Generations Bancorp NY, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 09, 2023 at 03:01 am IST
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Generations Bancorp NY, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 2.04 million compared to USD 2.93 million a year ago. Net loss was USD 0.643 million compared to net income of USD 0.3 million a year ago. Basic loss per share from continuing operations was USD 0.3 compared to basic earnings per share from continuing operations of USD 0.13 a year ago. Diluted loss per share from continuing operations was USD 0.3 compared to diluted earnings per share from continuing operations of USD 0.13 a year ago.
For the nine months, net interest income was USD 6.81 million compared to USD 8.65 million a year ago. Net loss was USD 0.961 million compared to net income of USD 1.04 million a year ago. Basic loss per share from continuing operations was USD 0.43 compared to basic earnings per share from continuing operations of USD 0.45 a year ago. Diluted loss per share from continuing operations was USD 0.43 compared to diluted earnings per share from continuing operations of USD 0.45 a year ago.
Generations Bancorp NY, Inc. is a holding company. The Company conducts its operations through Generations Bank and Generations Commercial Bank. The Companyâ segments include community banking franchise and municipal banking. The community banking franchise segment provides financial services to consumers and businesses principally in the Finger Lakes Region and Orleans County of New York State. These services include providing various types of loans to customers, accepting deposits, mortgage banking, and other traditional banking services. The municipal banking segment is a New York State chartered limited-purpose commercial bank formed expressly to enable local municipalities, primarily within the Finger Lakes Region and Northwest New York State, to deposit public funds with the commercial bank in accordance with existing New York State (NYS) municipal law. It also purchases and originate a substantial amount of consumer loans, including automobile loans and manufactured home loans.
GENERATIONS BANCORP NY, INC. 
