Gouverneur Bancorp, Inc. reported net income of $136,000, or $0.13 per basic and diluted share, for the fourth quarter ended September 30, 2024. This represents an increase from $86,000, or $0.04 per basic and diluted share, reported in the same quarter of the prior fiscal year. The company also achieved adjusted net income of $161,000 for the quarter.
For the full fiscal year ended September 30, 2024, net income rose to $539,000, or $0.51 per basic and diluted share, compared to $317,000, or $0.16 per basic and diluted share, in fiscal year 2023. Adjusted net income for the fiscal year was $729,000.
Total assets decreased by $8.6 million, or 4.19%, to $197.3 million at September 30, 2024, from $205.9 million at September 30, 2023. Deposits increased by $1.1 million, or 0.71%, reaching $159.9 million. Shareholders’ equity significantly increased by 30.50% to $32.8 million, primarily due to the second-step conversion completed on October 31, 2023, which raised $7.2 million in gross proceeds from the sale of 723,068 common shares at $10.00 per share.
The net interest spread was 3.86% at September 30, 2024, a decrease from 4.14% in the prior year, as interest rates on interest-bearing deposits increased faster than loan rates. The provision for credit loss decreased to $70,000 in fiscal 2024 from $122,000 in fiscal 2023. Unrealized losses on interest rate swap agreements also decreased to $240,000 for fiscal 2024, compared to $802,000 for fiscal 2023.
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