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Gouverneur Bancorp Inc MD Com (GOVB0.00%) has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing reports total assets of $197.3 million, a decrease from $205.9 million in the previous year. This decrease was primarily due to a reduction in cash and cash equivalents, as well as a decrease in acquired loans.
Total loans, net of the allowance for credit losses, were $124.2 million, slightly down from $125.4 million the previous year. The decrease was attributed to a reduction in loans acquired from Citizens Bank of Cape Vincent.
Deposits increased slightly to $159.9 million from $158.8 million, with a notable rise in time deposits offset by a decrease in non-maturing deposits.
Shareholders' equity rose to $32.8 million, up from $25.1 million, largely due to the completion of the second-step conversion and the sale of common stock.
Net income for the year was $539,000, compared to $317,000 in the previous year. This increase was primarily due to a reduction in the unrealized loss on swap agreements and gains from the sale of securities.
The allowance for credit losses increased to $1.1 million from $623,000, reflecting the adoption of the Current Expected Credit Losses (CECL) standard.
Gouverneur Bancorp Inc MD Com continues to focus on residential mortgage lending, which comprises the largest portion of its loan portfolio, and aims to increase its non-residential loan portfolio to diversify and enhance yields.
The company also emphasizes growing its municipal deposits through its subsidiary, GS&L Municipal Bank, as a cost-effective source of funds.
Gouverneur Bancorp Inc MD Com's liquidity and capital resources remain strong, with sufficient funds to meet its current commitments and regulatory capital requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Gouverneur Bancorp Inc MD Com annual 10-K report dated December 20, 2024. To report an error, please email earnings@qz.com.