0001823365--12-312021Q2falseCommon StockGBNYNASDAQ000000018233652020-07-012020-09-300001823365us-gaap:TreasuryStockMember2020-01-012020-06-300001823365us-gaap:TreasuryStockMember2021-01-012021-06-300001823365us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300001823365gbny:StockHeldByRabbiTrustMember2021-04-012021-06-300001823365gbny:StockHeldByRabbiTrustMember2021-01-012021-06-300001823365us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001823365gbny:StockHeldByRabbiTrustMember2020-04-012020-06-300001823365us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-300001823365gbny:StockHeldByRabbiTrustMember2020-01-012020-06-300001823365gbny:SenecaCayugaBancorpIncMember2021-01-132021-01-130001823365gbny:SenecaCayugaBancorpIncMember2021-01-012021-06-300001823365us-gaap:RetainedEarningsMember2021-06-300001823365us-gaap:CommonStockMember2021-06-300001823365us-gaap:AdditionalPaidInCapitalMember2021-06-300001823365us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001823365us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-06-300001823365us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-06-300001823365gbny:UnearnedEsopSharesMember2021-06-300001823365gbny:StockHeldByRabbiTrustMember2021-06-300001823365us-gaap:RetainedEarningsMember2021-03-310001823365us-gaap:CommonStockMember2021-03-310001823365us-gaap:AdditionalPaidInCapitalMember2021-03-310001823365us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001823365us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310001823365us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310001823365gbny:UnearnedEsopSharesMember2021-03-310001823365gbny:StockHeldByRabbiTrustMember2021-03-310001823365us-gaap:TreasuryStockMember2020-12-310001823365us-gaap:RetainedEarningsMember2020-12-310001823365us-gaap:CommonStockMember2020-12-310001823365us-gaap:AdditionalPaidInCapitalMember2020-12-310001823365us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001823365us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310001823365us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310001823365gbny:UnearnedEsopSharesMember2020-12-310001823365gbny:StockHeldByRabbiTrustMember2020-12-310001823365us-gaap:TreasuryStockMember2020-06-300001823365us-gaap:RetainedEarningsMember2020-06-300001823365us-gaap:CommonStockMember2020-06-300001823365us-gaap:AdditionalPaidInCapitalMember2020-06-300001823365us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001823365us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-06-300001823365us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-300001823365gbny:UnearnedEsopSharesMember2020-06-300001823365gbny:StockHeldByRabbiTrustMember2020-06-300001823365us-gaap:TreasuryStockMember2020-03-310001823365us-gaap:RetainedEarningsMember2020-03-310001823365us-gaap:CommonStockMember2020-03-310001823365us-gaap:AdditionalPaidInCapitalMember2020-03-310001823365us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001823365us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-03-310001823365us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-03-310001823365gbny:StockHeldByRabbiTrustMember2020-03-310001823365us-gaap:TreasuryStockMember2019-12-310001823365us-gaap:RetainedEarningsMember2019-12-310001823365us-gaap:CommonStockMember2019-12-310001823365us-gaap:AdditionalPaidInCapitalMember2019-12-310001823365us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001823365us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310001823365us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310001823365gbny:StockHeldByRabbiTrustMember2019-12-310001823365us-gaap:DepositAccountMember2021-04-012021-06-300001823365us-gaap:CreditAndDebitCardMember2021-04-012021-06-300001823365gbny:LoanServicingFeesMember2021-04-012021-06-300001823365gbny:InsuranceCommissionAndFeesMember2021-04-012021-06-300001823365us-gaap:DepositAccountMember2021-01-012021-06-300001823365us-gaap:CreditAndDebitCardMember2021-01-012021-06-300001823365gbny:LoanServicingFeesMember2021-01-012021-06-300001823365gbny:InsuranceCommissionAndFeesMember2021-01-012021-06-300001823365us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2020-04-012020-06-300001823365us-gaap:DepositAccountMember2020-04-012020-06-300001823365us-gaap:CreditAndDebitCardMember2020-04-012020-06-300001823365gbny:LoanServicingFeesMember2020-04-012020-06-300001823365gbny:InsuranceCommissionAndFeesMember2020-04-012020-06-300001823365us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2020-01-012020-06-300001823365us-gaap:DepositAccountMember2020-01-012020-06-300001823365us-gaap:CreditAndDebitCardMember2020-01-012020-06-300001823365gbny:LoanServicingFeesMember2020-01-012020-06-300001823365gbny:InsuranceCommissionAndFeesMember2020-01-012020-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMember2021-04-012021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMember2021-04-012021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMember2021-01-012021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMember2020-04-012020-06-300001823365us-gaap:UnallocatedFinancingReceivablesMember2020-04-012020-06-300001823365us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-01-012020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMember2020-01-012020-12-310001823365us-gaap:UnallocatedFinancingReceivablesMember2020-01-012020-12-310001823365us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-01-012020-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMember2020-01-012020-06-300001823365us-gaap:UnallocatedFinancingReceivablesMember2020-01-012020-06-300001823365us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-04-012021-06-300001823365us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-06-300001823365us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-04-012020-06-300001823365us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-06-300001823365us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001823365us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-04-012021-06-300001823365us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001823365us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-06-300001823365us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001823365us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-04-012020-06-300001823365us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300001823365us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-06-300001823365us-gaap:RetainedEarningsMember2021-04-012021-06-300001823365us-gaap:RetainedEarningsMember2021-01-012021-06-300001823365us-gaap:RetainedEarningsMember2020-04-012020-06-300001823365us-gaap:RetainedEarningsMember2020-01-012020-06-300001823365gbny:MpfProgramInclusiveOfUsdaLoansMember2021-06-300001823365gbny:MortgagePartnershipFinanceProgramMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:SpecialMentionMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:PassMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMemberus-gaap:PassMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:PassMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:SpecialMentionMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:PassMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMemberus-gaap:PassMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:SpecialMentionMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:PassMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMemberus-gaap:PassMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SpecialMentionMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:PassMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:SpecialMentionMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:PassMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:PassMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:SubstandardMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:SpecialMentionMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:PassMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:SubstandardMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:PassMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:PassMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:PassMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:PassMember2021-06-300001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:SpecialMentionMember2021-06-300001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:PassMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:PassMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMemberus-gaap:PassMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:PassMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:SpecialMentionMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:PassMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMemberus-gaap:PassMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:SpecialMentionMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:PassMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMemberus-gaap:PassMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SpecialMentionMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:PassMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:SpecialMentionMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:PassMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:PassMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:PassMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2021-06-300001823365us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-06-300001823365us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PassMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:SpecialMentionMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:PassMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:SubstandardMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:SpecialMentionMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:PassMember2021-06-300001823365us-gaap:SubstandardMember2021-06-300001823365us-gaap:SpecialMentionMember2021-06-300001823365us-gaap:PassMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:PassMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMemberus-gaap:PassMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:PassMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:PassMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMemberus-gaap:PassMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:PassMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMemberus-gaap:PassMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:PassMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:PassMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:PassMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:SubstandardMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:SpecialMentionMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:PassMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:SubstandardMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:PassMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:PassMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:PassMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:PassMember2020-12-310001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:PassMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:PassMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMemberus-gaap:PassMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:PassMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:PassMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMemberus-gaap:PassMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:PassMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMemberus-gaap:PassMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:PassMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:PassMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:PassMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:PassMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2020-12-310001823365us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PassMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:PassMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:SubstandardMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:SpecialMentionMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:PassMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMember2020-12-310001823365us-gaap:SubstandardMember2020-12-310001823365us-gaap:SpecialMentionMember2020-12-310001823365us-gaap:PassMember2020-12-310001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMember2021-03-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMember2021-03-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-03-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMember2021-03-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMember2021-03-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMember2021-03-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-03-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2021-03-310001823365us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMember2021-03-310001823365us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-03-310001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMember2020-03-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMember2020-03-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2020-03-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMember2020-03-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMember2020-03-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2020-03-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2020-03-310001823365us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMember2020-03-310001823365us-gaap:UnallocatedFinancingReceivablesMember2020-03-3100018233652020-03-310001823365us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2019-12-310001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMember2019-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMember2019-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2019-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMember2019-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMember2019-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2019-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2019-12-310001823365us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMember2019-12-310001823365us-gaap:UnallocatedFinancingReceivablesMember2019-12-310001823365us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-300001823365us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-300001823365us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-06-300001823365us-gaap:FairValueMeasurementsRecurringMember2021-06-300001823365us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001823365us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001823365us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001823365us-gaap:FairValueMeasurementsRecurringMember2020-12-310001823365us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-04-012021-06-300001823365us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-06-300001823365us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-04-012021-06-300001823365us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-06-300001823365us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-04-012020-06-300001823365us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-06-300001823365us-gaap:OperatingSegmentsMembergbny:MunicipalBankingActivitiesSegmentMember2021-04-012021-06-300001823365us-gaap:OperatingSegmentsMembergbny:InsuranceActivitiesSegmentMember2021-04-012021-06-300001823365us-gaap:OperatingSegmentsMembergbny:CommunityBankingActivitiesSegmentMember2021-04-012021-06-300001823365us-gaap:OperatingSegmentsMember2021-04-012021-06-300001823365us-gaap:OperatingSegmentsMembergbny:MunicipalBankingActivitiesSegmentMember2021-01-012021-06-300001823365us-gaap:OperatingSegmentsMembergbny:InsuranceActivitiesSegmentMember2021-01-012021-06-300001823365us-gaap:OperatingSegmentsMembergbny:CommunityBankingActivitiesSegmentMember2021-01-012021-06-300001823365us-gaap:OperatingSegmentsMember2021-01-012021-06-300001823365us-gaap:OperatingSegmentsMembergbny:MunicipalBankingActivitiesSegmentMember2020-04-012020-06-300001823365us-gaap:OperatingSegmentsMembergbny:InsuranceActivitiesSegmentMember2020-04-012020-06-300001823365us-gaap:OperatingSegmentsMembergbny:CommunityBankingActivitiesSegmentMember2020-04-012020-06-300001823365us-gaap:OperatingSegmentsMember2020-04-012020-06-300001823365us-gaap:OperatingSegmentsMembergbny:MunicipalBankingActivitiesSegmentMember2020-01-012020-06-300001823365us-gaap:OperatingSegmentsMembergbny:InsuranceActivitiesSegmentMember2020-01-012020-06-300001823365us-gaap:OperatingSegmentsMembergbny:CommunityBankingActivitiesSegmentMember2020-01-012020-06-300001823365us-gaap:OperatingSegmentsMember2020-01-012020-06-300001823365us-gaap:HomeEquityLoanMember2021-06-300001823365us-gaap:CommercialRealEstateMember2021-06-300001823365us-gaap:CommercialLoanMember2021-06-300001823365gbny:OtherConsumerMember2021-06-300001823365gbny:OneToFourFamilyResidentialMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMember2021-04-012021-06-300001823365us-gaap:ConsumerPortfolioSegmentMember2021-01-012021-06-300001823365us-gaap:ConsumerPortfolioSegmentMember2020-04-012020-06-300001823365us-gaap:ConsumerPortfolioSegmentMember2020-01-012020-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-04-012021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2021-04-012021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2020-04-012020-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2020-01-012020-06-300001823365us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2021-06-300001823365us-gaap:FairValueMeasurementsNonrecurringMember2021-06-300001823365us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2020-12-310001823365us-gaap:FairValueMeasurementsNonrecurringMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2021-06-300001823365us-gaap:FinancingReceivables60To89DaysPastDueMember2021-06-300001823365us-gaap:FinancingReceivables30To59DaysPastDueMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMembergbny:OtherCommercialAndIndustrialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2020-12-310001823365us-gaap:FinancingReceivables60To89DaysPastDueMember2020-12-310001823365us-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyFirstLienMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMembergbny:OtherCommercialAndIndustrialMember2021-06-300001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyFirstLienMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMembergbny:OtherCommercialAndIndustrialMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMember2021-06-300001823365us-gaap:ResidentialPortfolioSegmentMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMember2021-06-300001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMembergbny:OtherCommercialAndIndustrialMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ResidentialPortfolioSegmentMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMemberus-gaap:CommercialPortfolioSegmentMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMember2020-12-310001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMember2020-12-310001823365us-gaap:ResidentialPortfolioSegmentMember2020-12-310001823365us-gaap:FinancialAssetOriginatedMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMember2020-12-310001823365us-gaap:AutomobileLoanMember2021-01-012021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMember2020-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMember2020-06-300001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMember2021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2021-06-300001823365us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMember2021-06-300001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMember2020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:ManufacturedHomesMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMember2020-12-310001823365us-gaap:ResidentialPortfolioSegmentMemberus-gaap:ConstructionLoansMember2020-06-300001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMember2020-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMember2020-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2020-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMember2020-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMember2020-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2020-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2020-06-300001823365us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMember2020-06-300001823365us-gaap:UnallocatedFinancingReceivablesMember2020-06-300001823365us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembergbny:OtherMutualFundsMember2021-06-300001823365us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembergbny:LargeCapEquityMutualFundMember2021-06-300001823365us-gaap:FairValueMeasurementsRecurringMembergbny:OtherMutualFundsMember2021-06-300001823365us-gaap:FairValueMeasurementsRecurringMembergbny:LargeCapEquityMutualFundMember2021-06-300001823365gbny:OtherMutualFundsMember2021-06-300001823365gbny:LargeCapEquityMutualFundMember2021-06-300001823365us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembergbny:OtherMutualFundsMember2020-12-310001823365us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembergbny:LargeCapEquityMutualFundMember2020-12-310001823365us-gaap:FairValueMeasurementsRecurringMembergbny:OtherMutualFundsMember2020-12-310001823365us-gaap:FairValueMeasurementsRecurringMembergbny:LargeCapEquityMutualFundMember2020-12-310001823365gbny:OtherMutualFundsMember2020-12-310001823365gbny:LargeCapEquityMutualFundMember2020-12-310001823365gbny:MedinaSavingsAndLoanPlanMember2021-04-012021-06-300001823365gbny:MedinaSavingsAndLoanPlanMember2021-01-012021-06-300001823365gbny:MedinaSavingsAndLoanPlanMember2020-04-012020-06-300001823365gbny:MedinaSavingsAndLoanPlanMember2020-01-012020-06-300001823365gbny:GenerationsBankPlanMember2021-04-012021-06-300001823365gbny:GenerationsBankPlanMember2021-01-012021-06-300001823365gbny:GenerationsBankPlanMember2020-04-012020-06-300001823365gbny:GenerationsBankPlanMember2020-01-012020-06-300001823365srt:MaximumMembergbny:EachGovernmentBackedSecuritiesMember2021-01-012021-06-300001823365us-gaap:UnfundedLoanCommitmentMember2021-01-012021-06-300001823365gbny:UnfundedCommitmentsUnderLinesOfCreditMember2021-01-012021-06-300001823365us-gaap:UnfundedLoanCommitmentMember2020-01-012020-12-310001823365gbny:UnfundedCommitmentsUnderLinesOfCreditMember2020-01-012020-12-3100018233652021-03-3100018233652020-06-3000018233652019-12-310001823365us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2021-06-300001823365us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2021-06-300001823365us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-06-300001823365us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-06-300001823365us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2021-06-300001823365us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-06-300001823365us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-06-300001823365us-gaap:FairValueInputsLevel3Member2021-06-300001823365us-gaap:FairValueInputsLevel2Member2021-06-300001823365us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2020-12-310001823365us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2020-12-310001823365us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-12-310001823365us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2020-12-310001823365us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-12-310001823365us-gaap:FairValueInputsLevel3Member2020-12-310001823365us-gaap:FairValueInputsLevel2Member2020-12-310001823365us-gaap:USStatesAndPoliticalSubdivisionsMember2021-01-012021-06-300001823365us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-01-012021-06-300001823365us-gaap:CorporateDebtSecuritiesMember2021-01-012021-06-300001823365us-gaap:USStatesAndPoliticalSubdivisionsMember2020-01-012020-12-310001823365us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-01-012020-12-310001823365us-gaap:USStatesAndPoliticalSubdivisionsMember2021-06-300001823365us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-06-300001823365us-gaap:CorporateDebtSecuritiesMember2021-06-300001823365us-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310001823365us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-12-310001823365us-gaap:OperatingSegmentsMember2021-06-300001823365us-gaap:IntersegmentEliminationMember2021-06-300001823365us-gaap:OperatingSegmentsMember2020-12-310001823365us-gaap:IntersegmentEliminationMember2020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-04-012021-06-300001823365us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMember2021-04-012021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMember2021-01-012021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMember2021-01-012021-06-300001823365us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMember2021-01-012021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2020-04-012020-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMember2020-04-012020-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMember2020-04-012020-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2020-04-012020-06-300001823365us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMember2020-04-012020-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:StudentLoanMember2020-01-012020-12-310001823365us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMember2020-01-012020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2020-01-012020-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2020-01-012020-06-300001823365us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMember2020-01-012020-06-300001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMember2021-04-012021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMember2021-04-012021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMember2021-04-012021-06-300001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMember2021-01-012021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-01-012021-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMember2021-01-012021-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMember2021-01-012021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2021-01-012021-06-300001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2021-01-012021-06-300001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMember2020-04-012020-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMember2020-04-012020-06-300001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMember2020-01-012020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2020-01-012020-12-310001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMember2020-01-012020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMember2020-01-012020-12-310001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMember2020-01-012020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2020-01-012020-12-310001823365us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialLoanMember2020-01-012020-12-310001823365us-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyResidentialMember2020-01-012020-06-300001823365us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMember2020-01-012020-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:RecreationalVehicleMember2020-01-012020-06-300001823365us-gaap:ConsumerPortfolioSegmentMembergbny:OtherConsumerMember2020-01-012020-06-300001823365gbny:UnearnedEsopSharesMember2020-04-012020-06-300001823365gbny:UnearnedEsopSharesMember2020-01-012020-06-300001823365gbny:UnearnedEsopSharesMember2021-01-012021-06-300001823365gbny:SenecaFallsSavingsBankMembergbny:SenecaCayugaBancorpIncMember2020-07-3100018233652021-01-132021-01-130001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMember2021-06-300001823365gbny:FinancialAssetAcquiredWithAndWithNoCreditDeteriorationMember2020-12-310001823365srt:WeightedAverageMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyLoanMemberus-gaap:MeasurementInputCostToSellMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:WeightedAverageMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyLoanMemberus-gaap:MeasurementInputAppraisedValueMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:WeightedAverageMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MeasurementInputCostToSellMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:WeightedAverageMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MeasurementInputAppraisedValueMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:WeightedAverageMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMembergbny:MeasurementInputChangesInPropertyConditionMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:WeightedAverageMembergbny:CommercialAndIndustrialPortfolioSegmentMembergbny:OtherLoansMembergbny:MeasurementInputGovernmentGuaranteedPortionMembergbny:ValuationTechniqueUsdaGuaranteeMember2021-06-300001823365srt:MinimumMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyLoanMemberus-gaap:MeasurementInputCostToSellMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:MinimumMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyLoanMemberus-gaap:MeasurementInputAppraisedValueMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:MinimumMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MeasurementInputCostToSellMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:MinimumMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MeasurementInputAppraisedValueMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:MinimumMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMembergbny:MeasurementInputChangesInPropertyConditionMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:MaximumMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyLoanMemberus-gaap:MeasurementInputCostToSellMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:MaximumMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyLoanMemberus-gaap:MeasurementInputAppraisedValueMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:MaximumMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MeasurementInputCostToSellMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:MaximumMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MeasurementInputAppraisedValueMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:MaximumMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMembergbny:MeasurementInputChangesInPropertyConditionMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365gbny:CommercialAndIndustrialPortfolioSegmentMembergbny:OtherLoansMembergbny:MeasurementInputGovernmentGuaranteedPortionMembergbny:ValuationTechniqueUsdaGuaranteeMember2021-06-300001823365srt:WeightedAverageMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyLoanMemberus-gaap:MeasurementInputCostToSellMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:WeightedAverageMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyLoanMemberus-gaap:MeasurementInputAppraisedValueMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:WeightedAverageMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MeasurementInputCostToSellMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:WeightedAverageMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MeasurementInputAppraisedValueMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:WeightedAverageMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMembergbny:MeasurementInputChangesInPropertyConditionMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:WeightedAverageMembergbny:CommercialAndIndustrialPortfolioSegmentMembergbny:OtherLoansMembergbny:MeasurementInputGovernmentGuaranteedPortionMembergbny:ValuationTechniqueUsdaGuaranteeMember2020-12-310001823365srt:MinimumMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyLoanMemberus-gaap:MeasurementInputCostToSellMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:MinimumMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyLoanMemberus-gaap:MeasurementInputAppraisedValueMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:MinimumMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MeasurementInputCostToSellMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:MinimumMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MeasurementInputAppraisedValueMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:MinimumMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMembergbny:MeasurementInputChangesInPropertyConditionMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:MaximumMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyLoanMemberus-gaap:MeasurementInputCostToSellMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:MaximumMemberus-gaap:ResidentialPortfolioSegmentMembergbny:OneToFourFamilyLoanMemberus-gaap:MeasurementInputAppraisedValueMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:MaximumMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MeasurementInputCostToSellMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:MaximumMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMemberus-gaap:MeasurementInputAppraisedValueMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:MaximumMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMembergbny:MeasurementInputChangesInPropertyConditionMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365gbny:CommercialAndIndustrialPortfolioSegmentMembergbny:OtherLoansMembergbny:MeasurementInputGovernmentGuaranteedPortionMembergbny:ValuationTechniqueUsdaGuaranteeMember2020-12-310001823365srt:WeightedAverageMemberus-gaap:MeasurementInputCostToSellMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:WeightedAverageMemberus-gaap:MeasurementInputAppraisedValueMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:WeightedAverageMembergbny:MeasurementInputChangesInPropertyConditionMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:MinimumMemberus-gaap:MeasurementInputCostToSellMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:MinimumMemberus-gaap:MeasurementInputAppraisedValueMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:MinimumMembergbny:MeasurementInputChangesInPropertyConditionMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:MaximumMemberus-gaap:MeasurementInputCostToSellMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:MaximumMemberus-gaap:MeasurementInputAppraisedValueMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:MaximumMembergbny:MeasurementInputChangesInPropertyConditionMembergbny:ValuationTechniqueAppraisalOfCollateralMember2021-06-300001823365srt:WeightedAverageMemberus-gaap:MeasurementInputCostToSellMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:WeightedAverageMemberus-gaap:MeasurementInputAppraisedValueMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:WeightedAverageMembergbny:MeasurementInputChangesInPropertyConditionMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:MinimumMemberus-gaap:MeasurementInputCostToSellMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:MinimumMemberus-gaap:MeasurementInputAppraisedValueMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:MinimumMembergbny:MeasurementInputChangesInPropertyConditionMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:MaximumMemberus-gaap:MeasurementInputCostToSellMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:MaximumMemberus-gaap:MeasurementInputAppraisedValueMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365srt:MaximumMembergbny:MeasurementInputChangesInPropertyConditionMembergbny:ValuationTechniqueAppraisalOfCollateralMember2020-12-310001823365gbny:MortgagePartnershipFinanceProgramMember2020-12-3100018233652020-01-012020-12-3100018233652021-01-1300018233652021-06-3000018233652020-12-3100018233652020-09-1000018233652020-04-012020-06-3000018233652020-01-012020-06-300001823365us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-3000018233652021-04-012021-06-300001823365us-gaap:FairValueInputsLevel1Member2021-06-300001823365us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-300001823365us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300001823365us-gaap:FairValueInputsLevel1Member2020-12-310001823365us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001823365us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-3100018233652021-08-0500018233652021-01-012021-06-30xbrli:sharesiso4217:USDxbrli:puregbny:loangbny:planiso4217:USDxbrli:sharesgbny:securitygbny:segment

