Generations Bancorp NY, Inc. (GBNY): Business Model Canvas [Dec-2025 Updated]

You're looking at Generations Bancorp NY, Inc. (GBNY) not as a typical bank building for tomorrow, but as a company executing its final, precise exit strategy. Honestly, the Business Model Canvas here isn't about scaling; it's the operational blueprint for a liquidation play, aiming to deliver shareholders a final cash return between $\$$18.00 and $\$$20.00 per share by January 1, 2026. This is the final chapter. We need to see exactly how the team is managing the wind-down-servicing $\approx$$326.5 million in deposits and $\approx$$307.5 million in loans-to ensure that final payout from the ESL Federal Credit Union deal materializes. Dive below to see the key activities and resources dedicated to this endgame.

Generations Bancorp NY, Inc. (GBNY) - Canvas Business Model: Key Partnerships

You're looking at the final phase of Generations Bancorp NY, Inc.'s existence as an independent entity, as the Purchase and Assumption (P&A) Transaction with ESL Federal Credit Union is set to close on January 1, 2026. This transaction defines the most critical partnership for late 2025.

The Key Partnerships block is dominated by the acquisition agreement, which required a sequence of regulatory and shareholder approvals to move forward.

ESL Federal Credit Union (Acquirer in the Purchase and Assumption Transaction)

This partnership is the mechanism for the company's dissolution and shareholder payout. The deal was initially valued at $26.2 million, but the agreed-upon Purchase Price was increased to $26,500,000, subject to adjustments at Closing, as announced on September 3, 2025. The transaction involves ESL acquiring substantially all assets and liabilities of Generations Bank.

Here's a look at the key financial terms related to this partnership:

Metric	Value/Estimate	Date/Context
Total Purchase Price (Increased)	$26,500,000	As of September 3, 2025 Announcement
Estimated Per Share Consideration	Between $18.00 and $20.00 Cash	Estimated for Generations Bancorp shareholders
Generations Bancorp Shares Outstanding (Approximate)	2,241,801	As of September 2024/Early 2025 Filings
Generations Bank Assets Acquired	$401 million	At time of initial announcement
ESL Federal Credit Union Pro Forma Assets Post-Close	Approximately $9.6 billion	Expected post-closing

The expected distribution of the per share consideration to Generations Bancorp shareholders is structured in two parts: the substantial majority within six to nine months following the closing on January 1, 2026, with the balance paid out another six to nine months after the first payment. As of September 30, 2025, Generations Bancorp NY's stock price was $17.15, with a market capitalization of $39.1M based on 2.28M shares. That's the market pricing the final payout.

Regulatory bodies (OCC, FDIC, NCUA) for final transaction approvals

The P&A Transaction required several key governmental approvals, which were secured sequentially throughout 2025, paving the way for the January 1, 2026, closing date. You need to track these milestones:

• Shareholder Approval: February 24, 2025.
• OCC and FDIC Approval: September 3, 2025.
• NCUA Approval: November 18, 2025.

Federal Home Loan Bank of New York (FHLBNY) for community grant funding

The relationship with the Federal Home Loan Bank of New York is a key source of community support funding, separate from the acquisition. On October 22, 2025, Generations Bank announced it secured specific grant funding from FHLBNY.

• Total Grant Funding Secured: $50,000.
• Number of Beneficiaries: Nine non-profits.
• Geographic Focus: Orleans County.

Third-party insurance carriers for the Insurance Agency segment

Generations Bancorp NY, Inc. operates an Insurance Agency segment, which by nature relies on partnerships with various third-party insurance carriers to offer its products. While the structure is dependent on these external carriers for underwriting and policy access, specific financial data or a definitive list of partners for the late 2025 period isn't publicly itemized in the latest available reports.

Finance: draft 13-week cash view by Friday.

Generations Bancorp NY, Inc. (GBNY) - Canvas Business Model: Key Activities

Key Activities for Generations Bancorp NY, Inc. center on the finalization of the corporate exit strategy following shareholder and regulatory milestones.

Executing the final steps of the P&A Transaction with ESL involves managing the period between receiving the final regulatory approval from the National Credit Union Administration (NCUA) on November 18, 2025, and the agreed-upon closing date of January 1, 2026. This execution phase is critical for ensuring all closing conditions are met for the Purchase and Assumption Agreement.

The operational focus remains on the core balance sheet components until the closing date. You are tasked with managing the existing loan portfolio of approximately $307.5 million. This management includes standard servicing, monitoring credit quality, and preparing for the transfer of these assets as part of the transaction structure.

