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16:25 15.08.13
PR Newswire
GOUVERNEUR, N.Y., Aug. 15, 2013
GOUVERNEUR, N.Y., Aug. 15, 2013 /PRNewswire/ -- Charles C. Van Vleet, President and Chief Executive Officer of Gouverneur Bancorp, Inc. (OTCQB:GOVB) (the "Company") and its subsidiary, Gouverneur Savings and Loan Association (the "Bank"), announced today that the Company's board of directors has declared a semi-annual dividend payment of $0.17 per share for all stockholders of record as of the close of business on September 15, 2013. This dividend will be paid on September 30, 2013.
Mr. Van Vleet commented, "With Gouverneur Savings and Loan Association continuing another successful year of operation, it is with great pleasure that I announce our 28th consecutive semi-annual dividend paid by Gouverneur Bancorp, Inc."
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 of St. Lawrence County and the Alexandria Bay area located in Jefferson County.
Note: This press release may contain certain statements, which are not historical facts or which concern the Bank's future operations or economic performance and which are considered forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Bank cautions that all forward-looking statements involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors, such as changing economic and competitive conditions and other risks and uncertainties. In addition, statements in this news release regarding historical stock price performance are not indicative of or guarantees of future price performance.
SOURCE Gouverneur Bancorp, Inc.
Quelle: PR Newswire
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12:31 04.10.13
PR Newswire
GOUVERNEUR, N.Y., Oct. 4, 2013
GOUVERNEUR, N.Y., Oct. 4, 2013 /PRNewswire/ -- Gouverneur Bancorp, Inc. (the "Company") (OTCQB Market: GOVB) the holding company for Gouverneur Savings and Loan Association (the "Bank"), today announced that Cambray Mutual Holding Company ("Cambray MHC"), the mutual holding company that owns 58.82% of the Company's outstanding common stock, will hold a special meeting of its members to vote on a proposal to waive Cambray MHC's right to receive annual dividends of up to $0.34 per share that may be declared by the Company during the 12-month period following the member vote. All dividends on the Company's common stock are declared at the discretion of the Company's Board of Directors. The special meeting will be held on November 18, 2013.
Regulations of the Board of Governors of the Federal Reserve System prohibit the waiver of dividends by Cambray MHC unless the waiver has been approved by its members, consisting of depositors of the Bank.
There can be no assurance that the members will approve the dividend waiver or that the Federal Reserve Board will not object to the waiver even it is approved by members at the special meeting. Over time, the failure to obtain this waiver could result in a reduction in the dividend paid to public shareholders.
Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association. Gouverneur Savings and Loan Association is a federally-chartered savings and loan association that operates two full-service offices in New York.
This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectations regarding important risk factors including, but not limited to, real estate values, the impact of interest rates on financing, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of the Company and the ability of Cambray MHC to waive dividends and changes in the securities markets. Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that results expressed therein will be achieved.
SOURCE Gouverneur Bancorp, Inc.
Quelle: PR Newswire
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15.11.13 11,00 11,00§11,00 11,00 $ 600 6.600
GrB
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12:37 04.10.13
PR Newswire
GOUVERNEUR, N.Y., Oct. 4, 2013
GOUVERNEUR, N.Y., Oct. 4, 2013 /PRNewswire/ -- Gouverneur Bancorp, Inc. (OTCQB Markets: GOVB), the holding company for Gouverneur Savings and Loan Association (the "Bank"), today announced that the Bank has submitted an application to the New York State Department of Financial Services to convert its charter from a federally-chartered savings and loan association to a New York-chartered savings and loan association.
Charles C. Van Vleet, Jr., President and Chief Executive Officer of Gouverneur Bancorp, commented, "Our Board of Directors believes that the charter conversion is in the best interests of Gouverneur Bancorp, the Bank, our customers and the communities we serve because it is consistent with and promotes our community banking focus. From our customers' perspective, the charter conversion should have no material impact as the terms and conditions of our loans and deposit accounts will not be affected by the charter change."
Subject to receiving the necessary regulatory approvals, the charter conversion is expected to be completed in fourth quarter of calendar year 2013 or the first quarter of calendar year 2014. As a result of the charter conversion, the New York State Department of Financial Services and the Federal Deposit Insurance Corporation will be the Bank's primary regulators. The Federal Reserve Board will continue to be the primary banking regulator for Cambray MHC and Gouverneur Bancorp, Inc., both of which will remain as savings and loan holding companies following the charter conversion.
Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association. Gouverneur Savings and Loan Association is a federally-chartered savings and loan association that operates two full-service offices in New York.
This press release may contain forward-looking statements. Such forward-looking statements typically can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "intends", "will", "should", "anticipates", or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. We caution readers not to place undue reliance on these forward-looking statements. They only reflect management's analysis as of this date. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: the effects of new laws and regulations; ineffectiveness of the business strategy due to changes in current or future market conditions; the effects and unanticipated expenses related to the charter conversion of our banking subsidiary from a federal to a state charter; the effects of economic deterioration on current customers; the effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; interest rate movements; difficulties in integrating distinct business operations, including information technology difficulties; disruption from the transaction making it more difficult to maintain relationships with customers and employees, and challenges in establishing and maintaining operations in new markets; and volatilities in the securities markets. Gouverneur Bancorp, Inc. does not revise or update these forward-looking statements to reflect events or changed circumstances.
SOURCE Gouverneur Bancorp, Inc.
Quelle: PR Newswire
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Mutual Holding Company For Gouverneur Bancorp, Inc. Receives Member Approval For Dividend Waiver
15:40 21.11.13
PR Newswire
GOUVERNEUR, N.Y., Nov. 21, 2013
GOUVERNEUR, N.Y., Nov. 21, 2013 /PRNewswire/ -- Gouverneur Bancorp, Inc. (the "Company") (OTCQB Market: GOVB) the holding company for Gouverneur Savings and Loan Association (the "Bank"), today announced that Cambray Mutual Holding Company ("Cambray MHC"), the mutual holding company that owns 58.82% of the Company's outstanding common stock, received member approval to waive Cambray MHC's right to receive annual dividends of up to $0.34 per share that may be declared by the Company during the 12-month period following the member vote. Members approved the annual waiver at a special meeting held November 18, 2013.
Regulations of the Board of Governors of the Federal Reserve System (the "Federal Reserve") prohibit the waiver of dividends by Cambray MHC unless the waiver has been approved by its members, consisting of depositors of the Bank. The waiver must also be approved by the Federal Reserve. A request for regulatory approval will be submitted this week.
Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association. Gouverneur Savings and Loan Association is a federally-chartered savings and loan association that operates two full-service offices in New York.
SOURCE Gouverneur Bancorp, Inc.
Quelle: PR Newswire
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Prev Close: 11.00
Open:N/A
Bid: N/A
Ask: N/A§
1y Target Est: N/A
Beta: -0.08§
Next Earnings Date: N/A
Day's Range: N/A - N/A
52wk Range: 8.05 - 12.00
Volume: 0§
Avg Vol (3m): 154
Market Cap: 25.29M
P/E (ttm): 25.64
EPS (ttm): 0.43
Div & Yield: 0.34 (4.00%)
http://finance.yahoo.com/q?s=GOVB&ql=1
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Net Income 942 1,300 1,032
Operating Activities, Cash Flows Provided By or Used In
Depreciation§280 286 148
Adjustments To Net Income (170) 829 4
Changes In Accounts Receivables 447 (3) (64)
Changes In Liabilities (24) (628) 1,391
Changes In Inventories - - -
Changes In Other Operating Activities - - -
