher income from loans and interest-earning deposits.
- Total Interest Expense: $2,579 thousand, up from $1,248 thousand, primarily due to increased interest on deposits and long-term borrowings.
- Net Interest Income: $1,896 thousand, a decrease from $2,524 thousand, impacted by rising interest expenses.
- Provision for Credit Losses: $225 thousand, compared to $165 thousand, indicating a cautious approach to potential loan defaults.
- Net Interest Income After Provision for Credit Losses: $1,671 thousand, down from $2,359 thousand, reflecting the impact of increased provisions.
- Total Noninterest Income: $441 thousand, a decline from $576 thousand, affected by lower banking fees and insurance commissions.
- Total Noninterest Expenses: $2,826 thousand, reduced from $3,127 thousand, due to cost management in compensation and benefits.
- Loss Before Income Tax Benefit: $(714) thousand, compared to $(192) thousand, indicating a larger pre-tax loss.
- Income Tax Benefit: $(169) thousand, up from $(40) thousand, providing some relief to the net loss.
- Net Loss: $(545) thousand, compared to $(152) thousand, reflecting the challenges in managing interest expenses and provisions.
- Basic and Diluted Losses Per Common Share: $(0.25), compared to $(0.07), highlighting the increased loss per share.
Business Highlights
- Revenue Segments: The company primarily generates revenue through its community-oriented savings institution operations, which include accepting deposits and investing in loans secured by residential and commercial real estate, business or personal assets, and investment securities.
- Geographical Performance: The Bank operates in the northern Finger Lakes Region of New York State, with retail offices in several locations including Seneca Falls, Auburn, Farmington, Geneva, Medina, Phelps, Union Springs, and Waterloo. This regional focus supports its community banking model.
- Sales Units: The Bank has originated and purchased a diversified loan portfolio, including residential mortgage loans, commercial loans, and consumer loans such as home equity, manufactured homes, automobile, student, and recreational vehicle loans.
- Future Outlook: Management anticipates continued operations in its current market areas and plans to maintain a strong capital position to support growth and expansion activities while exceeding regulatory standards.