GOUVERNEUR, N.Y., April 25, 2013 /PRNewswire/ -- Gouverneur
Bancorp, Inc. (OTC 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, 2013.
For the three months ended March 31,
2013, the Company reported net income of $496,000, or $0.22
per diluted share, representing an increase of $40,000, or 8.8% over last year's net income of
$456,000, or $0.20 per diluted share. The
annualized return on average assets and average equity for the
three months ended March 31, 2013
were 1.37% and 7.81%, respectively, compared to 1.23% and 7.29%,
respectively, for the three months ended March 31, 2012.
For the six months ended March 31,
2013, the Company reported net income of $996,000, or $0.45
per diluted share, representing an increase of $45,000, or 4.7% from last year's net income of
$951,000, or $0.42 per diluted share. The
annualized return on average assets for the six months ended
March 31, 2013 was 1.37% compared to
1.29% during the six months ended March 31,
2012. Average equity remained constant at 7.75% for both
periods.
Since September 30, 2012, total
assets declined $0.2 million, or
0.15%, from $146.4 million to $146.2
million at March 31, 2013, and
net loans remained stable at $113.3
million over the same period.
Deposits increased $0.3 million,
or 0.29%, from $90.6 million at
September 30, 2012 to $90.9 million at March
31, 2013. Advances from the Federal Home Loan Bank of
New York decreased $0.2 million, or 0.79%, from $25.4 million at September
30, 2012 to $25.2 million at
March 31, 2013.
Shareholders' equity was $25.6
million at March 31, 2013 and
September 30, 2012. The book
value of Gouverneur Bancorp, Inc. was $11.48 per common share based on 2,229,505 shares
outstanding at March 31, 2013.
On March 31, 2013 the Company paid a
semi-annual cash dividend of $0.17
per share to all shareholders of record on March 15, 2013.
Interest rate spread, the difference between the average rate
earned on interest-bearing assets and the cost of interest-bearing
liabilities, remains strong as interest costs continue at record
low levels. For the six months ended March 31, 2013 after a $60,000 provision for loan losses, net interest
income increased by $18,000, interest
income decreased $235,000 and
interest expense decreased $158,000
from the same period last year.
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, 2013 show that
interest expense declined $75,000
from the same period in 2012, while interest income declined
$121,000 during that time. 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 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.