Gouverneur Bancorp, Inc. announced net income of $160,000, or $0.15 per basic and diluted share, for the first quarter of fiscal year 2025 ended December 31, 2024. This marks an increase from $118,000, or $0.11 per basic and diluted share, reported in the same quarter of the prior fiscal year.
Total interest income for the quarter increased by $38,000, or 1.79%, to $2.2 million, primarily due to a $91,000, or 5.68%, increase in interest income on loans. This rise in loan income was attributed to higher market rates on loan originations and repricing. Total interest expense increased by $77,000, or 23.77%, to $401,000, driven by higher interest expense on deposits.
Non-interest income increased by $97,000 to $244,000, significantly benefiting from a reduced unrealized market value loss on swap agreements, which was $9,000 for the quarter compared to $143,000 in the prior year period. The net interest spread for the quarter was 3.78%, a slight decrease from 3.84% in the prior year.
Total assets decreased by $0.5 million, or 0.25%, to $196.8 million at December 31, 2024. Shareholders’ equity decreased by 3.12% to $31.7 million, primarily due to a $1.1 million decrease in the market value of the securities portfolio included in accumulated other comprehensive loss. The provision for credit loss was $15,000, a decrease from $70,000 in the same period of fiscal 2024.
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