Generations Bancorp Ny, Inc. (GBNY) 10-Q Quarterly Report November 2023

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 07, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-39883
Entity Registrant Name	Generations Bancorp NY, Inc.
Entity Address, State or Province	MD
Entity Tax Identificatoin Number	85-3659943
Entity Address, Address Line One	20 East Bayard Street
Entity Address, City or Town	Seneca Falls
Entity Incorporation, State or Country Code	NY
Entity Address, Postal Zip Code	13148
City Area Code	315
Local Phone Number	568-5855
Title of 12(b) Security	Common Stock
Trading Symbol	GBNY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,235,889
Entity Central Index Key	0001823365
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

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Inside Generations Bancorp Ny, Inc.'s 10-Q Quarterly Report:

Other - Other Highlight
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 $526,000 for the nine months ended September 30, 2023 as compared to a provision for loan losses of $481,000 for the nine months ended September 30, 2022.

Other - Other Highlight
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 $196,000 for the three months ended September 30, 2023 as compared to a provision for loan losses of $181,000 for the three months ended September 30, 2022.
Financial - Income Highlight
The decrease was due to a $889,000 decrease in net interest income, a $218,000 increase in noninterest expense, a $58,000 decrease in noninterest income, and a $15,000 increase in provision for credit losses, partially offset by a $237,000 decrease in income tax expense.
Financial - Income Highlight
Income tax expense decreased $465,000, or 223.6%, to an income tax benefit of $257,000 for the nine months ended September 30, 2023 as compared to income tax expense of $208,000 for the nine months ended September 30, 2022.
Financial - Income Highlight
Income tax expense decreased $237,000, or 359.1%, to an income tax benefit of $171,000 for the three months ended September 30, 2023 as compared to income tax expense of $66,000 for the three months ended September 30, 2022.
Financial - Expense
Interest expense on borrowings increased...Read more
Financial - Expense
Interest expense on borrowings increased...Read more
Other - Other
Management 61 performs a quarterly...Read more
Financial - Earnings
Net interest rate spread and...Read more
Financial - Earnings
Our net interest margin decreased...Read more
Financial - Earnings
Our net interest margin decreased...Read more
Revenue - Product
The increase was primarily due...Read more
Financial - Expense
These forward-looking statements include, but...Read more
Financial - Expense
The increase in the current...Read more
Financial - Income
The decrease was due to...Read more
Financial - Expense
The increase in the current...Read more
Financial - Expense
The increase was attributable to...Read more
Financial - Expense
The increase was attributable to...Read more
Other - Other
Service charges decreased $110,000, or...Read more
Other - Other
Pension plan assets increased $906,000,...Read more
Financial - Earnings
Net interest rate spread and...Read more
Other - Other
The effective tax rate was...Read more
Other - Other
The effective tax rate was...Read more
Financial - Income
Net interest income decreased $1.8...Read more
Financial - Income
Net interest income decreased $889,000,...Read more
Other - Other
The Company reported an increase...Read more
Financial - Dividend
Interest and dividend income increased...Read more
Financial - Dividend
Interest and dividend income increased...Read more
Other - Other
At September 30, 2023, the...Read more
Other - Other
At September 30, 2023 and...Read more
Other - Other
Total assets increased $22.4 million,...Read more
Financial - Expense
Total interest expense increased $3.9...Read more
Financial - Expense
Total interest expense increased $1.7...Read more
Other - Other
The allowance for credit losses...Read more
Financial - Income
Noninterest income increased $123,000, or...Read more
Financial - Expense
Net deferred loan costs amortized...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Generations Bancorp Ny, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: GBNY
CIK: 1823365
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-23-018292
Submitted to the SEC: Wed Nov 08 2023 4:31:01 PM EST
Accepted by the SEC: Wed Nov 08 2023
Period: Saturday, September 30, 2023
Industry: Savings Institutions Not Federally Chartered

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Generations Bancorp Ny, Inc. (GBNY) SEC Filing 10-Q Quarterly Report for the period ending Saturday, September 30, 2023

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