Generations Bancorp NY Inc (NASDAQ: GBNY) is a community banking company headquartered in Seneca Falls, New York, that operates through its subsidiary Generations Bank to provide deposit and lending services across the Finger Lakes and surrounding regions of upstate New York. It makes money primarily on net interest income, the spread between interest earned on loans and securities and interest paid on deposits and borrowings. As of December 31, 2023, the company held average total assets of $400.5 million and average total interest-earning assets of $359.5 million, generating $16.3 million in total interest income at a yield of 4.54%. The loan portfolio, averaging $318.4 million in FY2023 at a 4.54% yield, is the primary earning asset. The bank operates from a corporate headquarters in Seneca Falls and nine branch offices across Seneca Falls, Geneva, Auburn, Union Springs, Phelps, Waterloo, Farmington, and Medina, New York (as of December 31, 2023).

Revenue model

Net interest income from loans (residential one-to-four family, commercial real estate, commercial business, home equity, manufactured homes, automobile, student, recreational vehicle, and other consumer) and investment securities. Funded by customer deposits (interest-bearing and noninterest-bearing) and Federal Home Loan Bank borrowings.

Products and services

Residential mortgage loans (one-to-four family), commercial real estate loans, commercial business loans, home equity and junior lien loans, manufactured home loans, automobile loans, student loans, recreational vehicle loans, other consumer loans, investment securities, interest-earning deposits, and deposit accounts (noninterest-bearing and interest-bearing). The company also maintains bank-owned life insurance and operates Generations Commercial Bank and Generations Agency as subsidiaries.

Customers and end markets

Retail consumers and small businesses in upstate New York communities. End markets include residential real estate, commercial real estate, consumer finance, and small business lending across the Finger Lakes region.

Value-chain role

Community depository institution. Accepts deposits from local customers and redeploys capital into loans and investment securities. Operates as the holding company for Generations Bank, Generations Commercial Bank, and Generations Agency.

Geographic exposure

Operates exclusively in upstate New York. Branch offices located in Seneca Falls, Geneva, Auburn, Union Springs, Phelps, Waterloo, Farmington, and Medina, New York, as of December 31, 2023. No disclosed operations outside New York State.

Source: SEC 10-K, filed 2024-04-01

Industry: Savings Institution, Federally Chartered Peers: Eagle Financial Bancorp, Inc. PB Bankshares, Inc. Rocket Companies Inc WVS FINANCIAL CORP