Gouverneur Bancorp, Inc. reported its financial results for the quarter ending March 31, 2026, revealing a net income of $217,000, a significant increase from $118,000 in the same period last year. This growth was primarily driven by a $101,000 rise in net interest income, which totaled $1.8 million for the quarter, compared to $1.7 million in the prior year. The increase in net interest income was attributed to a $143,000 rise in interest income from loans, despite a decrease in interest income from securities. The company also recorded a provision for credit losses of $5,000, compared to no provision in the previous year.
Total assets for Gouverneur Bancorp decreased slightly by $0.2 million, or 0.10%, to $198.3 million as of March 31, 2026, from $198.5 million at the end of September 2025. The decline was mainly due to a $1.6 million decrease in securities available for sale and a reduction in bank-owned life insurance, offset by a $1.3 million increase in cash and cash equivalents and a $0.7 million rise in loans receivable. The company’s total deposits increased by $5.2 million, or 3.36%, to $160 million, reflecting seasonal fluctuations in commercial and municipal deposits.
In terms of operational developments, the company has been actively managing its loan portfolio, with loans receivable net of allowance for credit losses rising to $132.2 million, up from $131.5 million. The increase was primarily due to new loan originations, although there was a decrease in total acquired loans due to repayments. Non-performing loans also increased to $959,000 from $695,000, with the majority being residential mortgage loans.
Strategically, Gouverneur Bancorp is pursuing a charter conversion to transition from a New York-chartered stock savings and loan association to a national banking association, along with a merger of its subsidiary, GS&L Municipal Bank. These applications were filed with the Office of the Comptroller of the Currency on March 27, 2026, and are pending regulatory approval. The company aims to enhance its competitive position and expand its service offerings through this strategic move.
Looking ahead, Gouverneur Bancorp remains focused on maintaining its liquidity and capital position, with $62.7 million available for borrowing from the Federal Home Loan Bank and sufficient cash reserves to cover uninsured deposits. The company is committed to increasing core deposits and managing its funding strategies effectively to support future growth.
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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