This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gouverneur Bancorp Announces 2012 Third Quarter And Nine Months Results

GOUVERNEUR, N.Y., July 25, 2012 /PRNewswire/ -- Gouverneur Bancorp, Inc. (OTC Bulletin Board: GOVB) (the "Company") and its subsidiary, Gouverneur Savings and Loan Association (the "Bank"), today announced the results for the third quarter and nine months ended June 30, 2012.

For the three months ended June 30, 2012, the Company reported net income of $495,000, or $0.22 per diluted share, representing an increase of $14,000, or 2.91% from last year's net income of $481,000, or $0.21 per diluted share.  The annualized return on average assets and average equity for the three months ended June 30, 2012 was 1.37% and 7.94% respectively, compared to 1.29% and 8.01% for the three months ended June 30, 2011. 

For the nine months ended June 30, 2012, the Company reported net income of $1,446,000, or $0.65 per diluted share, representing a decrease of $58,000, or 3.86% less than last year's net income of $1,504,000, or $0.67 per diluted share.   The annualized return on average assets and average equity for the nine months ended June 30, 2012 was 1.31% and 7.80% respectively, compared to 1.36% and 8.57% for the same period last year.

Since September 30, 2011, total assets decreased $3.07 million, or 2.05%, from $149.78 million to $146.71 million at June 30, 2012, mainly as a result of a decrease in loans receivable of $3.27 million, or 2.81%, from $116.30 million to $113.04 million over the same period.

Deposits decreased $295,000, or 0.32%, from $91.60 million at September 30, 2011 to $91.30 million at June 30, 2012.  Advances from the Federal Home Loan Bank of New York decreased from $29.70 million to $25.20 million over the same period.

The cost of deposits and borrowed funds remained flat as maturities continued to renew at historically low rates. Net interest income after the provision for loan losses increased $83,000, or 1.83%, during the first nine months of the 2012 fiscal year as compared to the first nine months of the 2011 fiscal year.  Non-performing assets decreased from 1.65% at September 30, 2011 to 0.89% at June 30, 2012.   

Shareholders' equity was $25.26 million at June 30, 2012, an increase of 4.20% over the September 30, 2011 balance of $24.24 million.  The book value of Gouverneur Bancorp, Inc. was $11.30 per common share based on 2,234,148 shares outstanding at June 30, 2012.  The company paid a semi-annual cash dividend of $0.17 per share to public shareholders on March 31, 2012. 

Commenting on the year's results, Mr. Charles C. Van Vleet, the Company's President and Chief Executive Officer, stated, "Due to the new onerous requirements imposed by the Federal Reserve Board on dividend waivers, Cambray Mutual Holding Company, Gouverneur Bancorp's mutual holding company parent, did not waive the semi-annual dividend declared in January 2012 and will not waive receipt of the semi-annual dividend declared today.   Further, the new dividend waiver restrictions will require the Board of Directors to re-evaluate Gouverneur Bancorp's dividend policy and, as a result of such regulatory considerations, Gouverneur Bancorp can make no assurances that it will continue to declare regular semi-annual cash dividends or that its dividend policy will not change in the future."

Mr. Van Vleet further commented, "However, earnings remain strong through the third quarter ended June 30, 2012. Our tax equivalent margin is improving with increased tax equivalent income realized through the restructuring of our investment portfolio, and new investments in this low rate environment have been minimal." 

The Company, which is headquartered in Gouverneur, New York, is the holding company for Gouverneur Savings and Loan Association.  Founded in 1892, the Bank is a federally chartered savings and loan association offering a variety of banking products and services to individuals and businesses in its primary market area in southern St. Lawrence and northern Lewis and Jefferson Counties in New York State.

Statements in this news release contain forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs of management as well as assumptions made using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions. These risks and uncertainties include among others, the impact of changes in market interest rates and general economic conditions, changes in government regulations, changes in accounting principles and the quality or composition of the loan and investment portfolios. Therefore, actual future results may differ significantly from results discussed in the forward-looking statements due to a number of factors, which include, but are not limited to, factors discussed in the documents filed by the Company with the Securities and Exchange Commission from time to time.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs