Gouverneur Bancorp, Inc. Approves Stock Repurchase Program

Rhea-AI Summary

Gouverneur Bancorp (GOVB) has announced a stock repurchase program authorizing the buyback of up to 55,356 shares, representing 5% of its outstanding common stock. The program will be executed through open market purchases and private negotiations, running until December 10, 2025 or until completion. The company, which operates through Gouverneur Savings and Loan Association, reported total assets of $195.1 million, deposits of $153.4 million, and stockholders' equity of $31.7 million as of June 30, 2024.

Positive

• Board approval for 5% stock repurchase program (55,356 shares)
• Strong financial position with $195.1M in assets
• Healthy stockholders' equity of $31.7M
• Substantial deposit base of $153.4M

Negative

• size of share repurchase program (only 5% of outstanding shares)
• Program timeline constraint of one year may pressure execution

GOUVERNEUR, N.Y., Dec. 11, 2024 (GLOBE NEWSWIRE) -- Gouverneur Bancorp, Inc. (OTCQB Marketplace: GOVB) (the “Company”), the holding company for Gouverneur Savings and Loan Association, announced today that its Board of Directors has approved a stock repurchase program authorizing the repurchase of up to 55,356 shares, or 5%, of the Company’s outstanding common stock. Stock repurchases will be conducted through open market purchases, which will include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. Repurchases will be made from time to time depending on market conditions and other factors. The Company’s stock repurchase program will terminate upon the completion of the purchase of 55,356 shares or on December 10, 2025 if not all shares have been purchased by that date.

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 June 30, 2024, the Company had total assets of $195.1 million, total deposits of $153.4 million and total stockholders’ equity of $31.7 million.

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: the ability to successfully integrate acquired entities and realize expected cost savings associated with completed mergers and acquisitions; 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 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; and our ability to attract and retain key employees. 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 assumes no obligation to update any forward-looking statements.

CONTACT:

Robert W. Barlow President and Chief Executive Officer (315) 287-2600

FAQ

How many shares will GOVB repurchase in its 2024 buyback program?

GOVB will repurchase up to 55,356 shares, representing 5% of the company's outstanding common stock.

When does Gouverneur Bancorp's 2024 stock repurchase program end?

The stock repurchase program will end on December 10, 2025, or upon completion of the 55,356 share repurchase, whichever comes first.

What was GOVB's total asset value as of June 30, 2024?

Gouverneur Bancorp reported total assets of $195.1 million as of June 30, 2024.

How will GOVB execute its 2024-2025 share repurchase program?

The repurchases will be conducted through open market purchases, including under SEC Rule 10b5-1 trading plan, or through privately negotiated transactions.

What is Gouverneur Bancorp's current stockholders' equity?

As of June 30, 2024, GOVB reported total stockholders' equity of $31.7 million.