Total Cash Flow From Operating Activities 1,475 1,784 2,511
Investing Activities, Cash Flows Provided By or Used In
Capital Expenditures (974) (796) (180)
Investments (720) (7,920) (18,232)§
Other Cash flows from Investing Activities 240 - -
Total Cash Flows From Investing Activities (1,454) (8,716) (18,412)
Financing Activities, Cash Flows Provided By or Used In
Dividends Paid (316) (294) (272)
Sale Purchase of Stock 39 31 8
Net Borrowings (2,100) (1,500) 13,750
Other Cash Flows from Financing Activities 3,766 8,499 2,366
Total Cash Flows From Financing Activities 1,389 6,736 15,852
Effect Of Exchange Rate Changes - - -
Change In Cash and Cash Equivalents 1,410 (196) (49)
http://finance.yahoo.com/q/cf?s=GOVB+Cash+Flow&annual
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Assets
Current Assets
Cash And Cash Equivalents 3,880 2,470 2,666
Short Term Investments - - -
Net Receivables 2,077 2,237 1,181
Inventory§- - -
Other Current Assets - - -
Total Current Assets - - -
Long Term Investments 123,573 119,512 116,832
Property Plant and Equipment 3,059 2,225 1,547
Goodwill§- - -
Intangible Assets - - -
Accumulated Amortization - - -
Other Assets - 3,631 -
Deferred Long Term Asset Charges - - -
Total Assets 132,589 130,075 122,226
Liabilities
Current Liabilities
Accounts Payable 2,780 2,507 2,837
Short/Current Long Term Debt - - 36,750
Other Current Liabilities 76,229 72,463 63,964
Total Current Liabilities - - -
Long Term Debt 33,150 35,250 -
Other Liabilities - - -
Deferred Long Term Liability Charges - - -
Minority Interest - - -
Negative Goodwill - - -
Total Liabilities 112,159 110,220 103,551
Stockholders' Equity
Misc Stocks Options Warrants - - -
Redeemable Preferred Stock - - -
Preferred Stock - - -
Common Stock 24 24 24
Retained Earnings 16,024 15,398 14,392
Treasury Stock (425) (466) (499)
Capital Surplus 4,910 4,847 4,739
Other Stockholder Equity (103) 52 19
Total Stockholder Equity 20,430 19,855 18,675
Net Tangible Assets 20,430 19,855 18,675
http://finance.yahoo.com/q/bs?s=GOVB+Balance+Sheet&annual
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Total Revenue 8,826 8,448 7,030
Cost of Revenue 2,164 1,666 1,125
Gross Profit 6,662 6,782 5,905
Operating Expenses
Research Development - - -
Selling General and Administrative 3,478 3,241 3,125
Non Recurring - - -
Others§15 100 171
Total Operating Expenses - - -
Operating Income or Loss 3,169 3,441 2,609
Income from Continuing Operations
Total Other Income/Expenses Net - - -
Earnings Before Interest And Taxes 3,169 3,441 2,609
Interest Expense 1,708 1,541 1,072
Income Before Tax 1,461 1,900 1,537
Income Tax Expense 519 600 505
Minority Interest - - -
Net Income From Continuing Ops 942 1,300 1,032
Non-recurring Events
Discontinued Operations - - -
Extraordinary Items - - -
Effect Of Accounting Changes - - -
Other Items - - -
Net Income 942 1,300 1,032
Preferred Stock And Other Adjustments - - -
Net Income Applicable To Common Shares 942 1,300 1,032
http://finance.yahoo.com/q/is?s=GOVB+Income+Statement&annual
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% of Shares Held by All Insider and 5% Owners: NaN
% of Shares Held by Institutional & Mutual Fund Owners: NaN
% of Float Held by Institutional & Mutual Fund Owners: NaN
Number of Institutions Holding Shares:
MAJOR DIRECT HOLDERS (FORMS 3 & 4)
Holder Shares Reported§
No Major Direct Holder info Available for GOVB
Top Institutional Holders
Holder Shares§% Out Value* Reported
Top Mutual Fund Holders
Holder Shares§% Out Value* Reported
DFA U.S. Micro Cap Series 4,366 0.19 44,751 Jul 31, 2013
DFA U.S. Small Cap Series 1,695 0.07 17,373 Jul 31, 2013
DFA U.S. Core Equity 2 Portfolio 600 0.03 6,150 Jul 31, 2013
Value shown is computed using the security's price on the report date given.
