Gouverneur Bancorp, Inc. Announces Fiscal 2025 First Quarter Results
Gouverneur Bancorp (OTCQB: GOVB) reported net income of $160,000 ($0.15 per share) for Q1 FY2025 ended December 31, 2024, up from $118,000 ($0.11 per share) in Q1 FY2024. Total assets decreased by $0.5 million to $196.8 million, while net loans increased by $0.7 million. Securities available for sale decreased by $1.8 million to $43.5 million.
Interest income rose by $38,000 to $2.2 million, while interest expense increased by $77,000 to $401,000. The net interest spread decreased slightly to 3.78% from 3.84%. Deposits decreased marginally to $159.7 million, and shareholders' equity declined by 3.12% to $31.7 million, primarily due to a $1.1 million decrease in the securities portfolio market value.
Gouverneur Bancorp (OTCQB: GOVB) ha riportato un utile netto di $160.000 ($0,15 per azione) per il primo trimestre dell'anno fiscale 2025 terminato il 31 dicembre 2024, in aumento rispetto ai $118.000 ($0,11 per azione) del primo trimestre dell'anno fiscale 2024. I beni totali sono diminuiti di $0,5 milioni a $196,8 milioni, mentre i prestiti netti sono aumentati di $0,7 milioni. I titoli disponibili per la vendita sono scesi di $1,8 milioni a $43,5 milioni.
Il reddito da interessi è aumentato di $38.000 a $2,2 milioni, mentre le spese per interessi sono aumentate di $77.000 a $401.000. Il margine di interesse netto è diminuito leggermente al 3,78% dal 3,84%. I depositi sono diminuiti marginalmente a $159,7 milioni e il patrimonio netto degli azionisti è calato del 3,12% a $31,7 milioni, principalmente a causa di una diminuzione di $1,1 milioni nel valore di mercato del portafoglio titoli.
Gouverneur Bancorp (OTCQB: GOVB) reportó un ingreso neto de $160,000 ($0.15 por acción) para el primer trimestre del año fiscal 2025 que terminó el 31 de diciembre de 2024, un aumento en comparación con los $118,000 ($0.11 por acción) del primer trimestre del año fiscal 2024. Los activos totales disminuyeron en $0.5 millones a $196.8 millones, mientras que los préstamos netos aumentaron en $0.7 millones. Los valores disponibles para la venta disminuyeron en $1.8 millones a $43.5 millones.
Los ingresos por intereses aumentaron en $38,000 a $2.2 millones, mientras que los gastos por intereses aumentaron en $77,000 a $401,000. El diferencial de interés neto disminuyó ligeramente al 3.78% desde el 3.84%. Los depósitos disminuyeron marginalmente a $159.7 millones, y el patrimonio de los accionistas cayó un 3.12% a $31.7 millones, principalmente debido a una disminución de $1.1 millones en el valor de mercado de la cartera de valores.
Gouverneur Bancorp (OTCQB: GOVB)는 2024년 12월 31일에 종료된 2025 회계연도 1분기 동안 $160,000 ($0.15 per 주식)의 순이익을 보고했으며, 이는 2024 회계연도 1분기의 $118,000 ($0.11 per 주식)에서 증가한 수치입니다. 총 자산은 $0.5 백만 감소하여 $196.8 백만이 되었고, 순 대출은 $0.7 백만 증가했습니다. 매각 가능한 증권은 $1.8 백만 감소하여 $43.5 백만이 되었습니다.
이자 수익은 $38,000 증가하여 $2.2 백만에 이르렀고, 이자 비용은 $77,000 증가하여 $401,000가 되었습니다. 순이자 스프레드는 3.84%에서 3.78%로 약간 감소했습니다. 예금은 약간 감소하여 $159.7 백만이 되었고, 주주 자본은 증권 포트폴리오의 시장 가치가 $1.1 백만 감소함에 따라 3.12% 감소하여 $31.7 백만이 되었습니다.
