Welcome to our dedicated page for Gouverneur Bancorp news (Ticker: GOVB), a resource for investors and traders seeking the latest updates and insights on Gouverneur Bancorp stock.
Gouverneur Bancorp, Inc. (GOVB) reports as the holding company for Gouverneur Savings and Loan Association, a banking institution whose results are driven primarily by net interest income from loans and securities funded by deposits and other interest-bearing liabilities.
Recurring company updates cover quarterly and annual earnings, net interest margin, credit-loss provisions, deposit and loan trends, securities portfolio changes, semi-annual cash dividends, stock repurchase authorizations, governance changes and the Bank’s completed conversion from a mutual holding company form to a stock holding company form.
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Gouverneur Bancorp, Inc. (OTC Pink: GOVB) announced a leadership change with the resignation of Faye C. Waterman as President and CEO, effective April 14, 2023. The Board thanked Mr. Waterman for his service and appointed Charles C. Van Vleet, Jr., the current director and former CEO, to temporarily lead the organization during the search for a permanent successor. At year-end December 31, 2022, Gouverneur Bancorp reported total assets of $205.20 million, total deposits of $170.56 million, and total stockholders’ equity of $26.13 million. This transition in leadership may influence strategic direction and investor confidence as the company navigates this period of change.
Gouverneur Bancorp (OTC Pink: GOVB) announced a $0.10 semi-annual dividend, marking its 47th consecutive payout. Shareholders of record on March 15th, 2023, will receive this payment on March 31st, 2023. Following the acquisition of Citizens Bank of Cape Vincent in September 2022, the dividend increase reflects the company's strength and confidence in future growth.
Gouverneur Bancorp, Inc. (OTC Pink: GOVB) reported its first-quarter fiscal 2023 results, ending December 31, 2022. The acquisition of Citizens Bank of Cape Vincent contributed additional assets, including $37.30 million in loans and $76.14 million in deposits. First-quarter net income was $47,000 ($0.02 per share), down from $211,000 ($0.10 per share) the prior year. Interest income rose significantly by 86.83% to $2.01 million, while non-interest expenses increased due to merger-related costs. Adjusted net income soared 7,720% to $391,000, showing strength post-acquisition despite a decrease in the unrealized gains on swaps.
Gouverneur Bancorp, Inc. (OTC Pink: GOVB) reported fiscal year 2022 results showing net income increased by 21.58% to $1.527 million, or $0.75 per share, compared to $1.256 million, or $0.62 per share in 2021. Total revenue rose to $7.08 million, up by $0.88 million from the previous year. The company completed the acquisition of Citizens Bank of Cape Vincent, enhancing its market presence. However, adjusted net income saw a significant decline to $(178,000) due to increased operational expenses from the acquisition. Deposits surged by 82.57% to $183.95 million, but total assets also grew to $213.02 million, reflecting the impact of the acquisition.
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.