GOUVERNEUR, N.Y., July 29, 2014 /PRNewswire/ -- Gouverneur
Bancorp, Inc. (OTCQB: 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, 2014.
For the three months ended June 30,
2014, the Company reported net income of $426,000, or $0.19
per diluted share, representing a decrease of $18,000, or 4.05% from last year's net income of
$444,000, or $0.20 per diluted share. The annualized
return on average assets and average equity for the three months
ended June 30, 2014 was 1.19% and
6.37% respectively, compared to 1.24% and 6.94% for the three
months ended June 30, 2013.
For the nine months ended June 30,
2014, the Company reported net income of $1,232,000, or $0.55 per diluted share, representing a decrease
of $208,000, or 14.44% less than last
year's net income of $1,440,000, or
$0.65 per diluted share.
The annualized return on average assets and average equity for the
nine months ended June 30, 2014 was
1.15% and 6.27% respectively, compared to 1.33% and 7.48% for the
same period last year.
Since September 30, 2013, total
assets increased $1.45 million, or
1.01%, from $144.01 million to
$145.46 million at June 30, 2014, mainly as a result of an increase
in securities available for sale of $2.60
million, or 15.89%, from $16.37
million to $18.97 million over
the same period.
Deposits decreased $8.28 million
or 8.68%, from $95.40 million at
September 30, 2013 to $87.12 million at June
30, 2014. Advances from the Federal Home Loan Bank of
New York increased from
$18.40 million to $25.70 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
$188,000, or 4.12%, during the first
nine months of the 2014 fiscal year as compared to the first nine
months of the 2013 fiscal year. Non-performing assets
increased from 2.06% at September 30,
2013 to 2.33% at June 30,
2014.
Shareholders' equity was $27.11
million at June 30, 2014, an
increase of 6.19% over the September 30,
2013 balance of $25.53
million. The book value of Gouverneur Bancorp, Inc.
was $12.19 per common share based on
2,223,931 shares outstanding at June
30, 2014. The company paid a semi-annual cash dividend
of $0.17 per share to public
shareholders on March 31,
2014.
Commenting on the year's results, Mr. Charles C. Van Vleet, the Company's President
and Chief Executive Officer, stated, "Margins continue to shrink
due to the low interest rate environment. While earnings show
a decline due to the margin shrinkage, the Bank still out performs
many members of its peer group. The Bank is on target with
our expectations, putting it in a good position for anticipated
rate increases."
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.