This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Gouverneur Bancorp Announces Fiscal 2013 First Quarter Results

Stocks in this article: GOVB

GOUVERNEUR, N.Y., Jan. 18, 2013 /PRNewswire/ -- Gouverneur Bancorp, Inc. (OTC Bulletin Board: GOVB) (the "Company") holding company for Gouverneur Savings and Loan Association (the "Bank"), today announced the results for the first quarter of fiscal year 2013 ended December 31, 2012.

For the three months ended December 31, 2012 the Company reported net income of $500,000, or $0.22 per diluted share, representing an increase of $5,000, or 1.01%, over last year's net income of $495,000, or $0.22 per diluted share.  The annualized return on average assets increased from 1.32% to 1.36% and the return on average equity decreased from 8.02% to 7.68% for the three months ended December 31, 2012 and 2011, respectively.

Total assets increased by $2.15 million, or 1.47% from $146.45 million to $148.60 million during the first three months of fiscal 2013, with net loans increasing $2.31 million, or 2.04%, to $115.68 million over the same period.

Commenting on the quarter's results, Mr. Charles C. Van Vleet, the Company's President and Chief Executive Officer, said, "The Bank is performing well as we have been able to maintain, and expect to continue to maintain, margins higher than our peers. The Federal Reserve indicated that short term rates are expected to remain low through the year 2014.  Bank margins will continue to compress as rates remain low and the portfolio shifts to lower yielding assets.  The economic and regulatory environment affecting the Bank's earnings will continue to be monitored closely."

Net interest income decreased by $31,000, or 1.94%, from $1,599,000 for the quarter ended December 31, 2011 to $1,568,000 for the quarter ended December 31, 2012.  Interest income decreased $114,000, or 5.84%, while interest expense decreased $83,000, or 23.45% over the same period.  Non-interest income increased $98,000, or 37.98% to $356,000 for the quarter ended December 31, 2012 compared to $258,000 for the quarter ended December 31, 2011.  A 45.45% decrease in the income earned from the underlying plan assets in the deferred directors' fees plan and a 460.87% increase in the net gain on the sale of securities were the primary factors in the fiscal 2013 quarter net increase.

Non-interest expense increased $107,000 from the first quarter of fiscal 2012 to the first quarter of fiscal 2013.  Earnings expense on the deferred director's plan and other operating expenses decreased $15,000 and $14,000 respectively, while salaries and employee benefits and expenses associated with owned real estate increased $33,000 and $77,000 respectively.

Non-accrual loans were $1,880,000 at December 31, 2012 compared to $1,723,000 at September 30, 2012.  There was a $30,000 loan loss provision and net charge-offs were $4,000 for the quarter ended December 31, 2012.  The allowance for loan losses was $969,000 or 0.84% of total gross loans outstanding at December 31, 2012 as compared to $943,000 or 0.83% at September 30, 2012.

Deposits decreased $976,000, or 1.08%, to $89.6 million at December 31, 2012 from $90.6 million at September 30, 2012.  Foreclosed real estate decreased from $158,000 at September 30, 2012 to $95,000 at December 31, 2012.

Shareholders' equity was $25.9 million at December 31, 2012, an increase of 1.27% over the September 30, 2012 balance of $25.6 million.  The book value of Gouverneur Bancorp, Inc. was $11.61 per common share based on 2,234,148 shares outstanding at December 31, 2012.

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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs