GOUVERNEUR, N.Y., July 25, 2012 /PRNewswire/ -- Gouverneur Bancorp,
Inc. (OTC 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, 2012.
For the three months ended June 30,
2012, the Company reported net income of $495,000, or $0.22
per diluted share, representing an increase of $14,000, or 2.91% from last year's net income of
$481,000, or $0.21 per diluted share. The annualized
return on average assets and average equity for the three months
ended June 30, 2012 was 1.37% and
7.94% respectively, compared to 1.29% and 8.01% for the three
months ended June 30, 2011.
For the nine months ended June 30,
2012, the Company reported net income of $1,446,000, or $0.65 per diluted share, representing a decrease
of $58,000, or 3.86% less than last
year's net income of $1,504,000, or
$0.67 per diluted share.
The annualized return on average assets and average equity for the
nine months ended June 30, 2012 was
1.31% and 7.80% respectively, compared to 1.36% and 8.57% for the
same period last year.
Since September 30, 2011, total
assets decreased $3.07 million, or
2.05%, from $149.78 million to $146.71
million at June 30, 2012,
mainly as a result of a decrease in loans receivable of
$3.27 million, or 2.81%, from
$116.30 million to $113.04 million
over the same period.
Deposits decreased $295,000, or
0.32%, from $91.60 million at
September 30, 2011 to $91.30 million at June
30, 2012. Advances from the Federal Home Loan Bank of
New York decreased from
$29.70 million to $25.20 million over the same period.
The cost of deposits and borrowed funds remained flat as
maturities continued to renew at historically low rates. Net
interest income after the provision for loan losses increased
$83,000, or 1.83%, during the first
nine months of the 2012 fiscal year as compared to the first nine
months of the 2011 fiscal year. Non-performing assets
decreased from 1.65% at September 30,
2011 to 0.89% at June 30,
2012.
Shareholders' equity was $25.26
million at June 30, 2012, an
increase of 4.20% over the September 30,
2011 balance of $24.24
million. The book value of Gouverneur Bancorp, Inc.
was $11.30 per common share based on
2,234,148 shares outstanding at June
30, 2012. The company paid a semi-annual cash dividend
of $0.17 per share to public
shareholders on March 31,
2012.
Commenting on the year's results, Mr. Charles C. Van Vleet, the Company's President
and Chief Executive Officer, stated, "Due to the new onerous
requirements imposed by the Federal Reserve Board on dividend
waivers, Cambray Mutual Holding Company, Gouverneur Bancorp's
mutual holding company parent, did not waive the semi-annual
dividend declared in January 2012 and
will not waive receipt of the semi-annual dividend declared
today. Further, the new dividend waiver restrictions
will require the Board of Directors to re-evaluate Gouverneur
Bancorp's dividend policy and, as a result of such regulatory
considerations, Gouverneur Bancorp can make no assurances that it
will continue to declare regular semi-annual cash dividends or that
its dividend policy will not change in the future."
Mr. Van Vleet further commented,
"However, earnings remain strong through the third quarter ended
June 30, 2012. Our tax equivalent
margin is improving with increased tax equivalent income realized
through the restructuring of our investment portfolio, and new
investments in this low rate environment have been
minimal."
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.
SOURCE Gouverneur Bancorp, Inc.