Quarterly ResultMay 12, 2026, 04:13 PM
Gouverneur Bancorp Q1 Net Income +83.9% to $217K; EPS $0.21
AI Summary
Gouverneur Bancorp reported a significant increase in net income for the three months ended March 31, 2026, rising 83.9% to $217 thousand, with basic EPS increasing to $0.21. For the six-month period, net income grew 81.3% to $504 thousand. The company also announced applications for a charter conversion to a national banking association and a merger of its subsidiary, GS&L Municipal Bank, into the main bank, subject to regulatory approvals.
Key Highlights
- Net income for the three months ended March 31, 2026, increased 83.9% to $217 thousand from $118 thousand in the prior year period.
- Basic earnings per common share for the three months ended March 31, 2026, rose 90.9% to $0.21 from $0.11.
- Net interest income for the three months ended March 31, 2026, increased 5.8% to $1,848 thousand from $1,747 thousand.
- Total deposits increased by $5.2 million to $159.99 million at March 31, 2026, from $154.78 million at September 30, 2025.
- Advances from the Federal Home Loan Bank decreased from $7.0 million at September 30, 2025, to $1.0 million at March 31, 2026.
- The Bank filed applications for a charter conversion to a national banking association.
- The Bank also applied to merge GS&L Municipal Bank into the main institution.