Gouverneur Bancorp, Inc. Announces Fiscal 2026 Fourth Quarter and Fiscal Year Results
Borrowings were repaid and interest margins improved, while restructuring losses reduced annual earnings and shareholders’ equity.
Sentiment and the balance of points
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Rhea-AI Summary
Gouverneur Bancorp (GOVB) reported a $3.1 million fourth-quarter net loss following balance sheet restructuring that included securities and loan participation sales. The loss was $2.97 per share, versus earnings of $0.24 a year earlier. Fiscal 2026 net loss was $2.3 million, or $2.25 per share, versus earnings of $733,000, or $0.72 per share.
The company sold approximately $24.0 million of securities and a 95% loan participation representing approximately $18.7 million in principal, recording approximately $2.0 million of pretax losses on each transaction. Proceeds repaid higher-cost borrowings and funded reinvestments. FHLBNY advances fell to zero from $7.0 million a year earlier. Quarterly net interest margin rose to 4.66% from 4.12%. Adjusted net income, excluding specified items, was $241,000 for the quarter and $984,000 for the year. The company expects restructuring benefits progressively over future reporting periods.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointFHLBNY advances fell to zero at September 30, 2026, from $7.0 million a year earlier.
- Moderate pointQuarterly net interest income increased to $2.034 million from $1.826 million a year earlier.
- Moderate pointFiscal 2026 net interest income increased to $7.582 million from $7.148 million in fiscal 2025.
- Moderate pointQuarterly net interest margin rose to 4.66% from 4.12% a year earlier.
- Moderate pointFiscal 2026 net interest margin rose to 4.29% from 4.08% in fiscal 2025.
- Moderate pointCash and cash equivalents increased to $11.942 million from $4.659 million at September 30, 2025.
- Moderate pointLoan originations reached a fiscal-year record in 2026.
11 minor points
- Minor pointAdjusted net income, a non-GAAP measure, was $241,000, or $0.23 per share, for the fourth quarter.
- Minor pointFiscal 2026 adjusted net income, a non-GAAP measure, was $984,000, or $0.95 per share.
- Minor pointQuarterly interest income increased 8.76% to $2.385 million from $2.193 million a year earlier.
- Minor pointFiscal 2026 interest income increased 5.02% to $9.101 million from $8.666 million in fiscal 2025.
- Minor pointQuarterly interest expense decreased to $351,000 from $367,000 a year earlier.
- Minor pointDeposits increased 0.54% to $155.6 million at September 30, 2026, versus a year earlier.
- Minor pointApproximately $11.6 million was reinvested in higher-yielding, shorter-duration securities supporting collateral and pledging requirements.
- Minor pointApproximately $9.0 million was invested in short-term U.S. Treasury securities while maintaining liquidity for future loan demand.
- Minor point. Forward-looking: it has not happened yet and may not happen.Restructuring benefits are expected by the company to emerge progressively over future reporting periods.
- Minor pointAccelerated deferred loan fee income of approximately $91,000 was recognized with the loan participation sale.
- Minor pointBank-owned life insurance death benefit contributed $103,000 of income in fiscal 2026’s first quarter.
Negative
- Major pointFourth-quarter net loss was $3.1 million, or $2.97 per share, versus $238,000 profit a year earlier.
- Minor pointFiscal 2026 net loss was $2.3 million, or $2.25 per share, versus $733,000 profit in fiscal 2025.
- Minor pointApproximately $24.0 million of securities sold generated a pretax loss of approximately $2.0 million.
- Minor point95% loan participation sale represented approximately $18.7 million principal and generated an approximately $2.0 million pretax loss.
- Minor pointQuarterly credit loss provision rose to $215,000 from $32,000 a year earlier, primarily involving previously identified overdrafts.
11 minor points
- Minor pointFiscal 2026 credit loss provision increased to $245,000 from $59,000 in fiscal 2025.
- Minor pointOther overdraft adjustments resulted in a separate $24,000 charge during the fourth quarter.
- Minor pointQuarterly non-interest expenses increased to $1.919 million from $1.877 million a year earlier.
- Minor pointFiscal 2026 non-interest expenses increased 1.78% to $7.482 million from $7.351 million in fiscal 2025.
- Minor pointNet loans declined 4.88% to $125.1 million at September 30, 2026, primarily reflecting loan participation sales.
