Gouverneur Bancorp Inc Stock Price, News & Analysis

On September 16, 2022, Gouverneur Bancorp, Inc. announced the completion of its acquisition of Citizens Bank of Cape Vincent (CBCV). As a result of the merger, each CBCV stockholder is entitled to receive $1,056.11 in cash per share. This strategic move expands Gouverneur's footprint in Jefferson County, adding branches in Cape Vincent, Chaumont, and LaFargeville. With total assets of $130.2 million and total deposits of $100.7 million as of June 30, 2022, Gouverneur aims to enhance its service offerings and community presence.

Gouverneur Bancorp, Inc. (OTC Pink: GOVB) announced the acquisition of Citizens Bank of Cape Vincent, expected to close on September 16, 2022, following regulatory approvals. This merger aims to enhance Gouverneur Savings and Loan Association's market presence. Additionally, the company identified an understatement of approximately $200,000 in net income for the fiscal year ending September 30, 2021, due to unrealized deferred tax benefits, which will be corrected in the forthcoming audited financial statements.

Gouverneur Bancorp (OTC Pink: GOVB) has declared a semi-annual dividend of $0.06 per share for all stockholders of record by September 15, 2022. This dividend, marking the Company's 46th consecutive payment, will be distributed on September 30, 2022. President Faye C. Waterman highlighted the Company's ability to maintain competitive dividends for over 23 years, even amidst challenging global conditions. The parent company, Cambray Mutual Holding Company, will continue to receive member approval to waive its dividend rights.

Gouverneur Bancorp, Inc. (OTC Pink: GOVB) reported its third-quarter results for FY 2022, highlighting net income of $339,000 ($0.17 per diluted share), up from $104,000 in FY 2021. However, adjusted net income saw a significant decline to $(4,000) from $191,000 year-over-year. The Company faced rising professional fees of $431,000 due to a merger with Citizens Bank of Cape Vincent, impacting earnings. Total assets decreased by 3.37% to $130.20 million, while deposits slightly declined to $100.68 million. The Company’s book value per share was $12.54.

Gouverneur Bancorp, Inc. (OTC Pink: GOVB) reported its second quarter results for fiscal year 2022, with a net income of $575,000 or $0.39 per diluted share, down from $807,000 or $0.40 per diluted share year-on-year. Total assets decreased by 3.45% to $130.08 million. The merger with Citizens Bank of Cape Vincent is anticipated to complete by late third quarter 2022, incurring $281,000 in increased professional fees. Adjusted net income for the six months was $(77,000), reflecting a decline of 193.90% compared to the prior period. A semi-annual dividend of $0.10 per share was paid on March 31, 2022.

Gouverneur Bancorp, Inc. (OTC Pink: GOVB) announced a semi-annual dividend of $0.10 per share for stockholders of record as of March 15, 2022. This marks the 45th consecutive semi-annual dividend for the company and underscores its commitment to providing competitive dividends over the past 22 years. The dividend will be paid on March 31, 2022. The bank, which has been operational since 1892, serves St. Lawrence, Lewis, and Jefferson Counties in New York State.

On January 27, 2022, Gouverneur Bancorp, Inc. (OTC Pink: GOVB) reported first-quarter fiscal 2022 results, ending December 31, 2021. Net income decreased to $211,000 ($0.10 per diluted share) from $242,000 ($0.12 per diluted share) in the prior year. The company experienced a rise in professional fees to $162,000, attributed to the pending merger with Citizens Bank of Cape Vincent, expected to close by Q2 2022. Interest income fell 7.15% to $1.08 million while non-interest income dropped to $451,000. Adjusted net income plummeted 91.23% to $5,000.

Gouverneur Bancorp (OTC Pink: GOVB) announced a definitive merger agreement with Citizens Bank of Cape Vincent (CBCV). The merger will see CBCV merge into Gouverneur Savings and Loan Association, creating a combined entity with approximately $210 million in total assets. CBCV shareholders will receive $1,056.11 per share, totaling $8,448,900. This transaction aims to expand Gouverneur's footprint into Jefferson County, enhancing customer service and product offerings. The merger is expected to conclude in Q2 2022, pending regulatory approvals.

Gouverneur Bancorp, Inc. (OTC Pink: GOVB) reported fiscal year 2021 results, demonstrating resilience following COVID-19 disruptions. Total revenue reached $6.20 million, up from $4.30 million in 2020, with net income increasing 380.05% to $1,067,000 or $0.53 per diluted share. However, adjusted net income decreased by 29.69% to $322,000, or $0.16 per share. Notably, non-interest income surged to $2,093,000 from a loss of $191,000 in 2020. The Bank remains well-capitalized with a core capital ratio of 19.76%, alongside a 10.52% increase in deposits.