GOUVERNEUR, N.Y., Aug. 1, 2011 /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, 2011.
For the three months ended June 30,
2011, the Company reported net income of $481,000, or $0.21
per diluted share, representing an increase of $65,000, or 15.63% from last year's net income of
$416,000, or $0.18 per diluted share. The annualized
return on average assets and average equity for the three months
ended June 30, 2011 was 1.36% and
8.58% respectively, compared to 1.13% and 7.35% for the three
months ended June 30, 2010.
For the nine months ended June 30,
2011, the Company reported net income of $1,504,000, or $0.67 per diluted share, representing an increase
of $282,000, or 23.08% over last
year's net income of $1,222,000, or
$0.54 per diluted share. The
annualized return on average assets and average equity for the nine
months ended June 30, 2011 was 2.05%
and 12.90% respectively, compared to 1.69% and 11.08% for the same
period last year.
Since September 30, 2010, total
assets grew $2.07 million, or 1.41%,
from $146.96 million to $149.03 million at June
30, 2011, mainly as a result of an increase in loans
receivable of $2.02 million, or
1.77%, from $114.40 million to
$116.42 million over the same
period.
Deposits decreased $2.29 million,
or 2.49%, from $91.87 million at
September 30, 2010 to $89.58 million at June 30,
2011. Advances from the Federal Home Loan Bank of
New York increased from
$28.40 million to $31.10 million over the same period.
The cost of deposits and borrowed funds remains flat as
maturities renewed at lower rates. Net interest income after the
provision for loan losses increased $286,000, or 6.74%, during the first nine months
of the 2011 fiscal year as compared to the first nine months of the
2010 fiscal year. Non-performing assets have increased from
1.13% at September 30, 2010 to 1.35%
at June 30, 2011.
Shareholders' equity was $24.04
million at June 30, 2011, an
increase of 4.72% over the September 30,
2010 balance of $22.96
million. The book value of Gouverneur Bancorp, Inc.
was $10.73 per common share based on
2,240,464 shares outstanding at June 30,
2011. The company paid a semi-annual cash dividend of
$0.17 per share to public
shareholders on March 31, 2011.
Cambray Mutual Holding Company, Gouverneur Bancorp Inc.'s
parent mutual holding company and holder of 58.52% of the Company's
issued and outstanding stock, waived its right to receive 68.60% of
that dividend.
Commenting on the year's results, Mr. Charles C. Van Vleet, the Company's President
and Chief Executive Officer, stated, "Earnings have been strong
through the third quarter ended June 30,
2011, and due to the current economic state, we expect the
Federal Reserve will keep interest rates at or near the current
level through the end of the year. The Bank will continue to
take advantage of the current short term rates for as long at it is
prudent."
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.