Simultaneously, the entity is responsible for servicing deposit accounts totaling $326.5 million until closing. This figure reflects the deposit base as of December 31, 2024, which is the most recent comprehensive figure available before the final closing activities commence. Maintaining stability in these accounts is a primary activity.

The entire process is underpinned by maintaining regulatory compliance during the dissolution process, which was approved by stockholders on February 20, 2025. This activity covers adherence to all post-approval mandates leading up to the Bank Asset Sale and the subsequent Company Dissolution.

Here's a quick view of the transaction timeline and associated financial anchors:

Activity Milestone	Date/Value	Detail/Context
Shareholder Approval of P&A and Dissolution Plan	February 20, 2025	Approval secured for the Sale Transaction.
Loan Portfolio Under Management	$307.5 million	The approximate size of the loan book being managed pre-closing.
Deposit Accounts Serviced	$326.5 million	Deposit base as of December 31, 2024, requiring servicing until closing.
Final Regulatory Approval (NCUA) Received	November 18, 2025	Final major regulatory hurdle cleared for the P&A Transaction.
Expected P&A Transaction Closing Date	January 1, 2026	Target date for the acquisition of substantially all assets and liabilities by ESL Federal Credit Union.
Estimated Per Share Consideration Range	$18.00 to $20.00	Cash expected to be distributed to Generations Bancorp NY, Inc. stockholders.

The distribution of the per share consideration is planned in two stages post-closing:

• The substantial majority of the total per share consideration is expected to be distributed within six to nine months following the closing of the P&A Transaction.
• The balance of the per share consideration is slated for distribution six to nine months after the first payment.

Finance: draft 13-week cash view by Friday.

Generations Bancorp NY, Inc. (GBNY) - Canvas Business Model: Key Resources

You're looking at the core assets Generations Bancorp NY, Inc. (GBNY) relies on to deliver its value proposition across the Finger Lakes Region. These aren't just line items; they are the operational backbone, especially considering the recent strategic movements.

The financial foundation, as of the second quarter of 2025, shows Total Assets standing at $372,972 thousand, or $372.972 million, per the June 30, 2025, balance sheet report. This follows the reported Total Assets of $387.1 million at the close of the 2024 fiscal year, which is the figure associated with the asset transfer you mentioned.

The physical footprint is concentrated and localized, which is key for a community bank. Generations Bancorp NY, Inc. maintains nine physical branch locations. These offices are strategically placed across the Finger Lakes and Western New York areas to serve local families and businesses.

Here's a quick breakdown of the physical presence:

• Total Physical Branch Locations: 9 offices, including a headquarters in Seneca Falls.
• Geographic Focus: Serving parts of Cayuga, Seneca, Ontario, and Orleans counties.
• Locations mentioned: Auburn, Farmington, Geneva, Medina, Phelps, Union Springs, and Waterloo.

The operational engine runs on its technology stack. This includes the core banking infrastructure necessary for deposit-taking, loan servicing, and general ledger management. Also critical is the insurance technology infrastructure supporting the Insurance Agency segment, which provides coverage to businesses and individuals.

Human capital is another vital resource, especially during any structural change. While the most recent regulatory filing for June 30, 2025, indicated 62 employees, the figure relevant to the transition management you noted is 74 full-time employees. This team manages the day-to-day operations and the complexities of the ongoing strategic shifts.

To give you a clearer picture of the financial scale supporting these resources as of mid-2025:

Financial Metric (as of 2025-06-30)	Amount (USD, in thousands)
Total Assets	372,972
Total Deposits	320,008
Net Loans & Leases	290,377
Total Bank Equity Capital	32,895

Also note the personnel count context:

• Employees managing transition (as per prompt): 74.
• Reported Employees (Q2 2025 filing): 62.

The Municipal Banking segment, which acts as a New York state-chartered limited-purpose commercial bank for local municipalities, also relies heavily on the expertise of these employees and the stability of the underlying technology platform.

Finance: draft 13-week cash view by Friday.

Generations Bancorp NY, Inc. (GBNY) - Canvas Business Model: Value Propositions

You're looking at the final phase of Generations Bancorp NY, Inc. (GBNY), which means the value proposition isn't about future growth; it's about the mechanics of the wind-down following the Purchase and Assumption (P&A) Transaction with ESL Federal Credit Union.