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to

Commission file number 001-39883

Generations Bancorp NY, Inc.

(Exact name of registrant as specified in its charter)

Maryland

85-3659943

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

20 East Bayard Street

Seneca Falls, New York 13148

(Address of principal executive offices)

(Zip Code)

(315) 568-5855

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No  .

2,458,401 shares of the Registrant common stock, par value $0.01 per share, were issued and outstanding as of August 5, 2021.

Index

Page

PART I. FINANCIAL INFORMATION

1

Item 1. Condensed Consolidated Financial Statements

1

Condensed Consolidated Statements of Financial Condition June 30, 2021 (Unaudited) and December 31, 2020

1

Condensed Consolidated Statements of Income Three-month and Six-month Periods Ended June 30, 2021 and 2020 (Unaudited)

2

Condensed Consolidated Statements of Comprehensive Income Three-month and Six-month Periods Ended June 30, 2021 and 2020 (Unaudited)

3

Condensed Consolidated Statements of Changes in Shareholders Equity Three-month and Six-month Periods Ended June 30, 2021 and 2020 (Unaudited)

4

Condensed Consolidated Statements of Cash Flows Six-month Periods Ended June 30, 2021 and 2020 (Unaudited)

5

Notes to Condensed Consolidated Financial Statements (Unaudited)

6

Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations

46

Item 4. Controls and Procedures

56

PART II. OTHER INFORMATION

56

Item 1. Legal Proceedings

56

Item 1A. Risk Factors

56

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

56

Item 3. Defaults Upon Senior Securities

57

Item 4. Mine Safety Disclosures

57

Item 5. Other Information

57

Item 6. Exhibits

58

Signatures

59

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

Generations Bancorp NY, Inc.

Condensed Consolidated Statements of Financial Condition

June 30, 

December 31, 

(In thousands, except share data)

    

2021

    

2020

(Unaudited)

ASSETS:

 

  

 

  

Cash and due from banks

$

3,408

$

4,168

Interest earning deposits

 

11,861

 

22,662

Total cash and cash equivalents

 

15,269

 

26,830

Investment securities available-for-sale, at fair value

 

36,244

 

17,926

Investment securities held-to-maturity (fair value 2021-$1,339, 2020-$1,510)

 

1,308

 

1,480

Equity investment securities, at fair value

 

326

 

661

Federal Home Loan Bank stock, at cost

 

1,683

 

1,992

Loans

 

289,344

 

287,461

Less: Allowance for loan losses

 

(1,976)

 

(1,821)

Loans receivable, net

 

287,368

 

285,640

Premises and equipment, net

 

16,360

 

16,743

Bank-owned life insurance

 

7,836

 

7,777

Pension plan asset

 

9,556

 

8,720

Foreclosed real estate & repossessed assets

 

28

 

45

Goodwill

 

792

 

792

Intangible assets, net

 

816

 

848

Accrued interest receivable

 

1,284

 

1,179

Other assets

 

1,218

 

2,381

Total assets

$

380,088

$

373,014

LIABILITIES AND SHAREHOLDERS' EQUITY:

 

  

 

  

Deposits:

 

  

 

  

Noninterest-bearing

$

57,235

$

65,673

Interest-bearing

 

253,226

 

243,873

Total deposits

 

310,461

 

309,546

Long-term borrowings

 

22,078

 

27,628

Subordinated debt

 

 

1,235

Advances from borrowers for taxes and insurance

 

2,753

 

2,595

Other liabilities

 

2,251

 

2,124

Total liabilities

 

337,543

 

343,128

Shareholders' equity:

 

  

 

  

Preferred stock, par value $0.01; 1,000,000 shares authorized; none issued

 

 

Common stock, par value $0.01; 14,000,000 and 9,000,000 shares authorized in 2021 and 2020, respectively; 2,458,401 and 2,546,836(1) shares issued in 2021 and 2020, respectively; and 2,458,401 and 2,458,580(1) shares outstanding in 2021 and 2020 respectively

 

26

 

26

Additional paid in capital

 

24,491

 

11,954

Retained earnings

 

20,978

 

20,256

Accumulated other comprehensive loss

 

(1,211)

 

(1,415)

Treasury stock, at cost; 88,256 shares in 2020(1)

 

 

(614)

Stock held in rabbi trust

 

(627)

 

(290)

Unearned ESOP shares, at cost

 

(1,112)

 

(31)

Total shareholders' equity

 

42,545

 

29,886

Total liabilities and shareholders' equity

$

380,088

$

373,014

(1)    Share amounts related to the periods prior to the January 13, 2021 closing of the conversion offering have been restated to give retroactive recognition to the .9980 exchange ratio applied in the conversion offering (see Note 1).

The accompanying notes are an integral part of the condensed consolidated financial statements.

1

Generations Bancorp NY, Inc.

Condensed Consolidated Statements of Income (Unaudited)

Three Months Ended June 30, 

Six Months Ended June 30, 

(In thousands, except per share data)

    

2021

    

2020

    

2021

    

2020

Interest and dividend income:

 

  

 

  

 

  

 

  

Loans, including fees

$

3,107

$

3,062

$

6,216

$

6,034

Debt and equity securities:

 

  

 

 

  

 

Taxable

 

129

 

28

 

213

 

53

Tax-exempt

 

100

 

250

 

201

 

497

Interest-earning deposits

 

3

 

 

7

 

10

Other

 

23

 

33

 

46

 

71

Total interest income

 

3,362

 

3,373

 

6,683

 

6,665

Interest expense:

 

  

 

  

 

  

 

  

Deposits

 

322

 

584

 

669

 

1,239

Long-term borrowings

 

111

 

157

 

233

 

313

Subordinated debt

 

 

15

 

9

 

29

Total interest expense

 

433

 

756

 

911

 

1,581

Net interest income

 

2,929

 

2,617

 

5,772

 

5,084

Provision for loan losses

 

135

 

90

 

270

 

180

Net interest income after provision for loan losses

 

2,794

 

2,527

 

5,502

 

4,904

Noninterest income:

 

  

 

  

 

  

 

  

Banking fees and service charges

 

398

 

339

 

772

 

729

Mortgage banking income, net

 

10

 

13

 

23

 

25

Insurance commissions

 

201

 

190

 

375

 

406

Investment services commissions

 

 

27

 

 

84

Earnings on bank-owned life insurance

 

27

 

34

 

59

 

67

Realized gains (losses) on equity securities

 

18

 

41

 

3

 

(207)

Net gain (loss) on sale of securities

 

(2)

 

29

 

(2)

 

29

Other charges, commissions & fees

 

68

 

356

 

102

 

381

Total noninterest income

 

720

 

1,029

 

1,332

 

1,514

Noninterest expense:

 

  

 

  

 

  

 

  

Compensation and benefits

 

1,342

 

1,254

 

2,601

 

2,758

Occupancy and equipment

 

531

 

523

 

1,051

 

1,051

Service charges

 

507

 

469

 

1,010

 

950

Regulatory assessments

 

116

 

69

 

211

 

134

Professional and other services

 

144

 

124

 

283

 

266

Advertising

 

109

 

109

 

217

 

217

Other expenses

 

317

 

275

 

581

 

575

Total noninterest expenses

 

3,066

 

2,823

 

5,954

 

5,951

Income before income tax expense (benefit)

 

448

 

733

 

880

 

467

Income tax expense (benefit)

 

79

 

52

 

158

 

(224)

Net income

 

369

 

681

 

722

 

691

Net income available to common shareholders

$

369

$

681

$

722

$

691

Basic and diluted earnings per common share

$

0.16

$

0.28

$

0.31

$

0.28

The accompanying notes are an integral part of the condensed consolidated financial statements.

2

Generations Bancorp NY, Inc.

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Three Months Ended June 30, 

Six Months Ended June 30, 

(In thousands)

    

2021

    

2020

    

2021

    

2020

Net income

$

369

$

681

$

722

$

691

Other comprehensive  income, before tax:

 

  

 

  

 

  

 

  

Unrealized gains on securities available-for-sale:

 

 

  

 

  

 

  

Unrealized holding gains arising during the period

 

215

 

420

 

199

 

846

Reclassification adjustment for net (gains) losses included in net income

 

2

 

 

2

 

Net unrealized gains on securities available-for-sale

 

217

 

420

 

201

 

846

Defined benefit pension plan:

 

  

 

  

 

  

 

  

Reclassification of amortization of net losses recognized in net pension expense

 

28

 

33

 

57

 

67

Net change in defined benefit pension plan asset

 

28

 

33

 

57

 

67

Other comprehensive income, before tax

 

245

 

453

 

258

 

913

Tax effect

 

(51)

 

(95)

 

(54)

 

(192)

Other comprehensive income, net of tax

 

194

 

358

 

204

 

721

Total comprehensive income

$

563

$

1,039

$

926

$

1,412

The accompanying notes are an integral part of the condensed consolidated financial statements.

3

Generations Bancorp NY, Inc.

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

  

  

  

Accumulated

  

Stock

  

  

Additional

Other

Held by

Unearned

Common

Paid in

Retained

Comprehensive

Treasury

Rabbi

ESOP

(In thousands, except share data)

    

Stock

    

Capital

    

Earnings

    

Loss

    

Stock

    

Trust

    

Shares

    

Total

Balance, March 31, 2021

$

26

$

24,468

$

20,609

$

(1,405)

$

$

(627)

$

(1,124)

$

41,947

Net income

 

 

 

369

 

 

 

 

 

369

Refund of offering costs

23

23

Other comprehensive income

 

 

 

 

194

 

 

 

 

194

ESOP shares committed to be released

 

 

 

 

 

 

 

12

 

12

Balance, June 30, 2021

$

26

$

24,491

$

20,978

$

(1,211)

$

$

(627)

$

(1,112)

$

42,545

Balance, March 31, 2020

$

26

$

11,967

$

18,581

$

(1,299)

$

(615)

$

$

(78)

$

28,582

Net income

 

 

 

681

 

 

 

 

 

681

Other comprehensive income

 

 

 

 

358

 

 

 

 

358

Purchase of common stock for SERPs

(290)

(290)

ESOP shares committed to be released

 

 

(9)

 

 

 

 

 

16

 

7

Balance, June 30, 2020

$

26

$

11,958

$

19,262

$

(941)

$

(615)

$

(290)

$

(62)

$

29,338

  

  

  

Accumulated

  

Stock

  

  

Additional

Other

Held by

Unearned

Common

Paid in

Retained

Comprehensive

Treasury

Rabbi

ESOP

(In thousands, except share data)

    

Stock

    

Capital

    

Earnings

    

Loss

    

Stock

    

Trust

    

Shares

    

Total

Balance, January 1, 2021

$

26

$

11,954

$

20,256

$

(1,415)

(614)

$

(290)

$

(31)

$

29,886

Net income

 

 

722

 

 

 

 

 

722

Proceeds from issuance of 1,477,575 shares of commons stock (which included 109,450 shares related to the ESOP), net of the offering cost of $1.65 million

13,151

(1,104)

12,047

Treasury Stock retired

(614)

614

Other comprehensive income

 

 

 

204

 

 

 

 

204

Purchase of common stock for DRP

 

 

 

 

 

(337)

 

 

(337)

ESOP shares committed to be released

 

 

 

 

 

 

23

 

23

Balance, June 30, 2021

$

26

$

24,491

$

20,978

$

(1,211)

$

$

(627)

$

(1,112)

$

42,545

Balance, January 1, 2020

$

26

$

11,962

$

18,571

$

(1,662)

$

(573)

$

$

(93)

$

28,231

Net income

 

 

 

691

 

 

 

 

 

691

Other comprehensive income

 

 

 

 

721

 

 

 

 

721

Purchase of common stock for SERPs

(290)

(290)

Repurchase of common stock

 

 

 

 

 

(42)

 

 

 

(42)

ESOP shares committed to be released

 

 

(4)

 

 

 

 

 

31

 

27

Balance, June 30, 2020

$

26

$

11,958

$

19,262

$

(941)

$

(615)

$

(290)

$

(62)

$

29,338

The accompanying notes are an integral part of the condensed consolidated financial statements.

4

Generations Bancorp NY, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

Six Months Ended June 30, 

(In thousands)

    

2021

    

2020

OPERATING ACTIVITIES

 

  

 

  

Net income

$

722

$

691

Adjustments to reconcile net income to net cash provided by operating activities:

 

  

 

  

Provision for loan losses

 

270

 

180

Deferred income tax expense (benefit)

 

158

 

(224)

Realized losses (gains) on sales of:

 

  

 

  

Securities

 

2

 

(29)

Write-down of premises and equipment to fair value

 

 

25

Write-down of other real estate owned to fair value

 

 

5

Realized (gains) losses on equity securities

 

(3)

 

207

Directors' retirement plan net gains

 

 

(51)

Depreciation

 

523

 

532

Amortization of intangible asset

 

32

 

32

Amortization of fair value adjustment to purchased loan portfolio

 

(34)

 

(34)

ESOP expense

 

23

 

27

Amortization of deferred loan costs

 

46

 

129

Earnings on bank-owned life insurance

 

(59)

 

(67)

Change in pension plan assets

 

(779)

 

(585)

Net amortization of premiums and discounts on investment securities

 

121

 

(18)

Net change in accrued interest receivable

 

(105)

 

(332)

Net change in other assets and liabilities

 

1,237

 

298

Net cash provided by operating activities

 

2,154

 

786

INVESTING ACTIVITIES

 

  

 

  

Purchase of equity investment securities

 

 

(1)

Purchase of investment securities available-for-sale

 

(22,968)

 

(1,064)

Net proceeds from the redemption (purchase) of Federal Home Loan Bank stock

 

309

 

(4)

Proceeds from maturities and principal reductions of:

 

  

 

  

Available-for-sale investment securities

 

2,721

 

3

Held-to-maturity investment securities

 

168

 

255

Proceeds from sale of:

 

  

 

  

Available-for-sale investment securities

 

2,011

 

Equity investment securities

 

 

1,904

Real estate and repossessed assets acquired

 

55

 

42

Premises and equipment

 

69

 

Net change in loans

 

(2,048)

 

(24,106)

Purchase of premises and equipment

 

(209)

 

(156)

Net cash used in investing activities

 

(19,892)

 

(23,127)

FINANCING ACTIVITIES

 

  

 

  

Net change in demand deposits, savings accounts, and money market accounts

 

2,313

 

29,453

Net change in time deposits

 

(1,398)

 

(7,333)

Net change in brokered time deposits

 

 

(809)

Payments on long-term borrowings

 

(5,550)

 

(4,845)

Repayment from subordinated debt offering

(1,235)

Proceeds from long-term borrowings

 

 

6,000

Net proceeds from stock offering and conversion

13,151

Purchase of common stock for ESOP

(1,104)

Repurchase of common stock

 

 

(42)

Net cash provided by financing activities

 

6,177

 

22,424

Net change in cash and cash equivalents

 

(11,561)

 

83

Cash and cash equivalents at beginning of period

 

26,830

 

13,448

Cash and cash equivalents at end of period

$

15,269

$

13,531

Supplemental Cash Flows Information

 

  

 

  

Cash paid during the period for:

 

  

 

  

Interest

$

912

$

1,533

Transfer of loans to foreclosed real estate

 

38

 

2

The accompanying notes are an integral part of the condensed consolidated financial statements.

