GOUVERNEUR BANCORP INC MD - GOVB STOCK NEWS

Gouverneur Bancorp, Inc. (OTC Pink: GOVB) announced a leadership change with the resignation of Faye C. Waterman as President and CEO, effective April 14, 2023. The Board thanked Mr. Waterman for his service and appointed Charles C. Van Vleet, Jr., the current director and former CEO, to temporarily lead the organization during the search for a permanent successor. At year-end December 31, 2022, Gouverneur Bancorp reported total assets of $205.20 million, total deposits of $170.56 million, and total stockholders’ equity of $26.13 million. This transition in leadership may influence strategic direction and investor confidence as the company navigates this period of change.

Gouverneur Bancorp (OTC Pink: GOVB) announced a $0.10 semi-annual dividend, marking its 47^th consecutive payout. Shareholders of record on March 15^th, 2023, will receive this payment on March 31^st, 2023. Following the acquisition of Citizens Bank of Cape Vincent in September 2022, the dividend increase reflects the company's strength and confidence in future growth.

Gouverneur Bancorp, Inc. (OTC Pink: GOVB) reported its first-quarter fiscal 2023 results, ending December 31, 2022. The acquisition of Citizens Bank of Cape Vincent contributed additional assets, including $37.30 million in loans and $76.14 million in deposits. First-quarter net income was $47,000 ($0.02 per share), down from $211,000 ($0.10 per share) the prior year. Interest income rose significantly by 86.83% to $2.01 million, while non-interest expenses increased due to merger-related costs. Adjusted net income soared 7,720% to $391,000, showing strength post-acquisition despite a decrease in the unrealized gains on swaps.

Gouverneur Bancorp, Inc. (OTC Pink: GOVB) reported fiscal year 2022 results showing net income increased by 21.58% to $1.527 million, or $0.75 per share, compared to $1.256 million, or $0.62 per share in 2021. Total revenue rose to $7.08 million, up by $0.88 million from the previous year. The company completed the acquisition of Citizens Bank of Cape Vincent, enhancing its market presence. However, adjusted net income saw a significant decline to $(178,000) due to increased operational expenses from the acquisition. Deposits surged by 82.57% to $183.95 million, but total assets also grew to $213.02 million, reflecting the impact of the acquisition.

On September 16, 2022, Gouverneur Bancorp, Inc. announced the completion of its acquisition of Citizens Bank of Cape Vincent (CBCV). As a result of the merger, each CBCV stockholder is entitled to receive $1,056.11 in cash per share. This strategic move expands Gouverneur's footprint in Jefferson County, adding branches in Cape Vincent, Chaumont, and LaFargeville. With total assets of $130.2 million and total deposits of $100.7 million as of June 30, 2022, Gouverneur aims to enhance its service offerings and community presence.

Gouverneur Bancorp, Inc. (OTC Pink: GOVB) announced the acquisition of Citizens Bank of Cape Vincent, expected to close on September 16, 2022, following regulatory approvals. This merger aims to enhance Gouverneur Savings and Loan Association's market presence. Additionally, the company identified an understatement of approximately $200,000 in net income for the fiscal year ending September 30, 2021, due to unrealized deferred tax benefits, which will be corrected in the forthcoming audited financial statements.

Gouverneur Bancorp (OTC Pink: GOVB) has declared a semi-annual dividend of $0.06 per share for all stockholders of record by September 15, 2022. This dividend, marking the Company's 46th consecutive payment, will be distributed on September 30, 2022. President Faye C. Waterman highlighted the Company's ability to maintain competitive dividends for over 23 years, even amidst challenging global conditions. The parent company, Cambray Mutual Holding Company, will continue to receive member approval to waive its dividend rights.