Gouverneur Bancorp, Inc. reported a net income of $217,000 for the three months ended June 30, 2025, reflecting an increase from $183,000 in the same period last year. For the nine months ending June 30, 2025, net income rose to $495,000, compared to $403,000 for the corresponding period in 2024. The increase in profitability was attributed to a $65,000 rise in non-interest income and a $53,000 increase in net interest income. The company recorded a provision for credit losses of $12,000 for the quarter, compared to no provision in the prior year, indicating a cautious approach to potential loan defaults.

Total assets for Gouverneur Bancorp decreased slightly by $0.6 million, or 0.27%, to $196.7 million as of June 30, 2025, down from $197.3 million at the end of September 2024. This decline was primarily driven by a $3.6 million reduction in securities available for sale, which was partially offset by a $1.7 million increase in loans receivable, net. Cash and cash equivalents also saw a rise of $0.8 million, reaching $7.2 million, attributed to increased principal maturities from securities and higher escrow deposits.

The company’s loan portfolio showed a net increase of $1.6 million, or 1.35%, totaling $125.9 million as of June 30, 2025. This growth was primarily due to an increase in originated loans, which rose by $3.4 million, despite a decrease in total acquired loans. The total deposits decreased by $0.5 million, or 0.31%, to $159.4 million, influenced by a decline in non-maturing deposits, although time deposits increased by $1.5 million, reflecting changing consumer preferences in the current interest rate environment.

In terms of operational metrics, non-performing loans decreased to $545,000 from $874,000 at the end of September 2024, indicating improved asset quality. The company maintained a strong liquidity position, with $60.9 million available for borrowing from the Federal Home Loan Bank and $7.2 million in cash and cash equivalents, sufficient to cover 100% of uninsured deposits. Looking ahead, Gouverneur Bancorp aims to enhance its core deposit base and leverage Federal Home Loan Bank advances to support loan growth, while also managing its interest rate risk effectively in a fluctuating economic environment.

About Gouverneur Bancorp, Inc./MD/

Gouverneur Bancorp, Inc. is a savings and loan holding company overseeing Gouverneur Savings and Loan Association, a community bank serving rural New York counties. The bank originates residential, commercial, construction, and consumer loans, primarily secured by local properties. It offers retail deposits, manages interest rate risk through derivatives, and operates a municipal bank subsidiary to attract local government deposits, competing in a highly regulated, local market.

This description was generated via AI from an annual report. Updated 8 months ago.

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