GOUVERNEUR, N.Y., Jan. 31, 2014 /PRNewswire/ -- Gouverneur
Bancorp, Inc. (OTC Bulletin Board: GOVB) (the "Company") holding
company for Gouverneur Savings and Loan Association (the "Bank"),
today announced the results for the first quarter of fiscal year
2014 ended December 31, 2013.
For the three months ended December 31,
2013 the Company reported net income of $416,000, or $0.19
per diluted share, representing a decrease of $84,000, or 16.80%, below last year's net income
of $500,000, or $0.22 per diluted share. The annualized
return on average assets decreased from 1.36% to 1.16% and the
return on average equity decreased from 7.68% to 6.40% for the
three months ended December 31, 2013
and 2012, respectively.
Total assets increased by $1.33
million, or 0.92% from $144.00
million at September 30, 2013
to $145.34 million at December 31, 2013. Net loans increased
$1.81 million, or 1.64%, to
$112.08 million over the same
period.
Commenting on the quarter's results, Mr. Charles C. Van Vleet, the Company's President
and Chief Executive Officer, said, "The Bank continues to perform
well as we have been able to maintain margins higher than our
peers. The Federal Reserve indicates that short term rates are
expected to remain low throughout 2014. Bank margins will
continue to compress as interest rates remain low and the loan
portfolio shifts to lower yields."
Net interest income decreased by $93,000, or 5.93%, from $1,568,000 for the quarter ended December 31, 2012 to $1,475,000 for the quarter ended December 31, 2013. Interest income
decreased $156,000, or 8.48%, while
interest expense decreased $63,000,
or 23.25% over the same period. Non-interest income decreased
$101,000, or 28.37% to $255,000 for the quarter ended December 31, 2013 compared to $356,000 for the quarter ended December 31, 2012. A 100% decrease in the
net gain on the sale of securities was the primary factor in the
fiscal 2014 quarter net decrease.
Non-interest expense decreased $23,000 from the first quarter of fiscal 2013 to
the first quarter of fiscal 2014. Earnings expense on the
deferred director's plan and other operating expenses increased
$30,000 and $18,000 respectively, while salaries and employee
benefits increased $22,000 and
expenses associated with owned real estate decreased $101,000 for the period.
Non-performing loans were $3,535,000 at December 31,
2013 compared to $2,746,000 at
September 30, 2013. There was a
$15,000 loan loss provision and net
charge-offs were $1,200 for the
quarter ended December 31,
2013. The allowance for loan losses was $1,038,000 or 0.93% of total gross loans
outstanding at December 31, 2013 as
compared to $1,024,000 or 0.93% at
September 30, 2013. Foreclosed
real estate was $221,000 at
September 30, 2013 and December 31, 2013.
Deposits decreased $4.69 million
or 4.92%, to $90.7 million at
December 31, 2013 from $95.4 million at September
30, 2013. Advances from the Federal Home Loan Bank of
New York ("FHLB") increased
27.17%, from $18.4 million at
September 30, 2013 to $23.4 million at December
31, 2013.
Shareholders' equity was $25.9
million at December 31, 2013,
an increase of 1.57% over the September 30,
2013 balance of $25.5
million. The book value of Gouverneur Bancorp, Inc.
was $11.63 per common share based on
2,229,330 shares outstanding at December 31,
2013.
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.
SOURCE Gouverneur Bancorp, Inc.