Gouverneur Bancorp, Inc. reported net income of $217,000, or $0.22 per basic and diluted share, for the third quarter ended June 30, 2025. This represents an increase from $183,000, or $0.17 per basic and diluted share, in the prior year's third quarter. For the nine months ended June 30, 2025, net income rose to $495,000, or $0.48 per basic and diluted share, compared to $403,000, or $0.38 per basic and diluted share, in the same period of fiscal 2024.
Net interest income for the third quarter increased by $53,000, contributing to a net interest margin expansion of 12 basis points to 4.15%. For the nine months, the net interest margin improved by four basis points to 4.07%. This improvement was driven by higher interest income on loans and a decrease in borrowing interest expense.
Total interest income for the nine months increased by $56,000, or 0.87%, to $6.5 million, with interest income on loans rising by $203,000, or 4.15%. Total interest expense for the third quarter decreased by $27,000, or 6.98%, to $360,000, primarily due to a $98,000 decrease in FHLB borrowing interest expense as the Bank held no FHLB advances.
Non-interest income for the nine months increased by $180,000 to $708,000, largely due to a significant $199,000 decrease in unrealized losses on interest rate swap agreements. The company's last remaining off-balance sheet swap matured in November 2024, and two others were unwound in December 2023 for a $75,000 realized gain.
Total assets decreased by $0.6 million, or 0.27%, to $196.7 million at June 30, 2025. Shareholders’ equity decreased by 4.18% to $31.4 million, primarily due to a $1.1 million decrease in the market value of the securities portfolio and common stock repurchases. The company recorded a $9,000 provision for credit loss on loans for the three months ended June 30, 2025.
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