- Minor pointTotal assets declined 3.44% to $191.7 million at September 30, 2026, versus a year earlier.
- Minor pointShareholders’ equity declined 6.50% to $30.0 million at September 30, 2026, versus a year earlier.
- Minor pointBook value per share fell to $28.35 from $30.55 at September 30, 2025.
- Minor pointQuarterly annualized returns on average assets and equity fell to −6.20% and −38.63%, from 0.48% and 2.99%.
- Minor pointFiscal 2026 returns on average assets and equity fell to −1.17% and −7.26%, from 0.37% and 2.31%.
- Minor pointFinancial and operational metrics are unaudited, preliminary and subject to change.
AI-generated analysis. How Rhea-AI works. Not financial advice.
GOUVERNEUR, N.Y., Oct. 28, 2026 (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 fourth quarter and full fiscal year ended September 30, 2026.
The Company reported a net loss of
The Company also reported a net loss of
Balance Sheet Restructuring and Other Notable Items
As previously announced, during the fourth quarter of fiscal 2026, the Company executed a strategic balance sheet restructuring designed to improve future earnings, enhance net interest margin and strengthen the Company’s overall balance sheet position. As part of this initiative, the Company sold approximately
Proceeds from the restructuring transactions have been used to repay higher-cost borrowings and reinvest approximately
In addition to the restructuring transactions, the Company recognized a
(1) As used in this press release, adjusted net income is a non-GAAP financial measure. This measure excludes certain items impacting reported earnings, including losses recognized on the sales of investment securities and loan participations, accelerated recognition of deferred loan fees associated with the loan participation sale, and certain charges related to the resolution of previously identified overdraft balances, together with the related income tax effects. For a reconciliation of this and other non-GAAP financial measures to their comparable GAAP measures, see “Reconciliation of Non-GAAP Measures.”
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 primarily 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 decreased by
Deposits increased by
Shareholders’ equity was
Total interest income increased
Total interest expense decreased
Net interest margin, which represents net interest income as a percentage of average interest-earning assets, was
Non-interest income decreased
Non-interest expense increased
Financial and Operational Metrics (GAAP) – The following information is unaudited and preliminary and based on the Company’s current data available at the time of presentation and is subject to change.
| As of | As of | |||||||
| 9/30/2026 | 9/30/2025 | |||||||
| (In Thousands) | ||||||||
| (unaudited) | ||||||||
| Statement of Condition | ||||||||
| Assets | ||||||||
| Cash and Cash Equivalents | $ | 11,942 | $ | 4,659 | ||||
| Securities Available-for-Sale | 32,585 | 40,931 | ||||||
| Loans Receivable, Net of Allowance for Credit | ||||||||
| Losses and Deferred Loan Fees | 125,090 | 131,504 | ||||||
| Premises and Equipment, Net | 3,114 | 2,904 | ||||||
| Goodwill and Intangible Assets | 5,410 | 5,531 | ||||||
| Accrued Interest Receivable and Other Assets | 13,556 | 12,999 | ||||||
| Total Assets | $ | 191,697 | $ | 198,528 | ||||
| Liabilities and Shareholders’ Equity | ||||||||
| Deposits | $ | 155,618 | $ | 154,780 | ||||
| FHLB Advances | — | 7,000 | ||||||
| Accrued Interest Payable and Other Liabilities | 6,059 | 4,640 | ||||||
| Total Liabilities | 161,677 | 166,420 | ||||||
| Common Stock | 11 | 11 | ||||||
| Additional Paid in Capital | 6,360 | 6,514 | ||||||
| Unearned Common Stock held by ESOP | (463 | ) | (501 | ) | ||||
| Retained Earnings | 26,464 | 28,972 | ||||||
| Accumulated Other Comprehensive Loss | (1,677 | ) | (2,187 | ) | ||||
| Authorized but Unissued Stock | (675 | ) | (701 | ) | ||||
| Total Shareholders’ Equity | 30,020 | 32,108 | ||||||
| Total Liabilities and Shareholders’ Equity | $ | 191,697 | $ | 198,528 | ||||
| For the Three Months Ended | For the Fiscal Year Ended | ||||||||||||||
| 9/30/2026 | 9/30/2025 | 9/30/2026 | 9/30/2025 | ||||||||||||
| (In Thousands except per share data) | |||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||
| Statement of Earnings | |||||||||||||||
| Interest Income | $ | 2,385 | $ | 2,193 | $ | 9,101 | $ | 8,666 | |||||||
| Interest Expense | 351 | 367 | 1,519 | 1,518 | |||||||||||
