Gouverneur Bancorp, Inc. Announces Fiscal 2025 Second Quarter and Six Months Results
Rhea-AI Summary
Gouverneur Bancorp (OTCQB: GOVB) has reported its fiscal 2025 second quarter and six-month results. The company achieved net income of $118,000 ($0.11 per share) for Q2 2025, up from $102,000 ($0.10 per share) in Q2 2024. For the six months ended March 31, 2025, net income reached $278,000 ($0.27 per share), compared to $220,000 ($0.21 per share) in the same period of 2024.
Key financial metrics as of March 31, 2025:
- Total assets: $197.4 million (slight increase from $197.3 million)
- Net loans: Increased by $1.1 million (0.91%)
- Deposits: Rose to $161.8 million (up 1.20%)
- Shareholders' equity: $31.4 million (decreased 4.30%)
The net interest margin remained stable at 4.06% for Q2 2025. The company declared dividends of $0.08 per share totaling $89,000 during the six months. Book value per share was $29.63 based on 1,058,399 shares outstanding at March 31, 2025.
Positive
- Net income increased 15.7% to $118,000 in Q2 2025 from $102,000 in Q2 2024
- Six-month net income grew 26.4% to $278,000 from $220,000 year-over-year
- Net loans increased by $1.1 million (0.91%)
- Deposits grew by $1.9 million (1.20%)
- No FHLB advances or brokered deposits on balance sheet
Negative
- Shareholders' equity decreased 4.30% to $31.4 million
- Securities available for sale decreased $2.5 million (5.59%)
- Interest expense increased 15.73% year-over-year in Q2
- Net interest income declined due to rising interest expense
- Market value of securities portfolio decreased by $1.0 million
News Market Reaction
On the day this news was published, GOVB declined 0.74%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
GOUVERNEUR, N.Y., April 23, 2025 (GLOBE NEWSWIRE) -- Gouverneur Bancorp, Inc. (OTCQB: GOVB) (the “Company”), the holding company for Gouverneur Savings and Loan Association (the “Bank”), today announced the Company’s results for the second quarter and six months of fiscal year 2025, ended March 31, 2025.
The Company reported net income of
Summary of Financial Results
Our results of operations depend primarily on our net interest income. Net interest income is the difference between the interest income we earn on our interest-earning assets, consisting primarily of loans and securities, and the interest we pay on our interest-bearing liabilities, consisting of savings and club accounts, NOW and money market accounts and time certificates. Our results of operations also are affected by our provisions for credit losses, non-interest income and non-interest expense. Non-interest income currently consists primarily of service charges, earnings on bank owned life insurance and loan servicing fees. Non-interest expense currently consists primarily of salaries and employee benefits, directors’ fees, occupancy and data processing expense and professional fees. Our results of operations also may be affected significantly by other factors including, but not limited to, general and local economic and competitive conditions, changes in market interest rates, governmental policies and actions of regulatory authorities.
Total assets increased by
Deposits increased
Shareholders’ equity was
Total interest income decreased
Total interest expense increased
Net interest margin, which represents net interest income as a percentage of average interest-earning assets, was
Non-interest income increased
Non-interest expense decreased
Financial and Operational Metrics (GAAP) – The following information is preliminary and based on the Company’s data available at the time of presentation.
