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Gouverneur Bancorp Inc MD Com (GOVB) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in total assets to $196.8 million from $197.3 million at the end of the previous quarter. This decrease is attributed to a reduction in securities available for sale.
Cash and cash equivalents increased to $7.0 million from $6.4 million, primarily due to advanced payments from borrowers for taxes and insurance and principal maturities from securities.
Loans receivable, net of the allowance for credit losses, increased to $124.9 million from $124.2 million. This increase was mainly due to new loan originations.
Securities available for sale decreased to $43.5 million from $45.3 million, primarily due to principal paydowns and maturities.
Total deposits decreased slightly to $159.7 million from $159.9 million, with a decrease in non-maturing deposits partially offset by an increase in time deposits.
Shareholders’ equity decreased to $31.7 million from $32.8 million, mainly due to a decrease in the market value adjustment on the securities portfolio.
Net income for the quarter was $160,000, up from $118,000 in the same quarter the previous year. The increase was primarily due to a decrease in the unrealized loss on interest rate swap agreements.
Net interest income remained stable at $1.8 million, with a slight decrease in net interest margin to 3.99% from 3.98%.
The company recorded a provision for credit losses of $15,000, compared to $70,000 in the previous year, reflecting management's assessment of credit risk.
Non-interest income increased to $244,000 from $147,000, mainly due to a decrease in the unrealized loss on swap agreements.
Non-interest expenses increased to $1,835,000 from $1,780,000, primarily due to higher operational expenses related to the company's public company operations.
The company reported no significant changes in its internal controls over financial reporting during the quarter.
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 quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.