| Net Interest Income | 2,034 | 1,826 | 7,582 | 7,148 | |||||||||||
| Less: Provision for Credit Loss | 215 | 32 | 245 | 59 | |||||||||||
| Net Interest Income After Provision for Credit Loss | 1,819 | 1,794 | 7,337 | 7,089 | |||||||||||
| Non-interest Income (Loss) | (3,804 | ) | 347 | (2,978 | ) | 1,055 | |||||||||
| Non-interest Expenses | 1,919 | 1,877 | 7,482 | 7,351 | |||||||||||
| Income (Loss) Before Income Tax Expense (Benefit) | (3,904 | ) | 264 | (3,123 | ) | 793 | |||||||||
| Less: Income Tax Expense (Benefit) | (844 | ) | 26 | (806 | ) | 60 | |||||||||
| Net Income (Loss) | $ | (3,060 | ) | $ | 238 | $ | (2,317 | ) | $ | 733 | |||||
| Performance Ratios | |||||||||||||||
| Basic and Diluted Earnings (Losses) per Share | $ | (2.97 | ) | $ | 0.24 | $ | (2.25 | ) | $ | 0.72 | |||||
| Annualized Return on Average Assets | (6.20 | ) | % | 0.48 | % | (1.17 | ) | % | 0.37 | % | |||||
| Annualized Return on Average Equity | (38.63 | ) | % | 2.99 | % | (7.26 | ) | % | 2.31 | % | |||||
| Net Interest Margin | 4.66 | % | 4.12 | % | 4.29 | % | 4.08 | % | |||||||
Reconciliation of Non-GAAP Measures
To supplement our financial information, which is prepared and presented in accordance with generally accepted accounting principles in the United States of America (“ GAAP”), we used the following non-GAAP financial measures: Adjusted Interest Income, Adjusted Net Interest Income, Adjusted Provision for Credit Loss, Adjusted Non-interest Income, Adjusted Non-interest Expense, Adjusted Earnings Before Income Tax (AEBIT), Adjusted Income Tax, and Adjusted Net Income. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring business operating results. For fiscal 2026, these adjustments primarily relate to losses recognized on the sales of investment securities and loan participations associated with the Company’s balance sheet restructuring, accelerated recognition of deferred loan fees associated with the loan participation sale, certain provision for credit losses and expenses associated with the resolution of previously identified overdraft balances.
We believe these non-GAAP financial measures facilitate management’s internal comparisons to our historical financial performance and provide investors with greater transparency regarding the Company’s underlying operating results. These non-GAAP financial measures are also used by management in evaluating financial performance, developing operating plans and making strategic decisions. By excluding certain items that management believes may not be representative of ongoing operations, these measures may assist investors and analysts in evaluating the Company’s performance across reporting periods.
There are a number of limitations related to the use of non-GAAP financial measures, including that these measures may not be comparable to similarly titled measures used by other companies and exclude items that affected our results for the periods presented. In light of these limitations, we provide specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluate these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP.
Adjusted Interest Income. We define Adjusted Interest Income as total interest income, excluding certain items that management believes may not be indicative of recurring business operating results. For fiscal 2026, this adjustment reflects the accelerated recognition of deferred loan fees associated with the sale of loan participations as part of the Company’s balance sheet restructuring.
Adjusted Net Interest Income. We define Adjusted Net Interest Income as net interest income adjusted to exclude the accelerated recognition of deferred loan fees associated with the loan participation sale. Management believes this measure provides supplemental information regarding the Company’s net interest income excluding the impact of this transaction.
Adjusted Provision for Credit Loss. We define Adjusted Provision for Credit Loss as the provision for credit losses, excluding certain charges associated with the resolution of previously identified overdraft balances. For fiscal 2026, this adjustment reflects
Adjusted Non-Interest Income. We define Adjusted Non-Interest Income as total non-interest earnings excluding certain items that management believes may not be indicative of our recurring business operating results. For fiscal 2026, these adjustments include losses recognized on the sales of investment securities and loan participations associated with the Company’s balance sheet restructuring.