5

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Nature of Operations

Generations Bancorp NY, Inc. (“Generations Bancorp”) is a Maryland corporation that was organized in August 2020 as part of the Seneca-Cayuga Bancorp, Inc. (“Seneca-Cayuga”) conversion from the mutual holding company structure to a fully public stock holding company structure.  Prior to the conversion, Generations Bank was the wholly-owned subsidiary of Seneca-Cayuga, and The Seneca Falls Savings Bank, MHC (“MHC”) owned 60.1% of Seneca-Cayuga’s common stock.  On January 13, 2021, Generations Bancorp sold 1,477,575 of its common stock in a stock offering, (which included 109,450 shares issued to the ESOP) representing the ownership interest of the MHC for gross proceeds of $14.8 million and net proceeds of $13.2 million.  The exchange ratio of previously held shares by public shareholders (i.e., shareholders other than the MHC) of Seneca-Cayuga was 0.9980 as applied in the conversion offering.  References herein to the “Company” include Generations Bancorp subsequent to the completion of the conversion and Seneca-Cayuga prior to the completion of the conversion.  

Generations Bank (the “Bank”) is a federal savings bank headquartered in Seneca Falls, New York.  We were organized in 1870 and have operated continuously since that time in the northern Finger Lakes Region of New York State which is located in the central to northwestern portion of New York State.

Generations Commercial Bank (the “Commercial Bank”) is a New York State chartered limited-purpose commercial bank formed expressly to enable local municipalities to deposit public funds with the Bank in accordance with existing NYS municipal law and is a wholly owned subsidiary of the Bank.

The Bank maintains its executive offices and main retail location in Seneca Falls, New York, with retail offices in Waterloo, Geneva, Auburn, Union Springs, Phelps, Farmington, and Medina, New York. The Bank is a community-oriented savings institution whose business primarily consists of accepting deposits from customers within its market area and investing those funds in loans secured by one- to four-family residential real estate, commercial real estate, business or personal assets and in investment securities.

In addition, Generations Agency, Inc. (the “Agency”) offers personal and commercial insurance products through licensed employees in the same market area.  The Agency is the Bank’s wholly-owned subsidiary.

Emerging Growth Company Status

The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). For as long as the Company is an emerging growth company, it may choose to take advantage of exemptions from various reporting requirements applicable to other public companies. An emerging growth company may elect to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies, but must make such election when the company is first required to file a registration statement. The Company has elected to use the extended transition period described above and intends to maintain its emerging growth company status as allowed under the JOBS Act.

Interim Financial Statements

The interim condensed consolidated financial statements as of June 30, 2021, and for the three and six months ended June 30, 2021 and 2020, are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Such adjustments are the only adjustments contained in these unaudited consolidated financial statements.  These unaudited condensed consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission, and therefore certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been omitted.  The results of operations for the three and six months ended June 30, 2021 and 2020, are not necessarily indicative of the results to be achieved for the remainder of the year ending December 31, 2021, or any other period.

6

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Certain prior period data presented in the consolidated financial statements have been reclassified to conform to current year presentation.  The accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto of the Company for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Reference is made to the accounting policies of the Company described in the Notes to Financial Statements contained in the Annual Report on Form 10-K for the year ended December 31, 2020.

7

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

2. Accumulated Other Comprehensive Loss

The balances and changes in the components of accumulated other comprehensive loss, net of tax, are as follows:

Unrealized

  

Accumulated

(Losses) Gains

Defined

Other

Three Months Ended June 30, 

on Securities

Benefit

Comprehensive

(In thousands)

    

Available-for-Sale

    

Pension Plan

    

Loss

Balance, March 31, 2021

$

710

$

(2,115)

$

(1,405)

Other comprehensive loss before reclassifications

 

170

 

 

170

Amounts reclassified from AOCI to the income statement

 

2

 

22

 

24

Net current-period other comprehensive income

 

172

 

22

 

194

Balance, June 30, 2021

$

882

$

(2,093)

$

(1,211)

Balance, March 31, 2020

$

994

$

(2,293)

$

(1,299)

Other comprehensive income before reclassifications

 

332

 

 

332

Amounts reclassified from AOCI to the income statement

 

 

26

 

26

Net current-period other comprehensive income

 

332

 

26

 

358

Balance, June 30, 2020

$

1,326

$

(2,267)

$

(941)

Unrealized

  

Accumulated

(Losses) Gains

Defined

Other

Six Months Ended June 30, 

on Securities

Benefit

Comprehensive

(In thousands)

    

Available-for-Sale

    

Pension Plan

    

Loss

Balance, January 1, 2021

$

723

$

(2,138)

$

(1,415)

Other comprehensive loss before reclassifications

 

157

 

 

157

Amounts reclassified from AOCI to the income statement

 

2

 

45

 

47

Net current-period other comprehensive income

 

159

 

45

 

204

Balance, June 30, 2021

$

882

$

(2,093)

$

(1,211)

Balance, January 1, 2020

$

658

$

(2,320)

$

(1,662)

Other comprehensive income before reclassifications

 

668

 

 

668

Amounts reclassified from AOCI to the income statement

 

 

53

 

53

Net current-period other comprehensive income

 

668

 

53

 

721

Balance, June 30, 2020

$

1,326

$

(2,267)

$

(941)

8

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss:

  

Three Months Ended

Six Months Ended

June 30, 

June 30, 

Affected Line Item in the

(In thousands)

    

2021

    

2020

    

2021

    

2020

    

Statement of Income

Available-for-sale securities:

 

  

 

  

 

  

 

  

 

  

Realized loss on sale of securities

$

(2)

$

$

(2)

$

 

Net loss on sale of securities

$

(2)

$

$

(2)

$

 

Net income

Defined benefit pension plan:

 

  

 

  

 

  

 

  

 

  

Retirement plan net losses recognized in net periodic pension cost

$

28

$

33

$

57

$

67

 

Compensation and benefits

Tax effect

 

(6)

 

(7)

 

(12)

 

(14)

 

Income tax expense

$

22

$

26

$

45

$

53

 

Net income

(1)     Amounts in parentheses indicate reductions of net income.

9

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

3. Earnings Per Common Share

Basic earnings per common share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding was 2,347,000 and 2,451,000(1), for the three months ended June 30, 2021 and 2020, and 2,354,000 and 2,452,000(1) for the six months ended June 30, 2021 and 2020.   The Company has not granted any restricted stock awards or stock options and had no potentially dilutive common stock equivalents. Unallocated common shares held by the ESOP are not included in the weighted-average number of common shares outstanding for purposes of calculating basic earnings per common share until they are committed to be released.

4.Securities

Investments in securities available-for-sale, held-to-maturity and equity are summarized as follows:

June 30, 2021

Gross

Gross

Amortized

Unrealized

Unrealized

Fair

(in thousands)

    

Cost

    

Gains

    

Losses

    

Value

Securities available-for-sale:

Residential mortgage-backed - US agency and GSEs

$

36

$

1

$

(1)

$

36

Corporate bonds

18,423

389

(170)

18,642

State and political subdivisions

 

16,668

 

961

 

(63)

 

17,566

Total securities available-for-sale

$

35,127

$

1,351

$

(234)

$

36,244

Securities held-to-maturity:

 

  

 

  

 

  

 

  

Residential mortgage-backed - US agency and GSEs

$

1,308

$

34

$

(3)

$

1,339

Total securities held-to-maturity

$

1,308

$

34

$

(3)

$

1,339

Equity securities:

 

  

 

  

 

  

 

  

Large cap equity mutual fund

$

41

 

  

 

  

$

41

Other mutual funds

 

285

 

  

 

  

 

285

Total of equity securities

$

326

 

  

 

  

$

326

1 Shares amounts related to the periods prior to the January 13, 2021 closing of the conversion offering have been restated to give retroactive recognition to the 0.9980 exchange ration applied in the conversion offering (see Note 1)

10

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

December 31, 2020

    

Gross

Gross

    

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

(in thousands)

    

Cost

    

Gains

    

Losses

    

Value

Securities available-for-sale:

 

  

 

  

 

  

 

  

Residential mortgage-backed - US agency and GSEs

$

39

$

1

$

(1)

$

39

State and political subdivisions

 

16,971

 

917

 

(1)

 

17,887

Total securities available-for-sale

$

17,010

$

918

$

(2)

$

17,926

Securities held-to-maturity:

 

  

 

  

 

  

 

  

Residential mortgage-backed - US agency and GSEs

$

1,480

$

33

$

(3)

$

1,510

Total securities held-to-maturity

$

1,480

$

33

$

(3)

$

1,510

Equity securities:

 

  

 

  

 

  

 

  

Large cap equity mutual fund

$

35

 

  

 

  

$

35

Other mutual funds

 

626

 

  

 

  

 

626

Total of equity securities

$

661

 

  

 

  

$

661

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, is as follows:

June 30, 2021

12 Months or Less

More than 12 Months

Total

Gross

Gross

Gross

 

Fair

 

Unrealized

 

Fair

 

Unrealized

 

Fair

 

Unrealized

(in thousands)

    

Value

    

Losses

    

Value

    

Losses

    

Value

    

Losses

Securities available-for-sale:

 

  

 

  

 

  

 

  

 

  

 

  

Residential mortgage-backed - US agency and GSEs

$

$

$

25

$

(1)

$

25

$

(1)

Corporate bonds

5,426

(170)

5,426

(170)

State and political subdivisions

 

4,791

 

(63)

 

 

 

4,791

 

(63)

Total securities available-for-sale

$

10,217

$

(233)

$

25

$

(1)

$

10,242

$

(234)

Securities held-to-maturity:

 

  

 

  

 

  

 

  

 

  

 

  

Residential mortgage-backed - US agency and GSEs

$

54

$

(1)

$

138

$

(2)

$

192

$

(3)

Total securities held-to-maturity

$

54

$

(1)

$

138

$

(2)

$

192

$

(3)

11

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

December 31, 2020

12 Months or Less

More than 12 Months

Total

 

Gross

 

Gross

 

Gross

 

Fair

 

Unrealized

 

Fair

 

Unrealized

 

Fair

 

Unrealized

(in thousands)

 

Value

 

Losses

 

Value

 

Losses

 

Value

 

Losses

Securities available-for-sale:

    

  

    

  

    

  

    

  

    

  

    

  

Residential mortgage-backed - US agency and GSEs

$

24

$

(1)

$

2

$

$

26

 

$

(1)

State and political subdivisions

 

1,066

 

(1)

 

 

 

1,066

 

(1)

Total securities available-for-sale

$

1,090

$

(2)

$

2

$

$

1,092

$

(2)

Securities held-to-maturity:

 

  

 

  

 

  

 

  

 

  

 

  

Residential mortgage-backed - US agency and GSEs

$

150

$

(1)

$

97

$

(1)

$

247

$

(2)

Total securities held-to-maturity

$

150

$

(1)

$

97

$

(1)

$

247

$

(2)

 

  

 

  

 

  

 

  

 

  

 

  

The Company conducts a formal review of investment securities on a quarterly basis for the presence of other-than-temporary impairment (“OTTI”). Management assesses whether OTTI is present when the fair value of a debt security is less than its amortized cost basis at the statement of financial condition date. Under these circumstances, OTTI is considered to have occurred (1) if we intend to sell the security; (2) if it is “more likely than not” we will be required to sell the security before recovery of its amortized cost basis; or (3) the present value of expected cash flows is not sufficient to recover the entire amortized cost basis.  Credit-related OTTI is recognized in earnings while non-credit-related OTTI on securities not expected to be sold is recognized in other comprehensive income.  Non-credit-related OTTI is based on other factors, including illiquidity. Presentation of OTTI is made in the consolidated statement of operations on a gross basis, including both the portion recognized in earnings as well as the portion recorded in other comprehensive income.

Eleven government agency and government sponsored enterprise (“GSE”) residential mortgage-backed security holdings have an unrealized loss as of June 30, 2021.  The securities were issued by the Federal National Mortgage Association (“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”) and the Government National Mortgage Association (“GNMA”).  The government-backed securities that have unrealized losses are immaterial, with each of these securities having value deficiencies of $700 or less.  

There are eighteen bond issues held by the Bank that have an unrealized loss as of June 30, 2021. The bonds are issued by well-established corporate entities with semi-annual interest payments. All interest payments have historically been made timely. The value of the bonds held is closely correlated with long-term interest rates, and as interest rates increase, the bond values decrease. We anticipate full recovery of our investment over time and have no plans to sell the securities in the near term.

None of the securities demonstrate a steadily increasing loss ratio and values fluctuate in reaction to the uncertainty of the economy.  Principal and interest continue to be received on all securities as anticipated.  The Company has the ability and intent to hold the securities through maturity or recovery of its amortized cost basis.  With the government guarantees in place, management does not expect losses on these securities. No OTTI is deemed present on these securities.

12

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following is a summary of the amortized cost and estimated fair values of debt securities at June 30, 2021, by remaining term to contractual maturity other than mortgage-backed securities. Actual maturities may differ from these amounts because certain issuers have the right to call or redeem their obligations prior to contractual maturity. The contractual maturities of mortgage-backed securities generally exceed 20 years; however, the effective average life is expected to be substantially shorter due to anticipated repayments and prepayments.

June 30, 2021

Securities

Securities

 

Available-for-Sale

 

Held-to-Maturity

 

Amortized

 

Estimated

 

Amortized

 

Estimated

(in thousands)

    

Cost

    

Fair Value

    

Cost

    

Fair Value

Due in one year or less

$

10

$

10

$

$

Due over one year through five years

 

2,336

 

2,366

 

 

Due over five through ten years

 

5,399

 

5,580

 

 

Due after ten years

 

27,346

 

28,252

 

 

 

35,091

 

36,208

 

 

Residential mortgage-backed securities

 

36

 

36

 

1,308

 

1,339

Total

$

35,127

$

36,244

$

1,308

$

1,339

There were no gross realized gains and $2,000 in losses on sales and redemptions of available-for-sale securities for the six months ended June 30, 2021 and no gross realized gains or losses on sales and redemptions of available-for-sale securities for the six months ended June 30, 2020.

Gains and losses on the sales of securities are recognized in income when sold, using the specific identification method, on a trade date basis. Securities with a fair value of $5,698,399 and $6,969,058 were pledged to collateralize certain deposit arrangements at June 30, 2021 and December 31, 2020 respectively.

13

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

5.Loans Receivable

Major classifications of loans are as follows:

June 30, 

December 31, 

(In thousands)

    

2021

    

2020

 

Originated Loans:

 

  

 

  

Residential mortgages:

 

  

 

  

One- to four-family

$

107,916

$

113,254

 

107,916

 

113,254

Commercial loans:

 

  

 

  

Real estate - nonresidential

 

20,844

 

22,812

Multi-family

 

405

 

5,125

Commercial business

 

18,337

 

20,178

 

39,586

 

48,115

Consumer:

 

  

 

  

Home equity and junior liens

 

8,789

 

9,981

Manufactured homes

 

48,055

 

44,347

Automobile

 

22,964

 

21,469

Student

 

2,258

 

2,259

Recreational vehicle

25,291

14,557

Other consumer

 

5,038

 

4,081

 

112,395

 

96,694

Total originated loans

 

259,897

 

258,063

Net deferred loan costs

 

14,892

 

11,854

Less allowance for loan losses

 

(1,976)

 

(1,821)

Net originated loans

$

272,813

$

268,096

14

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

June 30, 

December 31, 

(In thousands)

    

2021

    

2020

Acquired Loans:

  

  

Residential mortgages:

 

  

 

  

One- to four-family

$

11,641

$

14,102

 

11,641

 

14,102

Commercial loans:

 

  

 

  

Real estate - nonresidential

 

1,833

 

1,942

Commercial business

 

227

 

327

 

2,060

 

2,269

Consumer:

 

  

 

  

Home equity and junior liens

 

1,107

 

1,406

Other consumer

 

131

 

190

 

1,238

 

1,596

Total acquired loans

 

14,939

 

17,967

Net deferred loan costs

 

(63)

 

(67)

Fair value credit and yield adjustment

 

(321)

 

(356)

Net acquired loans

$

14,555

$

17,544

June 30, 

December 31, 

(In thousands)

    

2021

    

2020

Total Loans:

  

Residential mortgages:

  

  

One- to four-family

$

119,557

$

127,356

 

119,557

 

127,356

Commercial loans:

 

  

 

  

Real estate - nonresidential

 

22,677

 

24,754

Multi-family

 

405

 

5,125

Commercial business

 

18,564

 

20,505

 

41,646

 

50,384

Consumer:

 

  

 

  

Home equity and junior liens

 

9,896

 

11,387

Manufactured homes

 

48,055

 

44,347

Automobile

 

22,964

 

21,469

Student

 

2,258

 

2,259

Recreational vehicle

25,291

14,557

Other consumer

 

5,169

 

4,271

 

113,633

 

98,290

Total Loans

 

274,836

 

276,030

Net deferred loan costs

 

14,829

 

11,787

Fair value credit and yield adjustment

 

(321)

 

(356)

Less allowance for loan losses

 

(1,976)

 

(1,821)

Loans receivable, net

$

287,368

$

285,640

15

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The Company grants residential mortgage, commercial and consumer loans to customers throughout the Finger Lakes region of New York State, which includes parts of Cayuga, Seneca, Wayne, Yates, Ontario and Orleans Counties. Although the Company has a diversified loan portfolio, a substantial portion of its debtors’ abilities to honor their contracts is dependent upon the counties’ employment and economic conditions. To further diversify the loan portfolio, the Company also purchases loans that have been originated outside of the region. High quality automobile loans, originated in the Northeastern United States, are purchased regularly from a Connecticut based company. In 2019, the Company also began to purchase modular home loans originated throughout the United States, who then services the loans for the Company. In 2020, the Company began to purchase automobile and recreational vehicle loans originated in New York State.

Loan Origination / Risk Management

The Company has lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by frequently providing management with reports related to loan production, loan quality, loan delinquencies, non-performing and potential problem loans. Diversification in the loan portfolio is a means of managing risk associated with fluctuations in economic conditions.