The core value for every stakeholder is tied directly to the cash distribution event, which is now firmly scheduled following the November 18, 2025, regulatory approval from the National Credit Union Association (NCUA).

For Shareholders: Realizing a final cash payout of $18.00 to $20.00 per share

The primary value proposition for you as a shareholder is the estimated aggregate cash distribution for each share of Generations Bancorp common stock owned. This is the final return on your equity investment, as Generations Bancorp will dissolve following the Bank Asset Sale.

The expected per share consideration is between $18.00 and $20.00 in cash. This distribution is planned in two stages:

• The substantial majority of the total per share consideration is expected to be distributed within six to nine months following the closing of the P&A Transaction.
• The balance of the per share consideration is to be distributed six to nine months after the first payment.

The P&A Transaction, which involves ESL Federal Credit Union acquiring substantially all of Generations Bank's assets and liabilities, is agreed to close on January 1, 2026.

Here are the key figures underpinning this value proposition:

Metric	Value
Estimated Cash Payout Per Share	$18.00 to $20.00
Total Cash Consideration Paid by ESL Federal Credit Union	$26.2 million
Generations Bank Total Assets Being Acquired	$401 million
Total Shares of Common Stock Outstanding (Approximate)	2.28 million

For Customers: Local community banking services continuity via the P&A

For the customers of Generations Bank, the value proposition is the continuity of service, as ESL Federal Credit Union is acquiring substantially all assets and liabilities, including deposit account liabilities. This ensures that banking relationships are maintained through the transition.

Generations Bank previously operated from its main office in Seneca Falls, New York, plus eight full-service offices and one drive-through facility across Auburn, Farmington, Geneva, Medina, Phelps, Union Springs, and Waterloo, New York.

The acquisition allows ESL Federal Credit Union to bring its services to these communities, expanding its footprint to more than 30 full-service branches throughout the Greater Rochester and Finger Lakes region, including parts of Cayuga, Seneca, Ontario, and Orleans counties.

For Municipalities: Specialized municipal banking services until closing

The value for municipalities is the continuation of specialized municipal banking services provided by Generations Bank up until the P&A Transaction closes on January 1, 2026. This ensures no interruption in service delivery for local government entities during the transition period governed by the Purchase and Assumption Agreement.

The operational status of Generations Bank, which is the subsidiary, remains intact until the closing date, providing a defined period for municipal partners to transition or rely on existing service structures.

For Investors: A short-term merger arbitrage opportunity

For you as a late-stage investor, the value proposition is a defined, short-term arbitrage opportunity. The investment thesis is not based on the bank's operational performance-which showed a trailing 12-month Net Income of -$4.78 million and an EPS of -$2.21 as of November 2025-but on the certainty of the cash payout.

The stock is trading at a discount to the expected liquidation value, creating a capture opportunity before the final closing date of January 1, 2026. The stock price as of December 4, 2025, was $17.8, which sits within the expected payout range of $18.00 to $20.00 per share.

This arbitrage play is characterized by:

• Low institutional ownership, reported effectively at 0.00%.
• A defined exit date: Closing on January 1, 2026.
• The entire value being derived from the cash distribution, not the underlying bank assets.

Finance: draft 13-week cash view by Friday.

Generations Bancorp NY, Inc. (GBNY) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for Generations Bancorp NY, Inc. (GBNY) as the company navigates a major transition-the Purchase and Assumption (P&A) Transaction with ESL Federal Credit Union. This context heavily influences how relationships are managed right now, shifting from long-term institution-building to managing an orderly wind-down for shareholders and service continuity for customers until the expected closing date of January 1, 2026.

The core customer base-consumers, businesses, and municipalities in the Finger Lakes region-is primarily served through a transactional service model for day-to-day banking needs. This is the engine running the business while the corporate structure is being dissolved. For instance, as of December 31, 2024, total deposits stood at $326.5 million, reflecting an 8.7% decrease from the prior year's $357.6 million. This transactional layer is supported by a physical footprint of nine retail locations across New York State, including Seneca Falls, Auburn, and Geneva.

The relationship structure for municipal clients is distinct. The Municipal Banking segment operates as a New York State-chartered limited-purpose commercial bank specifically for local municipalities. Even with the pending sale, municipal deposits held at Generations Commercial Bank were reported at $9.0 million as of December 31, 2024, a slight dip of 2.6% from $9.2 million the year before. This suggests a level of dedicated, specialized service that requires relationship management, even as the bank prepares to transfer these accounts.