Adjusted Non-Interest Expense. We define Adjusted Non-Interest Expense as total non-interest expense, excluding certain expenses that management believes may not be indicative of recurring business operating results. For fiscal 2026, this adjustment includes
Adjusted Earnings Before Income Tax (“AEBIT”). We define AEBIT as net income before income tax, excluding certain items that management believes may not be indicative of recurring business operating results. For fiscal 2026, these adjustments include the aforementioned items affecting non-interest income, and certain provision for credit losses and expenses related to the resolution of previously identified overdraft balances.
We have included AEBIT because it is a key measure used by our management team to evaluate our operating performance, develop future operating plans, and make strategic decisions, including those related to operating expenses. Management believes AEBIT provides useful supplemental information to investors and others in understanding and evaluating operating results by reducing the effects of certain transactions and expenses that may affect comparability between reporting periods. AEBIT is not meant as a substitute for the related financial information prepared in accordance with GAAP.
Adjusted Income Tax. We define Adjusted Income Tax as GAAP income tax expense (benefit) plus the income tax effect of the non-GAAP adjustments, calculated at the Company’s statutory federal income tax rate of
Adjusted Net Income. We define Adjusted Net Income as GAAP net income (loss), adjusted to exclude certain items that management believes may not be indicative of recurring business operating results, together with the related income tax effects. For fiscal 2026, these adjustments primarily include losses recognized on the sales of investment securities and loan participations, accelerated recognition of deferred loan fees, certain provision for credit losses and expenses associated with previously identified overdraft balances. Adjusted Net Income should be considered as a supplement to, and not a substitute for, net income (loss) prepared in accordance with GAAP.
Financial and Operational Metrics (Non-GAAP) – The following information is unaudited and preliminary and based on the Company’s current data available at the time of presentation and is subject to change.
| For the Three Months Ended | For the Fiscal Year Ended | ||||||||||||||
| 9/30/2026 | 9/30/2025 | 9/30/2026 | 9/30/2025 | ||||||||||||
| (In Thousands except per share data) | |||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||
| Adjusted Statement of Earnings (Non-GAAP) | |||||||||||||||
| Interest Income (GAAP) | $ | 2,385 | $ | 2,193 | $ | 9,101 | $ | 8,666 | |||||||
| Less: Accelerated Deferred Loan Fee Income | (91 | ) | — | (91 | ) | — | |||||||||
| Adjusted Interest Income(2) | 2,294 | 2,193 | 9,010 | 8,666 | |||||||||||
| Interest Expense | 351 | 367 | 1,519 | 1,518 | |||||||||||
| Adjusted Net Interest Income(2) | 1,943 | 1,826 | 7,491 | 7,148 | |||||||||||
| Provision for Credit Loss (GAAP) | 215 | 32 | 245 | 59 | |||||||||||
| Less: Overdraft-related Provision | (210 | ) | — | (210 | ) | — | |||||||||
| Adjusted Provision for Credit Loss(2) | 5 | 32 | 35 | 59 | |||||||||||
| Adjusted Net Interest Income After Provision for Credit Loss(2) | 1,938 | 1,794 | 7,456 | 7,089 | |||||||||||
| Non-interest Income (Loss), (GAAP) | (3,804 | ) | 347 | (2,978 | ) | 1,055 | |||||||||
| Add: Securities Sale Loss | 2,002 | — | 2,002 | — | |||||||||||
| Add: Loan Participation Sale Loss | 2,033 | — | 2,033 | — | |||||||||||
| Adjusted Non-interest Income(2) | 231 | 347 | 1,057 | 1,055 | |||||||||||
| Non-interest Expenses (GAAP) | 1,919 | 1,877 | 7,482 | 7,351 | |||||||||||
| Less: Overdraft-related Expense | (24 | ) | — | (24 | ) | — | |||||||||
| Adjusted Non-interest Expense(2) | 1,895 | 1,877 | 7,458 | 7,351 | |||||||||||
| Adjusted Income Before Income Tax Expense(2) | 274 | 264 | 1,055 | 793 | |||||||||||
| Income Tax Expense (Benefit) | (844 | ) | 26 | (806 | ) | 60 | |||||||||
| Add: Tax Effect of Non-GAAP Adjustments | 877 | — | 877 | — | |||||||||||
| Adjusted Income Tax Expense(2) | 33 | 26 | 71 | 60 | |||||||||||