| 03/31/2025 | 09/30/2024 | ||||||
| (In Thousands) | |||||||
| (unaudited) | |||||||
| Statement of Condition | |||||||
| Assets | |||||||
| Cash and Cash Equivalents | $ | 7,873 | $ | 6,370 | |||
| Securities Available-for-Sale | 42,812 | 45,348 | |||||
| Loans Receivable, Net of Allowance for Credit | |||||||
| Losses and Deferred Loan Fees | 125,385 | 124,257 | |||||
| Premises and Equipment, Net | 2,891 | 2,924 | |||||
| Goodwill and Intangible Assets | 5,716 | 5,901 | |||||
| Accrued Interest Receivable and Other Assets | 12,694 | 12,460 | |||||
| Total Assets | $ | 197,371 | $ | 197,260 | |||
| Liabilities and Shareholders’ Equity | |||||||
| Deposits | $ | 161,821 | $ | 159,902 | |||
| Accrued Interest Payable and Other Liabilities | 4,193 | 4,593 | |||||
| Total Liabilities | 166,014 | 164,495 | |||||
| Common Stock (and related surplus) | 6,507 | 6,498 | |||||
| Retained Earnings | 28,602 | 28,413 | |||||
| Accumulated Other Comprehensive Loss | (2,653 | ) | (1,606 | ) | |||
| Other Equity Capital Components | (1,099 | ) | (540 | ) | |||
| Total Shareholders’ Equity | 31,357 | 32,765 | |||||
| Total Liabilities and Shareholders’ Equity | $ | 197,371 | $ | 197,260 | |||
| For the Quarter Ended | For the Six Months Ended | ||||||||||||||
| 03/31/2025 | 03/31/2024 | 03/31/2025 | 03/31/2024 | ||||||||||||
| (In Thousands except per share data) | |||||||||||||||
| (unaudited) | |||||||||||||||
| Statement of Earnings | |||||||||||||||
| Interest Income | $ | 2,137 | $ | 2,145 | $ | 4,303 | $ | 4,273 | |||||||
| Interest Expense | 390 | 337 | 791 | 661 | |||||||||||
| Net Interest Income | 1,747 | 1,808 | 3,512 | 3,612 | |||||||||||
| Provision for Credit Loss | - | - | 15 | 70 | |||||||||||
| Net Interest Income After Provision for Credit Loss | 1,747 | 1,808 | 3,497 | 3,542 | |||||||||||
| Non-interest Income | 208 | 196 | 452 | 343 | |||||||||||
| Non-interest Expenses | 1,853 | 1,919 | 3,688 | 3,699 | |||||||||||
| Income Before Income Tax Benefit | 102 | 85 | 261 | 186 | |||||||||||
| Income Tax Benefit | (16 | ) | (17 | ) | (17 | ) | (34 | ) | |||||||
| Net Income | $ | 118 | $ | 102 | $ | 278 | $ | 220 | |||||||
| Performance Ratios | |||||||||||||||
| Basic and Diluted Earnings per Share | $ | 0.11 | $ | 0.10 | $ | 0.27 | $ | 0.21 | |||||||
| Annualized Return on Average Assets | 0.24 | % | 0.20 | % | 0.28 | % | 0.21 | % | |||||||
| Annualized Return on Average Equity | 1.52 | % | 1.29 | % | 1.74 | % | 1.48 | % | |||||||
| Net Interest Spread | 3.87 | % | 3.92 | % | 3.83 | % | 3.88 | % | |||||||
| Net Interest Margin | 4.06 | % | 4.06 | % | 4.02 | % | 4.03 | % | |||||||
About Gouverneur Bancorp, Inc.
Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association, which is a New York chartered savings and loan association founded in 1892 that offers deposit and loan services for businesses, families and individuals. At March 31, 2025, Gouverneur Bancorp, Inc. had total assets of
Forward-Looking Statements
This press release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, among others, the following: changes in interest rates; national and regional economic conditions; legislative and regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the size, quality and composition of the loan or investment portfolios; demand for loan products; deposit flows and our ability to effectively manage liquidity; competition; demand for financial services in our market area; changes in real estate market values in our market area; changes in relevant accounting principles and guidelines; our ability to attract and retain key employees; our ability to maintain the security of our data processing and information technology systems; and that the Company may not be successful in the implementation of its business strategy. Additionally, other risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024 and other reports the Company files with the SEC, which are available through the SEC’s EDGAR website located at www.sec.gov. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company and the Bank assume no obligation to update any forward-looking statements.
For more information, contact Robert W. Barlow, President and Chief Executive Officer at (315) 287-2600.
FAQ
What was GOVB's earnings per share (EPS) for Q2 fiscal 2025?
How much did Gouverneur Bancorp's deposits grow in the first half of fiscal 2025?
What was GOVB's net interest margin in Q2 2025?
How much did Gouverneur Bancorp pay in dividends during the first six months of fiscal 2025?