Gouverneur Bancorp (OTCQB: GOVB) a rapporté un revenu net de $160,000 ($0.15 par action) pour le premier trimestre de l'exercice 2025 se terminant le 31 décembre 2024, en hausse par rapport aux $118,000 ($0.11 par action) du premier trimestre de l'exercice 2024. Les actifs totaux ont diminué de $0.5 million à $196.8 millions, tandis que les prêts nets ont augmenté de $0.7 million. Les titres disponibles à la vente ont diminué de $1.8 million à $43.5 millions.
Les revenus d'intérêts ont augmenté de $38,000 à $2.2 millions, tandis que les charges d'intérêts ont augmenté de $77,000 à $401,000. L'écart d'intérêt net a légèrement diminué à 3,78% contre 3,84%. Les dépôts ont légèrement diminué à $159.7 millions, et les fonds propres des actionnaires ont chuté de 3,12% à $31.7 millions, principalement en raison d'une baisse de $1,1 million de la valeur de marché du portefeuille de titres.
Gouverneur Bancorp (OTCQB: GOVB) meldete für das erste Quartal des Geschäftsjahres 2025, das am 31. Dezember 2024 endete, einen Nettogewinn von $160.000 ($0,15 pro Aktie), ein Anstieg von $118.000 ($0,11 pro Aktie) im ersten Quartal des Geschäftsjahres 2024. Die gesamten Vermögenswerte sanken um $0,5 Millionen auf $196,8 Millionen, während die Netto-Darlehen um $0,7 Millionen zunahmen. Die zum Verkauf verfügbaren Wertpapiere sanken um $1,8 Millionen auf $43,5 Millionen.
Die Zinserträge stiegen um $38.000 auf $2,2 Millionen, während die Zinsaufwendungen um $77.000 auf $401.000 erhöht wurden. Die Nettomarge sank geringfügig von 3,84% auf 3,78%. Die Einlagen sanken geringfügig auf $159,7 Millionen, und das Eigenkapital der Aktionäre fiel um 3,12% auf $31,7 Millionen, hauptsächlich aufgrund eines Rückgangs des Marktwerts des Wertpapierportfolios um $1,1 Millionen.
- Net income increased 35.6% YoY to $160,000
- Interest income grew 1.79% YoY to $2.2 million
- Net loans increased by 0.54% quarter-over-quarter
- Non-interest income rose by $97,000 YoY
- Total assets decreased by 0.25% to $196.8 million
- Shareholders' equity declined 3.12% to $31.7 million
- Net interest spread decreased to 3.78% from 3.84% YoY
- Book value per share decreased to $28.68 from $29.59
GOUVERNEUR, N.Y., Jan. 24, 2025 (GLOBE NEWSWIRE) -- Gouverneur Bancorp, Inc. (OTCQB: GOVB) (the “Company”), the holding company for Gouverneur Savings and Loan Association (the “Bank”), today announced the Company’s results for the first quarter of fiscal year 2025 ended December 31, 2024.
The Company reported net income of
Summary of Financial Results
Our results of operations depend primarily on our net interest income. Net interest income is the difference between the interest income we earn on our interest-earning assets, consisting primarily of loans and securities, and the interest we pay on our interest-bearing liabilities, consisting of savings and club accounts, NOW and money market accounts and time certificates. Our results of operations also are affected by our provisions for credit losses, non-interest income and non-interest expense. Non-interest income currently consists primarily of service charges, earnings on bank owned life insurance and loan servicing fees. Non-interest expense currently consists primarily of salaries and employee benefits, directors’ fees, occupancy and data processing expense and professional fees. Our results of operations also may be affected significantly by general and local economic and competitive conditions, changes in market interest rates, governmental policies and actions of regulatory authorities.
