Gouverneur Bancorp Announces 2009 Third Quarter and Nine Months Results
25 July 2009 - 1:33AM
PR Newswire (US)
GOUVERNEUR, N.Y., July 24 /PRNewswire-FirstCall/ -- Gouverneur
Bancorp, Inc. (OTC:GOVB) (BULLETIN BOARD: GOVB) (the "Company") and
its subsidiary, Gouverneur Savings and Loan Association (the
"Bank"), today announced the results for the third quarter and nine
months ended June 30, 2009. For the three months ended June 30,
2009, the Company reported net income of $314,000, or $0.14 per
diluted share, representing an increase of $87,000, or 38.33% from
last year's net income of $227,000, or $0.10 per diluted share. The
annualized return on average assets and average equity for the
three months ended June 30, 2009 was 0.91% and 5.85% respectively,
compared to 0.69% and 4.39% for the three months ended June 30,
2008. For the nine months ended June 30, 2009, the Company reported
net income of $1,014,000, or $0.44 per diluted share, representing
an increase of $311,000, or 44.24% over last year's net income of
$703,000, or $0.31 per diluted share. The annualized return on
average assets and average equity for the nine months ended June
30, 2009 was 0.98% and 6.38% respectively, compared to 0.71% and
4.55% for the same period last year. Since September 30, 2008,
total assets grew $4.7 million, or 3.44%, from $136.7 million to
$141.4 million at June 30, 2009, mainly as a result of an increase
in net loans of $2.9 million, or 2.62%, from $110.5 million to
$113.4 million over the same period. Deposits increased $2.8
million, or 3.28%, from $85.3 million at September 30, 2008 to
$88.1 million at June 30, 2009. Advances from the Federal Home Loan
Bank of New York increased from $27.8 million to $28.5 million
while brokered CDs decreased by $1.5 million over the same period.
Shareholders' equity was $21.6 million at June 30, 2009, an
increase of 4.35% over the September 30, 2008 balance of $20.7
million. The book value of Gouverneur Bancorp, Inc. was $9.45 per
common share based on 2,286,979 shares outstanding at June 30,
2009. The company paid a semi-annual cash dividend of $0.17 per
share to public shareholders on March 31, 2009. Cambray Mutual
Holding Company, Gouverneur Bancorp Inc.'s parent mutual holding
company and holder of 57.3% of the Company's issued and outstanding
stock, waived its right to receive that dividend. Mr. Richard F.
Bennett, the Company's President and Chief Executive Officer, said,
"We have announced a stock repurchase program since our stock is
trading at less than 70% of the book value. Therefore, we
anticipate the results will be accretive to book value per share,
providing good value to the Company and our shareholders."
Commenting on the year's results, Mr. Bennett said, "Earnings have
been strong through the third quarter ended June 30, 2009, but will
be affected by the special assessment being levied by the Federal
Deposit Insurance Company ('FDIC'). We expect this assessment will
be approximately $60,000 and collected on September 30, 2009.
Although it has not been determined, it is also possible that the
FDIC will levy one or two additional special assessments, of
approximately the same amount, over our next fiscal year. We expect
that the economy will continue to struggle due to the effects of
high unemployment and a poor job market. "The cost of deposits and
borrowed funds continues to edge downward as maturities price
lower. Net interest income after the provision for loan losses
increased $477,000, or 15.15%, during the first nine months of the
2009 fiscal year as compared to the first nine months of the 2008
fiscal year. Non-performing assets have increased from 0.86% at
September 30, 2008 to 0.92% at June 30, 2009." The Company, which
is headquartered in Gouverneur, New York, is the holding company
for Gouverneur Savings and Loan Association. Founded in 1892, the
Bank is a federally chartered savings and loan association offering
a variety of banking products and services to individuals and
businesses in its primary market area in southern St. Lawrence and
northern Lewis and Jefferson Counties in New York State. Statements
in this news release contain forward-looking statements as that
term is defined in the Private Securities Litigation Reform Act of
1995. These statements are based on the beliefs of management as
well as assumptions made using information currently available to
management. Since these statements reflect the views of management
concerning future events, these statements involve risks,
uncertainties and assumptions. These risks and uncertainties
include among others, the impact of changes in market interest
rates and general economic conditions, changes in government
regulations, changes in accounting principles and the quality or
composition of the loan and investment portfolios. Therefore,
actual future results may differ significantly from results
discussed in the forward-looking statements due to a number of
factors, which include, but are not limited to, factors discussed
in the documents filed by the Company with the Securities and
Exchange Commission from time to time. DATASOURCE: Gouverneur
Bancorp, Inc. CONTACT: Robert J. Twyman, Vice President and Chief,
Financial Officer, +1-315-287-2600
Copyright