GBNY
Generations Bancorp NY, Inc.17.80
+0.00+0%
Dec 16, 9:51:25 AM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
40.56MP/E (TTM)
-Basic EPS (TTM)
-1.23Dividend Yield
0%Recent Filings
8-K
Generations Bank sale to ESL
Generations Bancorp NY announced a purchase and assumption agreement on September 23, 2024, for ESL Federal Credit Union to acquire substantially all assets and assume liabilities of Generations Bank for $26.2 million in cash, with closing eyed for late Q2 or Q3 2025 pending shareholder and regulatory nods. Shareholders stand to pocket $18.00 to $20.00 per share in two payouts, though taxes, liquidation costs, and operations could tweak that figure. ESL gains a foothold in Seneca, Cayuga, and Orleans counties, bulking up to $9.6 billion in assets. Yet closing hinges on approvals; disruptions loom.
8-K
Voluntary Nasdaq delisting announced
Generations Bancorp NY, Inc. announced on September 23, 2024, its voluntary delisting from Nasdaq, effective October 4, 2024, followed by SEC deregistration via Form 15 around October 14. Shares will trade on the OTCQX Market starting October 7 under the GBNY symbol. This cuts SEC reporting burdens, yet stockholders get annual audited reports and website access to quarterly data. Deregistration suspends filings immediately upon Form 15 submission.
10-Q
Q2 FY2024 results
Generations Bancorp NY posted a Q2 net loss of $0.8M, up from $0.2M last year, as net interest income fell 17% to $1.9M on a 51 basis point drop in net interest margin to 2.05%—liabilities repriced faster than assets amid rising rates. Loan interest climbed 15% to $4.0M, with average balances up 5% to $327M at 4.85% yield, yet deposit costs surged 58% to $2.2M on higher certificate rates. Provision for credit losses rose to $0.4M from $0.2M, driven by auto and RV portfolio pressures, while noninterest income dropped 41% without last year's agency sale gain. Cash dipped to $9.8M, long-term borrowings eased to $21.3M with $41.5M FHLB availability, and equity stood at $35.5M. Loans shrank 3% to $325M, nonperformers eased to 1.0% of total. Regulatory pressures loom from competition in the Finger Lakes.
8-K
OCC agreement imposes reforms
Generations Bancorp NY's subsidiary, Generations Bank, entered a regulatory agreement with the OCC on July 19, 2024, addressing deficiencies in board oversight, strategic planning, liquidity risk, and interest rate risk management. The deal mandates a compliance committee, governance program, three-year strategic plan, liquidity program with contingency funding, and interest rate risk systems—all due within 90-120 days. This signals heightened scrutiny. Troubled condition status limits executive changes.
8-K
Annual meeting elects directors
Generations Bancorp NY, Inc. held its 2024 Annual Meeting on May 16, electing James E. Gardner, Bradford M. Jones, and Gerald Macaluso as directors for three-year terms amid significant withheld votes—626,786 for Gardner, 405,842 for Jones, and 410,007 for Macaluso—signaling investor scrutiny. Stockholders ratified Bonadio & Co., LLP as auditors for 2024 with overwhelming support: 1,803,307 for versus 99,999 against. Board continuity holds firm. Yet withheld votes highlight governance tensions.
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