The loan portfolio is segregated into risk rating categories based on the borrower’s overall financial condition, repayment sources, guarantors, and value of collateral, if appropriate. The risk ratings are evaluated at least annually for commercial loans unless credit deficiencies arise, such as delinquent loan payments, for commercial, residential mortgage or consumer loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful, and loss. Loans classified as loss are considered uncollectible and are charged to the allowance for loan loss. Loans not classified are rated as pass.

The following table presents the classes of the loan portfolio summarized by the pass rating and the classified ratings of special mention, substandard, and doubtful within the Company’s internal risk rating system:

June 30, 2021

Special

(In thousands)

    

Pass

    

Mention

    

Substandard

    

Doubtful

    

Total

Originated Loans:

 

  

 

  

 

  

 

  

 

  

Residential mortgages:

 

  

 

  

 

  

 

  

 

  

One- to four-family

$

104,593

$

1,021

$

2,302

$

$

107,916

 

104,593

 

1,021

 

2,302

 

 

107,916

Commercial loans:

 

  

 

  

 

 

  

 

  

Real estate - nonresidential

 

13,620

 

4,768

 

2,456

 

 

20,844

Multi-family

 

405

 

 

 

 

405

Commercial business

 

15,638

 

1,240

 

1,459

 

 

18,337

 

29,663

 

6,008

 

3,915

 

 

39,586

Consumer:

 

  

 

  

 

  

 

  

 

  

Home equity and junior liens

 

8,703

 

 

86

 

 

8,789

Manufactured homes

 

48,055

 

 

 

 

48,055

Automobile

 

22,886

 

17

 

61

 

 

22,964

Student

 

2,258

 

 

 

 

2,258

Recreational vehicle

25,291

25,291

Other consumer

 

5,028

 

7

 

3

 

 

5,038

 

112,221

 

24

 

150

 

 

112,395

Total originated loans

$

246,477

$

7,053

$

6,367

$

$

259,897

16

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

June 30, 2021

Special

(In thousands)

    

Pass

    

Mention

    

Substandard

    

Doubtful

    

Total

Acquired Loans:

 

  

 

  

 

  

 

  

 

  

Residential mortgages:

 

  

 

  

 

  

 

  

 

  

One- to four-family

$

11,227

$

85

$

329

$

$

11,641

 

11,227

 

85

 

329

 

 

11,641

Commercial loans:

 

  

 

  

 

  

 

  

 

  

Real estate - nonresidential

 

1,833

 

 

 

 

1,833

Commercial business

 

227

 

 

 

 

227

 

2,060

 

 

 

 

2,060

Consumer:

 

  

 

  

 

  

 

  

 

  

Home equity and junior liens

 

1,072

 

 

35

 

 

1,107

Other consumer

 

131

 

 

 

 

131

 

1,203

 

 

35

 

 

1,238

Total acquired loans

$

14,490

$

85

$

364

$

$

14,939

June 30, 2021

Special

(In thousands)

    

Pass

    

Mention

    

Substandard

    

Doubtful

    

Total

Total Loans:

 

  

 

  

 

  

 

  

 

  

Residential mortgages:

 

  

 

  

 

  

 

  

 

  

One- to four-family

$

115,820

$

1,106

$

2,631

$

$

119,557

 

115,820

 

1,106

 

2,631

 

 

119,557

Commercial loans:

 

  

 

  

 

  

 

  

 

  

Real estate - nonresidential

 

15,453

 

4,768

 

2,456

 

 

22,677

Multi-family

 

405

 

 

 

 

405

Commercial business

 

15,865

 

1,240

 

1,459

 

 

18,564

 

31,723

 

6,008

 

3,915

 

 

41,646

Consumer:

 

  

 

  

 

  

 

  

 

  

Home equity and junior liens

 

9,775

 

 

121

 

 

9,896

Manufactured homes

 

48,055

 

 

 

 

48,055

Automobile

 

22,886

 

17

 

61

 

 

22,964

Student

 

2,258

 

 

 

 

2,258

Recreational vehicle

25,291

25,291

Other consumer

 

5,159

 

7

 

3

 

 

5,169

 

113,424

 

24

 

185

 

 

113,633

Total loans

$

260,967

$

7,138

$

6,731

$

$

274,836

17

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

December 31, 2020

Special

(In thousands)

    

Pass

    

Mention

    

Substandard

    

Doubtful

    

Total

Originated Loans:

 

  

 

  

 

  

 

  

 

  

Residential mortgages:

 

  

 

  

 

  

 

  

 

  

One- to four-family

$

109,752

$

627

$

2,875

$

$

113,254

 

109,752

 

627

 

2,875

 

 

113,254

Commercial loans:

 

  

 

  

 

 

  

 

  

Real estate - nonresidential

 

15,597

 

4,433

 

2,782

 

 

22,812

Multi-family

 

5,083

 

 

42

 

 

5,125

Commercial business

 

17,009

 

842

 

2,327

 

 

20,178

 

37,689

 

5,275

 

5,151

 

 

48,115

Consumer:

 

  

 

  

 

  

 

  

 

  

Home equity and junior liens

 

9,923

 

 

58

 

 

9,981

Manufactured homes

 

44,272

 

 

75

 

 

44,347

Automobile

 

21,432

 

4

 

33

 

 

21,469

Student

 

2,259

 

 

 

 

2,259

Recreational vehicle

14,527

30

14,557

Other consumer

 

4,046

 

4

 

31

 

 

4,081

 

96,459

 

38

 

197

 

 

96,694

Total originated loans

$

243,900

$

5,940

$

8,223

$

$

258,063

December 31, 2020

Special

(In thousands)

    

Pass

    

Mention

    

Substandard

    

Doubtful

    

Total

Acquired Loans:

 

  

 

  

 

  

 

  

 

  

Residential mortgages:

 

  

 

  

 

  

 

  

 

  

One- to four-family

$

13,669

$

63

$

370

$

$

14,102

 

13,669

 

63

 

370

 

 

14,102

Commercial loans:

 

  

 

  

 

  

 

  

 

  

Real estate - nonresidential

 

1,942

 

 

 

 

1,942

Commercial business

 

327

 

 

 

 

327

 

2,269

 

 

 

 

2,269

Consumer:

 

  

 

  

 

  

 

  

 

  

Home equity and junior liens

 

1,362

 

 

44

 

 

1,406

Other consumer

 

190

 

 

 

 

190

 

1,552

 

 

44

 

 

1,596

Total acquired loans

$

17,490

$

63

$

414

$

$

17,967

18

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

December 31, 2020

Special

(In thousands)

    

Pass

    

Mention

    

Substandard

    

Doubtful

    

Total

Total Loans:

 

  

 

  

 

  

 

  

 

  

Residential mortgages:

 

  

 

  

 

  

 

  

 

  

One- to four-family

$

123,421

$

690

$

3,245

$

$

127,356

 

123,421

 

690

 

3,245

 

 

127,356

Commercial loans:

 

  

 

  

 

  

 

  

 

  

Real estate - nonresidential

 

17,539

 

4,433

 

2,782

 

 

24,754

Multi-family

 

5,083

 

 

42

 

 

5,125

Commercial business

 

17,336

 

842

 

2,327

 

 

20,505

 

39,958

 

5,275

 

5,151

 

 

50,384

Consumer:

 

  

 

  

 

  

 

  

 

  

Home equity and junior liens

 

11,285

 

 

102

 

 

11,387

Manufactured homes

 

44,272

 

 

75

 

 

44,347

Automobile

 

21,432

 

4

 

33

 

 

21,469

Student

 

2,259

 

 

 

 

2,259

Recreational vehicle

14,527

30

14,557

Other consumer

 

4,236

 

4

 

31

 

 

4,271

 

98,011

 

38

 

241

 

 

98,290

Total loans

$

261,390

$

6,003

$

8,637

$

$

276,030

Management has reviewed its loan portfolio and determined that, to the best of its knowledge, little or no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of originating these types of loans.

Non-accrual and Past Due Loans

Loans are considered past due if the required principal and interest payments have not been received within thirty days of the payment due date.

For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan may be currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured.  When a loan is placed on non-accrual status, unpaid interest is reversed and charged to interest income.  Interest received on non-accrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal.  Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time and the ultimate collectability of the total contractual principal and interest is no longer in doubt.  Non-accrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification.

When future collectability of the recorded loan balance is expected, interest income may be recognized on a cash basis.  In the case where a non-accrual loan had been partially charged off, recognition of interest on a cash basis is limited to that which would have been recognized on the recorded loan balance at the contractual interest rate.  Cash interest receipts in excess of that amount are recorded as recoveries to allowance for loan losses until prior charge-offs have been fully recovered.    

19

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

An age analysis of past due loans, segregated by class of loans, as are as follows:

June 30, 2021

90 Days

 

30-59 Days

 

60-89 Days

 

or More

 

Total

 

Total Loans

Total Loans

(In thousands)

    

Past Due

    

Past Due

    

Past Due

    

Past Due

    

Current

    

Receivable

Originated Loans:

 

  

 

  

 

  

 

  

 

  

 

  

Residential mortgage loans:

 

  

 

  

 

  

 

  

 

  

 

  

One- to four-family

$

3,003

$

828

$

1,959

$

5,790

$

102,126

$

107,916

 

3,003

 

828

 

1,959

 

5,790

 

102,126

 

107,916

Commercial loans:

 

  

 

  

 

  

 

  

 

  

 

  

Real estate - nonresidential

 

568

 

 

604

 

1,172

 

19,672

 

20,844

Multi-family

 

 

 

 

 

405

 

405

Commercial business

 

261

 

76

 

849

 

1,186

 

17,151

 

18,337

 

829

 

76

 

1,453

 

2,358

 

37,228

 

39,586

Consumer loans:

 

  

 

  

 

  

 

  

 

  

 

  

Home equity and junior liens

 

70

 

 

109

 

179

 

8,610

 

8,789

Manufactured homes

 

706

 

 

 

706

 

47,349

 

48,055

Automobile

 

139

 

41

 

61

 

241

 

22,723

 

22,964

Student

 

 

 

 

 

2,258

 

2,258

Recreational vehicle

119

119

25,172

25,291

Other consumer

 

13

 

7

 

3

 

23

 

5,015

 

5,038

 

1,047

 

48

 

173

 

1,268

 

111,127

 

112,395

Total originated loans

$

4,879

$

952

$

3,585

$

9,416

$

250,481

$

259,897

20

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

June 30, 2021

90 Days

30-59 Days

60-89 Days

or More

Total

Total Loans

Total Loans

(In thousands)

    

Past Due

    

Past Due

    

Past Due

    

Past Due

    

Current

    

Receivable

Acquired Loans:

 

  

 

  

 

  

 

  

 

  

 

  

Residential mortgage loans:

 

  

 

  

 

  

 

  

 

  

 

  

One- to four-family

$

202

$

$

310

$

512

$

11,129

$

11,641

 

202

 

 

310

 

512

 

11,129

 

11,641

Commercial loans:

 

  

 

  

 

  

 

  

 

  

 

  

Real estate - nonresidential

 

 

 

 

 

1,833

 

1,833

Commercial business

 

 

 

 

 

227

 

227

 

 

 

 

 

2,060

 

2,060

Consumer loans:

 

  

 

  

 

  

 

  

 

  

 

  

Home equity and junior liens

 

 

4

 

54

 

58

 

1,049

 

1,107

Other consumer

 

22

 

 

 

22

 

109

 

131

 

22

 

4

 

54

 

80

 

1,158

 

1,238

Total acquired loans

$

224

$

4

$

364

$

592

$

14,347

$

14,939

June 30, 2021

90 Days

30-59 Days

60-89 Days

or More

Total

Total Loans

Total Loans

(In thousands)

    

Past Due

    

Past Due

    

Past Due

    

Past Due

    

Current

    

Receivable

Total Loans:

 

  

 

  

 

  

 

  

 

  

 

  

Residential mortgage loans:

 

  

 

  

 

  

 

  

 

  

 

  

One- to four-family

$

3,205

$

828

$

2,269

$

6,302

$

113,255

$

119,557

 

3,205

 

828

 

2,269

 

6,302

 

113,255

 

119,557

Commercial loans:

 

  

 

  

 

  

 

  

 

  

 

  

Real estate - nonresidential

 

568

 

 

604

 

1,172

 

21,505

 

22,677

Multi-family

 

 

 

 

 

405

 

405

Commercial business

 

261

 

76

 

849

 

1,186

 

17,378

 

18,564

 

829

 

76

 

1,453

 

2,358

 

39,288

 

41,646

Consumer loans:

 

  

 

  

 

  

 

  

 

  

 

  

Home equity and junior liens

 

70

 

4

 

163

 

237

 

9,659

 

9,896

Manufactured homes

 

706

 

 

 

706

 

47,349

 

48,055

Automobile

 

139

 

41

 

61

 

241

 

22,723

 

22,964

Student

 

 

 

 

 

2,258

 

2,258

Recreational vehicle

119

119

25,172

25,291

Other consumer

 

35

 

7

 

3

 

45

 

5,124

 

5,169

 

1,069

 

52

 

227

 

1,348

 

112,285

 

113,633

Total loans

$

5,103

$

956

$

3,949

$

10,008

$

264,828

$

274,836

21

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

December 31, 2020

90 Days

 

30-59 Days

 

60-89 Days

 

or More

 

Total

 

Total Loans

Total Loans

(In thousands)

 

Past Due

 

Past Due

 

Past Due

 

Past Due

 

Current

 

Receivable

Originated Loans:

    

  

    

  

    

  

    

  

    

  

    

  

Residential mortgage loans:

 

  

 

  

 

  

 

  

 

  

 

  

One- to four-family

$

2,345

$

691

$

2,875

$

5,911

$

107,343

$

113,254

 

2,345

 

691

 

2,875

 

5,911

 

107,343

 

113,254

Commercial loans:

 

  

 

  

 

  

 

  

 

  

 

  

Real estate - nonresidential

 

66

 

66

 

1,103

 

1,235

 

21,577

 

22,812

Multi-family

 

 

 

42

 

42

 

5,083

 

5,125

Commercial business

 

139

 

 

688

 

827

 

19,351

 

20,178

 

205

 

66

 

1,833

 

2,104

 

46,011

 

48,115

Consumer loans:

 

  

 

  

 

  

 

  

 

  

 

  

Home equity and junior liens

 

92

 

23

 

58

 

173

 

9,808

 

9,981

Manufactured homes

 

944

 

440

 

75

 

1,459

 

42,888

 

44,347

Automobile

 

188

 

21

 

33

 

242

 

21,227

 

21,469

Student

 

 

 

 

 

2,259

 

2,259

Recreational vehicle

229

30

259

14,298

14,557

Other consumer

 

3

 

4

 

29

 

36

 

4,045

 

4,081

 

1,456

 

518

 

195

 

2,169

 

94,525

 

96,694

Total originated loans

$

4,006

$

1,275

$

4,903

$

10,184

$

247,879

$

258,063

December 31, 2020

90 Days

30-59 Days

60-89 Days

or More

Total

Total Loans

Total Loans

(In thousands)

    

Past Due

    

Past Due

    

Past Due

    

Past Due

    

Current

    

Receivable

Acquired Loans:

Residential mortgage loans:

 

  

 

  

 

  

 

  

 

  

 

  

One- to four-family

$

223

$

48

$

370

$

641

$

13,461

$

14,102

 

223

 

48

 

370

 

641

 

13,461

 

14,102

Commercial loans:

 

  

 

  

 

  

 

  

 

  

 

  

Real estate - nonresidential

 

 

 

 

 

1,942

 

1,942

Commercial business

 

 

15

 

 

15

 

312

 

327

Other commercial and industrial

 

 

15

 

 

15

 

2,254

 

2,269

 

  

 

  

 

  

 

  

 

  

 

  

Consumer loans:

 

46

 

6

 

44

 

96

 

1,310

 

1,406

Home equity and junior liens

 

 

 

2

 

2

 

188

 

190

Other consumer

 

46

 

6

 

46

 

98

 

1,498

 

1,596

$

269

$

69

$

416

$

754

$

17,213

$

17,967

22

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

December 31, 2020

90 Days

30-59 Days

60-89 Days

or More

Total

Total Loans

Total Loans

(In thousands)

    

Past Due

    

Past Due

    

Past Due

    

Past Due

    

Current

    

Receivable

Total Loans:

 

  

 

  

 

  

 

  

 

  

 

  

Residential mortgage loans:

 

  

 

  

 

  

 

  

 

  

 

  

One- to four-family

$

2,568

$

739

$

3,245

$

6,552

$

120,804

$

127,356

 

2,568

 

739

 

3,245

 

6,552

 

120,804

 

127,356

Commercial loans:

 

  

 

  

 

  

 

  

 

  

 

  

Real estate - nonresidential

 

66

 

66

 

1,103

 

1,235

 

23,519

 

24,754

Multi-family

 

 

 

42

 

42

 

5,083

 

5,125

Commercial business

 

139

 

15

 

688

 

842

 

19,663

 

20,505

 

205

 

81

 

1,833

 

2,119

 

48,265

 

50,384

Consumer loans:

 

  

 

  

 

  

 

  

 

  

 

  

Home equity and junior liens

 

138

 

29

 

102

 

269

 

11,118

 

11,387

Manufactured homes

 

944

 

440

 

75

 

1,459

 

42,888

 

44,347

Automobile

 

188

 

21

 

33

 

242

 

21,227

 

21,469

Student

 

 

 

 

 

2,259

 

2,259

Recreational vehicle

229

30

259

14,298

14,557

Other consumer

 

3

 

4

 

31

 

38

 

4,233

 

4,271

 

1,502

 

524

 

241

 

2,267

 

96,023

 

98,290

Total loans

$

4,275

$

1,344

$

5,319

$

10,938

$

265,092

$

276,030

Non-accrual loans, segregated by class of loan, were as follows:

June 30, 

December 31, 

(In thousands)

    

2021

    

2020

    

Residential mortgage loans:

  

  

One- to four-family

$

2,269

$

3,245

 

2,269

 

3,245

Commercial loans:

 

  

 

  

Real estate - nonresidential

 

604

 

1,103

Multi-family

 

 

42

Commercial business

 

849

 

688

 

1,453

 

1,833

Consumer loans:

 

  

 

  

Home equity and junior liens

 

163

 

102

Manufactured homes

 

 

75

Automobile

 

61

 

33

Other consumer

 

3

 

31

 

227

 

241

Total non-accrual loans

$

3,949

$

5,319

There were no loans past due more than ninety days and still accruing interest at June 30, 2021 and December 31, 2020.

23

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Troubled Debt Restructurings

The Company is required to disclose certain activities related to Troubled Debt Restructurings (“TDR”) in accordance with accounting guidance. Certain loans have been modified in a TDR where economic concessions have been granted to a borrower who is experiencing, or is expected to experience, financial difficulties. These economic concessions could include a reduction in the loan interest rate, extension of payment terms, reduction of principal amortization, or other actions that the Company would not otherwise consider for a new loan with similar risk characteristics. The recorded investment for each TDR loan is determined by the outstanding balance less the allowance associated with the loan.

