Net interest income decreased $62,000, or 4.49%, from $1,382,000 for the quarter ended December 31, 2016 to $1,320,000 for the quarter ended December 31, 2017. Interest income decreased $6,000, or 0.40%, while interest expense increased $56,000, or 42.42% over the same period. Non-interest income increased $99,000, or 29.03% to $440,000 for the quarter ended December 31, 2017 compared to $341,000 for the quarter ended December 31, 2016, while non-interest expense increased $24,000 over the same period. A $60,000 increase in unrealized gains on swap agreements and an $18,000 decrease in salaries and employee benefits contributed to the fiscal 2018 first quarter net increase.Non-performing loans were $1,374,000 at December 31, 2017 compared to $1,793,000 at September 30, 2017. There was a $30,000 loan loss provision for the quarter ended December 31, 2017. The allowance for loan losses was $850,000 or 0.86% of total gross loans outstanding at December 31, 2017. Foreclosed real estate was $762,000 and $625,000 at December 31, 2017 and September 30, 2017, respectively. Deposits decreased $0.75 million or 0.91%, to $82.92 million at December 31, 2017 from $83.67 million at September 30, 2017. Advances from the Federal Home Loan Bank of New York ("FHLB") decreased 5.97%, from $16.75 million at September 30, 2017 to $15.75 million at December 31, 2017. Shareholders' equity was $29.87 million at December 31, 2017, an increase of $30,000 over the September 30, 2017 balance of $29.84 million. The book value of Gouverneur Bancorp, Inc. was $13.72 per common share based on 2,176,908 shares outstanding at December 31, 2017. 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 New York State chartered savings and loan association offering a variety of banking products and services to individuals and businesses in its primary market area in St. Lawrence, 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.For more information, contact Charles C. Van Vleet Jr., President and Chief Executive Officer, at (315) 287-2600.