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Generations Bancorp NY (GBNY) investor relations material
Generations Bancorp NY Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary9 Aug, 2024
Executive summary
Net loss of $841,000 for Q2 2024, up from $166,000 loss in Q2 2023, driven by lower net interest income, reduced noninterest income, and higher credit loss provisions.
Total assets declined 5.4% to $401.8 million at June 30, 2024, mainly due to decreases in loans, cash, and investment securities.
Deposits fell 5.3% to $338.8 million, with notable declines in certificates of deposit and brokered deposits.
The company entered into a written agreement with the OCC, requiring enhanced compliance, governance, and risk management programs.
Financial highlights
Net interest income dropped 16.5% year-over-year to $1.9 million for Q2 2024; net interest margin fell to 2.05%.
Provision for credit losses increased to $377,000 from $165,000 year-over-year, mainly due to higher loss rates in auto and RV portfolios.
Noninterest income decreased 41.4% to $462,000, primarily due to the sale of the insurance agency business.
Noninterest expense decreased slightly to $3.1 million, with lower compensation and benefits offset by higher professional services and other costs.
Net loss per share was $0.39 for Q2 2024, compared to $0.07 in Q2 2023.
Outlook and guidance
Management expects noninterest expenses to rise due to remediation actions required by the OCC agreement, potentially impacting future financial performance.
The company plans to continue purchasing residential mortgage and auto loans as part of its business strategy.
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Frequently asked questions
Generations Bancorp NY Inc. operates as the holding company for Generations Bank, which provides a range of banking products and services. The company focuses on offering personal and business banking solutions, including savings and checking accounts, loans, mortgages, and online banking services. Generations Bancorp NY Inc. serves individual customers, small to medium-sized businesses, and other community members. The company is headquartered in Seneca Falls, New York, and its shares are listed on the NASDAQ.
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