At December 31, 2020, the Company had nine loans, with an outstanding balance of $2.5 million, in the portfolio that had been modified by making concessions to maturity dates and, in some cases, lowering the interest rate from the original contract. Each modification was done to alleviate the borrowers’ financial difficulties and keep the collateral from repossession when the borrower met the eligibility criteria. One of the outstanding TDRs is in non-accrual status due to delinquency greater than 90 days. Each of the other remaining TDR loans continues to accrue interest and have not defaulted since restructuring.

At June 30, 2021, there were 16 TDR loans totaling $2.9 million. One of the outstanding auto TDRs is in non-accrual status due to delinquency greater than 90 days. Each of the other remaining TDR loans continue to accrue interest.

Impaired Loans

A loan is considered impaired when based on current information and events it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement.  Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due.  Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower including the length of the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed.  Impairment is measured on a loan-by-loan basis for commercial loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent.  

24

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following table summarizes impaired loans information by portfolio class:

June 30, 2021

Unpaid

Recorded

Principal

Related

(In thousands)

    

Investment

    

Balance

    

Allowance

With no related allowance recorded:

 

  

 

  

 

  

One- to four-family residential mortgages

$

2,266

$

2,387

$

Commercial real estate - nonresidential

 

862

 

1,212

 

Commercial business

 

73

 

73

 

Home equity and junior liens

 

139

 

139

 

With an allowance recorded:

 

  

 

  

 

  

One- to four-family residential mortgages

 

347

 

347

 

15

Commercial business

 

429

 

429

 

194

Other consumer

 

3

 

3

 

2

Total:

 

  

 

  

 

  

One- to four-family residential mortgages

 

2,613

 

2,734

 

15

Commercial real estate - nonresidential

 

862

 

1,212

 

Commercial business

 

502

 

502

 

194

Home equity and junior liens

 

139

 

139

 

Other consumer

 

3

 

3

 

2

$

4,119

$

4,590

$

211

25

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

December 31, 2020

Unpaid

  

Recorded

Principal

Related

(In thousands)

    

Investment

    

Balance

    

Allowance

With no related allowance recorded:

  

  

  

One- to four-family residential mortgages

$

2,836

$

2,937

$

Commercial real estate - nonresidential

 

1,198

 

1,548

 

Commercial business

 

782

 

782

 

Home equity and junior liens

 

109

 

109

 

With an allowance recorded:

 

  

 

  

 

  

One- to four-family residential mortgages

 

429

 

429

 

21

Multi-family

 

42

 

42

 

7

Commercial business

 

713

 

713

 

265

Automobile

 

41

 

41

 

10

Other consumer

 

2

 

2

 

2

Total:

 

  

 

  

 

  

One- to four-family residential mortgages

 

3,265

 

3,366

 

21

Commercial real estate - nonresidential

 

1,198

 

1,548

 

Multi-family

 

42

 

42

 

7

Commercial business

 

1,495

 

1,495

 

265

Home equity and junior liens

 

109

 

109

 

Automobile

 

41

 

41

 

10

Other consumer

 

2

 

2

 

2

$

6,152

$

6,603

$

305

26

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following table presents the average recorded investment in impaired loans:

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(In thousands)

    

2021

2020

2021

2020

 

 

One- to four-family residential mortgages

$

2,737

$

2,516

$

2,750

$

2,505

Commercial real estate - nonresidential

 

1,217

 

4,033

 

1,218

 

4,026

Commercial business

 

509

 

1,975

 

519

 

1,964

Home equity and junior liens

 

139

 

84

 

140

 

84

Automobile

 

 

18

 

 

17

Other consumer

 

3

 

2

 

3

 

1

4,605

$

8,628

4,630

$

8,597

The following table presents interest income recognized on impaired loans:

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(In thousands)

2021

    

2020

    

2021

    

2020

One- to four-family residential mortgages

$

20

$

17

$

44

$

37

Commercial real estate - nonresidential

 

10

 

19

 

10

 

36

Commercial business

 

1

28

2

46

Home equity and junior liens

1

Manufactured homes

Automobile

4

4

$

31

$

68

$

56

$

124

Income recognized on a cash basis was not materially different than interest income recognized on an accrual basis.

6.Allowance for Loan Loss

Changes in the allowance for loan losses and information pertaining to the allocation of the allowance for loan losses and balances of the allowance for loan losses and loans receivable based on individual and collective impairment evaluation by loan portfolio class are summarized as follows:

Three Months Ended June 30, 2021

One- to four-

Construction

Commercial

Commercial

family

residential

real estate

real estate

Construction

Commercial

(In thousands)

    

residential

    

mortgage

    

nonresidential

    

multi-family

    

commercial

    

business

Allowance for loan losses:

  

  

  

  

  

  

Beginning Balance

$

540

$

$

388

 

$

11

$

$

530

Charge-offs

 

(74)

 

 

 

 

 

Recoveries

 

1

 

 

16

 

6

 

 

Provision (credit) for loan losses

 

144

 

 

(28)

 

(15)

 

 

33

Ending balance

$

611

$

$

376

 

$

2

$

$

563

27

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Three Months Ended June 30, 2021 (cont'd) 

Home equity

Manufactured

Recreational

Other

(In thousands)

    

and junior liens

    

homes

    

Automobile

    

Student

    

vehicle

    

consumer

    

Unallocated

    

Total

Allowance for loan losses:

Beginning Balance

$

48

$

81

$

137

$

71

$

$

75

$

$

1,881

Charge-offs

 

 

 

(4)

 

 

 

(3)

 

 

(81)

Recoveries

 

 

 

15

 

 

 

3

 

 

41

Provision (credit) for loan losses

 

(2)

 

1

 

(5)

 

(2)

 

 

9

 

 

135

Ending balance

$

46

$

82

$

143

$

69

$

$

84

$

$

1,976

Three Months Ended June 30, 2020

One- to four-

Construction

Commercial

Commercial

family

residential

real estate

real estate

Construction

Commercial

(In thousands)

    

residential

    

mortgage

    

nonresidential

    

multi-family

    

commercial

    

business

Allowance for loan losses:

  

  

  

  

  

  

Beginning Balance

$

459

$

1

$

417

 

$

18

$

$

491

Charge-offs

 

(6)

 

 

 

 

 

Recoveries

 

1

 

 

 

7

 

 

140

Provision (credit) for loan losses

 

95

 

 

92

 

16

 

 

(251)

Ending balance

$

549

$

1

$

509

 

$

41

$

$

380

Three Months Ended June 30, 2020 (cont'd) 

Home equity

Manufactured

Recreational

Other

(In thousands)

    

and junior liens

    

homes

    

Automobile

    

Student

    

vehicle

    

consumer

    

Unallocated

    

Total

Allowance for loan losses:

Beginning Balance

$

53

$

$

127

$

74

$

$

67

$

45

$

1,752

Charge-offs

 

 

 

(8)

 

 

 

 

 

(14)

Recoveries

 

7

 

 

11

 

 

1

 

1

 

 

168

Provision (credit) for loan losses

 

(22)

 

 

4

 

(4)

 

(1)

 

(22)

 

183

 

90

Ending balance

$

38

$

$

134

$

70

$

$

46

$

228

$

1,996

28

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Six Months Ended June 30, 2021

One- to four-

Construction

Commercial

Commercial

family

residential

real estate

real estate

Construction

Commercial

(In thousands)

    

residential

    

mortgage

    

nonresidential

    

multi-family

    

commercial

    

business

Allowance for loan losses:

  

  

  

  

  

  

Beginning Balance

$

457

$

$

319

 

$

26

$

$

617

Charge-offs

 

(77)

 

 

(51)

 

 

 

(17)

Recoveries

 

2

 

 

16

 

12

 

 

7

Provision (credit) for loan losses

 

229

 

 

92

 

(36)

 

 

(44)

Ending balance

$

611

$

$

376

 

$

2

$

$

563

Ending balance:  related to loans individually evaluated for impairment

$

15

$

$

 

$

$

$

194

Ending balance:  related to loans collectively evaluated for impairment

$

596

$

$

376

 

$

2

$

$

369

Loans receivable:

 

  

 

  

 

  

 

  

 

  

 

  

Ending balance

$

119,557

$

$

22,677

 

$

405

$

$

18,564

Ending balance: individually evaluated for impairment

$

2,613

$

$

862

 

$

$

$

502

Ending balance: collectively evaluated for impairment

$

116,944

$

$

21,815

 

$

405

$

$

18,062

Six Months Ended June 30, 2021 (cont'd) 

Home equity

Manufactured

Recreational

Other

(In thousands)

    

and junior liens

    

homes

    

Automobile

    

Student

    

vehicle

    

consumer

    

Unallocated

    

Total

Allowance for loan losses:

Beginning Balance

$

46

$

76

$

127

$

69

$

$

84

$

$

1,821

Charge-offs

 

(2)

 

 

(6)

 

 

 

(36)

 

 

(189)

Recoveries

 

 

 

25

 

1

 

7

 

4

 

 

74

Provision (credit) for loan losses

 

2

 

6

 

(3)

 

(1)

 

(7)

 

32

 

 

270

Ending balance

$

46

$

82

$

143

$

69

$

$

84

$

$

1,976

Ending balance: related to loans individually evaluated for impairment

$

$

$

$

$

$

2

$

$

211

Ending balance: related to loans collectively evaluated for impairment

$

46

$

82

$

143

$

69

$

$

82

$

$

1,765

Loans receivable:

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Ending balance

$

9,896

$

48,055

$

22,964

$

2,258

$

25,291

$

5,169

$

$

274,836

Ending balance: individually evaluated for impairment

$

139

$

$

$

$

$

3

$

$

4,119

Ending balance: collectively evaluated for impairment

$

9,757

$

48,055

$

22,964

$

2,258

$

25,291

$

5,166

$

$

270,717

29

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Six Months Ended June 30, 2020

One- to four-

Construction

Commercial

Commercial

family

residential

real estate

real estate

Construction

Commercial

(In thousands)

    

residential

    

mortgage

    

nonresidential

    

multi-family

    

commercial

    

business

Allowance for loan losses:

  

  

  

  

  

  

Beginning Balance

$

375

$

2

$

421

 

$

17

$

$

527

Charge-offs

 

(8)

 

 

 

 

 

Recoveries

 

2

 

 

 

9

 

 

140

Provision (credit) for loan losses

 

180

 

(1)

 

88

 

15

 

 

(287)

Ending balance

$

549

$

1

$

509

 

$

41

$

$

380

Ending balance:  related to loans individually evaluated for impairment

$

31

$

$

250

 

$

$

$

132

Ending balance:  related to loans collectively evaluated for impairment

$

518

$

1

$

259

 

$

41

$

$

248

Loans receivable:

 

  

 

  

 

  

 

  

 

  

 

  

Ending balance

$

135,909

$

221

$

34,884

 

$

5,188

$

$

22,569

Ending balance: individually evaluated for impairment

$

2,347

$

$

4,028

 

$

$

$

1,975

Ending balance: collectively evaluated for impairment

$

133,562

$

221

$

30,856

 

$

5,188

$

$

20,594

Six Months Ended June 30, 2020 (cont'd) 

Home equity

Manufactured

Recreational

Other

(In thousands)

    

and junior liens

    

homes

    

Automobile

    

Student

    

vehicle

    

consumer

    

Unallocated

    

Total

Allowance for loan losses:

Beginning Balance

$

50

$

$

142

$

69

$

$

35

$

22

$

1,660

Charge-offs

 

 

 

(29)

 

 

(14)

 

(3)

 

 

(54)

Recoveries

 

12

 

 

35

 

 

2

 

10

 

 

210

Provision (credit) for loan losses

 

(24)

 

 

(14)

 

1

 

12

 

4

 

206

 

180

Ending balance

$

38

$

$

134

$

70

$

$

46

$

228

$

1,996

Ending balance: related to loans individually evaluated for impairment

$

$

$

25

$

$

$

2

$

$

440

Ending balance: related to loans collectively evaluated for impairment

$

38

$

$

109

$

70

$

$

44

$

228

$

1,556

Loans receivable:

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Ending balance

$

11,537

$

30,020

$

23,154

$

2,290

$

7,884

$

3,776

$

$

277,432

Ending balance: individually evaluated for impairment

$

84

$

$

75

$

$

$

2

$

$

8,511

Ending balance: collectively evaluated for impairment

$

11,453

$

30,020

$

23,079

$

2,290

$

7,884

$

3,774

$

$

268,921

30

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Year Ended December 31, 2020

One- to four-

Construction

Commercial

Commercial

 

family

 

residential

 

real estate

 

real estate

 

Construction

 

Commercial

(In thousands)

    

residential

    

mortgage

    

nonresidential

    

multi-family

    

commercial

    

business

Allowance for loan losses:

Beginning Balance

$

375

$

2

$

421

 

$

17

$

$

527

Charge-offs

 

(89)

 

 

(398)

 

 

 

(15)

Recoveries

 

4

 

 

 

19

 

 

140

Provision (credit) for loan losses

 

167

 

(2)

 

296

 

(10)

 

 

(35)

Ending balance

$

457

$

$

319

 

$

26

$

$

617

Ending balance: related to loans individually evaluated for impairment

$

21

$

$

 

$

7

$

$

265

Ending balance: related to loans collectively evaluated for impairment

$

436

$

$

319

 

$

19

$

$

352

Loans receivable:

 

  

 

  

 

  

 

  

 

  

 

  

Ending balance

$

127,356

$

$

24,754

 

$

5,125

$

$

20,505

Ending balance: individually evaluated for impairment

$

3,265

$

$

1,198

 

$

42

$

$

1,495

Ending balance: collectively evaluated for impairment

$

124,091

$

$

23,556

 

$

5,083

$

$

19,010

Year Ended December 31, 2020 (cont'd)

Home equity

Manufactured

Recreational

Other

(In thousands)

    

and junior liens

    

homes

    

Automobile

    

Student

    

vehicle

    

consumer

    

Unallocated

    

Total

Allowance for loan losses:

Beginning Balance

$

50

$

$

142

$

69

$

$

35

$

22

$

1,660

Charge-offs

 

(9)

 

 

(54)

 

 

(14)

 

(4)

 

 

(583)

Recoveries

 

12

 

 

71

 

3

 

6

 

9

 

 

264

Provision (credit) for loan losses

 

(7)

 

76

 

(32)

 

(3)

 

8

 

44

 

(22)

 

480

Ending balance

$

46

$

76

$

127

$

69

$

$

84

$

$

1,821

Ending balance: related to loans individually evaluated for impairment

$

$

$

10

$

$

$

2

$

$

305

Ending balance: related to loans collectively evaluated for impairment

$

46

$

76

$

117

$

69

$

$

82

$

$

1,516

Loans receivable:

 

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Ending balance

$

11,387

$

44,347

$

21,469

$

2,259

$

14,557

$

4,271

$

$

276,030

Ending balance: individually evaluated for impairment

$

109

$

$

41

$

$

$

2

$

$

6,152

Ending balance: collectively evaluated for impairment

$

11,278

$

44,347

$

21,428

$

2,259

$

14,557

$

4,269

$

$

269,878

The allowance for loan losses represents management's estimate of losses inherent in the loan portfolio as of the consolidated statement of financial condition date and is recorded as a reduction of loans. The allowance for loan losses is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to

31

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

the allowance. All, or part, of the principal balance of loans receivable is charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Consumer loans not secured by residential real estate are generally charged off no later than 90 days past due on a contractual basis, earlier in the event of bankruptcy, or if there is an amount deemed uncollectible. Because all identified losses are immediately charged off, no portion of the allowance for loan losses is restricted to any individual loan or groups of loans, and the entire allowance is available to absorb any and all loan losses.

The allowance consists of specific, general and unallocated components. The specific component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying amount of that loan. The general component covers pools of loans by loan class including commercial loans not considered impaired, automobile loans identified in pools by product and underwriting standards, as well as smaller balance homogeneous consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates for each of these categories of loans, adjusted for qualitative risk factors. These qualitative risk factors include:

Asset quality trends
The trend in loan growth and portfolio mix
Regional and local economic conditions
Historical loan loss experience
Underlying credit quality

Each factor is assigned a value to reflect improving, stable or declining conditions based on management's best judgment using relevant information available at the time of the evaluation.

The risk characteristics within the loan portfolio vary depending on the loan segment. Consumer loans generally are repaid from personal sources of income. Risks associated with consumer loans primarily include general economic risks such as declines in the local economy creating higher rates of unemployment. Those conditions may also lead to a decline in collateral values should the Company be required to repossess the collateral securing consumer loans. These economic risks also impact the commercial loan segment, however, commercial loans are considered to have greater risk than consumer loans as the primary source of repayment is from the cash flow of the business customer. Loans secured by real estate provide the best collateral protection and thus significantly reduce the inherent risk in the portfolio.

32

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

7.Employee Benefit Plans

The Company provides pension benefits for eligible employees through two defined benefit pension plans (the “Plans”). The following tables set forth the changes in the Plans’ benefit obligations, fair value of plan assets, and the plans’ funded status:

Generations Bank Plan:

Three Months Ended June 30, 

Six Months Ended June 30, 

(In thousands)

2021

2020

2021

2020

Net periodic expenses recognized in income:

Service cost

$

114

$

103

$

229

$

206

Interest cost

105

112

210

224

Expected return on plan assets

(370)

(335)

(740)

(669)

Amortization of net losses

29

34

57

67

Net periodic pension benefit

$

(122)

$

(86)

$

(244)

$

(172)

Medina Savings and Loan Plan:

Three Months Ended June 30, 

Six Months Ended June 30, 

(In thousands)

2021

2020

2021

2020

Net periodic expenses recognized in income:

Service cost

$

7

$

7

$

15

$

14

Interest cost

33

36

65

71

Expected return on plan assets

(116)

(108)

(232)

(215)

Net periodic pension benefit

$

(76)

$

(65)

$

(152)

$

(130)

8.Regulatory Capital

The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain amounts and ratios (set forth in the table below) of total core and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to total adjusted assets (as defined).

The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (BASEL III rules) became effective for the Bank on January 1, 2015 with full compliance with all of the requirements being phased in over a multi-year schedule, and fully phased in by January 1, 2019. Under the BASEL III rules, the Bank must hold a 2.50% capital conservation buffer above the adequately capitalized risk-based capital ratios.  The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Management believes as of June 30, 2021 and December 31, 2020, the Bank meets all capital adequacy requirements to which it is subject.

33

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The Bank’s actual capital amounts and ratios are as follows:

Minimum

To Be "Well-

Minimum

Capitalized"

For Capital

Under Prompt

Actual

Adequacy Purposes

Corrective Provisions

(in thousands)

    

Amount

    

Ratio

    

Amount

    

Ratio

    

Amount

    

Ratio

    

As of June 30, 2021

    

  

    

  

    

  

    

  

    

  

    

  

    

Common Equity Tier 1 Capital

$

40,519

14.16

%  

$

12,873

6.00

%  

$

18,594

8.00

%  

Total Capital (to Risk-Weighted Assets)

$

42,495

14.86

%  

$

22,885

8.00

%  

$

28,606

10.00

%  

Tier 1 Capital (to Risk-Weighted Assets)

$

40,519

14.16

%  

$

17,164

4.50

%  

$

22,885

6.50

%  

Tier 1 Capital (to Total Adjusted Assets)

$

40,519

10.62

%  

$

15,260

4.00

%  

$

19,075

5.00

%  

As of December 31, 2020:

 

  

  

 

  

 

  

  

Common Equity Tier 1 Capital

$

31,942

12.18

%  

$

15,730

6.00

%  

$

20,974

8.00

%  

Total Capital (to Risk-Weighted Assets)

$

33,768

12.88

%  

$

20,974

8.00

%  

$

26,217

10.00

%  

Tier 1 Capital (to Risk-Weighted Assets)

$

31,942

12.18

%  

$

11,798

4.50

%  

$

10,741

6.50

%  

Tier 1 Capital (to Total Adjusted Assets)

$

31,942

8.72

%  

$

14,648

4.00

%  

$

18,310

5.00

%  

The Company’s goal is to maintain a strong capital position, consistent with the risk profile of its subsidiary bank that supports growth and expansion activities while at the same time exceeding regulatory standards. At June 30, 2021 and December 31, 2020, Generations Bank exceeded all regulatory required minimum capital ratios and met the regulatory definition of a “well-capitalized” institution, i.e. Tier 1 Capital (to Total Adjusted Asset) exceeding 5%, a common equity Tier 1 capital ratio exceeding 8.00%, a Tier 1 risk-based capital ratio exceeding 6.50% and a total risk-based capital ratio exceeding 10%.

By letter dated September 10, 2020, based on its supervisory profile, the Office of the Comptroller of the Currency (“OCC”) established higher individual minimum capital ratios for Generations Bank. Specifically, effective September 10, 2020, Generations Bank is required to maintain a leverage ratio of 8.0% and a total capital ratio of 12.0%. The individual minimum capital ratios will remain in effect until terminated, modified, or suspended in writing by the OCC.

9.Commitments and Contingencies

Credit Commitments

The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business in order to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit, interest rate, or liquidity risk in excess of the amount recognized in the consolidated statements of financial condition. The Bank’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amounts of those instruments. The Bank has experienced minimal credit losses to date on its financial instruments with off-balance sheet risk and management does not anticipate any significant losses on its commitments to extend credit outstanding at June 30, 2021.

34

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Financial instruments whose contract amounts represent credit risk consist of the following:

June 30, 

December 31, 

(In thousands)

    

2021

    

2020

 

Commitments to grant loans

$

5,134

$

4,009

Unfunded commitments under lines of credit

 

15,324

 

14,823

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitment amounts are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the counter party. Collateral held varies but may include residential real estate and income-producing commercial properties. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at June 30, 2021 with fixed interest rates amounted to approximately $5.1 million. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at June 30, 2021 with variable interest rates amounted to approximately $15.4 million. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at December 31, 2020 with fixed interest rates amounted to approximately $4.6 million. Loan commitments, including unused lines of credit and standby letters of credit, outstanding at December 31, 2020 with variable interest rates amounted to approximately $14.2 million.

Unfunded commitments under revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed.

Letters of credit written are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Generally, all letters of credit, when issued have expiration dates. The credit risk involved in issuing letters of credit is essentially the same as those that are involved in extending loan facilities to customers. The Company generally holds collateral and/or personal guarantees supporting these commitments. Management believes that the proceeds obtained through a liquidation of collateral and the enforcement of guarantees would be sufficient to cover the potential amount of future payments required under the corresponding guarantees.

Commitments to Originate and Sell one- to four-family Residential Mortgages

The Bank has sold and funded $68.6 million to the Federal Home Loan Bank of New York as part of its mortgage partnership finance program (“MPF Program”), inclusive of USDA loans, to date. The principal outstanding balance on loans sold under the MPF Program is $11.0 million at June 30, 2021. The Bank continues to service loans sold under the MPF Program.

Under the terms of the MPF Program, there is limited recourse to the Bank for loans that do not perform in accordance with the terms of the loan agreement. Each loan that is sold under the program is “credit enhanced” such that the individual loan’s rating is raised to “AA,” as determined by the Federal Home Loan Bank of New York. The sum of each individual loan’s credit enhancement represents the total recourse back to the Bank. The total recourse back to the Bank for loans sold was $2.2 million at June 30, 2021. A portion of the recourse is offset by a “first loss account” to which funds are allocated by the Federal Home Loan Bank of New York annually in January. The balance of the “first loss account” allocated to the Bank is $78,500 at June 30, 2021. In addition, many of the loans sold under the MPF Program have primary mortgage insurance, which reduces the Bank’s overall exposure. The potential liability for the recourse is considered when the Bank determines its allowance for loan losses.

35

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Lease Commitments

As part of the Medina Savings and Loan Association merger, the Bank took on the assignment of a non-cancelable operating lease with Wal-Mart East for the space occupied by the Albion retail office. This lease expired on May 31, 2021 and was not renewed and the office was closed on May 7, 2021.  Lease expense, since the merger, is included in occupancy expense and was $19,000 and $18,000 for the six month periods ended June 30, 2021 and 2020, respectively, and $41,000 for the year ending December 31, 2020.

There are no future minimum lease commitments at June 30, 2021.

10.Revenue from Contracts with Customers

The majority of the Company’s revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as loans and investment securities, which are presented in our consolidated statements of operations as components of net interest income. All of the Company’s revenue from contracts with customers in the scope of Topic 606 is recognized within non-interest income.

The following table presents revenues subject to Topic 606:

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(In thousands)

    

2021

    

2020

    

2021

    

2020

Service charges on deposit accounts

$

131

$

128

$

266

$

311

Debit card interchange and surcharge income

 

232

 

174

 

443

 

343

Investment services income

 

 

27

 

 

84

Insurance commission and fees

 

201

 

190

 

375

 

406

Loan servicing fees

 

33

 

35

 

59

 

71

$

597

$

554

$

1,143

$

1,215

Service charges on deposit accounts: The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as stop payment charges, wire transfers, and official check charges, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance and inactivity fees, which relate primarily to monthly maintenance and servicing, are recognized at the end of the month in which maintenance occurs. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposit accounts are withdrawn from the customer’s account balance.

Debit card interchange and surcharge income: The Company earns interchange income from debit cardholder transactions conducted through the MasterCard International Inc. payment network. Additionally, ATM surcharges are also assessed on foreign (non-customer) users who use the Company’s ATM network of machines. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and foreign surcharges are a fixed fee per transaction. Both are recognized daily, concurrently with the transaction processing services provided to the cardholder.

Investment services income: Prior to June 30, 2020, the Company earned fees from investment brokerage services provided to its customers by an employee who acted as an agent for a third-party service provider, Cadaret Grant. The Company received commissions from Cadaret Grant on a monthly basis based upon customer activity and balances held for the month. The Company employed the agent that arranged the relationship between the customer and the brokerage service provider. Investment brokerage commissions are presented as gross earnings based on the

36

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

commission percentage.  All related costs are recorded as operating expenses.  The Company sold this line of business to a third party at June 30, 2020.

Insurance commissions and fees: Regular commissions are earned upon the effective date of bound insurance coverage. They are paid by the insurance carrier and recorded by the Company through a monthly remittance. Contingent commissions are based on a contract but are dependent, not only on the level of policies bound with the carrier, but also on loss claim levels experienced through the last day of the year, volume growth, or shrinkage. The Agency’s business is not considered to be significant to the carriers, and many of our insurance carriers are combined under an umbrella with other independent agents, making the contingent commission earned dependent on a calculation that includes the experience of others. As such, the level of contingent commissions is not readily determinable until it is paid, but does not have a significant impact on the Company’s financial results.

Loan servicing fees: The majority of income derived from loans is excluded from the scope of the amended guidance on accounting for revenue from contracts with customers. However, servicing fee revenue is generated in the form of late charges on customer loans. Late fees are transaction-based and are recognized at the point in time that the customer has exceeded the loan payment grace-period and the Company has earned the fee based on loan note. Fees are assessed as a percentage of the past-due loan payment amount.

11.Fair Value Disclosures

Management uses its best judgment in estimating the fair value of the Company’s financial assets and liabilities; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial assets and liabilities, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sale transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective reporting dates and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial assets and liabilities subsequent to the respective reporting dates may be different from the amounts reported at each reporting date.

The Company uses fair value measurements to record fair value adjustments to certain financial assets and liabilities and to determine fair value disclosures. The fair value of a financial asset or liability is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in some instances, there may be no quoted market prices for the Company’s various financial assets and liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the financial asset or liability.

Fair value measurement guidance established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date of identical, unrestricted assets or liabilities.

Level 2: Quoted prices in markets that are not active, or inputs that are observable directly or indirectly, for substantially the full term of the asset or liability.

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported with little or no market activity).

37

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. There have been no changes in valuation techniques during the periods ended June 30, 2021 and December 31, 2020.

The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparison between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s assets and liabilities at June 30, 2021 and December 31, 2020.

Cash and due from banks: The carrying amounts of cash and due from banks approximate fair values.

Interest-earning deposits: The carrying amounts of interest-earning term deposits held in banks approximate fair values.

Investment securities: The fair values of trading, available-for-sale, held-to-maturity, and equity securities are obtained from an independent third party and are based on quoted prices on a nationally recognized exchange (Level 1), where available. At this time, only the equity securities qualify as a Level 1 valuation. If quoted prices are not available, fair values are measured by utilizing matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2). Management made no adjustment to the fair value quotes that were received from the independent third party pricing service.

Municipal Bonds: The significant unobservable inputs used in the fair value measurement of the Company’s municipal bonds are premiums for unrated securities and marketability discounts. Significant increases (decreases) in either of those inputs in isolation would result in a significantly lower (higher) fair value measurement. In general, changes in either of those inputs will not affect the other input.

Federal Home Loan Bank (FHLB) stock: The carrying value of FHLB stock approximates fair value based on the redemption provisions of the FHLB, resulting in a Level 2 classification. There have been no identified events or changes in circumstances that may have a significant adverse effect on the FHLB stock.

Loans: The fair values of loans, excluding impaired loans, are estimated using discounted cash flow analyses, using market rates at the statement of financial condition date that reflect the credit and interest rate risk inherent in the loans, resulting in a Level 3 classification. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Future cash flows are then discounted using the Bank’s weighted average rate on new loans and thus the resulting fair value represents exit pricing. Generally, for variable rate loans that reprice frequently and with no significant changes in credit risk, fair values are based on carrying values.

Impaired loans: Impaired loans are those loans in which the Company has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third party appraisals of the properties or discounted cash flows based upon expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair value consists of loan balances less their valuation allowances.

Deposits: The fair values disclosed for demand deposits (e.g., interest and non-interest checking) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts), and are therefore classified as Level 1. Savings and money market account fair values are based on estimated decay rates and current costs. Fair values for fixed rate certificates of deposit, including brokered deposits, are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated

38

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

expected monthly maturities on time deposits. Due to the inputs necessary to calculate the fair value, savings and time deposits are considered Level 3 valuations that estimate exit pricing.

Accrued interest: The carrying amounts of accrued interest receivable and payable approximate fair value, and due to the short-term (30 days or less) nature of the balances, are considered Level 1.

Borrowings: Fair values of FHLB advances are estimated using discounted cash flow analysis, based on quoted prices for new FHLB advances with similar credit risk characteristics, terms and remaining maturity, resulting in a Level 2 classification. These prices obtained from this active market represent a fair value that is deemed to represent the transfer price if the liability were assumed by a third party.

Subordinated Debt: The carrying value is deemed to approximate the fair value.

The following table presents a comparison of the carrying amount and estimated fair value of the Company’s financial instruments:

June 30, 2021

Carrying

Fair

(In thousands)

    

Amount

    

Level 1

    

Level 2

    

Level 3

    

Value

Financial assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

15,269

$

15,269

$

$

$

15,269

Securities available-for-sale

 

36,244

 

 

33,064

 

3,180

 

36,244

Securities held-to-maturity

 

1,308

 

 

1,339

 

 

1,339

Equity securities

 

326

 

326

 

 

 

326

Loans receivable

 

287,368

 

 

 

282,330

 

282,330

Federal Home Loan Bank

 

1,683

 

 

1,683

 

 

1,683

Accrued interest receivable

 

1,284

 

1,284

 

 

 

1,284

Financial liabilities:

 

  

 

  

 

  

 

  

 

  

Deposits

$

310,461

$

90,280

$

$

221,245

$

311,525

Long-term borrowings

 

22,078

 

 

25,186

 

 

25,186

Accrued interest payable

 

51

 

51

 

 

 

51

December 31, 2020

Carrying

Fair

(In thousands)

    

Amount

    

Level 1

    

Level 2

    

Level 3

    

Value

Financial assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

26,830

$

26,830

$

$

$

26,830

Securities available-for-sale

 

17,926

 

 

14,752

 

3,174

 

17,926

Securities held-to-maturity

 

1,480

 

 

1,510

 

 

1,510

Equity securities

 

661

 

661

 

 

 

661

Loans receivable

 

285,640

 

 

 

280,887

 

280,887

Federal Home Loan Bank

 

1,992

 

 

1,992

 

 

1,992

Accrued interest receivable

 

1,179

 

1,179

 

 

 

1,179

Financial liabilities:

 

  

 

  

 

  

 

  

 

  

Deposits

$

309,546

$

97,418

$

$

213,757

$

311,175

Long-term borrowings

 

27,628

 

 

30,053

 

 

30,053

Subordinated debt

 

1,235

 

 

1,235

 

 

1,235

Accrued interest payable

 

52

 

52

 

 

 

52

39

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following tables summarize assets measured at fair value on a recurring basis, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value:

June 30, 2021

Total Fair

(In thousands)

    

Level 1

    

Level 2

    

Level 3

    

Value

Securities available-for-sale:

 

  

 

  

 

  

 

  

Debt investment securities:

 

  

 

  

 

  

 

  

Residential mortgage-backed - US agency and GSEs

$

$

36

$

$

36

Corporate Bonds

18,642

18,642

Municipal bonds

 

 

14,386

 

3,180

 

17,566

Equity investment securities:

 

  

 

  

 

  

 

  

Large cap equity mutual fund

 

41

 

 

 

41

Other mutual funds

 

285

 

 

 

285

Total investment securities

$

326

$

33,064

$

3,180

$

36,570

December 31, 2020

Total Fair

(In thousands)

    

Level 1

    

Level 2

    

Level 3

    

Value

Securities available-for-sale:

 

  

 

  

 

  

 

  

Debt investment securities:

 

  

 

  

 

  

 

  

Residential mortgage-backed - US agency and GSEs

$

$

39

$

$

39

Municipal bonds

 

 

14,713

 

3,174

 

17,887

Equity investment securities:

 

  

 

  

 

  

 

  

Large cap equity mutual fund

 

35

 

 

 

35

Other mutual funds

 

626

 

 

 

626

Total investment securities

$

661

$

14,752

$

3,174

$

18,587

The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods noted:

    

Investment

(In thousands)

Securities

Balance - January 1, 2021

$

3,174

Total gains realized/unrealized:

 

  

Included in earnings

 

Included in other comprehensive income

 

197

Purchases

 

826

Principal payments/maturities

 

(1,017)

Sales

 

Balance - June 30, 2021

$

3,180

40

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

    

Investment

(In thousands)

Securities

Balance - January 1, 2020

$

2,512

Total gains realized/unrealized:

 

  

Included in earnings

 

Included in other comprehensive income

 

Purchases

 

1,159

Principal payments/maturities

 

(7)

Sales

 

Balance - June 30, 2020

$

3,664

In 2021 and 2020, the Company purchased municipal bonds in the table above from local government entities which are not actively traded.  The Company receives scheduled principal and interest payments from the municipalities based on the terms of the bonds.  Management receives valuations on these investments on a quarterly basis from an outside party.  As such, the carrying value is deemed to approximate fair value (Level 3).

Sensitivity of Significant Unobservable Inputs: The following is a description of the sensitivity of significant unobservable inputs, the interrelationships between those inputs and other unobservable inputs used in recurring fair value measurement and how those inputs might magnify or mitigate the effect of changes in the unobservable inputs on the fair value measurement.

Municipal Bonds: The significant unobservable inputs used in the fair value measurement of the Company’s municipal bonds are premiums for unrated securities and marketability discounts. Significant increases (decreases) in either of those inputs isolation would result in a significantly lower (higher) fair value measurement. In general, changes in either of those inputs will not affect the other input.

Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment).

The following tables summarize assets measured at fair value on a nonrecurring basis segregated by the level of valuation inputs within the hierarchy utilized to measure fair value:

At June 30, 2021

Total Fair

(In thousands)

    

Level 1

    

Level 2

    

Level 3

    

Value

Impaired loans

$

$

$

1,801

$

1,801

Foreclosed real estate & repossessed assets

 

 

 

28

 

28

December 31, 2020

Total Fair

(In thousands)

    

Level 1

    

Level 2

    

Level 3

    

Value

Impaired loans

$

$

$

1,663

$

1,663

Foreclosed real estate & repossessed assets

 

 

 

45

 

45

There have been no transfers of assets in or out of any fair value measurement level.

41

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The following table presents quantitative information about Level 3 fair value measurements for assets measured at fair value on a nonrecurring basis at June 30, 2021 and December 31, 2020:

    

Quantitative Information about Level 3 Fair Value Measurements

Valuation

Unobservable

Range

Techniques

Input

(Weighted Avg.)

Impaired loans -

    

Appraisal of collateral

    

Appraisal Adjustments

    

  5%  - 35%  (20)%

One-to four-family residential

 

  

 

Costs to Sell

 

  5%  - 15% (10)%

 

  

 

  

 

  

Impaired loans -

 

Appraisal of collateral

 

Appraisal Adjustments

 

  5%  - 35%  (25)%

Real estate - nonresidential

 

  

 

Changes in property condition

 

10%  - 20% (15)%

 

  

 

Costs to Sell

 

  5%  - 15% (10)%

 

  

 

  

 

  

Impaired loans -

 

USDA Guarantee

 

Government guaranteed portion

 

20%  (20)%

Commercial business

 

  

 

  

 

  

 

  

 

  

 

  

Foreclosed real estate and repossessed assets

 

Appraisal of collateral

 

Appraisal Adjustments

 

  5%  - 35%  (25)%

 

  

 

Changes in property condition

 

10%  - 20% (15)%

 

  

 

Costs to Sell

 

  5%  - 15% (10)%

Impaired loans: At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value generally receive a specific valuation allowance for loan losses. For collateral dependent loans, fair value is commonly based on recent real estate appraisals. These real estate appraisals may include up to three approaches to value: the sales comparison approach, the income approach (for income-producing property) and the cost approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available, if applicable. Although the fair value of the property normally will be based on an appraisal, the valuation should be consistent with the price that a market participant will pay to purchase the property at the measurement date. Circumstances may exist that indicate that the appraised value is not an accurate measurement of the property’s current fair value. Examples of such circumstances include changed economic conditions since the last appraisal, stale appraisals, or imprecision and subjectivity in the appraisal process. Appraisal adjustments may be made by management to reflect these conditions resulting in a discount of the appraised value. In addition, a discount is typically applied to account for estimated costs to sell. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuations, and management’s expertise and knowledge of the client and client’s business. The methods used to determine the fair values of impaired loans typically result in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly.