Here's a quick look at the key financial metrics underpinning these customer relationships as of the last reported year-end:

Metric	Value (as of 12/31/2024)	Change from 12/31/2023
Total Deposits	$326.5 million	Decreased by 8.7%
Municipal Deposits (Commercial Bank)	$9.0 million	Decreased by 2.6%
Retail Locations	Nine	N/A
FHLBNY Grant Distribution (Orleans County)	$50,000	N/A

Direct communication with shareholders is currently dominated by the corporate action: the liquidation plan. Shareholders voted to approve the P&A Agreement and the Company's Plan of Liquidation and Dissolution on February 20, 2025. This communication is highly focused on the expected payout. Generations Bancorp NY, Inc. currently estimates that shareholders will receive an aggregate of between $18.00 and $20.00 in cash for each share owned. The timeline for this payoff is concrete: the substantial majority of that per-share consideration is expected to be distributed within six to nine months following the closing of the transaction. Any stockholder wishing to contact the Board of Directors regarding these matters is directed to write to the Corporate Headquarters at 20 East Bayard Street, Seneca Falls, New York 13148, Attention: Board of Directors.

Community-focused engagement remains a visible part of the relationship strategy, often facilitated through external partnerships. Generations Bank actively secures funding to support local organizations in its service area. For example, the bank announced securing $50,000 in grant funding from the Federal Home Loan Bank of New York (FHLBNY) for distribution to nine non-profits in Orleans County. Similarly, $50,000 in FHLBNY grant money was secured for seven non-profits in Seneca County, and another $50,000 was distributed among five non-profits in Union Springs. This demonstrates a commitment to community investment right up to the final stages of the bank's independent operation.

The relationship model is therefore a dual one right now:

• Transactional service for existing deposit and loan customers, maintaining operations across nine offices.
• Dedicated, high-touch management for municipal clients, whose deposits totaled $9.0 million at year-end 2024.
• Clear, direct communication to shareholders regarding the expected $18.00 to $20.00 per share payout following the P&A closing.
• Continued community investment, evidenced by multiple $50,000 FHLBNY grant distributions.

Finance: draft the cash flow projection incorporating the expected shareholder distribution timeline by Monday.

Generations Bancorp NY, Inc. (GBNY) - Canvas Business Model: Channels

The distribution and communication channels for Generations Bancorp NY, Inc. (GBNY) are anchored in its physical presence across the northern Finger Lakes region and its engagement with the public and shareholders through digital and regulatory avenues.

The physical distribution network for Generations Bank is geographically concentrated within New York State, serving its primary deposit and lending markets.

• Main office located at 20 East Bayard Street, Seneca Falls, New York 13148.
• Network includes eight full-service offices and one drive-through facility.
• Branch locations span Auburn, Farmington, Geneva, Medina, Phelps, Union Springs, and Waterloo, New York.

Consumer access to banking products, which include checking, savings, money market, and certificate of deposit accounts, is facilitated through digital platforms.

The company maintains online and mobile banking platforms to support consumer access to its suite of banking products and services. While specific user numbers for late 2025 aren't available, the commitment to these digital solutions supports the regional customer base.

For common stock trading, Generations Bancorp NY, Inc. utilizes the over-the-counter (OTC) market, specifically the OTCQX tier.

Here's a quick look at the trading metrics as of late September/November 2025:

Metric	Value (as of late 2025)
Stock Exchange Tier	OTCQX
Stock Price (as of 30-Sep-2025)	$17.15
Market Capitalization (as of 30-Sep-2025)	$39.1M
Shares Outstanding (approximate)	2.28M
Average Daily Share Volume (as of 11/14/2025)	9,370 shares
52-Week Range	$14.15 - $17.55

Shareholder communications rely on formal regulatory filings and direct outreach. The company uses these methods to keep investors informed, especially given the pending Purchase and Assumption Transaction with ESL Federal Credit Union, expected to close on January 1, 2026.

Shareholder communication channels include:

• Distribution of SEC Filings such as the 10-K, 10-Q, and Proxy Statements via platforms like SEC.gov and Fintel.
• Mailing of proxy materials, for instance, the Proxy Statement for the 2025 Annual Meeting was first mailed on or about May 23, 2025.
• The 2024 Annual Report was made available at www.generationsbancorpny.com/annual-meeting.
• Shareholders are currently estimated to receive an aggregate cash consideration between $18.00 and $20.00 per share from the P&A Transaction, distributed in two payments.