Currency in USD.http://finance.yahoo.com/q/mh?s=GOVB+Major+Holders
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GOVB CBU PVT1 KEY Industry§
Market Cap: 25.29M 1.55B N/A 11.55B N/A
Employees: 32 1,908 9,0001 14,980 N/A§
Qtrly Rev Growth (yoy): -0.06 0.05 N/A 0.11 N/A
Revenue (ttm): 4.89M 400.48M 5.70B1 4.16B N/A
Gross Margin (ttm): N/A N/A N/A N/A N/A
EBITDA (ttm): N/A N/A N/A N/A N/A
Operating Margin (ttm): 0.30 0.47 N/A 0.33 N/A
Net Income (ttm): 978.00K 81.71M 1.02B1 822.00M N/A
EPS (ttm): 0.43 2.03 N/A 0.93 N/A
P/E (ttm): 25.64 18.92 N/A 13.83 N/A
PEG (5 yr expected): N/A 1.78 N/A 2.91 N/A
P/S (ttm): 5.17 3.87 N/A 2.78 N/A
http://finance.yahoo.com/q/co?s=GOVB+Competitors
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http://finance.yahoo.com/q/pr?s=GOVB+Profile
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29.11.13 10,40 10,40§10,00 10,00 $ 1.800 18.125
GrB
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PR Newswire
GOUVERNEUR, N.Y., Dec. 5, 2013
GOUVERNEUR, N.Y., Dec. 5, 2013 /PRNewswire/ -- Charles C. Van Vleet Jr., President and Chief Executive Officer of Gouverneur Bancorp, Inc. (OTC Bulletin Board: GOVB) (the "Company") holding company for Gouverneur Savings and Loan Association (the "Bank"), announced today results for its fiscal year ended September 30, 2013.
Net income for the fiscal year ended September 30, 2013 decreased 1.23% to $1,921,000, or $0.86 per diluted share, compared to $1,945,000, or $0.87 per diluted share, in fiscal 2012. The return on average assets remained at 1.33% while the return on average equity decreased to 7.48% for the year ended September 30, 2013, from 7.80% for the year ended September 30, 2012. Total assets decreased by $2.4 million, or 1.67%, from $146.5 million at September 30, 2012 to $144.0 million at September 30, 2013. Net loans decreased $3.1 million, or 2.73%, from $113.4 million to $110.3 million over the same period.
Commenting on the results for the year, Mr. Van Vleet said, "We are pleased with our results for the 2013 fiscal year. The Bank continues to be profitable and maintains a loan portfolio with sound credit quality. Margins remain strong as compared to peer averages although, as expected, margins declined over the past year and continue to shrink in the current low interest rate environment. Bank regulatory expenses continue to grow as additional requirements are issued. The Bank will closely monitor and evaluate its financial position and explore alternative options for cost control."
The Bank remains well-capitalized with a core capital ratio of 17.59%, an increase of 0.78% from 2012. Strong asset composition with non-performing assets represented 2.06% of total assets, a decrease from the 2012 figure of 2.45%.
In fiscal 2013, interest income decreased $504,000, or 6.63%, from $7,598,000 to $7,094,000, while interest expense decreased $287,000, or 23.41%, from $1,226,000 to $939,000. Interest spread, the difference between the rate earned on interest-earning assets and the rate paid on interest-bearing liabilities, was 4.47% in fiscal 2013 and 4.54% in fiscal 2012.
Non-interest income increased $181,000, from $954,000 in fiscal year 2012 to $1,135,000 in fiscal 2013. Increases in non-sufficient funds charges and a gain on the sale of securities contributed to the increase.
Non-performing loans decreased in fiscal 2013 and the quality of our loan portfolio remains strong. Net loans decreased $3.1 million in fiscal 2013 as compared to a decrease of $2.9 million in fiscal 2012. We made a $100,000 provision for loan losses in fiscal 2013 and a $315,000 provision in the 2012 fiscal year. Non-performing assets were $2,967,000 at September 30, 2013, compared to $3,592,000 at September 30, 2012. Net charge-offs were $16,000 for the year ended September 30, 2013. The allowance for loan losses was $1,024,000 or 0.93% of total loans outstanding at September 30, 2013 as compared to $943,000 or 0.83% at September 30, 2012.
The components of non-interest expense are presented in the following table:
For the year ended
September 30,
2013
2012
(In thousands)
Salaries and employee benefits
$ 2,383
$ 2,270
Directors' fees
193
170
Data processing
220
192
Professional fees
291
260
Other operating expense
1,302
1,247
Non interest expense
$ 4,389
$4,139
Salary and employee benefits expense increased from the 2012 level due to annual salary adjustments, health insurance cost increases and increases in supplemental retirement and deferred compensation expenses. The increase in professional fees was due in part to an increase in compliance auditing expense and legal expenses related to the anticipated bank charter conversion.