Foreclosed real estate & repossessed assets: Assets acquired through foreclosure, transfers in lieu of foreclosure or repossession are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Similar to the impaired loan disclosures above, fair value is commonly based on recent real estate appraisals, or estimated value from auction house or qualified dealer, and adjusted as deemed necessary by independent appraisers and management and estimated costs to sell resulting in a level 3 fair value classification. Foreclosed and repossessed assets are evaluated on a monthly basis to determine whether an additional reduction in the fair value less estimated costs to sell should be recorded.

12.Segment Information

The Company has three primary business segments, its community banking franchise, its insurance agency, and a limited-purpose commercial bank.

42

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The community banking 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. Parent company and treasury function income is included in the community-banking segment, as the majority of effort for these functions is related to this segment. Major revenue sources include net interest income, service fees on deposit accounts, and investment services commission. Expenses include personnel and branch-network support charges.

The insurance agency segment offers insurance coverage to businesses and individuals in the Finger Lakes Region. The insurance activities consist of those conducted through the Bank’s wholly owned subsidiary, Generations Agency. The primary revenue source is commissions. Expenses include personnel and office support charges.

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 NYS municipal law. The Commercial Bank is a wholly owned subsidiary of the Bank. The major revenue source is net interest income. Expenses include personnel, rent and support charges for using the assets and technology of the Bank.

Information about the segments is presented in the following table as of and for the periods as noted:

Three Months Ended June 30, 

2021

2020

Community

Municipal

Community

Municipal

Banking

Insurance

Banking

Banking

Insurance

Banking

(In thousands)

    

Activities

    

Activities

    

Activities

    

Total

    

Activities

    

Activities

    

Activities

    

Total

Net interest income

$

2,866

$

$

63

$

2,929

$

2,473

$

$

144

$

2,617

Provision for loan losses

 

135

 

 

 

135

 

90

 

 

 

90

Net interest income after provision for loan losses

 

2,731

 

 

63

 

2,794

 

2,383

 

 

144

 

2,527

Total noninterest income

 

508

 

212

 

 

720

 

838

 

191

 

 

1,029

Compensation and benefits

 

(1,252)

 

(90)

 

 

(1,342)

 

(1,124)

 

(111)

 

(19)

 

(1,254)

Other noninterest expense

 

(1,661)

 

(31)

 

(32)

 

(1,724)

 

(1,505)

 

(41)

 

(23)

 

(1,569)

Income before income tax expense

 

326

 

91

 

31

 

448

 

592

 

39

 

102

 

733

Income tax expense

 

73

 

 

6

 

79

 

52

 

 

 

52

Net income

$

253

$

91

$

25

$

369

$

540

$

39

$

102

$

681

43

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Six Months Ended June 30, 

2021

2020

Community

Municipal

Community

Municipal

Banking

Insurance

Banking

Banking

Insurance

Banking

(In thousands)

    

Activities

    

Activities

    

Activities

    

Total

    

Activities

    

Activities

    

Activities

    

Total

    

Net interest income

$

5,646

$

$

126

$

5,772

$

4,815

$

$

269

$

5,084

Provision for loan losses

 

270

 

 

 

270

 

180

 

 

 

180

Net interest income after provision for loan losses

 

5,376

 

 

126

 

5,502

 

4,635

 

 

269

 

4,904

Total noninterest income

 

947

 

385

 

 

1,332

 

1,105

 

409

 

 

1,514

Compensation and benefits

 

(2,410)

 

(191)

 

 

(2,601)

 

(2,525)

 

(195)

 

(38)

 

(2,758)

Other noninterest expense

 

(3,222)

 

(68)

 

(63)

 

(3,353)

 

(3,059)

 

(89)

 

(45)

 

(3,193)

Income before income tax expense (benefit)

 

691

 

126

 

63

 

880

 

156

 

125

 

186

 

467

Income tax expense (benefit)

 

145

 

 

13

 

158

 

(224)

 

 

 

(224)

Net income

$

546

$

126

$

50

$

722

$

380

$

125

$

186

$

691

The following represents a reconciliation of the Company’s reported segment assets:

    

At June 30, 

At December 31, 

(In thousands)

    

2021

    

2020

 

Total assets for reportable segments

$

396,627

$

391,536

Elimination of intercompany balances

 

(16,539)

 

(18,522)

Consolidated total assets

$

380,088

$

373,014

The accounting policies of each segment are the same as those described in the summary of significant accounting policies.

13. Recently Issued Accounting Pronouncements

In September 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income.

In issuing the standard, the FASB is responding to criticism that today’s guidance delays recognition of credit losses. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees.

The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today.

44

Table of Contents

Generations Bancorp NY, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination.

ASU No. 2016-13 is effective for public business entities that are U.S. Securities and Exchange Commission (“SEC”) filers for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For SEC filers that are Smaller Reporting Companies, such as the Company, all other public business entities, and other non-public entities, the amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach).

The Company is currently evaluating the impact of these amendments to the Company’s financial position and results of operations and will hire a vendor to assist with expected credit loss projections. The Allowance for Loan Losses (“ALL”) estimate is material to the Company and given the change from an incurred loss model to a methodology that considers the credit loss over the life of the loan, there is the potential for an increase in the ALL at adoption date. The Company is anticipating a significant change in the processes and procedures to calculate the ALL, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current accounting policy and procedures for the other-than-temporary impairment on available-for-sale securities will be replaced with an allowance approach. The Company continues to collect and retain historical loan and credit data. The Company is in the process of identifying data gaps. The Audit Committee is informed of ongoing CECL developments. For additional information on the allowance for loan losses, see Notes 5 and 6 to these condensed consolidated financial statements.

45

ITEM 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

Management’s discussion and analysis of the financial condition and results of operations at and for the three and six months ended June 30, 2021 and 2020 is intended to assist in understanding the financial condition and results of operations of the Company.  The information contained in this section should be read in conjunction with the unaudited financial statements and the notes thereto, appearing on Part I, Item 1 of this quarterly report on Form 10-Q.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect” and words of similar meaning. These forward-looking statements include, but are not limited to:

statements of our goals, intentions and expectations;
statements regarding our business plans, prospects, growth and operating strategies;
statements regarding the asset quality of our loan and investment portfolios; and
estimates of our risks and future costs and benefits.

These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

conditions relating to the Covid-19 pandemic, including the severity and duration of the associated economic slowdown either nationally or in our market area, that are worse than expected;
general economic conditions, either nationally or in our market areas, that are worse than expected;
changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses;
government-imposed limitations on our ability to foreclose on or repossess collateral for our loans;
government-mandated forbearance programs;
the success of our consumer loan portfolio, much of which is purchased from third-party originators, and is secured by collateral outside of our market area, including in particular, automobile, recreational vehicle and manufactured home loans,
our ability to access cost-effective funding, including by increasing core deposits and reducing reliance on wholesale funds;
fluctuations in real estate values in both residential and commercial real estate market conditions;
demand for loans and deposits in our market area;

46

our ability to implement and change our business strategies;
the performance and availability of purchased loans;
competition among depository and other financial institutions;
inflation and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments, or our level of loan originations, or increase the level of defaults, losses and prepayments on loans we have made and make;
adverse changes in the securities or secondary mortgage markets;
changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements, including as a result of Basel III;
the impact of the Dodd-Frank Act and the implementing regulations;
changes in the quality or composition of our loan or investment portfolios;
technological changes that may be more difficult or expensive than expected;
the inability of third-party providers to perform as expected, including third-party loan originators;
our ability to manage market risk, credit risk, and operational risk in the current economic environment;
our ability to enter new markets successfully and capitalize on growth opportunities;
our ability to successfully integrate into our operations any assets, liabilities, customers, systems, and management personnel we may acquire and our ability to realize related revenue synergies and cost savings within expected time frames, and any goodwill charges related thereto;
changes in consumer spending, borrowing, and savings habits;
changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board;
our ability to retain key employees;
our compensation expense associated with equity allocated or awarded to our employees; and
changes in the financial condition, results of operations, or future prospects of issuers of securities that we own.

Because of these and a wide variety of other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements.  

47

Critical Accounting Policies

There are no material changes to the critical accounting policies disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2020.  

The information for the three and six months ended June 30, 2021 and 2020 is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be achieved for the remainder of the year ending December 31, 2021 or any other period.

At June 30, 

At December 31, 

    

2021

    

2020

(In thousands)

Selected Financial Condition Data:

    

  

    

  

Total assets

$

380,088

$

373,014

Cash and cash equivalents

 

15,269

 

26,830

Available-for-sale securities

 

36,244

 

17,926

Securities held to maturity

 

1,308

 

1,480

Equity securities

 

326

 

661

Loans, net

 

287,368

 

285,640

Premises and equipment, net

 

16,360

 

16,743

Bank-owned life insurance

 

7,836

 

7,777

Pension plan asset

 

9,556

 

8,720

Federal Home Loan Bank stock, at cost

 

1,683

 

1,992

Accrued interest receivable

 

1,284

 

1,179

Goodwill and intangible assets, net

 

1,608

 

1,640

Other assets

 

1,218

 

2,381

Foreclosed real estate and repossessed assets

 

28

 

45

Total liabilities

 

337,543

 

343,128

Deposits

 

310,461

 

309,546

Borrowings

 

22,078

 

27,628

Holding company borrowings and subordinated debt

 

 

1,235

Other liabilities

 

2,251

 

2,124

Escrowed funds

 

2,753

 

2,595

Total equity

 

42,545

 

29,886

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2021

    

2020

    

2021

    

2020

(In thousands)

Selected Operating Data:

    

  

    

  

    

  

    

  

Interest and dividend income

$

3,362

$

3,373

$

6,683

$

6,665

Interest expense

 

433

 

756

 

911

 

1,581

Net interest income

 

2,929

 

2,617

 

5,772

 

5,084

Provision for loan losses

 

135

 

90

 

270

 

180

Net interest income after provision for loan losses

 

2,794

 

2,527

 

5,502

 

4,904

Noninterest income

 

720

 

1,029

 

1,332

 

1,514

Noninterest expenses

 

3,066

 

2,823

 

5,954

 

5,951

Income before income tax expense (benefit)

 

448

 

733

 

880

 

467

Income tax expense (benefit)

 

79

 

52

 

158

 

(224)

Net income

$

369

$

681

$

722

$

691

48

Three Months Ended

Six Months Ended

 

June 30,(1) 

June 30,(1) 

 

    

2021

    

2020

    

2021

    

2020

 

Performance Ratios:

  

  

  

  

 

Return on average assets

 

0.40

%  

0.75

%  

0.39

%  

0.39

%

Return on average equity

 

4.12

%  

9.49

%  

4.04

%  

4.84

%

Interest rate spread(2)

 

3.45

%  

3.29

%  

3.43

%  

3.29

%

Net interest margin(3)

 

3.45

%  

3.27

%  

3.43

%  

3.26

%

Noninterest expense to average total assets

 

3.33

%  

3.12

%  

3.24

%  

3.34

%

Efficiency ratio(4)

 

84.02

%  

77.43

%  

83.81

%  

90.19

%

Average interest-earning assets to average interest-bearing liabilities

 

101.10

%  

96.95

%  

100.55

%  

96.33

%

Average equity to average total assets

 

9.72

%  

7.94

%  

9.73

%  

8.10

%

 

  

 

  

 

  

 

  

Asset Quality Ratios:

 

  

 

  

 

  

 

  

Non-performing assets to total assets

 

1.05

%  

1.27

%  

1.05

%  

1.27

%

Non-performing loans to total loans

 

1.36

%  

1.70

%  

1.36

%  

1.70

%

Allowance for loan losses to non-performing loans

 

50.04

%  

42.40

%  

50.04

%  

42.40

%

Allowance for loan losses to total loans

 

0.72

%  

0.72

%  

0.72

%  

0.72

%

 

  

 

  

 

  

 

  

Capital Ratios: (Bank only)

 

  

 

  

 

  

 

  

Common equity Tier 1 capital to risk-weighted assets

 

14.16

%  

11.91

%  

14.16

%  

11.91

%

Total capital (to risk-weighted assets)

 

14.86

%  

12.69

%  

14.86

%  

12.69

%

Tier 1 capital (to risk-weighted assets)

 

14.16

%  

11.91

%  

14.16

%  

11.91

%

Tier 1 capital (to total assets)

 

10.62

%  

8.30

%  

10.62

%  

8.30

%

 

  

 

  

 

  

 

  

Other:

 

  

 

  

 

  

 

  

Number of full-service offices

 

9

 

11

 

9

 

11

Number of full-time equivalent employees

 

95

 

102

 

95

 

102

(1) Annualized where appropriate.
(2) Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3) Represents net interest income as a percentage of average interest-earning assets.
(4) Represents non-interest expenses divided by the sum of net interest income and non-interest income.

Comparison of Financial Condition at June 30, 2021 and December 31, 2020

Total Assets. Total assets increased $7.1 million, or 1.9%, to $380.1 million at June 30, 2021 from $373.0 million at December 31, 2020.  The increase resulted primarily from increases in investment securities available-for-sale of $18.3 million, net loans of $1.7 million, and pension plan assets of $836,000, partially offset by decreases in cash and cash equivalents of $11.6 million and $1.2 million in other assets.

Investment Securities Available-for-sale. Investment securities available-for-sale increased $18.3 million, or 102.2%, to $36.2 million at June 30, 2021 from $17.9 million at December 31, 2020.  The increase in investment securities available-for-sale resulted from the purchase of $23.0 million of bonds, partially offset by bond maturities and principal repayments of $2.7 million and bond sales of $2.0 million.

Net Loans. Net loans increased $1.7 million, or 0.6%, to $287.4 million at June 30, 2021 from $285.6 million at December 31, 2020. The increase resulted from increases in recreational vehicles of $10.7 million, or 73.7%, manufactured homes of $3.7 million, or 8.4%, automobile loans of $1.5 million, or 7.0%, and other consumer loans of $898,000, or 21.0%, offset by decreases in one- to four-family residential real estate loans of $7.8 million, or 6.1%,

49

multi-family loans of $4.7 million, or 92.1%, nonresidential loans of $2.1 million, or 8.4%, commercial business loans of $1.9 million, or 9.5%, and home equity and junior liens of $1.5 million, or 13.1%.

Net deferred fees increased $3.0 million, or 25.8%, during the six months ended June 30, 2021, representing primarily fees paid for purchased loans net of amortization, which is over the estimated loan lives.

Consistent with our business strategy, we intend to continue the purchase and origination of automobile, recreational vehicle and manufactured home loans. During the six months ended June 30, 2021, we purchased $6.5 million of automobile loans, $11.7 million of recreational vehicle loans, $7.9 million of manufactured home loans, and $168,000 of one- to four-family loans.  In the second quarter of 2021, we finalized the loan submission process to begin purchasing one- to four-family residential real estate loans in the secondary market.  

Pension Plan Assets.  Pension plan assets increased $836,000, or 9.6%, to $9.6 million at June 30, 2021 from $8.7 million at December 31, 2020. The increase resulted from estimated returns on pension assets of $972,000 and employer contributions of $382,000, partially offset by estimated benefits paid of $243,000 and interest costs of $275,000.

Cash and Cash Equivalents.  Cash and cash equivalents decreased $11.6 million, or 43.1%, to $15.3 million at June 30, 2021 from $26.8 million at December 31, 2020 primarily due to purchases of investment securities available-for-sale and loans.

Other Assets.  Other assets decreased $1.2 million, or 48.8%, to $1.2 million at June 30, 2021 from $2.4 million at December 31, 2020.  The decrease was due to stock offering expenses being appropriately applied against gross proceeds raised at the conclusion of the offering.

Deposits.  Deposits increased $916,000, or 0.3%, to $310.5 million at June 30, 2021 from $309.5 million at December 31, 2020.  Interest-bearing accounts increased $9.4 million, or 3.8%, to $253.2 million at June 30, 2021 from $243.9 million at December 31, 2020.  The largest increase in interest-bearing deposits was in savings accounts which increased $6.8 million, or 6.7%, to $109.1 million at June 30, 2021 from $102.3 million at December 31, 2020.  Money market accounts increased $3.4 million, or 12.8%, to $29.7 million at June 30, 2021 from $26.3 million at December 31, 2020.  Additionally, interest-bearing checking accounts increased $2.5 million, or 7.8%, to $34.2 million at June 30, 2021 from $31.7 million at December 31, 2020.  Certificates of deposit decreased $3.3 million, or 4.0%, to $80.2 million at June 30, 2021 from $83.5 million at December 31, 2020. Noninterest-bearing deposits decreased $8.4 million, or 12.8%, to $57.2 million at June 30, 2021 from $65.7 million as of December 31, 2020.

Municipal deposits held at Generations Commercial Bank decreased $1.6 million, or 22.0%, to $5.5 million at June 30, 2021 from $7.1 million at December 31, 2020.

Federal Home Loan Bank Advances. Federal Home Loan Bank advances decreased $5.6 million, or 20.1%, to $22.1 million at June 30, 2021 from $27.6 million at December 31, 2020 due to repayments.

Subordinated Debt and Other Borrowings.  Subordinated debt and other borrowings, which totaled $1.2 million at December 31, 2020 were repaid in full during January 2021.

Total Equity. Total equity increased $12.7 million, or 42.4%, to $42.5 million at June 30, 2021 from $29.9 million at December 31, 2020.  The increase was primarily due to net proceeds of $13.2 million from the stock offering completed in January 2021, net income of $722,000, and a decrease of $204,000 in accumulated other comprehensive loss during the six months ended June 30, 2021 as a result of an increase in the fair market value of our investment securities available-for-sale.

50

Comparison of Operating Results for the Three Months Ended June 30, 2021 and 2020

General.  Net income for the quarter ended June 30, 2021 was $369,000 as compared to $681,000 for the quarter ended June 30, 2020, a decrease of $312,000 or 45.8%.  The decrease was due to a $243,000 increase in noninterest expense, a $45,000 increase in provision for loan losses, a $27,000 increase in income tax expense, and a $309,000 decrease in noninterest income, partially offset by a $312,000 increase in net interest income.

