Generations Bancorp NY, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 03, 2023 at 09:01 pm
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Generations Bancorp NY, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net interest income was USD 2.24 million compared to USD 2.82 million a year ago. Net loss was USD 0.166 million compared to net income of USD 0.345 million a year ago. Basic loss per share from continuing operations was USD 0.07 compared to basic earnings per share from continuing operations of USD 0.15 a year ago. Diluted loss per share from continuing operations was USD 0.07 compared to diluted earnings per share from continuing operations of USD 0.15 a year ago.
For the six months, net interest income was USD 4.76 million compared to USD 5.72 million a year ago. Net loss was USD 0.318 million compared to net income of USD 0.741 million a year ago. Basic loss per share from continuing operations was USD 0.14 compared to basic earnings per share from continuing operations of USD 0.32 a year ago. Diluted loss per share from continuing operations was USD 0.14 compared to diluted earnings per share from continuing operations of USD 0.32 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. 