Deposits increased $4.8 million, or 5.29%, to $95.4 million at September 30, 2013 from $90.6 million at September 30, 2012. Securities sold under agreements to repurchase with the Federal Home Loan Bank of New York ("FHLB), $3.0 million at September 30, 2012, were restructured into a fixed borrowing, eliminating the need for pledged collateral. The Bank currently holds no brokered deposits. Advances from the FHLB decreased $7.0 million from $25.4 million to $18.4 million over the same period as the need for the Company to utilize low-cost FHLB borrowings to fund its loan portfolio decreased as deposits increased.
Shareholders' equity was $25.5 million at September 30, 2013, representing a decrease of 0.30% over the September 30, 2012 balance of $25.6 million. The Company's book value was $11.45 per common share based on 2,229,230 shares issued and outstanding at September 30, 2013 versus $11.46 on 2,234,148 shares issued and outstanding on September 30, 2012. The Company paid cash dividends totaling $0.34 per share to all public holders of our stock, including Cambray Mutual Holding Company, our majority shareholder, during the fiscal year ending September 30, 2013.
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.
SOURCE Gouverneur Bancorp, Inc.
Quelle: PR Newswire
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14:45 10.12.13
PR Newswire
GOUVERNEUR, N.Y., Dec. 10, 2013
GOUVERNEUR, N.Y., Dec. 10, 2013 /PRNewswire/ -- Gouverneur Bancorp, Inc. (OTCQB Market: GOVB) the holding company for Gouverneur Savings and Loan Association (the "Bank"), today announced that the Bank has received all regulatory approvals necessary for its proposed conversion from a federally chartered stock savings and loan association to a New York State chartered stock savings and loan association. The charter conversion is expected to occur on December 31, 2013.
Charles C. Van Vleet, Jr., President and Chief Executive Officer of the Gouverneur Bancorp, Inc. and the Bank, commented, "The conversion of our charter to a New York State chartered savings and loan association is consistent with and promotes our community banking focus. Our regulatory expenses will also be lower going forward, which is good for the bank, our customers and our shareholders. Finally, from our customers' perspective, the charter conversion should have no material impact as the terms and conditions of our loans and deposit accounts will not be affected by the charter change."
As a result of the charter conversion, the New York State Department of Financial Services and the Federal Deposit Insurance Corporation will be the Bank's primary regulators. The Federal Reserve Board will continue to be the primary banking regulator for Cambray Mutual Holding Company and Gouverneur Bancorp, Inc., both of which will remain savings and loan holding companies.
Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association. Gouverneur Savings and Loan Association is a state chartered savings and loan association that operates two full-service branches in New York.
SOURCE Gouverneur Bancorp, Inc.
Quelle: PR Newswire
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18:20 24.01.14
PR Newswire
GOUVERNEUR, N.Y., Jan. 24, 2014
GOUVERNEUR, N.Y., Jan. 24, 2014 /PRNewswire/ -- Charles C. Van Vleet, President and Chief Executive Officer of Gouverneur Bancorp, Inc. (OTCQB: GOVB) ("Bancorp" or the "Company") and its subsidiary, Gouverneur Savings and Loan Association (the "Bank"), announced today that the Company's board of directors has declared a semi-annual dividend payment of $0.17 per share for all stockholders of record as of the close of business on March 15, 2014. This dividend will be paid on March 31, 2014.
Mr. Van Vleet commented, "A key reason for Gouverneur Bancorp's success has been its ability to pay a competitive dividend. It is with great pleasure that I announce our 28th consecutive semi-annual dividend paid by the Company. Cambray Mutual Holding Company, the parent company of Gouverneur Bancorp and majority shareholder of Bancorp stock, has received member and regulatory approval to waive its right to dividends, which increases the strength of the Bank."
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 of St. Lawrence County and the Alexandria Bay area located in Jefferson County.
Note: This press release may contain certain statements, which are not historical facts or which concern the Bank's future operations or economic performance and which are considered forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Bank cautions that all forward-looking statements involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors, such as changing economic and competitive conditions and other risks and uncertainties. In addition, statements in this news release regarding historical stock price performance are not indicative of or guarantees of future price performance.
SOURCE Gouverneur Bancorp, Inc.