Generations Bancorp NY, Inc. (GBNY) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Generations Bancorp NY, Inc. (GBNY) right at the moment the company is executing its final transaction, so the focus has sharply narrowed. The traditional banking customer base is now secondary to the event-driven arbitrage investor.

Retail Depositors and Consumers in the Finger Lakes Region, NY

This segment represents the core, long-standing deposit base of Generations Bank, concentrated in the northern Finger Lakes region of New York State. You can map their geographic footprint by the office locations, which include Seneca Falls (HQ), Auburn, Farmington, Geneva, Medina, Phelps, Union Springs, and Waterloo, covering parts of Cayuga, Seneca, Ontario, and Orleans counties.

As of the last full reporting period, the scale of this segment's funding was significant:

Deposit Category (As of December 31, 2024)	Amount (Millions USD)
Total Deposits	$326.5 million
Interest-bearing Accounts	$278.1 million
Certificates of Deposit (CDs)	$146.0 million
Noninterest-bearing Deposits	$48.3 million

The CD maturity profile shows that $134.5 million of these deposits were scheduled to mature in one year or less from December 31, 2024.

Local Businesses Requiring Commercial Real Estate and Consumer Loans

This group is served by the Community Banking segment, which historically provided loans to consumers and businesses, including mortgage banking services. While the P&A transaction with ESL Federal Credit Union means the loan portfolio is being transferred, the historical scale gives you context on the business Generations Bank was running.

The total asset base, which includes these loans, stood at $387.1 million at December 31, 2024. The loan portfolio itself saw a reduction, with net loans decreasing by $26.0 million between December 31, 2023, and December 31, 2024.

The Community Banking segment also historically included an Insurance Agency component, providing coverage to businesses and individuals.

New York State Local Municipalities (Municipal Banking Segment)

Generations Commercial Bank was specifically chartered to handle public funds from local municipalities, mainly within the Finger Lakes Region and Northwest New York State. This segment is a distinct, limited-purpose operation.

The deposits from this segment show a slight contraction leading up to the sale:

• Municipal deposits held at Generations Commercial Bank decreased by 2.6% to $9.0 million at December 31, 2024.
• This was down from $9.2 million at December 31, 2023.

Merger Arbitrage/Liquidation Investors Seeking the Cash Payout

This is the dominant customer segment as of late 2025, as the company is executing a Plan of Liquidation and Dissolution following the sale of its subsidiary bank. These investors are focused purely on the final cash distribution.

Here are the critical numbers driving this segment's interest:

• P&A Transaction with ESL Federal Credit Union received final NCUA approval on November 18, 2025.
• Expected closing date for the transaction: January 1, 2026.
• Estimated aggregate cash payout per share: between $18.00 and $20.00.
• Stock price as of November 19, 2025: approximately $17.61 per share.
• Total Shares Outstanding: Approximately 2.28 million shares.
• Total Market Capitalization (as of November 2025): Roughly $39.1 million.
• The payout is structured in two separate installments.

For context on the pre-sale operational performance that these investors are now ignoring, the Trailing Twelve Months (TTM) loss was $4.78 million, with a negative Earnings Per Share (EPS) of -$2.21.

Generations Bancorp NY, Inc. (GBNY) - Canvas Business Model: Cost Structure

You're looking at the core outflows for Generations Bancorp NY, Inc. (GBNY) as it navigates the final stages before the P&A Transaction closes on January 1, 2026. The cost structure here is heavily influenced by personnel and the winding down of operations, though we must rely on the latest reported full-year figures, primarily from December 31, 2024, for concrete numbers.

Employee compensation and benefits are a major fixed cost. For the year ended December 31, 2024, this expense was reported at $4.3 million, which represented a decrease of $1.8 million, or 29.0%, compared to the prior year. This figure supports the workforce, which the company profile indicates is comprised of 74 total staff.

The costs associated with the Purchase and Assumption (P&A) Transaction and the subsequent voluntary dissolution are material. Legal and professional fees saw a significant jump; for instance, professional services increased by $1.0 million, or 136.0%, during the year ended December 31, 2024. This reflects the complexity of the shareholder-approved plan, which moved forward after receiving approval on February 20, 2025.

