GOUVERNEUR, N.Y., July 25, 2013 /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, 2013.
For the three months ended June 30,
2013, the Company reported net income of $444,000, or $0.20
per diluted share, representing a decrease of $51,000, or 10.30% from last year's net income of
$495,000, or $0.22 per diluted share. The annualized
return on average assets and average equity for the three months
ended June 30, 2013 was 1.24% and
6.94% respectively, compared to 1.37% and 7.94% for the three
months ended June 30, 2012.
For the nine months ended June 30,
2013, the Company reported net income of $1,440,000, or $0.65 per diluted share, representing a decrease
of $6,000, or 0.41% less than last
year's net income of $1,446,000, or
$0.65 per diluted share. The
annualized return on average assets and average equity for the nine
months ended June 30, 2013 was 1.33%
and 7.48% respectively, compared to 1.31% and 7.80% for the same
period last year.
Since September 30, 2012, total
assets decreased $0.63 million, or
0.43%, from $146.45 million to $145.82
million at June 30, 2013,
mainly as a result of a decrease in loans receivable of
$2.58 million, or 2.27%, from
$113.36 million to $110.78 million
over the same period.
Deposits increased $3.52 million
or 3.89%, from $90.60 million at
September 30, 2012 to $94.12 million at June 30,
2013. Advances from the Federal Home Loan Bank of
New York decreased from
$25.35 million to $21.40 million over the same period.
The cost of deposits and borrowed funds decreased as interest
rates on deposits decreased to meet lower competitive rates and
interest on borrowing maturities continued to renew at low rates.
Net interest income after the provision for loan losses decreased
$48,000, or 1.04%, during the first
nine months of the 2013 fiscal year as compared to the first nine
months of the 2012 fiscal year. Non-performing assets increased
from 1.28% at September 30, 2012 to
2.08% at June 30,
2013.
Shareholders' equity was $25.47
million at June 30, 2013, a
decrease of 0.53% over the September 30,
2012 balance of $25.61
million. The book value of Gouverneur Bancorp, Inc. was
$11.42 per common share based on
2,229,505 shares outstanding at June 30,
2013. The company paid a semi-annual cash dividend of
$0.17 per share to public
shareholders on March 31,
2013.
Commenting on the year's results, Mr. Charles C. Van Vleet, the Company's President
and Chief Executive Officer, stated, "Earnings continue to be
strong through the third quarter ended June
30, 2013. Our tax equivalent margin remains steady with
increased tax equivalent income realized through our investment
portfolio."
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.