Fri, May 31, 8:03 PM (143 days ago)
Generations Bancorp NY, Inc. filed an amended quarterly report (Form 10-Q/A) for the period ending March 31, 2024, to correct the fair value amounts of Loans receivable, net, and Deposits in their financial statements. The amendment did not include updates on any other developments post the original filing date. Key financial highlights for Q1 2024 include: - Total assets decreased by 3.2% to $410.8 million, driven by reductions in cash and cash equivalents, net loans, and investment securities. - Cash and cash equivalents fell 59.7% to $5.9 million, primarily due to a decrease in deposits and increased purchases of interest-earning deposits. - Net loans dropped by 1.3% to $329.3 million, with significant reductions in commercial and consumer loan categories. - Deposits decreased by 3.9% to $343.8 million, with notable declines in certificates of deposit and interest-bearing checking accounts. - Short-term FHLB advances increased to $2.9 million, while long-term advances decreased by $1.0 million. - The company recorded a net loss of $545,000 for Q1 2024, compared to a $152,000 loss in Q1 2023, primarily due to a decrease in net interest income and noninterest income, coupled with higher provision for credit losses.