GOUVERNEUR, N.Y., Nov. 08, 2016 (GLOBE NEWSWIRE) -- Charles C. Van Vleet Jr., President and Chief Executive Officer of Gouverneur Bancorp, Inc. (OTC Pink:GOVB) (the "Company") holding company for Gouverneur Savings and Loan Association (the "Bank"), announced today results for its fiscal year ended September 30, 2016. Net income for the fiscal year ended September 30, 2016 decreased 17.20% to $1.12 million, or $0.50 per diluted share, compared to $1.35 million, or $0.61 per diluted share, in fiscal 2015. The return on average assets decreased to 0.80% from 0.96% in fiscal 2015, while the return on average equity decreased to 3.80% for the year ended September 30, 2016, from 4.78% for the year ended September 30, 2015. Total assets increased by $1.69 million, or 1.21%, from $139.71 million at September 30, 2015 to $141.40 million at September 30, 2016. Commenting on the results for the year, Mr. Van Vleet said, "We are pleased with our results for the 2016 fiscal year as the Bank continues to show strong earnings despite the extended low interest rate environment. Although fiscal year 2016 saw an increase in the provision for loan loss, due in part to the continued lagging local economy, Gouverneur Savings & Loan continues to perform well among its peer group. The Bank remains optimistic that these conditions will improve, and looks forward to what the next twelve months have to offer. Mr. Van Vleet continues, "We look forward to the expansion of our service area and the addition of new products to meet the needs of the communities we serve. During this fiscal year we added a new mortgage product that allows the Bank to compete with the secondary market mortgage products offered by other banks. Plans are currently underway to open a loan production office in Lowville, New York. This will enable us to service our Lewis County lending area more effectively. We continue to invest in the Bank's future with improvements in the IT area and employee training. Additional new customer products are also being explored."