Gouverneur Bancorp, Inc., a Maryland-based savings and loan holding company, reported a net income of $733,000 for the fiscal year ending September 30, 2025, an increase from $539,000 in the previous year. This growth was primarily attributed to a reduction in unrealized losses on interest rate swap agreements, which decreased by $231,000, alongside a $16,000 realized gain on the sale of available-for-sale securities. Total interest income rose by $101,000, while interest expenses increased by $100,000 due to higher deposit rates, resulting in a net interest margin of 4.08%, up from 4.03% in the prior year.
The company completed a significant transition in its corporate structure with the second-step conversion of Gouverneur Savings and Loan Association on October 31, 2023, which allowed it to raise $7.2 million through the sale of 723,068 shares of common stock. This conversion has positioned the company for future growth, as it aims to enhance its lending capabilities and expand its market presence. As of September 30, 2025, the company reported total assets of $198.5 million, a slight increase of 0.64% from the previous year, driven by a $7.2 million rise in loans receivable, net of allowances.
Operationally, Gouverneur Bancorp has focused on increasing its loan portfolio, particularly in one- to four-family residential mortgage loans, which constituted 82.6% of its total loan portfolio at the end of the fiscal year. The company also aims to diversify its offerings by increasing its non-residential loan portfolio, which includes commercial real estate and small business loans. Additionally, the establishment of GS&L Municipal Bank, a wholly-owned subsidiary, has allowed the company to attract municipal deposits, which totaled $20 million as of September 30, 2025.
Despite the positive financial performance, the company faced challenges, including a decrease in total deposits by $5.1 million, or 3.20%, attributed to seasonal fluctuations and activity from larger deposit relationships. The company also reported an increase in non-performing assets, which totaled $800,000, reflecting a slight uptick in loan delinquencies. The allowance for credit losses was maintained at $1.1 million, representing 0.83% of total loans outstanding, indicating a cautious approach to potential credit risks.
Looking ahead, Gouverneur Bancorp plans to continue its focus on residential mortgage lending while exploring opportunities for organic growth and potential acquisitions. The company is committed to enhancing its technology platform to improve customer service and operational efficiency. Management remains vigilant regarding market conditions and regulatory changes that could impact its operations and financial performance, emphasizing a strategy that balances growth with risk management.
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.
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