Quelle: PR Newswire
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15:30 31.01.14
PR Newswire
GOUVERNEUR, N.Y., Jan. 31, 2014
GOUVERNEUR, N.Y., Jan. 31, 2014 /PRNewswire/ -- Gouverneur Bancorp, Inc. (OTC Bulletin Board: GOVB) (the "Company") holding company for Gouverneur Savings and Loan Association (the "Bank"), today announced the results for the first quarter of fiscal year 2014 ended December 31, 2013.
For the three months ended December 31, 2013 the Company reported net income of $416,000, or $0.19 per diluted share, representing a decrease of $84,000, or 16.80%, below last year's net income of $500,000, or $0.22 per diluted share. The annualized return on average assets decreased from 1.36% to 1.16% and the return on average equity decreased from 7.68% to 6.40% for the three months ended December 31, 2013 and 2012, respectively.
Total assets increased by $1.33 million, or 0.92% from $144.00 million at September 30, 2013 to $145.34 million at December 31, 2013. Net loans increased $1.81 million, or 1.64%, to $112.08 million over the same period.
Commenting on the quarter's results, Mr. Charles C. Van Vleet, the Company's President and Chief Executive Officer, said, "The Bank continues to perform well as we have been able to maintain margins higher than our peers. The Federal Reserve indicates that short term rates are expected to remain low throughout 2014. Bank margins will continue to compress as interest rates remain low and the loan portfolio shifts to lower yields."
Net interest income decreased by $93,000, or 5.93%, from $1,568,000 for the quarter ended December 31, 2012 to $1,475,000 for the quarter ended December 31, 2013. Interest income decreased $156,000, or 8.48%, while interest expense decreased $63,000, or 23.25% over the same period. Non-interest income decreased $101,000, or 28.37% to $255,000 for the quarter ended December 31, 2013 compared to $356,000 for the quarter ended December 31, 2012. A 100% decrease in the net gain on the sale of securities was the primary factor in the fiscal 2014 quarter net decrease.
Non-interest expense decreased $23,000 from the first quarter of fiscal 2013 to the first quarter of fiscal 2014. Earnings expense on the deferred director's plan and other operating expenses increased $30,000 and $18,000 respectively, while salaries and employee benefits increased $22,000 and expenses associated with owned real estate decreased $101,000 for the period.
Non-performing loans were $3,535,000 at December 31, 2013 compared to $2,746,000 at September 30, 2013. There was a $15,000 loan loss provision and net charge-offs were $1,200 for the quarter ended December 31, 2013. The allowance for loan losses was $1,038,000 or 0.93% of total gross loans outstanding at December 31, 2013 as compared to $1,024,000 or 0.93% at September 30, 2013. Foreclosed real estate was $221,000 at September 30, 2013 and December 31, 2013.
Deposits decreased $4.69 million or 4.92%, to $90.7 million at December 31, 2013 from $95.4 million at September 30, 2013. Advances from the Federal Home Loan Bank of New York ("FHLB") increased 27.17%, from $18.4 million at September 30, 2013 to $23.4 million at December 31, 2013.
Shareholders' equity was $25.9 million at December 31, 2013, an increase of 1.57% over the September 30, 2013 balance of $25.5 million. The book value of Gouverneur Bancorp, Inc. was $11.63 per common share based on 2,229,330 shares outstanding at December 31, 2013.
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.
SOURCE Gouverneur Bancorp, Inc.
Quelle: PR Newswire
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31.01.14 9,50 9,50§9,45 9,45 $ 3.600 34.041
GrB
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31.01.14 9,50 9,50§9,45 9,45 $ 3.600 34.041
24.01.14 9,55 9,55§9,55 9,55 $ 100 955
23.01.14 9,50 9,50§9,50 9,50 $ 160 1.520
17.01.14 9,50 9,50§9,48 9,48 $ 1.356 12.876
16.01.14 9,50 9,50§9,50 9,50 $ 595 4.750
15.01.14 9,50 9,50§9,50 9,50 $ 1.100 10.450
14.01.14 9,55 9,55§9,55 9,55 $ 100 955
13.01.14 9,50 9,50§9,41 9,42 $ 3.400 32.016
09.01.14 9,35 9,35§9,35 9,35 $ 978 9.135
08.01.14 9,40 9,40§9,35 9,35 $ 1.100 10.325
06.01.14 9,35 9,35§9,35 9,35 $ 600 5.610
03.01.14 9,85 9,85§9,35 9,35 $ 2.000 19.010
GrB