Financing costs are tied directly to the balance sheet structure. As of the second quarter of 2024, Generations Bancorp NY, Inc. reported total liabilities of $366.21 million. While total interest expense on all liabilities isn't explicitly stated for the period, the borrowing expense component for the full year 2024 was $1.0 million, up 29.9% from $783,000 in 2023. This increase in borrowing cost was driven by a 47 basis point rise in the average cost of borrowings to 4.22% for 2024.

For branch operating expenses, we look at the physical footprint that these costs support. Generations Bank operates from its main office in Seneca Falls, plus eight full-service offices and one drive-through facility across the northern Finger Lakes region. Specific figures for rent, utilities, and maintenance for 2025 aren't available, but general noninterest expenses in 2024 saw decreases in professional services, other expenses, and advertising, offset by other factors.

Here's a quick look at the key cost drivers based on the latest available annual data:

Cost Category	Latest Reported Amount	Reporting Period/Context
Employee Compensation & Benefits	$4.3 million	Year Ended December 31, 2024
Total Liabilities	$366.21 million	Q2 2024
Borrowing Expense (Component of Interest Expense)	$1.0 million	Year Ended December 31, 2024
Increase in Professional Services Expense	$1.0 million	Year Ended December 31, 2024
Staff Count	74	Current Profile
Physical Locations (Offices/Drive-Throughs)	9 (8 full-service + 1 drive-through)	As of 2025 Filings

You should track the finalization of the P&A Transaction closely, as that event will trigger the final dissolution costs and the cessation of most ongoing operating expenses, like the $4.3 million in 2024 compensation costs. The structure shifts from an operating bank to a liquidation entity.

• Staff Count: 74 employees.
• Compensation & Benefits (2024): $4.3 million.
• Liabilities Balance (Q2 2024): $366.21 million.
• Borrowing Expense (FY 2024): $1.0 million.
• Professional Services Expense Growth (2024): Increase of $1.0 million.

Finance: draft 13-week cash view by Friday.

Generations Bancorp NY, Inc. (GBNY) - Canvas Business Model: Revenue Streams

You're looking at how Generations Bancorp NY, Inc. (GBNY) actually brings in the money, which is what the Revenue Streams block of the Business Model Canvas is all about. For a bank holding company like GBNY, the primary engine is interest income, but the fee-based income from services is also a key part of the mix.

The core revenue driver is the Net Interest Income, which comes from the difference between what Generations Bancorp NY, Inc. earns on its assets, primarily loans, and what it pays out on its liabilities, like deposits. As of the end of fiscal year 2024, the reported Net Loans balance stood at $307.5 million. For the full year 2024, the Net Interest Income was $7.2 million, a decrease from $8.7 million reported for the year ended December 31, 2023. This shift reflects a tightening net interest margin, which decreased 45 basis points to 1.98% for 2024 from 2.43% in 2023. That's the main story in bank revenue right now.

Beyond the interest spread, Generations Bancorp NY, Inc. generates non-interest income from various customer services. These streams are smaller but important for diversification. Here's a look at the key non-interest income components, comparing the latest full-year figures with the historical TTM examples you mentioned, which align with the 2023 results:

Revenue Stream Component	Latest Annual Figure (FY 2024, in thousands USD)	Historical Example Figure (FY 2023, in thousands USD)
Debit Card Interchange and Surcharge Income	$677K	$731K
Service Charges on Deposit Accounts	$512K	$541K
Insurance Commissions	$2K	$156K
Loan Servicing Fees	$148K	$139K
Net Gain on Sale of Generations Agency	-	$312K

The insurance segment revenue saw a dramatic change. Insurance commissions dropped sharply to $2,000 for the year ended December 31, 2024, down from $156,000 in 2023. This was directly tied to the sale of the book of business to Northwoods on June 1, 2023. Also, note the one-time $312,000 net gain recognized in 2023 from that same agency sale, which won't repeat in the 2025 run rate.

You can see the specific fee-based revenue sources clearly in this breakdown:

• Debit card interchange fees and surcharges were $677,000 for the full year 2024, compared to the $731,000 seen in 2023.
• Service charges on deposit accounts, covering things like overdrafts and transaction fees, totaled $512,000 in 2024, down from $541,000 in 2023.
• Insurance commissions from the Insurance Agency segment were minimal at $2,000 for 2024, reflecting the prior year's sale, compared to the $156,000 earned in 2023.

The total non-interest income for the year ended December 31, 2024, was $1,339,000, a notable drop from the $1,879,000 reported for 2023, largely due to the absence of the agency sale gain and lower insurance commissions. Finance: draft 13-week cash view by Friday.