Total assets decreased by
Deposits decreased
Shareholders’ equity was
Total interest income increased
Total interest expense increased
Net interest spread, the difference between the rate earned on interest-earning assets and the rate paid on interest-bearing liabilities, was
Non-interest income increased
Financial and Operational Metrics (GAAP)
| 12/31/2024 | 09/30/2024 | ||||
| (In Thousands) | |||||
| (unaudited) | |||||
| Statement of Condition | |||||
| Assets | |||||
| Cash and Cash Equivalents | $ | 7,013 | $ | 6,370 | |
| Securities Available-for-Sale | 43,534 | 45,348 | |||
| Loans Receivable, Net of Allowance for Credit Losses and Deferred Loan Fees | 124,927 | 124,257 | |||
| Premises and Equipment, Net | 2,933 | 2,924 | |||
| Goodwill and Intangible Assets | 5,808 | 5,901 | |||
| Accrued Interest Receivable and Other Assets | 12,561 | 12,460 | |||
| Total Assets | $ | 196,776 | $ | 197,260 | |
| Liabilities and Shareholders’ Equity | |||||
| Deposits | $ | 159,672 | $ | 159,902 | |
| Accrued Interest Payable and Other Liabilities | 5,361 | 4,593 | |||
| Total Liabilities | 165,033 | 164,495 | |||
| Common Stock (and related surplus) | 6,501 | 6,498 | |||
| Retained Earnings | 28,484 | 28,413 | |||
| Accumulated Other Comprehensive Loss | (2,737) | (1,606) | |||
| Other Equity Capital Components | (505) | (540) | |||
| Total Shareholders’ Equity | 31,743 | 32,765 | |||
| Total Liabilities and Shareholders’ Equity | $ | 196,776 | $ | 197,260 | |
| For the Quarter Ended | |||||
| 12/31/2024 | 12/31/2023 | ||||
| (In Thousands except per share data) | |||||
| (unaudited) | |||||
| Statement of Earnings | |||||
| Interest Income | $ | 2,166 | $ | 2,128 | |
| Interest Expense | 401 | 324 | |||
| Net Interest Income | 1,765 | 1,804 | |||
| Provision for Credit Loss | 15 | 70 | |||
| Net Interest Income After Provision for Credit Loss | 1,750 | 1,734 | |||
| Non-interest Income | 244 | 147 | |||
| Non-interest Expenses | 1,835 | 1,780 | |||
| Income Before Income Tax Benefit | 159 | 101 | |||
| Income Tax Benefit | (1) | (17) | |||
| Net Income | $ | 160 | $ | 118 | |
| Performance Ratios | |||||
| Basic and Diluted Earnings per Share | $ | 0.15 | $ | 0.11 | |
| Annualized Return on Average Assets | |||||
| Annualized Return on Average Equity | |||||
| Net Interest Spread | |||||
About Gouverneur Bancorp, Inc.
Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association, which is a New York chartered savings and loan association founded in 1892 that offers deposit and loan services for businesses, families and individuals. At December 31, 2024, Gouverneur Bancorp, Inc. had total assets of
Forward-Looking Statements
This press release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, among others, the following: the ability to successfully integrate acquired entities, such as Citizens Bank of Cape Vincent, which we acquired on September 16, 2022, and realize expected cost savings associated with completed mergers and acquisitions; changes in interest rates; national and regional economic conditions; legislative and regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the size, quality and composition of the loan or investment portfolios; demand for loan products; deposit flows and our ability to effectively manage liquidity; competition; demand for financial services in our market area; changes in real estate market values in our market area; changes in relevant accounting principles and guidelines; our ability to attract and retain key employees; our ability to maintain the security of our data processing and information technology systems; and that the Company may not be successful in the implementation of its business strategy. Additionally, other risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024, which is available through the SEC’s EDGAR website located at www.sec.gov. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company and the Bank assume no obligation to update any forward-looking statements.
For more information, contact Robert W. Barlow, President and Chief Executive Officer at (315) 287-2600.
FAQ
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