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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: