GOUVERNEUR, N.Y., April 24,
2014 /PRNewswire/ -- Gouverneur Bancorp, Inc. (OTCQB
Bulletin Board: GOVB) (the "Company") and its subsidiary,
Gouverneur Savings and Loan Association (the "Bank"), which operate
on a fiscal year ending on September
30, today announced results for the second quarter and six
month period ended March 31,
2014.
For the three months ended March 31,
2014, the Company reported net income of $390,000, or $0.18
per diluted share, representing a decrease of $106,000, or 21.4% less than last year's net
income of $496,000, or $0.22 per diluted share. The
annualized returns on average assets and average equity for the
three months ended March 31, 2014
were 1.10% and 6.03%, respectively, compared to 1.37% and 7.81%,
respectively, for the three months ended March 31, 2013.
For the six months ended March 31,
2014, the Company reported net income of $806,000, or $0.36
per diluted share, representing a decrease of $190,000, or 19.1% from last year's net income of
$996,000, or $0.45 per diluted share. The
annualized returns on average assets and average equity for the six
months ended March 31, 2014 were
1.13% and 6.21%, respectively, compared to 1.37% and 7.75%,
respectively, during the six months ended March 31, 2013.
Since September 30, 2013, total
assets increased $1.3 million, or
0.87%, from $144.0 million to
$145.3 million at March 31, 2014. Net loans increased $0.4 million, to $111.7
million over the same period.
Deposits decreased $8.2 million,
or 8.59%, from $95.4 million at
September 30, 2013 to $87.2 million at March
31, 2014. Advances from the Federal Home Loan Bank of
New York increased $8.4 million, or 45.65%, from $18.4 million at September
30, 2013 to $26.8 million at
March 31, 2014.
Shareholders' equity was $26.4
million at March 31, 2014 and
$25.5 million at September 30, 2013. The book value of
Gouverneur Bancorp, Inc. was $11.88
per common share based on 2,224,330 shares outstanding at
March 31, 2014. On March 31, 2014 the Company paid a semi-annual
cash dividend of $0.17 per share to
public shareholders of record on March
15, 2014. Cambray Mutual Holding Company, the
Company's parent mutual holding company and majority shareholder,
waived its right to receive that dividend.
For the six months ended March 31,
2014 after a $40,000 provision
for loan losses, net interest income decreased by $174,000; interest income decreased $287,000 and interest expense decreased
$93,000 from the same period last
year. Interest rate spread, while compressing due to the continued
record low level of interest costs, remains strong for the period
at 4.31%.
Commenting on the period's results, Mr. Charles C. Van Vleet, the Company's President
and Chief Executive Officer, said, "Results for the three months
ending March 31, 2014 show that
interest expense declined $30,000
from the same period in 2013, while interest income declined
$131,000 during that time. The Bank
continues to control expenses and explore other avenues to increase
income in this low rate environment. It is believed that the
rates will remain low at least through the end of the fiscal year,
further compressing the Bank's net interest margin."
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 New York State
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.
SOURCE Gouverneur Bancorp, Inc.