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Gouverneur Bancorp Announces 2012 Third Quarter And Nine Months Results -- Correction

GOUVERNEUR, N.Y., July 26, 2012 /PRNewswire/ -- Gouverneur Bancorp, Inc. (OTC Bulletin Board: GOVB) (the "Company") and its subsidiary, Gouverneur Savings and Loan Association (the "Bank"), previously announced on July 25, 2012 the results for the third quarter and nine months ended June 30, 2012, and made a statement that Cambray Mutual Holding Company would not waive receipt of the semi-annual dividend declared that day.  However, the Company did not declare such a dividend.  The full and corrected release is as follows:

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.  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.

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