GOUVERNEUR, N. Y., Jan. 30, 2012 /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 2012
ended December 31, 2011.
For the three months ended December 31,
2011 the Company reported net income of $495,000, or $0.22
per diluted share, representing a decrease of $30,000, or 5.71%, over last year's net income of
$595,000, or $0.23 per diluted share. The annualized
return on average assets and the return on average equity decreased
from 1.41% and 9.05% for the three months ended December 31, 2010 to 1.32% and 8.02%,
respectively, for the three months ended December 31, 2011.
Total assets decreased by $1.1
million, or 0.73% from $149.8
million to $148.7 million
during the first three months of fiscal 2012, with net loans
decreasing $1.1 million, or 0.94%, to
$115.2 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, "Recently the Federal Reserve
indicated that short term rates are expected to remain low through
the year 2014. Due to a sustained weak loan demand as
consumers elect not to borrow or are unable to qualify to borrow,
Bank margins will continue to compress. However, the Bank is
performing well as we have been able to maintain, and expect to
continue to maintain, margins higher than our peers. The economic
and regulatory environment affecting the Bank's earnings will
continue to be monitored closely."
Net interest income increased by $58,000, or 3.76%, from $1,541,000 for the quarter ended December 31, 2010 to $1,599,000 for the quarter ended December 31, 2011. Interest income
decreased $51,000, or 2.55%, while
interest expense decreased $109,000,
or 23.55% over the same period. Non-interest income decreased
$55,000, or 17.57% to $258,000 for the quarter ended December 31, 2011 compared to $313,000 for the quarter ended December 31, 2010. A 25.0% decrease in the
income earned from the underlying plan assets in the deferred
directors' fees plan and a 13.60% decrease in services charges were
the primary factors in the fiscal 2012 quarter decrease.
Non-interest expense increased $30,000 from the first quarter of fiscal 2011 to
the first quarter of fiscal 2012. Earnings expense on the
deferred directors plan and NOW charges decreased $10,000 and $11,000
respectively, while salaries and employee benefits and expenses
associated with owned real estate increased $38,000 and $25,000
respectively.
Non-accrual loans were $1,656,000
at December 31, 2011 compared to
$1,939,000 at September 30, 2011. There was a
$65,000 loan loss provision and net
charge-offs were $1,000 for the
quarter ended December 31,
2011. The allowance for loan losses was $775,000 or 0.67% of total gross loans
outstanding at December 31, 2011 as
compared to $709,000 or 0.61% at
September 30, 2011.
Deposits decreased $1.2 million,
or 1.32%, to $90.4 million at
December 31, 2011 from $91.6 million at September
30, 2011. Foreclosed real estate increased from
$531,000 at September 30, 2011 to $541,000 at December 31,
2011.
Shareholders' equity was $24.8
million at December 31, 2011,
an increase of 2.48% over the September 30,
2011 balance of $24.2
million. The book value of Gouverneur Bancorp, Inc.
was $11.08 per common share based on
2,240,464 shares outstanding at December
31, 2011.
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.