Gouverneur Bancorp Inc. Announces Earnings Results for the First Quarter Ended December 31, 2011
January 30, 2012 at 04:41 pm
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Gouverneur Bancorp Inc. announced earnings results for the first quarter ended December 31, 2011. For the quarter, the company reported net income of $495,000 or $0.22 per diluted share, representing a decrease of $30,000, or 5.71%, over last year's net income of $595,000, or $0.23 per diluted share. The annualized return on average assets and the return on average equity decreased from 1.41% and 9.05% for the three months ended December 31, 2010 to 1.32% and 8.02%, respectively, for the three months ended December 31, 2011. Net interest income increased by $58,000, or 3.76%, from $1,541,000 for the quarter ended December 31, 2010 to $1,599,000 for the quarter ended December 31, 2011.
Gouverneur Bancorp, Inc. is a holding company for Gouverneur Savings and Loan Association (the Bank). The Bank is a New York chartered savings and loan association. The Bank offers deposit and loan services for businesses, families and individuals. The Bankâs principal business consists of originating one-to four-family residential real estate mortgage loans and, to a lesser extent, commercial real estate loans, construction loans and home equity loans and lines of credit. It also offers commercial loans and consumer loans. The Bank offers a variety of retail deposits to the general public in the areas surrounding its main office and its branch offices. It offers its customers a variety of deposit products with interest rates. The Bank conducts business through its five branch offices located in Jefferson and St. Lawrence Counties in New York. The Bank also operates a wholly owned subsidiary, GS&L Municipal Bank, which is a New York-chartered limited purpose commercial bank.
GOUVERNEUR BANCORP, INC. 
