Gouverneur Bancorp, Inc. reported a slight increase in total assets, rising to $197.4 million as of March 31, 2025, compared to $197.3 million at the end of the previous fiscal period. The growth was primarily driven by a $1.1 million increase in loans receivable, which reached $125.4 million, and a $1.5 million rise in cash and cash equivalents, totaling $7.9 million. However, the company experienced a decrease in securities available for sale, which fell by $2.5 million to $42.8 million, attributed to principal paydowns and market fluctuations.
The bank's net income for the three months ended March 31, 2025, was $118,000, an increase from $102,000 in the same period last year. This growth was largely due to a reduction in total non-interest expenses by $66,000 and a decrease in unrealized losses on interest rate swap agreements. For the six months ending March 31, 2025, net income also improved to $278,000 from $220,000 in the prior year, reflecting a similar trend in reduced unrealized losses and a lower provision for credit losses.
In terms of operational metrics, total deposits increased by $1.9 million, or 1.20%, to $161.8 million, with a notable rise in time deposits. The bank's non-performing loans rose to $1.1 million from $874,000, primarily consisting of residential mortgage loans. The allowance for credit losses remained stable at $1.064 million, indicating management's confidence in the quality of the loan portfolio despite the increase in non-performing loans.
Strategically, Gouverneur Bancorp has continued to focus on enhancing its market presence, recently opening a new loan production office in Potsdam, New York, while closing a less productive branch in La Fargeville. The company also declared a semi-annual cash dividend of $0.08 per share, totaling $89,000, reflecting its commitment to returning value to shareholders. Looking ahead, the bank aims to maintain its liquidity position and capitalize on growth opportunities while managing interest rate risks effectively.
About Gouverneur Bancorp, Inc./MD/
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