| Adjusted Net Income (Non-GAAP)(2) | $ | 241 | $ | 238 | $ | 984 | $ | 733 | |||||||
| Performance Ratios (Non-GAAP) | |||||||||||||||
| Adjusted Basic and Diluted Earnings per Share | $ | 0.23 | $ | 0.24 | $ | 0.95 | $ | 0.72 | |||||||
| Adjusted Annualized Return on Average Assets | 0.49 | % | 0.48 | % | 0.50 | % | 0.38 | % | |||||||
| Adjusted Annualized Return on Average Equity | 3.04 | % | 2.99 | % | 3.08 | % | 2.33 | % | |||||||
| Adjusted Net Interest Margin | 4.45 | % | 4.12 | % | 4.24 | % | 4.08 | % | |||||||
(2) “Adjusted Interest Income”, “Adjusted Net Interest Income”, Adjusted Provision for Credit Loss”, “Adjusted Non-interest Income”, “Adjusted Non-interest Expense”, “Adjusted Earnings Before Income Tax”, “Adjusted Income Tax”, and “Adjusted Net Income” are non-GAAP measures. See “Reconciliation of Non-GAAP Measures” herein for an explanation and reconciliation of non-GAAP measures used throughout this release.
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted Net Income
| For the Three Months Ended | For the Fiscal Year Ended | |||||||||||||
| 9/30/2026 | 9/30/2025 | 9/30/2026 | 9/30/2025 | |||||||||||
| (In Thousands except per share data) | ||||||||||||||
| (unaudited) | ||||||||||||||
| Net Income (Loss) - GAAP | $ | (3,060 | ) | $ | 238 | $ | (2,317 | ) | $ | 733 | ||||
| Add: Loss on Sale of Investment Securities | 2,002 | — | 2,002 | — | ||||||||||
| Add: Loss on Sale of Loan Participations | 2,033 | — | 2,033 | — | ||||||||||
| Less: Accelerated Deferred Loan Fee Income | (91 | ) | — | (91 | ) | — | ||||||||
| Add: Overdraft-related Provision for Credit Losses | 210 | — | 210 | — | ||||||||||
| Add: Overdraft-related Non-interest Expense | 24 | — | 24 | — | ||||||||||
| Total Pretax Adjustments | 4,178 | — | 4,178 | — | ||||||||||
| Tax Effect of Non-GAAP Adjustments | (877 | ) | — | (877 | ) | — | ||||||||
| Adjusted Net Income - Non-GAAP | $ | 241 | $ | 238 | $ | 984 | $ | 733 | ||||||
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 September 30, 2026, 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: our ability to recognize the anticipated benefits of the strategic balance sheet repositioning transactions that we implemented in the fourth quarter of fiscal 2026 in accordance with expected earn-back timelines or at all; our ability to successfully implement our current capital management strategies, including with respect to the adoption of future stock repurchase programs and the continued payment of cash dividends; 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 impact of changing political conditions or federal government shutdowns; the effect of acts of terrorism, war or pandemics, including on our credit quality and business operations, as well as on general economic and financial market conditions; 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, 2025 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 Stephen Jefferies, President and Chief Executive Officer at (315) 287-2600.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
Why did Gouverneur Bancorp report a loss in fiscal 2026?
Gouverneur Bancorp recorded approximately $2.0 million of pretax losses on each of its securities and loan participation sales. Fiscal 2026 net loss was $2.3 million, or $2.25 per share. The fourth quarter also included a $215,000 credit loss provision primarily associated with previously identified overdraft balances and a $24,000 charge for other overdraft adjustments.
What did Gouverneur Bancorp retain after its loan participation sale?
Gouverneur Bancorp retained a 5% participation interest and continues to service the loans. The portfolio had approximately $20.0 million in outstanding principal balances. The 95% participation sale represented approximately $18.7 million in principal and generated approximately $16.4 million in net proceeds.
What does Gouverneur Bancorp exclude from adjusted net income?
Adjusted net income excludes securities and loan participation sale losses, accelerated deferred loan fee income associated with the participation sale, and certain charges related to previously identified overdraft balances, together with related income tax effects. It is a non-GAAP financial measure rather than the company’s reported net income.