Interest and Dividend Income.  Interest and dividend income decreased $11,000, or 0.3%, to $3.4 million for the quarter ended June 30, 2021.  This decrease was primarily attributable to a net decrease of $59,000 in interest on investment securities, partially offset by a $45,000 increase in interest on loans receivable.  The average balance of investment securities increased $1.1 million, or 3.2%, to $36.8 million for the quarter ended June 30, 2021 from $35.7 million for the quarter ended June 30, 2020, while the average yield on investment securities decreased 64 basis points to 2.49% for the 2021 period from 3.13% for the 2020 period. The average balance of loans increased $10.7 million, or 3.9%, to $284.5 million for the quarter ended June 30, 2021 from $273.8 million for the quarter ended June 30, 2020, while the average yield on loans decreased 10 basis points to 4.37% for the 2021 period from 4.47% for the 2020 period, reflecting the lower market interest rate environment period to period.

Interest Expense.  Total interest expense decreased $323,000, or 42.7%, to $433,000 for the quarter ended June 30, 2021 from $756,000 for the quarter ended June 30, 2020.  Interest expense on total interest-bearing deposits decreased $262,000, or 44.9%, to $322,000 for the quarter ended June 30, 2021 from $584,000 for the quarter ended June 30, 2020.  The decrease was primarily attributable to a decrease of $20.1 million, or 19.8%, in the average balance of certificates of deposit to $81.6 million for the quarter ended June 30, 2021 from $101.7 million for the quarter ended June 30, 2020 in addition to a decrease in the average cost of 93 basis points to 0.83% for the quarter ended June 30, 2021 from 1.76% for the same period in 2020.  Interest expense on borrowings decreased $61,000, or 35.5%, to $111,000 for the quarter ended June 30, 2021 from $172,000 for the quarter ended June 30, 2020, due to a 20 basis points decrease in average borrowing costs to 1.87% for the quarter ended June 30, 2021 from 2.07% for the quarter ended June 30, 2020 as a result of a decrease in the average balance of borrowings to $23.7 million for the quarter ended June 30, 2021 from $33.5 million for the quarter ended June 30, 2020.

Net Interest Income.  Net interest income increased $312,000, or 11.9%, to $2.9 million for the quarter ended June 30, 2021 from $2.6 million for the quarter ended June 30, 2020.  Our net interest rate spread increased to 3.45% for the quarter ended June 30, 2021 from 3.29% for the quarter ended June 30, 2020.  Our net interest margin increased to 3.45% for the quarter ended June 30, 2021 from 3.27% for the same period in 2020.  Net interest rate spread and net interest margin were affected primarily by the change in funding sources and the decrease in market interest rates between the comparable periods.

Provision for Loan Losses.  Based on management’s analysis of the allowance for loan losses described in Note 6 of our interim consolidated financial statements “Allowance for Loan Losses,” we recorded a provision for loan losses of $135,000 for the quarter ended June 30, 2021 as compared to a provision for loan losses of $90,000 for the quarter ended June 30, 2020.  The allowance for loan losses was $2.0 million, or 0.72%, of total loans at June 30, 2021 as compared to $1.8 million, or 0.65%, of total loans at December 31, 2020. The increase provision for loan losses in the 2021 period was due primarily to an increase in purchased loans secured by manufactured homes, automobiles, and recreational vehicles.

Noninterest Income.  Noninterest income decreased $309,000, or 30.0%, to $720,000 for the quarter ended June 30, 2021 from $1.0 million for the quarter ended June 30, 2020.  The decrease was primarily due to decreases in other income, realized gains on equity securities, and investment services commissions, partially offset by an increase in banking fees and service charges.  Other income decreased $288,000, or 80.9%, to $68,000 for the quarter ended June 30, 2021 from $356,000 for the quarter ended June 30, 2021 primarily due to a $330,000 gain realized on the sale of the investment services book of business in June 2020.  Realized gains on equity securities decreased $23,000, or 56.1%, to $18,000 for the quarter ended June 30, 2021 as compared to $41,000 for the quarter ended June 30, 2020 due to decreases in the fair market value.   Investment services commissions decreased $27,000 to $0 for the quarter ended June 30, 2021 because we sold the investment services book of business in June 2020.  Banking fees and service charges increased $59,000, or 17.4%, to $398,000 for the quarter ended June 30, 2021 from $339,000 for the quarter

51

ended June 30, 2020 due to an increase in ATM interchange income partially offset by fewer insufficient funds charges and loan late fees assessed as a result of higher customer deposits.  

Noninterest Expense.  Noninterest expense increased $243,000, or 8.6%, to $3.1 million for the quarter ended June 30, 2021 from $2.8 million for the quarter ended June 30, 2020 due to increases in compensation and benefits, regulatory assessments, and other expenses.  Compensation and benefits increased $88,000, or 7.0%, to $1.3 million for the quarter ended June 30, 2021 due to a reduction in deferred compensation benefit for the quarter ended June 30, 2021 as compared to the same period in 2020.  Regulatory assessments increased $47,000, or 68.1%, to $116,000 for the quarter ended June 30, 2021 from $69,000 for the quarter ended June 30, 2020 due to higher deposit insurance costs.  Other expenses increased $42,000, or 15.3%, to $317,000 for the quarter ended June 30, 2021 from $275,000 for the quarter ended June 30, 2020.  Directors fees, a component of other expenses, increased $57,000 as realized gains for equity securities held in the directors’ retirement plan for the quarter ended June 30, 2021 were recorded as an increase in directors fees and as realized gains on securities.  

Income Taxes.  Income tax expense increased $27,000, or 51.9%, to $79,000 for the quarter ended June 30, 2021 as compared to income tax expense of $52,000 for the quarter ended June 30, 2020.  The increase in income tax expense for the quarter ended June 30, 2021 as compared to the same period in 2020 was due to higher income before income taxes.

Comparison of Operating Results for the Six Months Ended June 30, 2021 and 2020

General.  Net income for the six months ended June 30, 2021 was $722,000 as compared to $691,000 for the six months ended June 30, 2020, an increase of $31,000 or 4.5%.  The increase was due to a $688,000 increase in net interest income, partially offset by a $382,000 increase in income tax expense, a $90,000 increase in provision for loan losses, a $3,000 increase in noninterest expense, and an $182,000 decrease in noninterest income.

Interest and Dividend Income.  Interest and dividend income increased $18,000, or 0.3%, to $6.7 million for the six months ended June 30, 2021.  This increase was primarily attributable to a $182,000 increase in interest on loans receivable, partially offset by a net decrease of $161,000 in interest on investment securities.  The average balance of loans increased $15.6 million, or 5.8%, to $283.5 million for the six months ended June 30, 2021 from $267.8 million for the six months ended June 30, 2020, while the average yield on loans decreased 51 basis points to 4.00% for the 2021 period from 4.51% for the 2020 period, reflecting the lower market interest rate environment period to period.  The average balance of investment securities decreased $3.6 million, or 10.1%, to $32.2 million for the six months  ended June 30, 2021 from $35.8 million for the six months ended June 30, 2020 in addition to an eight basis points decrease in the average yield on investment securities to 3.00% for the 2021 period from 3.08% for the 2020 period.

Interest Expense.  Total interest expense decreased $670,000, or 42.4%, to $911,000 for the six months ended June 30, 2021 from $1.6 million for the six months ended June 30, 2020.  Interest expense on total interest-bearing deposits decreased $570,000, or 46.0%, to $669,000 for the six months ended June 30, 2021 from $1.2 million for the six months ended June 30, 2020.  The decrease was primarily attributable to a decrease of $21.5 million in the average balance of certificates of deposit to $82.4 million for the six months ended June 30, 2021 from $103.9 million for the six months ended June 30, 2020 in addition to a decrease in the average cost of 94 basis points to 0.90% for the six months ended June 30, 2021 from 1.84% for the same period in 2020.  Interest expense on borrowings decreased $100,000, or 29.2%, to $242,000 for the six months ended June 30, 2021 from $342,000 for the six months ended June 30, 2020, due to a 15 basis points decrease in average borrowing costs to 1.94% for the six months ended June 30, 2021 from 2.09% for the six months ended June 30, 2020 as a result of a decrease in the average balance of borrowings to $24.9 million for the six months ended June 30, 2021 from $32.8 million for the six months ended June 30, 2020.

Net Interest Income.  Net interest income increased $688,000, or 13.5%, to $5.8 million for the six months ended June 30, 2021 from $5.1 million for the six months ended June 30, 2020.  Our net interest rate spread increased to 3.43% for the six months ended June 30, 2021 from 3.29% for the six months ended June 30, 2020.  Our net interest margin increased to 3.43% for the six months ended June 30, 2021 from 3.26% for the same period in 2020.  Net

52

interest rate spread and net interest margin were affected primarily by the change in funding sources and the decrease in market interest rates between the comparable periods.

Provision for Loan Losses.  Based on management’s analysis of the allowance for loan losses described in Note 6 of our interim consolidated financial statements “Allowance for Loan Losses,” we recorded a provision for loan losses of $270,000 for the six months ended June 30, 2021 as compared to a provision for loan losses of $180,000 for the six months ended June 30, 2020.  The allowance for loan losses was $2.0 million, or 0.72%, of total loans at June 30, 2021 as compared to $1.8 million, or 0.65%, of total loans at December 31, 2020. The increase provision for loan losses in the 2021 period was due primarily to an increase in purchased loans secured by manufactured homes, automobiles and recreational vehicles.

Noninterest Income.  Noninterest income decreased $182,000, or 12.0%, to $1.3 million for the six months ended June 30, 2021 from $1.5 million for the six months ended June 30, 2020.  The decrease was primarily due to decreases in other income and investment services commissions, partially offset by an increase in realized gains on equity securities.  Other income decreased $279,000, or 73.2%, to $102,000 for the six months ended June 30, 2021 from $381,000 for the six months ended June 30, 2020 primarily due to a $330,000 gain realized on the sale of the investment services book of business in June 2020.  Investment services commissions decreased $84,000 to $0 for the six months ended June 30, 2021 because we sold the investment services book of business in June 2020.  Realized gains on equity securities increased $210,000, or 101.5%, to a gain of $3,000 for the six months ended June 30, 2021 as compared to a loss of $207,000 for the six months ended June 30, 2020 due to an increase in the fair market value.

Noninterest Expense.  Noninterest expense increased $3,000, or 0.1%, to $6.0 million for the six months ended June 30, 2021 due to increases in regulatory assessments and service charges, partially offset by a decrease in compensation and benefits.  Regulatory assessments increased $77,000, or 57.5%, to $211,000 for the six months ended June 30, 2021 from $134,000 for the six months ended June 30, 2020 due to higher deposit insurance costs.  Service charges increased $60,000, or 6.3%, to $1.0 million for the six months ended June 30, 2021 from $950,000 for the six months ended June 30, 2020 due to higher technology costs.  Compensation and benefits decreased $157,000, or 5.7%, to $2.6 million for the six months ended June 30, 2021 from $2.8 million for the six months ended June 30, 2020 due to decreases in salaries and health insurance premium expense as a result of a reduction in the number of employees in addition to an increase in pension expense benefit.    

Income Taxes.  Income tax expense increased $382,000, or 170.5%, to $158,000 for the six months ended June 30, 2021 as compared to an income tax benefit of $224,000 for the six months ended June 30, 2020.  The increase in income tax expense for the six months ended June 30, 2021 as compared to the same period in 2020 was due to our ability to carryback a net operating loss pursuant to the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in 2020.

Average Balances and Yields. The following tables set forth average balance sheets, average yield and costs, and certain other information at the dates and for the period indicated.  No tax-equivalent yield adjustments have been made. Any adjustments necessary to present yields on a tax-equivalent basis are insignificant.  All average balances are daily average balances.  Non-accrual loans were included in the computation of average balances, but have been reflected in the table as loans carrying a zero yield.  The yields set forth below include the effect of deferred fees, discounts and premiums that are amortized or accreted to interest income or interest expense.

53

Three Months Ended June 30, 

2021

2020

Average

Average

Balance

Balance

Outstanding

Interest

Yield/ Rate

Outstanding

Interest

Yield/ Rate

Interest-earning assets:

Loans

$

284,549

$

3,107

4.37

%

$

273,827

$

3,062

4.47

%

Securities

36,821

229

2.49

35,685

278

3.13

Interest earning deposits

16,629

3

0.07

8,674

-

0.05

Other

1,768

23

5.20

2,320

33

5.69

Total interest-earning assets

339,767

3,362

3.96

320,506

3,373

4.21

Non-interest-earning assets

28,955

41,359

Total assets

$

368,722

$

361,865

Interest-bearing liabilities:

Demand deposits

$

91,680

$

14

0.06

%

$

77,456

$

12

0.06

%

Money market accounts

29,933

26

0.35

24,741

22

0.36

Savings accounts

109,131

111

0.41

93,157

103

0.44

Certificates of deposit

81,596

171

0.83

101,687

447

1.76

Total interest-bearing deposits

312,340

322

0.41

297,041

584

0.79

Borrowings

23,727

111

1.87

33,457

172

2.07

Total interest-bearing liabilities

336,067

433

0.51

330,498

756

0.92

Other non-interest bearing liabilities

(3,195)

2,653

Total liabilities

332,872

333,151

Equity

35,850

28,714

Total liabilities and equity

$

368,722

$

361,865

Net interest income

$

2,929

$

2,617

Interest rate spread

3.45

%

3.29

%

Net interest-earning assets

$

3,700

$

(9,992)

Net interest margin

3.45

%

3.27

%

Average interest-earning assets to average

to interest-bearing liabilities

101.10

%

96.95

%

54

Six Months Ended June 30, 

2021

2020

Average

Average

Balance

Balance

  

Outstanding

  

Interest

  

Yield/ Rate

  

Outstanding

  

Interest

  

Yield/ Rate

  

Interest-earning assets:

(In thousands)

Loans

$

283,492

$

6,216

4.00

%

$

267,845

$

6,034

4.51

%

Securities

32,153

414

3.00

35,764

550

3.08

Interest earning deposits

18,699

7

0.07

5,904

10

0.34

Other

1,841

46

5.00

2,307

71

6.16

Total interest-earning assets

336,185

6,683

3.97

311,820

6,665

4.27

Non-interest-earning assets

31,291

42,382

Total assets

$

367,476

$

354,202

Interest-bearing liabilities:

Demand deposits

$

90,208

$

27

0.06

%

$

72,614

$

21

0.06

%

Money market accounts

28,781

50

0.35

24,601

56

0.46

Savings accounts

108,077

218

0.40

89,839

205

0.46

Certificates of deposit

82,363

374

0.90

103,861

957

1.84

Total interest-bearing deposits

309,429

669

0.43

290,915

1,239

0.85

Borrowings

24,913

242

1.94

32,768

342

2.09

Total interest-bearing liabilities

334,342

911

0.54

323,683

1,581

0.98

Other non-interest bearing liabilities

(2,610)

1,579

Total liabilities

331,732

325,262

Equity

35,744

28,664

Total liabilities and equity

$

367,476

$

353,926

Net interest income

$

5,772

$

5,084

Interest rate spread

3.43

%

3.29

%

Net interest-earning assets

$

1,843

$

(11,863)

Net interest margin

3.43

%

3.26

%

Average interest-earning assets to average

to interest-bearing liabilities

100.55

%

96.33

%

Liquidity and Capital Resources. Liquidity is the ability to meet financial obligations that arise in the ordinary course of business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of our customers and to fund current and planned expenditures. The Bank’s primary sources of funds are deposits, principal and interest payments on loans and securities, proceeds from the sale of loans, and proceeds from the sale or maturities of securities. In addition, the Bank may borrow from the FHLB. At June 30, 2021, the Bank had $22.1 million outstanding in advances from the FHLB. At June 30, 2021, the Bank had an additional $15.5 million in lines of credit available with other financial institutions.  No advances received can exceed 50% of the Bank’s capital. At June 30, 2021 and December 31, 2020, there were no outstanding advances on this line.

While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and loan prepayments are greatly influenced by general interest rates, economic conditions, and competition. Our most liquid assets are cash and equity and available-for-sale investments. The levels of these assets are dependent on our operating, financing, lending, and investing activities during any given period.

Our cash flows are comprised of three primary classifications: cash flows from operating activities, investing activities, and financing activities. Net cash provided by operating activities was $2.2 million and $786,000 for the six months ended June 30, 2021 and 2020, respectively. Net cash used in investing activities, which consists primarily of disbursements for loan originations and the purchase of securities, offset by principal collections on loans, proceeds from the sale of and maturing securities, was $19.9 million and $23.1 million for the six months ended June 30, 2021

55

and 2020, respectively. Net cash provided by financing activities, consisting primarily of the activity in deposit accounts and FHLB advances, was $6.2 million and $22.4 million for the six months ended June 30, 2021 and 2020, respectively.

We are committed to maintaining a strong liquidity position. We monitor our liquidity position on a daily basis. We anticipate that we will have sufficient funds to meet our current funding commitments.

Generations Bancorp is a separate corporate entity from Generations Bank and it must provide for its own liquidity to pay any dividends to its stockholders, to repurchase any shares of its common stock, and for other corporate purposes. Generations Bancorp’s primary source of liquidity is any dividend payments it may receive from Generations Bank. Generations Bank paid no dividends to Generations Bancorp during the six months ended June 30, 2021 or the year ended December 31, 2020.  At June 30, 2021, Generations Bancorp (on an unconsolidated, stand-alone basis) had liquid assets totaling $2.0 million.

At June 30, 2021 and December 31, 2020, Generations Bank exceeded all its regulatory capital requirements and was categorized as well capitalized.  See Note 8 to the interim condensed consolidated financial statements.  Management is unaware of any conditions or events since the most recent notification that would change our category.  

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable, as the Registrant is a smaller reporting company.

ITEM 4. Controls and Procedures

An evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities and Exchange Act of 1934, as amended) as of June 30, 2021. Based on that evaluation, the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, concluded that the Registrant’s disclosure controls and procedures were effective.

During the quarter ended June 30, 2021, there have been no changes in the Company’s internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1.Legal Proceedings

We are subject to various legal actions arising in the normal course of business. In the opinion of management, the resolution of these legal actions is not expected to have a material adverse effect on our financial condition or results of operations.

ITEM 1A.Risk Factor

Not applicable, as the Registrant is a smaller reporting company.

ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds

(a)

There were no sales of unregistered securities during the period covered by this Report.

(b)

Not applicable

(c)

There were no issuer repurchases of securities during the period covered by this Report.

56

ITEM 3.Defaults Upon Senior Securities

None.

ITEM 4.Mine Safety Disclosures

None.

ITEM 5.Other Information

None.

57

ITEM 6.Exhibits

Exhibit Index

Exhibit Number

    

Description

31.1

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32

Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS

Inline XBRL Instance Document

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

104

Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document (included in Exhibit 101)

58

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

GENERATIONS BANCORP NY, INC.

Date:  August 6, 2021

/s/ Menzo D. Case

Menzo D. Case

Chief Executive Officer

Date:  August 6, 2021

/s/ Angela M. Krezmer

Angela M. Krezmer

Chief Financial Officer

59

Generations Bancorp NY (NASDAQ:GBNY)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Generations Bancorp NY Charts.
Generations Bancorp NY (NASDAQ:GBNY)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Generations Bancorp NY Charts.