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Gouverneur Bancorp Announces 2013 Third Quarter And Nine Months Results

Stocks in this article: GOVB

GOUVERNEUR, N.Y., July 25, 2013 /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, 2013.

For the three months ended June 30, 2013, the Company reported net income of $444,000, or $0.20 per diluted share, representing a decrease of $51,000, or 10.30% from last year's net income of $495,000, or $0.22 per diluted share.  The annualized return on average assets and average equity for the three months ended June 30, 2013 was 1.24% and 6.94% respectively, compared to 1.37% and 7.94% for the three months ended June 30, 2012. 

For the nine months ended June 30, 2013, the Company reported net income of $1,440,000, or $0.65 per diluted share, representing a decrease of $6,000, or 0.41% less than last year's net income of $1,446,000, or $0.65 per diluted share. The annualized return on average assets and average equity for the nine months ended June 30, 2013 was 1.33% and 7.48% respectively, compared to 1.31% and 7.80% for the same period last year.

Since September 30, 2012, total assets decreased $0.63 million, or 0.43%, from $146.45 million to $145.82 million at June 30, 2013, mainly as a result of a decrease in loans receivable of $2.58 million, or 2.27%, from $113.36 million to $110.78 million over the same period.

Deposits increased $3.52 million or 3.89%, from $90.60 million at September 30, 2012 to $94.12 million at June 30, 2013. Advances from the Federal Home Loan Bank of New York decreased from $25.35 million to $21.40 million over the same period.

The cost of deposits and borrowed funds decreased as interest rates on deposits decreased to meet lower competitive rates and interest on borrowing maturities continued to renew at low rates. Net interest income after the provision for loan losses decreased $48,000, or 1.04%, during the first nine months of the 2013 fiscal year as compared to the first nine months of the 2012 fiscal year. Non-performing assets increased from 1.28% at September 30, 2012 to 2.08% at June 30, 2013.   

Shareholders' equity was $25.47 million at June 30, 2013, a decrease of 0.53% over the September 30, 2012 balance of $25.61 million. The book value of Gouverneur Bancorp, Inc. was $11.42 per common share based on 2,229,505 shares outstanding at June 30, 2013. The company paid a semi-annual cash dividend of $0.17 per share to public shareholders on March 31, 2013. 

Commenting on the year's results, Mr. Charles C. Van Vleet, the Company's President and Chief Executive Officer, stated, "Earnings continue to be strong through the third quarter ended June 30, 2013. Our tax equivalent margin remains steady with increased tax equivalent income realized through our investment portfolio." 

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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